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I have been analyzing the Basking Ridge market for a listing appointment that my partner and I are going on this evening. Look what I found:
Market Absorption = Available Homes/UC Homes (last 30 days)
in a given town or price range
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As of today, there are 205 homes available in Basking Ridge
Since 07/31/2009, 40 homes have gone under contract
Township Market Absorption = 5.12 months
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There are 34 homes available between $600,000 and $800,000
Since 07/31/2009, 10 homes have gone under contract in that price range
Price Range Market Absorption = 3.4 months
Visit my Basking Ridge website for information on what has sold and what is still available in Basking Ridge or surrounding areas serviced by the Garden State MLS. I look forward to hearing from you!
8/22/09-8/28/09
The following 9 properties went under contract this past week in Basking Ridge. The market is holding steady – there were also 9 contract sales the week before this one!
49 Smithfield Court, Spring Ridge Condo, $236,000, DOM 21
215 Alexandria Way, Spring Ridge Condo, $259,500, DOM 103
72 Commonwealth Drive, Spring Ridge Condo, $284,000, DOM 23
72 Jamestown Road, Spring Ridge Condo, $285,000, DOM 43
11 Dayton Street, Single Family Home, $369,000, DOM 102
23 Lindburgh Lane, Single Family Home, $439,900, DOM 31
12 Hancock, Patriot Hill Townhouse, $659,000, DOM 70
15 Lenape Court, Single Family Home, $734,900, DOM 84
71 Autumn Drive, Single Family Home, $1,135,000, DOM 16
There are an additional 15 properties that are working through attorney review.
Please contact me if you would like more information about any of these Basking Ridge homes or visit my Basking Ridge real estate website for more information on what has sold each month over the past year.
New to the Basking Ridge market are the following 9 properties:
104 Jamestown Rd, $215,000, Spring Ridge Condo
224 Arrowood Way, $360,000, The Cedars Townhouse
519 Lyons Road, $472,000, Single Family Home (relisted)
10 Melbourne Way, $750,000, Single Family Home (relisted)
220 N Maple Ave, $829,000, Single Family Home
15 Brentwood Court, $1,249,000, Single Family Home
22 Colonial Drive, $1,379,000, Single Family Home
11 Parkwood Lane, $1,989,900, Single Family Home
83 Emerald Valley Lane, $2,689,000, Single Family Home (relisted, new construction)
As of this morning there a total of 205 listings showing active in Basking Ridge in the MLS. With 42 going under contract in the last 30 days, Basking Ridge market absorption is 4.8 months (another decrease from last week which was 6.0 months).
Please contact me if you would like more information about any of these Basking Ridge homes or visit my Basking Ridge website to sign up for listing alerts in and around Basking Ridge.
As a seller it is important that your listing be ALL OVER the internet! And, it needs to look great! Even the worst websites are used by the general public; you never know where your potential buyer will be looking so your listing may as well be on as many websites as possible. In addition to building a website for each of my listings – which gets used in all marketing materials – all of them are advertised as follows:
Contact me for more information on how I market my Basking Ridge inventory.
The new price on this stunning 1900 Hamilton Crest model with a versatile loft is too good to be true!
………. $497,000 ………
Upgraded kitchen with patio access – private back yard! At the end of a cul-de-sac it’s location in the development affords ample guest parking. Hardwood floors throughout the first floor, corian counters, ceramic tile in the kitchen. Finished basement offering space for an office or a guest. The Hamilton Crest community (spotlight blog post for the Hamilton developments to follow) is a premier town house community in Basking Ridge, close to school, shopping and the Hills recreation center.
Contact me for more information on the benefits of owning a home; I can also tell you about the first time home buyer credit or set you up for listing alerts. If you are thinking about selling a home, contact me today for all of your Basking Ridge real estate needs or visit my website to search homes for sale in and around Basking Ridge, NJ.
8/15/09-8/21/09
The following 9 properties went under contract this past week in Basking Ridge (this is almost DOUBLE the number of properties from the week before!):
149 Potomac Drive listed for $212,500, DOM 38
121 Alexandria Way listed for $239,000, DOM 139
261 Penns Way listed for $325,000, DOM 19
67 Countryside Drive listed for $349,900, DOM, 13
51 E. Oak Street listed for $465,000, DOM 10
24 Princeton Court listed for $747,000, DOM 127
6 Honeyman Road listed for $765,000, DOM 20
11 Linden Drive listed for $798,000, DOM 67
20 Shannon Hill Road listed for $965,000, DOM 47
There are an additional 18 properties that are working through attorney review.
Please contact me if you would like more information about any of these Basking Ridge homes or visit my Basking Ridge real estate website for more information on what has sold each month over the past year.
New to the Basking Ridge market are the following 7 properties (note that many of these have been available for quite some time but have been relisted):
2406 Privet Way, $269,000 – Townhouse
102 Woodward Lane, $272,000 – Condo
36 Hill Top Rd, $450,000 – Single Family Home
45 Madisonville Rd, $470,000 – Single Family Home (relist)
22 Mayflower Drive, $523,900 – Townhouse
49 Haas Road, $839,900 – Single Family Home
40 Van Holten, $1,295,000 – Single Family Home (relist)
As of this morning there a total of 211 listings showing active in Basking Ridge in the MLS. With 35 going under contract in the last 30 days, Basking Ridge market absorption is 6.03 months (down from last week which was 6.5 months).
If you are thinking about buying or selling a home, contact me today for all of your Basking Ridge real estate needs or visit my website to search homes for sale in and around Basking Ridge, NJ.
I just returned from a wonderful vacation week at the Jersey Shore. The weather couldn’t have been better – it didn’t start to rain until we were leaving the island!
