Archive for the ‘General Real Estate Information’ Category
Data Analysis – Basking Ridge Patch – Price it Right
August 5th, 2010 | 
Author: My most recent article on Basking Ridge Patch talks about proper pricing. In the article, I refer to some data analysis that I did yesterday. Looking at a small sample of sales (Basking Ridge closings in July, 2010), I manually adjusted the days on market to reflect the time it took from a price adjustment to accepted offer. I was very happy with the results because they totally support what I always say, “if the property is priced correctly, it should sell within the first 30-40 days”. If it isn’t priced correctly, you can recover with a price adjustment – but use the input from showing activity to help you get it priced right. Because homes that are well priced will attract the right buyers – the buyers who recognize the value and are ready to make a move. Opposed to the buyers who are looking for a deal and want to low ball fifteen houses until they find a seller who will take any offer.
Here is the data (I hope it pastes in a readable format):
| Address | Original List Price | % SP to OLP | Last List Price | DOM (current listing) | Sale Price | % SP to LLP | comments | approx adj’d DOM | |
| 85 | Governor Dr | $1,065,000 | 100% | $1,065,000 | 6 | $1,060,000 | 100% | priced right – sold fast! (multiple offers) | 6 |
| 52 | Sentinel Dr | $995,000 | 103% | $995,000 | 8 | $1,024,999 | 103% | price right – sold fast! | 8 |
| 118 | Fairview Dr S | $629,000 | 100% | $629,000 | 9 | $629,000 | 100% | attorney review within 10 days | 9 |
| 76 | Liberty Corner Rd | $469,900 | 68% | $395,000 | 13 | $320,000 | 81% | contract under two weeks | 14 |
| 8 | Rachel Ct | $1,239,000 | 101% | $1,239,000 | 14 | $1,251,188 | 101% | priced right – sold fast! | 14 |
| 15 | Alder Ln | $729,000 | 98% | $729,000 | 17 | $715,000 | 98% | priced right – sold fast! (multiple offers) | 11 |
| 331 | Penns Way | $259,000 | 98% | $259,000 | 24 | $255,000 | 98% | attorney review within 10 days | 10 |
| 47 | Fairview Drive South | $784,500 | 100% | $784,500 | 24 | $784,500 | 100% | priced right – sold fast! | 24 |
| 18 | Whitetail Ln | $839,000 | 95% | $839,000 | 25 | $795,000 | 95% | no price adjustment | 25 |
| 171 | Smoke Rise Rd | $739,000 | 100% | $739,000 | 26 | $741,000 | 100% | attorney review within 10 days | 10 |
| 80 | Village Dr | $375,000 | 91% | $352,000 | 40 | $340,000 | 97% | price change 5/14, contract 6/23 | 40 |
| 51 | Arbor Cir | $489,000 | 94% | $475,000 | 41 | $460,000 | 97% | price change 4/27, contract 5/27 | 30 |
| 14 | Grove Rd | $919,000 | 101% | $919,000 | 41 | $929,000 | 101% | attorney review within 30 days | 30 |
| 44 | Kinnan Way | $899,000 | 99% | $899,000 | 42 | $890,000 | 99% | no price adjustment | 42 |
| 120 | Constitution Way | $469,000 | 95% | $469,000 | 45 | $445,000 | 95% | no price adjustment | 45 |
| 66 | Emerald Valley Ln | $2,485,000 | 88% | $2,275,000 | 63 | $2,175,000 | 96% | new construction | 63 |
| 5 | Johnston Cir | $874,900 | 94% | $859,000 | 64 | $820,000 | 95% | price change 4/22, attorney review 5/21 | 30 |
| 3 | Deer Ridge Rd | $1,799,000 | 77% | $1,499,000 | 64 | $1,390,000 | 93% | price change 4/20, attorney review 5/21 | 30 |
| 52 | Deer Creek Drive | $1,100,000 | 93% | $1,100,000 | 68 | $1,020,000 | 93% | no price adjustment | 52 |
| 1 | Springfield Ln | $774,900 | 97% | $774,900 | 69 | $755,000 | 97% | no price adjustment | 69 |
| 71 | Dorchester Dr | $539,900 | 94% | $514,900 | 77 | $507,000 | 98% | price change 5/13, contract 5/21 | 7 |
| 197 | Alexandria Way | $282,000 | 91% | $267,000 | 78 | $257,000 | 96% | price change 3/22, contract 5/2 | 40 |
| 41 | Harrison Brook Dr | $599,000 | 79% | $499,000 | 79 | $475,000 | 95% | price change 5/18, attorney review 7/4 | 45 |
| 56 | Dickinson Rd | $800,000 | 95% | $769,900 | 81 | $760,000 | 99% | price chage 6/7, contract 6/23 | 16 |
