Real Estate Beyond Four Walls

Home sales have now increased in five of the last six months and overall they are up about 5% year to date over last year. This represents a continuing sign that we have hit bottom and are on the rise.

The other positive sign that we are continuing to see is that inventory has been declining month over month for the past 3-4 in this area. This is what is normally expected during this time of year and helps to bring some balance into the market.

Despite these positive markers, the truth of the matter is that home prices have continued to very slowly drift lower, but the rates of decline have been lower than we were seeing earlier in the year. These declines were in the range of just under 1% to about 3%.

Job growth has been trending in positive territory most of the year, but we did see a slip during August and September. These were back on track with a creation of about 4,000 jobs in New Jersey during the month of October. Needless to say, as the jobs grow, the housing market will strengthen.

Here are the local numbers for housing inventory and properties that are currently under contract:

It may be better to give than to receive but I think it's better still to give AND receive.  The Maplewood Rotary Club is currently selling Christmas trees and wreaths at the Maplewood Pool (187 Boyden Avenue).  All proceeds from sales of the rotary clubs' trees and wreaths will go to local charities.  In the past, these charities have included the Boy Scouts, First Night, youth baseball and softball teams, the Third Grade Dictionary Project, Columbia High School scholarships and the Maplewood Committee for Servicemen, just to name a few. The Maplewood Rotary Club is comprised of volunteers who not only donate time and money to local Maplewood area charities, but also help run several programs for local men, women and children.  Members of the rotary club believe in putting "Service Above Self" to create a loving, caring, thriving community.  The Maplewood Rotary Club currently has 17 members made up of local business people and others that meet once a week to create and implement programs to help keep Maplewood a great place to live.  All members of the public are welcome to attend any weekly meeting to learn more about what the Maplewood Rotary Club does as well as how to become a member yourself.  All you have to do is meet with them at the Cryan's Pub (24 1st St) in South Orange Tuesday evenings from 6:30pm to 7:30pm. If you're interested in purchasing your family's Christmas tree and/or wreath from the Maplewood Christmas tree sale, simply visit the Maplewood Town Pool at 187 Boyden Avenue Monday through Friday from 6pm to 8pm and Saturday and Sunday from 9am to 6pm from now until December 23, 2011.  Celebrate the season as well as help support a fantastic organization.  Happy holidays! Francine Lichtman, Real Estate Beyond Four Walls, New Jersey Homes Originally posted on my Maplewood is Home real estate blog here: http://maplewoodishome.com/2011/12/maplewood-christmas-tree-sale/.

Since there were 519 tax appeals filed in South Orange, they decided to hire Realty Appraisal to conduct a review of the property taxes based on current market conditions. This task was recently completed with notification letters slated to be in the mail basicly as we speak. The letters will indicate your new home assessment and will allow you to have any questions answered at The Baird Center by appointment through the end of the year. The overall conclusion resulted in a decrease in property values by as much as 19% with the Seton Hall area and Tuxedo Park seeing the largest drop in values.

My office, Keller Williams Mid Town Direct in Maplewood Village is collecting Toys for Tots for 2 weeks. Please deliver an unwrapped toy to our office or email me and I will pick it up from yours....thanks for participating

Dicken's Village is set to open up for the season this Saturday, Dec.3. This is in downtown Maplewood at Ricalton Square and is sponsored by the local businesses. The fun events for the kids will take place December 3, 10, 17th and also Sunday the 18th. Events include visits with Santa, Jack's Petting Zoo, Edelweiss Farms with their reindeer, horse and wagon rides and last but not least a menorah lighting as well. All events begin at 1pm See you there!

When I go on a listing appointment, it is not about getting the listing at all costs as it is for some other Realtors.  The cold stone truth is what a seller needs to hear about home condition, state of the market and everything else that may affect the sale of his home.  Here is what you can expect from me:           A Straight up  Conversations with Clients

• I will research the property thoroughly and have statistics ready.
• I will talk about actual seller net prices, actual days on market, seller contributions, and discuss List Price / Sales Price Ratios, and possibilities of low appraisals.
• I know the local market better than the property owner.
• I will ask lots of questions and listen carefully to the responses.
• I will ask what the primary reason is for selling the home.
• I will ask more questions: job loss, divorce, bankruptcy, short sale, etc…?
• I will be prepared to offer homeowners solutions not doom and gloom.
• I will have a list of recommended tips for homeowners selling a home.
• I will share my list of handymen and tradesmen if they list with you.
• I will not be patronizing in tone
• When you ask for my professional opinion, I won't be afraid to answer questions honestly. If I earn your trust and get your listing, our relationship will be starting on the right foot.

