There were 18 new listings in Basking Ridge this past week: several Spring Ridge and Society Hill townhouses and condos, a condo in The Cedars, a townhouse in Maple Run, two townhouses in The Barons, a townhouse in The Ridge and several townhouses in the Hills.  There were only three single family homes listed – a re-listed cape cod at $455,000, a re-listed bi-level at $525,000 and a relisted new construction home in the Tall Timber community priced at $2,289,000.

There were 7 contract sales:

234 Irving Place, Society Hill, list price $245,000
90 Jamestown Road, Spring Ridge, list price  $254,900
102 Woodward Lane, Society Hill, list price $259,000
2602 Hemlock Place, The Cedars, list price $299,900 
35 Cannon Court, The Hamiltons $539,000
25  South Alward Ave, single family home, list price $559,000
115 South Alward Ave, single family home, list price $719,000

Market Absorption in Basking Ridge is currently 7 months; there are 161 available properties and there have been 23 contract sales in the last 30 days. 

A word from Weichert about the home buyer credit and how it is impacting the market:

“The real estate market continues to show improvement as mortgage rates remain at historic lows and consumers respond to the tax credits for first-time and repeat buyers. In fact, the National Association of Realtors (NAR) just announced that its Pending Home Sales Index rose 1 percent from November.

A forward-looking indicator based on contracts signed in December, the index is now 10 percent above December 2008. What’s more, December activity was the fifth highest monthly tally in two years. A sale is listed as pending when the contract has been signed but the transaction has not yet closed. Because sales usually are finalized within one or two months of signing the contract, this improvement should result in higher home sales in the coming months.

According to Lawrence Yun, NAR chief economist, existing home sales are projected to rise to around 5.6 million in 2010, an 8.5 percent increase over 2009. As sales rise and inventory levels decline, housing wealth for many middle class families will stabilize.”

To get started on your home search visit my website to view all homes for sale in Basking Ridge.  I can also help you get an idea of the value of your Basking Ridge home.

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This beautiful town house in Lord Stirling Village was listed today. A Chandler model, it boasts a private patio and a first floor den.  Freshly painted, newer first level laminate flooring and new carpet upstairs – this one is a winner!  Contact me for pricing and appointments.

If you are considering a move into or out of Basking Ridge, don’t miss the Basking Ridge Real Estate website – it  is full of information on recent sales and new listings.

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I had another closing this past week – on Friday.  A few things to remember for your next closing: if at all possible, don’t schedule it on a Friday afternoon.  Don’t schedule it on the last day of your rate lock and don’t schedule it on the last business day of the month.  And whatever you do, don’t schedule it on a day that meets all three put together – especially if you are first time home buyers who are already a little anxious about the whole process! 

My client’s lender entered an incorrect code on the paperwork and all the loan documents arrived at the attorney’s office on letterhead from a bank different from the bank that wired the money!  It all had to go back and be redone – and then there was trouble with the email so the package didn’t arrive, the seller’s attorney was waiting, the seller lived in NYC and needed to get on a train.  Tensions were mounting!

Alas – all documents were finally faxed by 4:30, the seller arrived at 4:45 and we were all on our way by 5:15.  First time home buyers with house keys in their hands and smiles on their faces!

Phew!

Please allow me to help you be as happy as my latest new homeowners are today!  Visit my website to search homes for sale in Basking Ridge or in Bedminster; contact me directly if you are interested in any other areas – i can help there too!

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I love Thursday afternoons – it’s the little things that make me happy and one of them is reading the Bernardsville News every week!   This week there was an article announcing free radon kits available to all residents serviced by the Bernards Township Health Department (Chester, Mendham, Long Hill, Bernardsville and Peapack-Gladstone).  This is great information and I couldn’t wait to share it with my blog-friends.  However, there are two fundamental crazy things about this particular article.  The kits are not free, they cost $10.00 and they are only available until the end of January, which means you need to get your kit before 4:00 TOMORROW….. go figure.  Anywho – here’s the information:

January is National Radon Action Month and the Bernards township health department is offering home radon kits during the month January.  If you are interested in having your home tested, visit the health department at 262 South Finley Avenue between 9:00 and 4:00 – through tomorrow. 

Bernards Township Public service announcement over. 

What is radon?  Radon is a colorless, odorless, tasteless radioactive gas that comes from the decay of naturally occuring urnanium in the soil.  It is actually quite common in our area and most buyers test for it during the inspection period of the transaction.  A seller has an obligation to remediate of the results are 4.0 picocuries or greater.  It is actually very easy to remediate.  A pipe is installed in the basement – under the foundation – and snaked above the roofline.  A fan creates a vaccuum that pulls the radon out and disperses it into the air where it is diluted to a point where it is no longer harmful.  For a 3200 square foot house it typically costs about $1100.

If you are considering a move into or out of Basking Ridge, please contact me for a buyer consultation or a market analysis of your current Basking Ridge home.  Visit my site to search Basking Ridge Real homes for sale – whether you are looking for a condo, a single family home or a luxury property.  I’m happy to help!

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I had a closing yesterday – my clients were so so so so happy and let me tell you, it makes it all worthwhile!