| 239 | English Pl | $269,900 | 96% | $259,900 | 85 | $259,900 | 100% | price change, 4/22, attorney review 6/5 | 37 |
| 108 | Village Dr | $364,900 | 86% | $324,900 | 87 | $314,000 | 97% | price change 5/27, contract 6/4 | 7 |
| 5 | Clark Ct | $518,000 | 93% | $505,000 | 105 | $480,000 | 95% | price change 6/7, contract 6/17 | 10 |
| 236 | Potomac Dr | $209,900 | 94% | $199,000 | 108 | $196,500 | 99% | price change 6/22, contract 6/30 | 8 |
| 301 | Mountain Rd | $874,900 | 74% | $698,000 | 118 | $651,500 | 93% | price chage 2/13, attorney review 3/3 | 20 |
| 7 | Barton Way | $840,000 | 98% | $840,000 | 125 | $826,000 | 98% | no price adjustment | 125 |
| 88 | Lyons Road | $679,000 | 85% | $599,000 | 129 | $575,275 | 96% | price change 6/6, attorney review 6/16 | 10 |
| 16 | Goltra Dr | $649,900 | 83% | $549,900 | 149 | $537,000 | 98% | price change 4/20, attorney review 6/4 | 45 |
| 8 | Culberson Rd | $1,150,000 | 83% | $999,999 | 162 | $958,000 | 96% | price change 4/23, attorney review 6/16 | 55 |
| 3 | Barton Way | $849,900 | 94% | $849,900 | 13 | $800,000 | 94% | listed several times – no price adjustment | 300 |
| 112 | Galloping Hill Road | $512,000 | 84% | $430,000 | 351 | $430,000 | 100% | data not available – short sale | - |
| 26 | Deer Creek Road | $1,499,000 | 70% | $1,199,000 | 374 | $1,045,000 | 87% | price change 10/2, contract 5/11 | 180 |
| 70 | Morgan Lane | $1,849,000 | 85% | $1,739,000 | 395 | $1,575,000 | 91% | price change 2/1, attorney review 5/14 | 90 |
| avearage SP to OLP: | 91% | average SP to LP: | 97% | ||||||
| average days on market: | 87 | adjusted average days on market: | 43 | ||||||
Attention buyers – there isn’t a seller out there who will simply take any offer just to get the house sold! But, a good buyers agent can certainly help you get the best deal possible. Start with a search of single family homes available in Basking Ridge. Search condos in Basking Ridge.
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Going Green in Basking Ridge
As people become more conscious of the environment and aim to reduce their carbon footprint, there is a new premium on products and features that promote energy efficiency. Real estate is no exception, and today’s homeowners are taking steps to “go green” as a way to cut costs and to make their home more desirable to buyers.- Choose environmentally friendly LED lighting, which gives off the same light as regular bulbs, but lasts 50 times longer.
- Low flush toilets use one or two gallons of water per flush, compared to three to five gallons for a typical toilet.
- Purchase appliances marked with the ENERGY STAR label. This designation means that they meet the strict energy-efficiency guidelines set by the Environmental Protection Agency and the U.S. Department of Energy.
So, if you are considering a move into or out of Basking Ridge, NJ, please don’t hesitate to contact me directly so we can talk about the market here in town.
Resale Value
I just answered a question on Trulia and it was awarded “Best Answer” status!
Q. How would investing in landscape/hardscape compare in resale value to fireplace, room addition, remodeled bath, remodeled kitchen or 2nd bath?
A. Keep in line with the community especially if you expect to move soon or are simply doing the work for resale. Remember too, that this is your HOME, not just an investment. If you have the money and expect to use the addition or the beautiful patio or the fireplace, then there is a value to the benefit of the enjoyment of whatever it is you decide to do. If you end up selling and expect to recover every dollar you put into the renovation, then you will be disappointed. Check out the cost vs value report for renovations and improvements on realtor.com for some realistic guidelines and have your expectations set correctly.