Anyway, I am not ready to return to work – but having neglected my blog for over a week, I thought I would pop on and post about a price reduction at one of my listings: www.160MountAiryRoad.com was reduced to $317,500 while I was away. If ever there was a better time to take advantage of the First Time Home Buyer tax credit – this is the property with which to do it!
Other activity on my listings while I was away – www.309EnglishPlace.com has gone under contract and www.787OldFarmRoad.com has worked through the inspection issues and is almost ready to close!
Contact me for more information on any Basking Ridge properties or to answer other real estate related questions.
8/8/09-8/14/09
The following 5 properties went under contract this past week in Basking Ridge:
197 Alexandria Way listed for $269,000, DOM 69
226 Lyons Road listed for $639,000, DOM 42
28 Gold Blvd listed for $719,000, DOM 52
111 Woods End listed for $949,000, DOM 152
148 Childs Road listed for $1,725,000, DOM 211
There are an additional 19 properties that are working through attorney review.
Please contact me if you would like more information about any of these Basking Ridge homes or visit my Basking Ridge real estate website for more information on what has sold each month over the past year.
New to the Basking Ridge market are the following 11 properties (note that many of these have been available for quite some time but have been relisted):
453 Penns Way listed For $325,000
51 E Oak Street listed for $465,000
24 Fairbanks Lane listed for $500,000
15 Lexington Road listed for $550,000
93 Alder Lane listed for $688,000
71 Autumn Dr listed for $1,135,000
38 Gerard Ave listed for $1,295,000
3 Heritage Court listed for $1,399,000
11 Rockridge Ct listed for $1,590,000
8 Rockridge Ct listed for $1,990,000
40 Colts Glen Ln listed for $3,475,000
As of this evening, there are a total of 221 listings showing active in Basking Ridge in the MLS. With 34 going under contract in the last 30 days, Basking Ridge market absorption is 6.5 months (up from last week which was 6.14 months).
Please contact me if you would like more information about any of these Basking Ridge homes or visit my Basking Ridge website to sign up for listing alerts in and around Basking Ridge.
This is a question that only YOU can answer! The $8,000 tax credit sounds very appealing – and it certainly is a GREAT deal! Especially while prices are still low and interest rates are still manageable. Owning your first home is a big step, and of course it is going to be a little stressful going through the process – finding a house, making an offer, feeling confident while negotiating, understanding the paperwork, writing the checks – but it should also be fun and exciting. Iwant you to sleep at night – or not sleep because you are excited but not because you are worried sick over it!
If you are feeling like the people in any of these videos, it is time to contact me.
If you aren’t quite there yet, that’s okay too. I’m still happy to chat with you – sometimes I work with people for years before they decide to make a move. One of my hallmarks is that I work at YOUR pace; if you need information, I’m here to provide it. If you want to see some homes, we can do that too. I can send you listings and answer questions until you are comfortable and ready for that next step!
Excerpted from the Making Home Affordable website.
Beware of Foreclosure Rescue Scams – Help Is Free!
- Scam artists often target homeowners who are struggling to meet their mortgage commitment or anxious to sell their homes. Recognize and avoid common scams.
- Assistance from a HUD-approved housing counselor is FREE.
- Beware of anyone who asks you to pay a fee in exchange for a counseling service or modification of a delinquent loan.
- Beware of people who pressure you to sign papers immediately, or who try to convince you that they can “save” your home if you sign or transfer over the deed to your house.
- Do not sign over the deed to your property to any organization or individual unless you are working directly with your mortgage company to forgive your debt.
- Never make a mortgage payment to anyone other than your mortgage company without their approval.
If you are thinking about buying or selling a home in Basking Ridge, contact me today for all of your Basking Ridge real estate needs or visit my website to search what is currently for sale in and around Basking Ridge, NJ.
By: Tim McLaughlin, Weichert Financial
A few weeks back, HUD made good on a promise to provide guidance to lenders regarding how they can enable buyers to use the $8,000 tax credit to effectively buy down their mortgage rate by giving them a larger down payment.
Here’s how the program will work: The option is available on specific loan products. Buyers must provide a down payment of at least 3.5%, which can be a gift from a family member, employer or nonprofit, charitable organization. Lenders may then offer the monetized tax credit to supplement the initial down payment and to pay for closing costs and interest rate buy downs.
As an example, the NJ HMFA is offering a zero interest Second Lien for qualified FTHB who expect to receive a FTHB Tax Credit when they file their 2009 Federal Taxes. Upon receipt of their tax credit, the borrowers are expected to pay off this Second Lien. If the Second Lien is not paid-in-full by 6/30/10, the loan begins accruing interest at the same rate and term as the First Lien. There will be no monthly payments and payment-in-full is due upon sale of property, refinance or pay-off of the 1st lien.
NJ TCLP (Tax Credit Loan Program) provides a loan to pay down payment and/or closing costs to any Agency Home Buyer Program FTHB who meets the requirements of the Home Buyer First Mortgage Program and who is eligible for a tax credit as permitted by the federal law.
The NJ TCLP loan will not exceed $8,000 ($4,000 in the case of married filing separately) and will be secured by a second mortgage. All loans must close by November 30, 2009. The borrower will pledge to apply the refunds received in 2010 from the first-time home buyer tax credit toward the repayment of the TCLP loan.
Again, the NJ TCLP loan requires no monthly payment. The full principal amount together with any accrued interest shall be due and payable upon the sale or refinance of the property or until the applicant ceases to occupy the property as their primary residence, whichever occurs first.
Not many originators that we see are currently offering this Tax Credit Loan Program, but in states where it is available, Weichert Financial is once again out in front, offering this along with a full slate of financing options to get the house of your dreams…we can help! Ask us how!