Are You Listing Your House To SELL or To SIT?

The most valuable piece of information in this post: “If you don’t grab someone’s attention in the first two weeks, your chances of getting your asking price start to diminish.   Once listed, a house on the market ages quickly.”

This is why I start to talk to my sellers about their list price not being the right price before even 30 days on the market!

It’s the truth – the longer you wait to get the price right, the lower the final sale price will be!  Well said, Sharon!

The inspection part of any real estate transaction can be very stressful.  It is hard enough for many sellers to have people traipsing through their homes, then (especially in today’s market), negotiating a price which is probably lower than they wanted and finally, having a home inpsector examine every nook and cranny and producing what is most often a very lengthy report.  There are several inspection issue which as a seller you really need to remediate – regardless of cost, because if you don’t do it for this buyer, you will have to do it for the next buyer.  Structural issues and hazardous situations fall into this category.

So does Mold.  Mold sneaks up on you, most of my clients who had mold had no idea that it was in their home.  In two of the homes it was in the attic, in the three others it was in the basement.  Sometimes it is obvious once you know it’s there but at least in one case it was still hard to see even after the mold expert pointed it out.

As a seller you really don’t have a choice but to clean up mold that is found in your home.

Dan Harkins from NJ Mold recommends that every house in NJ should have a dehumidifier in it – period, end of discussion.  If you don’t have one, go get one!  They make them bucketless now!  You can have it drain right into the slop sink or the sump pump pit (but NOT in your sewer drain – that’s against the rules!).  They also make them specific for crawlspaces.  This small thing may save you from a big expense when you decide it’s time to sell your home.

If you have a question about a home inspection issue, feel free to contact me directly and  I will see what I can do!

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The above paragraph was posted on the Bernards Township website. Running through and driving through many neighborhoods here in town, I’m thinking that this may have been misinterpreted.  There is SO MUCH tree debris along our curbs and sidewalks – clearly NOT there as a result of “street trees”, but from yard trees….  The township is not going to pick up the limbs and branches that have been dragged to the curb.  The Pill Hill recycling center/dump has been extending their hours to accommodate the clean up from this crazy storm.

Here are some of the other notable statistics from the survey:

• 28 percent said “favorable financing” motivated them to buy a home in 2010, up from 14 percent in 2008.
• Another 28 percent of survey respondents said they bought a house because they wanted more living space or a larger property.
• 11 percent said they were motivated by potential financial growth, a statistic that remained virtually unchanged from previous years since 2005.

Weichert Regional Vice President Dominick Prevete was quoted on the blog, saying, “The takeaway is that homebuyers who still see long-term potential financial growth in housing are more motivated today by the value presented by very low interest rates and discounted prices than they were five years ago. I think we are back in a period of a more realistic view of homeownership.”

Click here to read the Wall Street Journal blog.

Is Rex really a Reindeer?

Happy Holidays and Best Wishes for a wonderful New Year!

Woodward Lane, Baldwin Court and English Place make up Bernards I.

I have a listing in Bernards II (www.210IrvingPlace.com) which encompasses Irving Place and Penns Way.

Bernards II is NOT approved for FHA loans while Bernards I does qualify.  In order a buyer to qualify for an FHA loan, the condo community must be approved.

If you live in Bernards II and are thinking of selling anytime soon – call your association and encourage them to look into obtaining approval for FHA buyers.  At this price point many of the potential buyers are hoping to use this financing option.  In the past, FHA loans had somewhat of a negative connotation.  I do not believe that this is true any longer – especially with the tightening of qualification requirements.

If you are hoping to qualify for an FHA loan, make sure that the community you wish to buy into is qualified.  You can do this at the HUD website, you just need the zip code and the name of the community.

On a happier note – at the end of last month, Society Hill Bernards II had a ribbon cutting ceremony for the opening of a new playground on Irving Place!

Are you considering a Basking Ridge townhouse or condo?  There are many currently on the market and with inventory levels high, you might get a really good deal!