I honestly believe that many people have lost sight of the American Dream – so many people look at their home solely as an investment rather than a safe haven. I’ve seen people pass over a home that they love and purchase the one down the street because they felt they could get a better deal. I’ve heard people say, “I liked that one better, but I can get a better deal on this one” – and really, we aren’t even talking about that big a difference. I could understand that statement if it was, “I like that one better, but the other one is more affordable”… but that’s not what I’m hearing. Isn’t there value that can be associated with finding that perfect house? The one where you can feel at home? Raise your kids, or take that much needed break from the outside world? Think about it… your home is your castle!
If you are consdering a move into or out of Basking Ridge, I can help. Do you need an estimate of your home’s value in today’s market? Be notified of new listings in and around Basking Ridge. Or track last month’s Basking Ridge sales.
I look forward to helping you find your dream home – and to helping you get the best value for the home you love, as opposed to getting the home you don’t love because you feel it’s a good value.
Real Estate Programs Extended
On Friday, July 2, President Obama signed two important pieces of legislation into law to help homebuyers.
The first one extends the closing deadline for the homebuyer tax credit until September 30, 2010, for any transactions that had ratified contracts in place as of April 30, 2010, but did not close by the June 30, 2010, deadline. The legislation creates a seamless extension, and therefore, there will be no gap between June 30 and the date the President signed the bill into law.
Due to the high volume of home sale transactions that needed to be closed by June 30, there were up to 180,000 homebuyers who were eligible for the tax credit, but were unable to close before the deadline. The extension will enable the majority of these home sales to close, and for the buyers to receive the tax credit.
In addition, the National Flood Insurance Program, which provides flood insurance to homeowners in participating communities in flood-prone areas who could not otherwise obtain coverage due to cost or ineligibility, was also extended until September 30, 2010. As a result, buyers in these areas can now obtain mortgages and transactions can move forward. This bill is retroactive and covers the lapse period from June 1, 2010, to the date of enactment of the extension.
In local news – 20 Old Coach Road closed last week for $850,000. There were 39 closings during the last 10 days of June, 34 of these were under $800,000 and therefore likely qualified for the tax credit. There were 20 contract sales – proving (to me anyway) that the market in Basking Ridge is still moving! Inventory levels are under 5 months – a relatively balanced market. If you are considering a move into or out of Basking Ridge, I’m happy to help. Start with a search for available townhouse or condos or single family homes - you can search by price range.
Home Buyer Seminar – Sellers Welcome!
Do you have questions about today’s real estate market?
Email me now to reserve a seat at our upcoming “Real Estate Market Update” Seminar
This month’s seminar is scheduled for Saturday, June 19th at 11am.
Can’t make it? That’s okay, you can still get started by searching available homes in Basking Ridge. I can also send you listing alerts – monitor the market directly from your inbox!
Bernards Township Smoke Detector requirements
Amanda said I haven’ t been blogging lately – and she’s RIGHT! I’ve been swamped which is a really good thing, right?! Tonight the Girls on The Run group from the YMCA is running in the Flag Day 5k at the Y on Mt. Airy Road – and I am joining my daughter to run! The girls have been working really hard and are very exciteded (and a little nervous) to be running in a REAL road race!
This morning I passed the Township Fire inspection for one of my listings that is scheduled to close next week. While I always make sure my sellers know what is needed for this inspection and I often schedule it for them, it is good to know what is required – because most people are totally surprised when I tell them.
You need to have a smoke detector on every level of the home; you need a carbon monoxide detector on every level where there is a bedroom and it needs to be within 10 feet of the bedroom door. You also need a fire extinguisher hung in the kitchen. Email me and I will send you the document from the Bernards Township code enforcement department.
Is it the RIGHT house?
I just answered a question on Trulia Voices:
The question was: How much “wiggle room” do you typically have on an asking price?…I am looking at a NJ home asking $320,000 which seems pretty accurate according to my realtor. But it’s in a flood zone and had water just 3 years ago according to the owners disclosure. Whereas the comps are not in a flood zone, but lack some of the upgrades (partially finished basement, all appliances included, hardwood floors). My mortgage pre-approval is only for $300k. Should I not even be considering this home or is it possible that there is enough room to play with?
My answer was this, “you won’t know how much wiggle room there is until you make an offer. The list price is only half the game (if that, given that we are still essentially in a buyers market even if we are recovering). Figure out the value to YOU, put it in writing and start a discussion.”
I also added this, “If I may add my $.02 though…. reading between the lines of your question – this probably isn’t the right house for you. I just have a hunch, I always counsel my buyers in this way – if you have doubts, move on….”
