Archive for the ‘Basking Ridge News’ Category

In Basking Ridge, we remember… Field of Flags at Bonnie Brae

A large part of the East Coast is under hurricane watches and warnings. While hurricanes are fairly common in the southern part of the country, it is a far rarer occurrence to have one hit our area of Basking Ridge. If hurricanes are new to you, here are some things you can do to help protect yourself and your home from the storm.
If you have not already considered these action items, now is a great time to do so.
• Assemble your disaster supply kit that includes bottled water, non-perishable food items, medical supplies, batteries and flashlights.
• Bring in outside furniture and other objects that could cause property damage in the event of high winds.
• Make sure there is gas in the car and you are ready to evacuate immediately if you are told to do so. If you do evacuate, do not go back home until local officials say it is safe.
• If you don’t need to evacuate, be sure to stay indoors during a hurricane. Don’t be fooled if there is a pause in the wind. It could be the eye of the storm, and the winds will come again.
• Listen to a radio or television for weather updates and stay in touch with your neighbors about evacuation orders.
• Avoid using the phone except for an emergency so the phone lines can stay open for others.

For more information visit Bernards Twp Office of Emergency Management

Real Estate inventory in Basking Ridge is low. There are 165 properties for sale. 24 homes listed and 23 homes went under contract since July 21st, bringing absorption rate to 7.2 months. Several homes for sale in Basking Ridge had multiple offers.

Selling your home quickly and at the price you are asking is every homeowner’s dream. While the real estate market may seem like it is complicated and ever-changing, there are several constants to keep in mind when embarking on the home selling process.
Be certain to consider the following rules of thumb when your home is on the market:
• Tidy Up. Be sure that your home is neat and tidy before potential buyers arrive. Give your home a once over and make sure that nothing is getting in the way of buyers being able to see how well loved and cared for your home is. Dirty or cluttered homes typically turn buyers off quickly, and the extra time you put into cleaning up will be well worth it.
• Hit the Road. Never remain at home during showings or Open Houses. Your goal is to get buyers to explore your home, perhaps lingering to imagine the possibility of living there themselves. You being there could make them uncomfortable, leading to a shorter visit. For sure, you will be curious, but it’s easy enough to get any feedback from your real estate agent right after the showing.
• Price to Sell. Often the key to how quickly a home sells is directly related to its price. It is extremely important to set a realistic, competitive price that will attract buyer attention. Your real estate agent can provide you with pricing recommendations based on local market conditions and sales of comparable properties.

Owning a home invokes more than a sense of pride and freedom. It is also a long-term investment opportunity. With tax season in full swing, it is a great time to speak to your tax advisor about the tax advantages associated with homeownership.

Some of these benefits include:

• Reduce your taxable income: On your itemized income tax return, you may be able to deduct mortgage interest payments, property taxes and points paid to lower your loan’s interest rate.
• Take advantage of special tax breaks: You might receive a tax credit or be able to take a tax deduction for certain home improvement projects if they are for medical reasons or if they fall into one of the many energy-savings home improvement categories.
• Lower tax on capital gains when you sell: When you sell your home, you will not have to pay federal income tax on capital gains of up to $500,000 for a married couple and $250,000 if you are single. This applies to the sale of a principal residence owned and occupied for at least two of the last five years.

There is still another month of winter ahead, and the possibility of wintry weather for even longer. While it is not quite yet the traditional “spring market,” it is still a good time to sell a home as buyers look to take advantage of historically low mortgage rates. 

Sellers who have their homes on the market now, can benefit from the following tips that will help make their home shine even when the sun isn’t: 

• Prove energy efficiency: Prepare a list of all the things you have done to make your home more energy efficient, such as adding insulation in attics and around pipes, or replacing windows. Homebuyers are particularly interested in energy efficiency this time of year.
• Shed some light: The winter months can be dreary. Turn on the lights, open the curtains, clean your windows, and even consider temporarily removing window screens to make your home as bright as possible.
• Minimize the effects of winter: Outside, you should keep your driveway, walks and steps free of ice and snow, and your gutters clear so icicles do not form. Inside, be sure the floors are clear of any water spots or salt that may have been tracked in.
• Show the landscaping: Buyers might not be able to see your landscaping or other outdoor amenities, but you can help them by preparing a diagram of your outdoor spaces. Use photos or landscape design software to show the outdoor features your home offers.

Generally, most real estate professionals would advise you to list your present home and shop for a new one simultaneously. However, depending on the market and/or your individual needs, you may want to consider and alternative.

In a very robust real estate market, your home could sell within a few days of listing. Yet you may have very specific criteria for your new home’s location, size, views, age, etc. which could lead to a time consuming search. In that case, you should consider finding and buying a home first before you sell you existing home.

Seasonality, too, has traditionally played big role in deciding when to sell, with spring and fall the most popular seasons to put a home on the market. More recently however, interest rates and the state of the economy have been affecting buying habits more than the seasons. Low interest rates send buyers out hunting for homes year round. And while some can be deterred by unpleasant weather conditions, it’s been our experience that potential buyers who brave the inclement weather tend to be very motivated.

If you have visions of long summer weekends at a country or beach house, now is the ideal time to purchase your second home. Not only do low mortgage rates and affordable prices provide amazing opportunities for vacation-home buyers, but those who buy now can close on their home in enough time to enjoy it this summer.

Here are some reasons why the time is right to invest in a second home:

• Prices and mortgage rates are about as low as they go. Today’s buyers can get a lot more for their money than they could in the past — and will in the very near future. This might be the best chance for you to make a vacation home a reality.
• There are a lot of great homes to choose from. In a buyer’s market, you have a greater selection of homes to consider, and it is more likely that you will find a home that has most of the features you want.

A vacation home tends to be a good long-term investment, and has the ability to pay for itself if you choose to rent it out. By purchasing your second home now, you will have time to prepare your home for this summer’s rental season.

Spring is on its way, and homebuyers are out in full force to take advantage of record affordability conditions. Attendance at Weichert Open Houses during the Feb. 12-13 weekend was up 24 percent compared to the same weekend last year.

In addition, the average number of attendees at each Weichert Open House was 44 percent greater than during the same weekend in 2010.

Buyers are out there!

Please join me this Sunday, February 20th, 2011, from 1pm to 3pm, at an Open House at 85 Potomac Dr. in Basking Ridge. It’s a beautiful 2 bedroom condo on second floor in Spring Ridge. See you then!

Home sales rebounded in 49 states during the fourth quarter with 78 markets — just over half of the available metropolitan areas — experiencing price gains from a year ago, according to the latest survey by the National Association of Realtors (NAR).

Total state existing-home sales, including single-family and condo, jumped 15.4 percent from the previous quarter. In addition, the national median existing single-family price was up 0.2 percent from the fourth quarter of 2009.

Lawrence Yun, NAR chief economist, is encouraged by the trend. “Home sales clearly recovered in the latter part of 2010 and are helping to absorb the inventory, including many distressed properties. Even with foreclosures continuing to enter the inventory pipeline, they’ve been selling well and housing supplies have turned down,” he said. “A recovery to normalcy requires steady trimming of the inventories.”

Regionally, the median existing single-family home price in the Northeast increased 2.3 percent in the fourth quarter from a year earlier. Existing-home sales in the Northeast rose 15 percent in the fourth quarter.