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Coming Soon
Hardwood floors, three quarters of an acre, granite in the kitchen, newer bathrooms, brand new furnace and central air. Large rooms, gorgeous family room with built ins and a sunny picture window. Large deck and finished basement. Coming soon to the MLS – - pictures to follow later this week.
Basking Ridge Market Activity
Twelve new listings since March 1st – one of which already has a contract at the attorneys! There were two contract sales – both single family homes under $530,000. And two closed sales: 14 Riggs Court closed for $495,000 and 25 Lone Oak Road closed for $689,000. There are thirty listings under contract in the MLS with anticipated closing dates during the month of March – encompassing all price points.
Considering a move?
Come find me on Facebook or visit Basking Ridge Real Estate to get an idea of what I have to offer and how I can help make your move an enjoyable experience even in this market!
Contract Sales and Price Adjustments:
Sixteen contract sales since February 1st – the buyers are out there! And, one of those sales was of a property that wasn’t even listed for ten days – price it right and it will sell! Ten sellers adjusted their list price – of those ten, two sold just after the price change. At least one of those entertained multiple offers. Price it right and it will sell!
Eleven closed sales:
154 Alexandria Way $227,500
186 Potomac Drive $253,000
60 Smithfield Court $255,000
30 Village Drive $330,000
10 Cannon Court $475,000
15 Battalion Drive $500,00
27 Crest Drive $657,500
180 Smoke Rise Road $661,000
23 Princeton Court $703,000
21 Beacon Crest Drive $1,040,000
17 Cedar Creek Drive $1,220,000
Properties in red were sold by ME! And I have another Basking Ridge closing tomorrow afternoon.
New Listings:
I can’t post address for properties that aren’t listed by me until they are sold. But I can tell you that there are 26 new listings in Basking Ridge. Fourteen of them are colonials, one bi-level, a split level, an expanded ranch the rest are townhouses and condos. One of the townhouses is entertaining multiple offers, one of the colonials is negotiating a contract and another of the single family homes is already under contract. The Spring Market is HERE for sure!
Basking Ridge Market absorption is at 5.6 months – a nicely balanced market (though still favoring buyers). There are 135 properties available and 24 have sold in the last 30 days.
Sneak Peak – I am working on three listings that should be ready by the end of March. Two colonials in Basking Ridge and one in the northwest section of Bridgewater.
Basking Ridge Real Estate
My website: www.Basking-Ridge-Real-Estate.com – the only site you need for all things about Basking Ridge Real Estate is going off-line next week for about two weeks. We are working on a complete re-design that will improve the search experience. I will still be available on our old website should you need to find me – and of course on Facebook and Twitter!
Basking Ridge Real Estate – Questions and Answers
Submit questions here, I will do my best to answer them here on the blog or via email.
Q. How do I go about buying a foreclosure?
A. Realtors often only have access to foreclosures once they have been fully foreclosed and are owned by the bank. These are actually easy sales – they are listed in the MLS, they are typically offered at or under market value and you have an opportunity to inspect them (though you won’t get much from the seller in way of repairs, these are typically as-is sales).
You can also buy a foreclosure at auction – this is a little trickier – you have to watch the sheriff sale website or the newspaper for the schedule, often you have to bid without seeing the property, you may have to assume a lien (tax or otherwise), and you need to have 10% in cash on the day of the auction (or something similar … I have only been to one sheriff sale and it was more of an informational experience than anything else…) You wouldn’t need a Realtor for this type of purchase except maybe to act as an advisor or consultant.
Another option is to purchase a short sale. If you have the time to wait around for an approval these can be really good deals. They can be a real pain in the tush to get through, but as I said, they are often a really good deal.
Foreclosures and short sales are often in poor condition – the owners didn’t have money to pay the mortgage, they weren’t paying for repairs or upkeep either – again, if you can get a deal, that may not matter.
Let’s consider this too: in spite of the economy and the nose-dive the real estate industry took over the last five or six years, I still believe it’s a good long term investment. There are some really good deals out there that aren’t short sales or foreclosures. You can get a two bedroom two bath condo with garage and basement for around $225,000 in Basking Ridge. Search here for all available townhouses and condos in Basking Ridge, or here to see single family homes for sale in Basking Ridge.
Is this for an investment? You need to do the math – to see if it makes sense – knowing what you can get for rent, what the mortgage payment would be, maintenance… etc. And the fact that you’d be a land-lord, you’d want it to be conveniently located. There is a lot to think about.
Basking Ridge Real Estate – Questions and Answers
Submit questions here, I will do my best to answer them here on the blog or via email.
Q. If my house is listed with a realtor and someone calls me directly and I show them the house and they make an offer, do I have to pay the commission?
A. The short answer is Yes. Probably not what you want to hear, but it’s in the listing agreement. Paragraph 2 of the listing agreement used by all brokers listing in the Garden State MLS states the following: “GRANT OF EXCLUSIVE RIGHT TO SELL, LEASE, EXCHANGE OR OTHERWISE TRANSFER AND TO MULTIPLE LIST PROPERTY. In consideration of the Listing Broker listing and endeavoring to find Buyers/Tenants for the Property at the Listing Price, the OWNER, (or their legally authorized representative) grants the Listing Broker the exclusive right to sell, lease, exchange or otherwise transfer the Property, at the Listing Price and on the terms as stated in this Agreement, or upon such other Price and/or terms as may be acceptable to the Owner. The Listing Broker is directed by the Owner to list the Property with the SERVICE and to distribute this listing to Service participants.”