July 2010 was no different.  Thirty-five families moved into their “new-to-them” homes this past month.  Follows is a list of those transactions including address, List Price and final Sale Price:

236 Potomac Drive, Spring Ridge  $199,000/$196,500
331 Penns Way, Society Hill  $259,000/$255,000
239 English Place, Society Hill  $259,900/$259,900
197 Alexandria Way, Spring Ridge  $267,000/$257,000
108 Village Drive, Lord Stirling  $324,900/$314,000
80 Village Drive, Lord Stirling  $352,000/$340,000
76 Liberty Corner Rd  $395,000/$320,000
112 Galloping Hill Road  $430,000/$430,000
120 Constitution Way, The Hamiltons  $469,000/$445,000
51 Arbor Circle, The Cedars  $475,000/$460,000
41 Harrison Brook Dr  $499,000/$475,000
5 Clark Court, The Hamiltons  $505,000//$480,000  105
71 Dorchester Drive, The Hamiltons  $514,900/$507,000
16 Goltra Dr  $549,900/$537,000
88 Lyons Road  $599,000/$575,275
301 Mountain Road  $698,000/$651,500
15 Alder Lane, The Hills  $729,000/$715,000
56 Dickinson Road, Amherst Mews  $769,900/$760,000
1 Springfield Lane, Amherst Mews  $774,900//$755,000
47 Fairview Drive South  $784,500/$784,500
18 Whitetail Lane, The Hills  $839,000/$795,000
7 Barton Way, Amherst Mews  $840,000/$826,000
3 Barton Way, Amherst Mews  $849,900/$800,000
5 Johnston Circle, The Hills  $859,000/$820,000
44 Kinnan Way  $899,000/$890,000
14 Grove Road  $919,000/$929,000
52 Sentinel Drive, The Hills  $995,000/$1,024,999
8 Culberson Road  $999,999/$958,000
85 Governor Drive  $1,065,000/$1,060,000
52 Deer Creek Drive  $1,100,000/$1,020,000
26 Deer Creek Drive $1,199,000/$1,045,000
8 Rachel Court, Prince Edward Point  $1,239,000/$1,251,188
3 Deer Ridge Road  $1,499,000/$1,390,000
70 Morgan Lane  $1,739,000/$1,575,000
66 Emerald Valley Lane, new construction  $2,275,000/$2,175,000

Although the blog has been quiet, I have been quite busy as has the industry – we have had resolution on a few issues including the extension of the tax credit, some changes to flood insurance requirements and the defeat of a state bill that would require a tax on seasonal rentals.  As for me, I have been working with Gerry and Judy on several rental transactions, two new listings (one in Bernardsville and one in Basking Ridge), and many closings (I have three next week and I had two this past week).  I am working with a lovely young couple hoping to find their first home in Basking Ridge, I am managing my current listings and negotiating inspection issues for a current seller.  I just haven’t been blogging – because when I’m not working, I’m spending time with my kids and I will say that this has probably been one of my best summers yet!  I’m sad for it to end – so we won’t talk about that yet.

If you are wondering if now is the time to buy, there is no doubt in my mind that there are some great deals out there.  So take a look at the website to search Homes for Sale in Basking Ridge or make an inquiry to find the value of your home.  I’m happy to help!

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!

Happy New Year and best wishes for an amazing 2010!

Buyers who purchase a property with someone else may wonder about their ability to claim the homebuyer tax credit. The Internal Revenue Service (IRS) recently issued tax credit eligibility guidelines for co-borrowers purchasing a home.

One of the most commonly seen situations is when a parent co-signs their child’s mortgage and both names appear on the note. If the parent owns a home, they are not eligible for any portion of the credit. However, if the home-buying child has not owned a home in the previous three years and meets the other requirements, he or she can qualify for the full $8,000 first-time buyer tax credit.

In other cases, unmarried individuals purchase a home to live in together. If only one of the co-borrowers meets all of the requirements, the eligible buyer may claim the full tax credit.

Click here to visit the homebuyer tax credit section on the IRS Web site.  You can also contact me directly for additional questions.  Click here to start your search in Bedminster, or here to start your search in Basking Ridge.  I also cover surrounding areas and have contacts all over the state for areas in other counties.