Archive for the ‘Information For Sellers’ Category

Fall is here in Basking Ride, and we have already experienced our first snowfall. Along with the arrival of colder weather are a number of key maintenance tasks local homeowners should tackle in order to prevent structural damage, save energy and keep their home’s systems running properly.
By completing these tasks now, you will allow plenty of time to sit back and enjoy all the fun activities typical of the upcoming holiday season:
• Clear all debris from your gutters, even if you have a covered gutter system. Any leaves or other materials left in the gutters can freeze and damage the gutters themselves, and could also force freezing water up under your shingles and damage the roof.
• Start the season with new wicks for your portable humidifier, and also check your air filters. In addition, be sure to clean the humidifier every few weeks throughout the winter to keep it free of mold, bacteria and mineral deposits.
• Protect your outdoor air conditioning unit from icicles and snow by placing a sheet of plywood over the top and draping a dropcloth over it. When doing so, don’t create a fully enclosed space, as that can trap moisture and offer a cozy winter home for rodents.

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.

As buyer activity increases due to today’s record affordability, Basking Ridge sellers can benefit from making their home stand out from the competition. A properly cared for home not only attracts more interest from potential buyers, but your tender loving care may also increase your home’s value.

If your home is for sale or you are considering selling soon to take advantage of the busy spring market in town, here are a few small steps you can take to make it more marketable:

• First impressions are important, so make sure that your home’s exterior looks its best. Clear your yard of fallen branches and other debris that may be left after winter. In addition, regularly mowing the lawn and trimming back bushes and trees provides a well-manicured look and goes a long way in improving your home’s curb appeal.
• Going green is hot, and of course everyone wants to save money, making energy-saving updates a no-brainer. Consider installing compact fluorescent light bulbs, low-flush toilets, insulated windows and even solar panels. Be sure to flaunt any energy-efficient features your home offers.
• Review all parts of your home for areas that require minor repair. Small things such as peeling paint, a dirty lights-witch cover or a leaky faucet are usually easy and inexpensive to fix, yet help make buyers feel your home is well cared for. If you’re looking to make major fixes, kitchen and bathroom updates tend to be the most valuable.

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.