Archive for the ‘Basking Ridge Real Estate Agent’ Category

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.

According to a 2010 National Association of Realtors survey, 89 percent of homebuyers used the Internet during their home search. As consumers continue to rely on the web as an important source of information, it is critical for home sellers to ensure their property receives significant exposure online.

Here are some important points about marketing your home online that you should keep in mind:

• Be sure your real estate sales professional strategically places your home on the Internet to gain maximum exposure. Real estate websites get a lot of traffic. For example, Weichert.com had more than 3.5 million visits in January alone. The site also syndicates its listings to other high-traffic sites like Yahoo! Real Estate, Realtor.com and Zillow. com.
• Listings with lots of photos appeal to buyers and get them excited about the home and all the possibilities that await once they live in it. Make your home available for photos, and make sure you do a thorough cleaning and remove any clutter to maximize your home’s appeal.
• What happens after a prospective buyer views your home online? You want to be sure that a mechanism is in place to get that buyer in for a showing as soon as possible. Look for websites that include an e-mail service that alerts house hunters of new listings, as well as a feature like Weichert’s Quick Connect service that links consumers directly with a sales professional who can provide more information.

A recent survey conducted by the National Association of Realtors showed that a substantial majority of both homeowners and current renters believe that owning a home is a smart decision over the long term. The American Attitudes About Homeownership survey of 3,793 adults found that even in today’s challenging economy, 95 percent of owners and 72 percent of renters believe that over a period of several years, it makes more sense to own a home.

Other findings of the American Attitudes About Homeownership survey include:

• A large majority of homeowners are happy with their decision to own a home. In fact, 93 percent of the owners surveyed would buy again.
• Homeowners are more satisfied with both the overall quality of their family life and with their community life than renters are.

Of the renters surveyed, 63 percent said that it was at least somewhat likely that they would purchase a home at some point in the future, with young adults 18 to 29 years old having the strongest aspirations for homeownership.

‘Tis the season, and one might think the last thing on anyone’s mind is to buy a house during the holidays. In fact, it’s a great time to sell a home, especially this year as consumers look to take advantage of low interest rates. In general, buyers tend to be more serious and have extra time to look at houses together this time of year.

Consider these other benefits of keeping your home listed during the holiday season:

• First and foremost, your house definitely isn’t going to sell if it’s not even listed. By leaving it on the market, you are likely to attract the motivated buyers who tend to house hunt during the holidays.
• Buck convention. If everyone else takes their home off the market — thereby reducing inventory — but you leave yours on, there is a greater chance of a buyer viewing and purchasing your home.
• When tastefully decorated for the holidays, a home is extra inviting. During this time of the year, buyers will be able to easily envision their own family celebrating in the cozy environs of your home.

For these reasons and more, the holiday season is “prime time” for your home to be listed.

The National Association of Realtors recently released its 2010 Profile of Home Buyers and Sellers, the annual survey that evaluates demographics, preferences, marketing and experiences of recent home buyers and sellers. Among the survey’s main findings are that the typical seller is experiencing positive returns, and that homeownership remains a fundamental goal of most home buyers.

In fact, 85 percent of recent home buyers surveyed see their home as a good investment, and nearly half think that investment is better than stocks. What’s more, the single biggest reason most people buy a home is the simple desire to own a home of their own.

Other reasons for buying a home cited in the survey include:

• Desire for a larger home
• Change in family situation
• Home buyer tax credit
• Job-related move
• Affordability of homes

From leaves to pumpkins and cornucopias, the colors of fall are all around us. Many people like to enjoy the vibrant and earthy colors of the season both outdoors and inside their home. However, if your house is on the market, you’ll have to take care to bring the signs of fall inside in a way that won’t turn off potential buyers.

Here are some tips for choosing the best fall decor:

• Season’s Greetings: Set the stage by welcoming guests to your home with a tasteful doormat and/or seasonal wreath or door hanging.
• Appeal to their Senses: The scents of fall are very pleasing. Choose candles, scented oils and potpourri in warm, seasonal scents such as pumpkin, apple cinnamon and vanilla.
• Dress Up Your Rooms: Switch out your typical throw pillows and blankets, as well as table runners and cloths, for ones with a fall theme. Be sure to choose muted, tasteful designs so they blend into your decor and don’t distract visitors.

With winter approaching quickly, keep these tips in mind. They can easily be applied then, as well as during other seasons and holidays that may take place while your house is on the market.