Posts Tagged ‘basking ridge real estate’

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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I had a client ask how high over the top of their price range should they be looking when searching for a home.  If their range tops out in the $700,000s is it worth it to look into the mid-$800,000s?

My opinion is this: If you don’t want to go over $800 then looking up to $850 might be frustrating … Here in Basking Ridge most properties close between 94% and 96% of list price at time of sale. Many properties are not priced right and will sell for less than that – but not necessarily before the seller adjusts the price. As much as we want it to be, it is not a science… by knowing the inventory and using my network, I can help you determine a good offer that takes motivation and market value into account.

The other point that many people – buyers and sellers alike – lost sight of is that an offer should be relative to market value NOT list price.  This is a tough one and sometimes you have to test the market (as a seller) or test the seller (as a buyer).

It’s more art than science…

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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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See what has sold in Basking Ridge

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?

258 Alexandria Way, Basking Ridge

Spring Ridge Duplex – Greenbriar model – 3 bedrooms, 2.1 baths and a finished basement.

Sold for $432,000

You may have seen my listing at 11 Archgate Road in Basking Ridge.  It’s a wonderful four bedroom center hall colonial set on almost an acre in the Glenbrook community of homes right off of Lyons Road.  Many major updates have been taken care of: landscaping, new driveway, roof, gutters, front porch, irrigation, bathrooms, floors, doors, electric, moldings, California closets, even an energy audit! 

There have been several sales in this community over the last 12 months:

• 65 Addison Drive – 4 bedrooms, 2.1 baths on almost an acre - sold for $780,000
• 11 Penwood Road – 5 bedrooms, 2.2 baths – sold for $760,000
• 3 Penwood Road – 5 bedrooms, 3.1 baths – sold for $839,000

Given the size difference and location difference of these properties, 11 Archgate Road has been fairly priced at $94,000 lower than the average value of these closed sales in the neighborhood.

At $699,000, 11 Archgate Road is an excellent value in Basking Ridge!

If you haven’t seen it yet, call your agent or contact me and I will make an appointment for you to preview it.  You never know, this could be your next home in Basking Ridge!