I honestly believe in the “you will know when it is right” line of thinking. You feel it, you just do. If you walk into a house and you don’t “feel it”, it’s probably not the right house. If you have to post on the internet to ask if a house is worth it, then it’s probably not the right house. If you make an offer and it is accepted and you have second thoughts and start hoping it will fall apart – then it’s probably not the right house.
If you make an offer and it is accepted and you are so excited that you can’t sleep and you ask your agent a million questions to make sure you do everything right so nothing goes wrong and messes up the deal…if you have jitters and alternate between being so excited and wanting to throw up, then it’s probably the RIGHT HOUSE!
Just ask Scott and Kathy – - they know the difference!!
I’m more than happy to help you find the right house; start your search in Basking Ridge by visiting my website to see what has sold recently or to sign up for listing alerts.
Sales in June and Home Sale Contingencies
There were seven closings here in Basking Ridge during the first week of June:
47 Baldwin Court, Society Hill condo, List price $265,000, Sale Price $256,000
8 Countryside Drive, Countryside Manor townhouse, List price $349,900, Sale price $335,000
30 Peachtree Road, Homestead Village, List price $649,000, Sale price $588,000
146 Patriot Hill Drive, townhouse, List price $649,000, Sale price $630,000
7 Goltra Drive, List price $705,000, Sale price $680,000
323 Old Army Road, List price $1,100,000, Sale price $1,250,000
42 Old Farm Road, List price $1,395,000, Sale price $1,300,000
There have been 38 contract sales in the last 30 days and there are currently 231 homes available in Basking Ridge. This calculates to an inventory level of six months which is a relatively balanced market.
I am finding that home sale contingencies are becoming more popular; in fact, I have been involved in several recently. Each deal is structured a little differently, but essentially allows for the same thing: a purchaser who intends to use the proceeds from the sale of their home to complete their purchase. This is a classic problem for most move-up buyers and many downsizers. As we have worked our way through this challenging market, more sellers are willing to consider contracts that are contingent upon the sale of the purhcasers current residence. However, a property is considered to be Under Contract when Attorney Review has been completed per the attorneys involved, and the real estate commission requires that this status be fully disclsosed to all parties viewing the property. In the past, this meant that the listing status had to be changed to UC (under contract) and the listing was removed from the public eye – essentially defeating the purpose of the “continue to show” clause. The MLS has created a new status to accomodate this scenario. It is called “US” and instead of UC for under contract. This new status does NOT remove the listing from third party sites – it still stays active and can easily be shown until all contingencies are met.
In other news – don’t miss the Liberty Corner Fire Company’s 8th Annual Comedy Night on Saturday evening, June 5, 2010 in the ballroom of the firehouse at 95 Church Street at 8:00 (wine and beer bar opens at 7:00). Tickets can be purchased at the door for $45 – attendees must be 21 or older.
Bernards Township – Full Day Kindergarten Saved!
As reported over at the Basking Ridge Patch, several things that had been up for cuts have been saved by the implementation of other – hopefully less impacting – eliminations. Many people with younger children are very relieved that full day kindergarten has been saved, the third and fourth grade strings program has been spared and each of the elementary schools are going to be able to keep their assistant principals. Don’t forget that Forbes has named Bernards Township schools to the list of “The Best Schools for Your Housing Buck“; many were concerned that this year’s defeat of the school budget would impact our position as a phenomenal school district. I don’t think we have to worry about that.
I also want to point out that existing-home sales rose again in April with buyers motivated by the tax credit, improving consumer confidence and favorable affordability conditions, according to the National Association of Realtors (NAR). Sales of existing single-family homes, townhomes, condominiums and co-ops increased 7.6 percent in April, and are 22.8 percent higher than the pace in April 2009. In the Northeast, existing-home sales surged 21.1 percent and are 41.6 percent higher than a year ago. The median price in the Northeast was up 2.1 percent from April 2009.
If you are considering a move into or out of Basking Ridge, this is a great time to do it. Affordability is at an all time high thanks to stabilized prices and low interest rates. And our unsold inventory is shrinking – this helps sellers as less inventory leads to a bigger buyer pool for each property. Search Basking Ridge houses and townhouses for sale on my website.
No New Tax on Home Sales
Contrary to reports and newspaper articles circulating widely on the Internet, there is not a 4 percent sales tax or transfer tax on the sale of a home included in the recently signed health care reform bill.
This myth has been invalidated by the National Association of Realtors (NAR) and other experts who are knowledgeable about what is included in the heath care reform bill.
NAR is working to spread the word that there is no truth to this rumor. To read their statement, please click here.