Is the Real Estate Market returning to "Normal"?

The new data from the National Association of Realtors shows that home sales for the past 2 months are on the rise.  Low interest rates and Lower asking prices have first time home buyers making the move. 

What we are finding in this area is that a well priced home is receiving multiple offers shortly after the house comes on the market. The key to selling your home is still pricing for today's market.  The key to a purchase is research the recent sales in the area (your realtor can help you with that) and if the home is listed well make your offer accordingly.  Low Ball offers on a well priced home will be refused.

An experienced agent makes all the difference in the world in making the trasaction go smoothly. 

Thought You'd be Interested

Thought You'd be Interested- Recent sales in North Caldwell

Market conditions dictate list price

When you list your home you want to get the best possible price and that is what your listing agent wants too.  In the current market it is difficult to hit on the right number until the home has been shown and buyer and agent feedback is accumulated.  Even high end homes are affected and it is the listing agent's duty to analyze the data and explain the results to the seller in terms they can understand.

Our office currently has a listing on Eileen Dr. in the Park Ridge section of Cedar Grove that, historically speaking, should be in the million dollar price range.  Market conditions and buyer feedback have caused a major price reduction and this custom home with 4 bedrooms including a huge master suite, a massive great room with fireplace, dining room that currently houses a table for 14 and a finished basement complete with a full bath, bonus room, access to rear patio, family room and gourmet kitchen.  This home is now listed at $875,000.  

If you are thinking of listing your home, please keep current market conditions in mind when setting an asking price.  If you are buying a home remember that the listing agent should be on top of prices in the area and the home may be priced to sell in today's market.

If your interested in seeing this home on Eileen Dr. or any other home in the area, please let me know.

Has your listing expired?

In this market many houses come on the market and never sell, there are a number of reasons for this that can be overcome by your agent.  Market positioning is key, this means if your home is overpriced for the neighborhood you will not get the buyers you are looking for. Below is a check-list developed by Real Estate Marketing Experts that can help you discover the reason for your disappointment.  Go over it, answer the questions truthfully and if you have any questions or would like me to help make a marketing correction please feel free to contact me.

A Little off the Subject: My new Puppy

Instead of my normal post about Real Estate I'd like to write a little about my new passion, my new Goldendoodle Puppy Bailey.  She is a cross between a golden retriever and a standard poodle.  This mix gives you a dog with the lovable and faithful personality of a golden retriever and the intelligence and agility of the poodle.  On top of those traits you also get a dog with a low allergy possabiltiy and a no to low shed coat.  Goldendoodles were originally bred as a therapy dog,  a golden retriever is the top choice for this job but many of the patients who benefit from a dog visit are subject to allergies, therfore the cross was born.  I know that most dog breeders refer to the goldendoodle as a mutt but she is the most adorable mutt I've come across and she makes me happy.  Bailey and I are looking forward to the future when she is old enough to help me show houses.  If you have any questions about goldendoodles feel free to ask if I don't know I can find the answer.  And, as always if you know anyone thinking about buying or selling a home in North Jersey please let me know!

North Jersey Short Sales (Part 2)

Once you have decided to try to short sell your home call your lender and see if they have a pre-sale approval process.  Not all lenders do this but you can ask.  Most lenders will give you a short-sale information package to fill out.  This will include a hardship letter where you explain why you can no longer pay you mortgage, copies of the past 2 years income tax returns, a list of all outstanding debt, a list of all recurring payments you must make (utilities, water, groceries) pay stubs and other financial paperwork.  This package must be completely filled out and returned to the bank before you can accept an offer.  You can list your house with a realtor.  A short sale must be listed with a licensed real estate agent who has no relationship to the seller, all short sale transactions must be arm's length, which means that the seller, the agent and the buyer can have no relationship. 

North Jersey Short Sales (part 1)

If you are one of the many homeowners in North Jersey who is finding themselves underwater in their home you need help. Your first step should be to contact your lender and request a loan modification. If you really can't make your full mortgage payment every month and the recommended sales price of your home is less then you owe on it your bank may approve a reduction in your monthly payment. This is often the only help a distressed homeowner needs to move forward and continure living in their home.

If you are not approved for a modification and you can't make your mortgage payments you are risking foreclosure. In a foreclosure the mortgage holder takes the house back and you are forced to move. A possible alternative to foreclosure is short selling your home. In a short sale you maintain some control of the sale and the timing of your move.

If a short sale is the road you decide to travel keep in mind you will need a Real Estate Agent who is specially trained in short sales and a Real Estate Attorney who is experienced in the short-sale process.

I hold the SSFR designation which is the Short Sale and Forecloser Expert designation earned through the Board of Realtors. A short sale is anything but short and does have credit ramifications but in a desperate situation it is a viable alternative to foreclosure.