As expected, home sales are currently in a slow down, which is very typical for this time of year. The encouraging news, however, is that even though things are a bit slow, the sales are actually above where they were last year at this time. This is a clear suggestion that the market is trying really hard to stabilize.

In addition, the number of homes for sale fell for the fourth consecutive month, and with the recent news that the GDP increased by 2.5% in the 3rd quarter, the hope is that this will set the stage for better results with regard to home sales in 2012.

The “Spring” market is slated to make its debut beginning as early as the latter part of January. At this time, you will see the pace of inventory increase. Weather permitting, this is also the time when the buyers begin coming out to have their first look at the offerings in order to be prepared to make a purchase sometime during this “Spring” market. The message here is that if you are thinking of listing your home for a Spring 2012 sale, late February, in my opinion, is a good time to list. If you are not tied to the school calendar, then right now is also a perfect time since the inventory is declining. When inventory is at a low point, the serious buyers who are out there tend to flock to the new listings as soon as they hit the market. It is critical, however, for homes to be priced properly. I have seen it over and over again--if houses sit on the market at a higher price than the market is dictating, they end up with significantly less money in their pocket than if they listened to advice and priced it correctly much earlier in the process. I promise you this is not a pretty picture when it happens. The message here is to BE SMART! The buyers do not care what YOU think your home is worth.

The majority of our buyers are still coming from NYC.

The next most major group seems to be coming from Hudson County or Jersey City, Hoboken areas.

Thirdly, other parts of New Jersey and those being relocated for business are from other parts of the country.

Once again, our proximity to NYC continues to serve us well.

Here are the statistics:

 

Town	Active Properties	Under Contract
Maplewood	141	51
South Orange	110	28
West Orange	364	95
Montclair	171	72
Summit	114	35
Millburn/Short Hills	100	21
Madison	45	16
Chatham Boro/Twp	101	29

 

Note from Fran: Here is a really interesting article, potentially a new and vibrant source of people to market higher end listings to.

DAILY REAL ESTATE NEWS  |  Friday, October 21, 2011

=====

A bill recently introduced in the Senate proposes that foreigners who spend $500,000 or more on a residential property should be eligible to obtain a visa that will allow them to stay in the country.

Several stipulations would be attached to the offer, however. Foreign investors would need to purchase a primary residence of at least $250,000 but spend at least $500,000 on residential real estate (another property could be a rental) — and through cash purchases only. The property would also need to be purchased for more than its appraised value, and the buyer would need to agree to live in the home for at least 180 days each year, which means any foreign buyer would be required to pay U.S. income taxes on any foreign earnings too.

The visa could be renewed every three years, but it would not serve as a way toward citizenship.

"Many people want to come and live in the United States," says Sen. Charles Schumer, D-N.Y., who introduced the legislation this week with Sen. Mike Lee, R-Utah. "They will be here spending money and paying taxes, and the most important thing is they'll sop up the extra supply of homes we have right now compared to demand, and that's what's dragging our economy down."

Some brokers say that a visa incentive to foreign buyers could potentially even triple sales in their markets.

On Monday, Oct 24 at 7pm there will be a discussion about a "pay as you throw" trash plan. This will reward those homes who have less garbage than the trash companies currently allow. Please join in the discussion.

This post is from guest author, Joan Melroy, Professional Organizer

Maybe you dodged a bullet with Hurricane Irene, but hurricane season isn’t over and with super-saturated ground, there is still a high risk of ending up with a wet basement. A little bit of planning now can help you avoid dragging a lot of soggy, heavy, ruined items out to the curb for garbage pickup. What is being stored in your basement right now? Should it be down there? Do you really need to keep it? Start off by removing the clutter. Remember, there are many charities that are more than happy to receive your donations, so ask yourself if you really need to hang on to everything. Letting it go now for someone else to use and enjoy may be a great option.

Moisture ruins paper, fabric and wood. Don’t store books, photographs and important paper documents in the basement. Think twice about keeping clothing down there – an upstairs closet or the attic may be a better choice. Sort what you will be storing into categories (e.g., sports equipment, holiday decorations, games, children’s toys, etc.), pack the items of each category into moisture-resistant containers. Label each container on the side. Finally, store the containers off the floor – preferably on shelves – being sure to put any items that you frequently use in a spot that is easily accessible.

Taking a few steps now can give you some peace of mind when the next storm hits! For further information or help with your organizing needs, find me on Facebook at The Organized Advantage or visit my website: www.theorganizedadvantage.com.