This basically means that the broker is due a commission regardless of who introducest the property to the buyer. It is very likely that the buyer knew of the availability of the property due to your agent’s marketing efforts.
The other pertinent paragraph is number 11. “REFERRING INTERESTED BUYERS TO BROKER/NEGOTIATIONS THROUGH LISTING BROKER. The Owner shall refer to the Listing Broker every prospective Buyer/Tenant who contacts the Owner during the term of this Agreement. The Owner directs that all negotiations for the purchase or lease of the Property shall be conducted through the Listing Broker.”
This really is in your best interest – as a REALTOR® and an unbiased third party, I am less likely to say something that might hurt your negotiation. Seemingly innocent interactions between a seller and a potential buyer can muddy the waters. There are some things that are better left unsaid – I’m not talking about hiding material information, I’m referring to things like where you are moving, why you are moving, when you are moving, etc.
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Insights from Jim Weichert
The beginning of a new year is always a time to reflect and consider goals and opportunities for the year ahead. As we begin 2012, there are many reasons for encouragement when it comes to the economy and real estate. If recent economic and real estate trends are any indication, 2012 will be a year when good things can happen not only for potential homebuyers and sellers, but for the country as a whole. For example:
- Existing-home sales rose again in November, and remain at levels above those of a year ago. What’s more, pending home sales also continued to gain in November, reaching the highest level in 19 months, an indication that there will be more future sales.
- In November, sales of new single-family houses rose 1.6 percent from October and were 9.8 percent above November 2010. Additionally, housing starts surged to a one-and-a-half year high in November, and permits for future construction were the highest since March 2010.
- In a sign that the overall economy is strengthening, U.S. employment has grown solidly for the past six months, generating 100,000 jobs or more in each month for the first time since April 2006.
- The Conference Board’s Index of Leading Economic Indicators showed two months of solid gains, signaling that the economy was gaining momentum and the risks of a recession were receding, and its Consumer Confidence Index improved to levels seen in April 2011.
Basking Ridge Market Activity
Two closings so far this year:
- 2 Commonwealth Drive, 2 bedroom Fairfax model in Spring Ridge, listed for $248,000 and sold for $232,500.
- 72 Gerard Avenue, 4 bedroom bi-level, listed for $549,000 and sold for $540,000 in only 36 days.
Eleven new listings – one condo, two townhouses, a bi-level and seven colonials. Many of these homes were listed last year, came off the market for the holidays and are now back on the market.
There have been five contract sales since the first of the year – actually, only four. 11 Archgate Road was logged into the MLS once it was already under contract (it is scheduled to close at the end of the month).
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Basking Ridge Home Value; Basking Ridge Townhouses for Sale; Basking Ridge Condos for Sale; Basking Ridge Homes for Sale; Contact Jennifer Blanchard; Get Basking Ridge Listing alerts in email
Down to $854,900
I need to shout this from the roof tops! This is another great price adjustment for this property. This home sits on just over three acres and is convenient to everything! Offering four full bathrooms, a renovated kitchen and a lovely sun room – this home is not to be missed!
Visit Basking Ridge Real Estate to search homes for sale and to review what has sold each month for the recent past.
This is a repeat of an old post – - because, well, because it’s come up again. Twice for me in recent transactions: M O L D has reared it’s ugly head. This disappoints buyers and often blindsides sellers.
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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This week’s featured open house is at 11 Archgate Road in Basking Ridge.
11 Archgate Road, Baking Ridge, NJ – open Sunday, 1:00-4:00 pm
It’s a great time to buy – interest rates have never been lower. Come preview this home while it is still available!
Homes for Sale in Basking Ridge
Last night, I spent some time looking at Bridgewater market data for the month of September: There were 62 new listings, 47 listings were price adjusted and there were 29 contract sales. There are currently 193 active listings (single family homes), there were 21 contract sales in the last 30 days and there are 10 properties with offers/contracts in attorney review. That’s an absorption rate of 9 months (6.2 if we adjust for the attorney review properties and assume they were negotiated in the last 30 days).
I also narrowed it by price range – looking at listings and sales between $400,000 and $500,000. There are 48 active listings and there were six sales in the last 30 days. That’s an absorption rate of only 6 months. 19 of the listings in this price range are priced between $425,000 and $450,000 with six listings exactly at $499,000 and four exactly at $450,000. Average days on market for these properties is about four months – they aren’t selling either….
I did this because I have a listing that is currently priced at $459,000 and I am trying to determine what to do next. We have great open house traffic but we are not getting agent showings. With absorption rates as low as six months; we should be getting more activity and I’m very disappointed in the lack of agent showings. It’s only been two weeks since we adjusted the price – but we only have about six weeks left in the fall market
What would you do?