Please allow me to help you be as happy as my latest new homeowners are today!  Visit my website to search homes for sale in Basking Ridge or in Bedminster; contact me directly if you are interested in any other areas – i can help there too!

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The following properties closed this past week in Basking Ridge:

125 Alexandria Way, Spring Ridge Condo, list price $249,900, sale price $250,000
119 Alexandria Way, Spring Ridge Condo, list price $264,900, sale price $250,000
4 Richmond Drive, Patriot Mews Town House, list price $675,000, sale price $645,000
28 Fawn Lane, Single Family Home, list price $1,450,000, sale price $1,375,000

There were 17 new listings this week; there are 5 properties working through attorney review which means that offers have been accepted and contracts are being finalized.  Market Absorption in Basking Ridge is currently at 6.5 months which is a very balanced market.  This time last year, market absorption was strongly favoring buyers at 13 months of inventory!

If you are considering a move into or out of Basking Ridge, this is certainly a good time to be in the market – whether you are buying, selling or both!  Contact me directly for more information on what is currently for sale in Basking Ridge.  I can also help in other areas – Bernardsville, Bridgewater, Bedminster and beyond!

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You are invited to a free Home Buyer Seminar Saturday, January 23rd at 11:00 in my office at 22 Henry Street in Basking Ridge. I will be there along with other real estate professionals, including my broker, our mortgage representative and a real estate attorney. We’ll address local market conditions and buyer incentives, including the Federal Tax Credit as well as current mortgage products. 

If you want to get ahead of the game, click here to search homes for sale in Basking Ridge as well as all other areas covered by the Garden State MLS.   Space may be limited, so please RSVP today by calling me directly at 908-432-0318 or emailing me at jennifer@jenniferblanchard.com. Please let me know how many will attend and if you have can stay after the seminar or come back on Sunday to get started!

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I love this time of the year in the real estate world!  There are so many more inquiries to field, lots of new listings to preview and this year, there are tons of excited buyers to work with.  I have been hanging out on Trulia – marketing my listings and answering questions on Trulia Voices.  This afternoon, someone posted a question looking for advice about how to choose a house; she admitted that she actually has offers accepted on THREE different houses in three different towns.  The question generated several answers from Realtors across New Jersey – almost all of the responders blasted this person and their real estate agent for making offers on multiple properties.  I would reprint the question here, but the original author has already deleted it!  My response was a little kinder than the others and I got an email a little while ago from Trulia saying that I gave the Best Answer!  Woo Hooo!  Anyway, here is what I said,

“Only you can decide which house is best for you. While getting a “bargain” is a great thing in the short term, don’t lose sight of the fact that this will be your HOME, maybe for years to come. You want to be comfortable there and a difference of a couple of thousand or even $10,000 in the long run really doesn’t compare with being happy with where you are living.  Also, while I agree in principal with the agents who stated that there might be ethical issues with making multiple offers on different houses – I don’t think there are any rules preventing it. Nothing says your realtor is lying – the offers can be presented in such a way as to let the seller know that their house is one of several in which you are interested and that you are hoping to find the best value possible. Not too different from a seller receiving multiple offers and choosing only one. Good luck to you!”

How do you feel about writing offers on multiple properties at the same time?  Please comment – let’s breathe a little life into my blog, I’d love to hear from you!

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The following seven Basking Ridge properties went under contract during this past week:

214 English Place, Society Hill condo, list price $239,000
92 Potomac Drive, Spring Ridge condo, list price $240,000
10 Minuteman Court, The Hamiltons, list price $514,900 sold in under one week!
49 Queen Anne Drive, Single Family home, list price $564,900
93 Alder Lane, Single Family home, The Hills, list price $635,000
14 Cedar Street, Single Family home, list price $649,000
322 S. Finley Avenue, single family luxury home, list price $1,299,900 

There are no properties marked in the MLS as working through attorney review.  But there was an increase in inventory with 18 new listings – we are up to 133 properties showing active.

The following four properties closed during the same time frame:

185 English Place, Society Hill condo, list price $249,900/sold price $245,000, DOM 253
101 Countryside Drive, list price  $364,000/sold price$358,000, DOM 43
117 Cross Road, single family home, list price $565,000, sold price $560,000, DOM 214
36 Cobble Lane, Gatehouse single family home, list price $865,000, sold price $830,000, DOM 23

I share this information on a monthly basis – what SOLD this month in Basking Ridge, and almost weekly on my blog.  Please check back often to stay on top of the market!

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While I just posted about sellers who aren’t quite ready to put their houses on the market – I don’t want you to think that I’m not acutally listing properties! 

This wonderfully updated Bernardsville home will be the MLS and available for showings on Monday, January 18th!  Five bedrooms, three full and one half bath, an updated kitchen, hard wood floors, a finished walk-out lower level and  a gorgeous master suite featuring a huge walk in closet, sitting room & terrific bathroom.  I can’t show you the home before Monday, but I can certainly answer questions or make an appointment!

Contact me directly for more information.  Sign up for listing alerts – ask for Bernardsville – and receive the MLS detail sheet as soon as this home gets listed!

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