What Buyers and Sellers Need to Know in the New Market

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As your real estate resource center, we’re committed to keeping you up to date on changes in the market—and what they mean to you. There’s reason to believe the real estate market is poised for strong growth in 2013. 

Here’s what’s new. Housing demand is revving up at a time when the number of homes for sale has fallen to the lowest level in decades. Home price appreciation is also accelerating in the U.S. and our market as well. In fact, prices rose 8% in January, the largest gain in six years. When the year began, many analysts expected prices to rise at a slower pace, but all these conditions have produced low inventory, a growing economy, stronger investor demand and low interest rates creating a stronger than expected market. The market is hot!    

What does this mean for you? Since there are fewer homes on the market, there’s more competition for those available homes. Here are a few tips for both buyers and sellers.
When selling your home, if you want to get top dollar for your property, you should take advantage of the low inventory. Here’s the thing: supply and demand affect what you’ll get for your home. When everyone who has been thinking about selling their home puts their home on the market is not the time to dive in—if you want to get the most out of your home. At the end of the day, you have a better chance at success if you decide to sell now, instead of waiting until all the Joneses get into the market.

If you’re in the market to buy a home, when a home that you’re interested in hits the market, plan to see it as soon as possible and make the best possible offer that’s at an appropriate price point for the seller. Go for it! Remember, inventory is low.  If you hesitate, the property could be gone because others will be making offers. 

Keep in mind that mortgage loan rates are still fantastic, which makes buying a home more affordable than ever. A 30-year fixed-rate mortgage hovered at record-low rates during 2012 and are still low into 2013, but the rates won’t last forever, so there’s not a better time to buy than now. If you wait and interest rates rise, you could get locked into spending a few hundred extra dollars a month on your payment.  

Give me a call so I can tell you where to be positioned and how to be successful in this market. Please contact me at (908) 347-7798 or gendelteam@gmail.com.

Home for Home, Real Estate Agents Outsell All Other Methods of Selling a House

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When you’re selling a home, the single most important thing to you is to, well – get it sold! So what is the most effective way to make it happen? It turns out that in a study conducted by the California Association of Realtors it was revealed that a very surprisingly low number of homes actually sell based on an open house. Equally as low results come from homes that are marketed online. And while a For Sale sign may generate interest, the chances of that home selling directly as a result of that sign are only as little as 4% compared to other things.

So what IS the biggest method of achieving home selling success? Believe it or not, it all lies in the hands of real estate agents. Breaking down the statistics a bit, 3% of homes sell because of an open house, 4% due to street level signage and 13% of sales come from the Internet.

The overwhelming number of home sales stem from real estate agents – and in our case, particularly those in other companies. Unless an agent shows the property and puts it on their tour of homes for their buyer clients, there is a good chance the buyer(s) will not see the home. 

That’s why we make an extra effort to market our homes to all the other Realtors® in the area. We know that the key to successfully selling the home to the right buyer is making sure the home is shown to the right buyer. And when agents show properties, it’s important that they show well and are set up nicely, in a way that is attractive and welcoming. 

Additionally, we do whatever we can to make the process as easy and enjoyable as possible for the other agents and we price our properties well to begin with. This teamwork is a great example of how powerful the MLS works!

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As always, we welcome your calls and invite you to get in touch with us for your personal consultation.

Tips for First-Time Home Buyers

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Guiding You Every Step of the Way

There are so many first-time buyers in the market right now.  According to the National Association of Realtors, from June 2011 to June 2012, 39% of the transactions came from first-time home buyers.  This is a tremendous amount over the previous year. 

What are the challenges for first-time buyers?  There are many and that is why I compiled a guide to purchasing property to help them.  It covers topics such as mortgages, seller disclosures, contracts of sale, and what you need to purchase a home in New Jersey. 

Five years ago, in the middle of housing bust, buyers had a glut of properties to choose from, so there was little competition and a lot of leverage.  Not so today.  The inventory is down and the buyers are out there, so prices will rise.  It’s all about supply and demand.  

If you’re serious about buying, get preapproved by a reputable mortgage professional.  This is an important first step.  At this time the inventory of homes is so low that homes are only on the market for a short period of time, so you don’t want to back track and hope you get preapproved to buy the property you like.  Instead, once you are preapproved, when a home that you’re interested in hits the market, plan to see it as soon as possible and make an offer that’s at an appropriate price point for the seller.  Remember, if you’re not preapproved, you could miss out on the deal.  First things first!

If you can’t find a property in the town you’re looking in, broaden your search.  You can buy in a nearby community without losing the desired quality of life you want.  Also, be flexible and compromise.  And keep in mind that interest rates are still low, but the rates won’t last forever.  These rates have helped make home-buying more affordable. 

If you’re interested in seeing what homes are on the market, give us a call at 908.347. 7798.  Rest assured, you’ll feel “at home” with our team guiding you every step of the way.  We’d be happy to assist you.

Trends in 2013

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I’ve been doing a lot of homework, looking at what went on in the real estate market in 2012 and also reading about what we can expect in 2013.  According to the real estate blog “Keeping Current Matters,” there are five trends to consider when looking into real estate this year.  Here are the highlights.   

Demand will surge in 2013.  We already saw a surge in December with many buyers and many properties under contract.   There’s reason to think this type of demand will continue.   

Some of the demand will come from the younger generation.  Those in between the ages of 18 and 35 believe in home ownership and, in fact, 43% own their own homes, 72% want to own a home, and 93% who rent plan to buy.  These recent studies may indicate many of these young adults will become homeowners in 2013. 

Prices will increase.  It’s all about supply and demand.  The demand will continue to be strong, but since the supply is shrinking, prices will increase. 

Move-up sellers will return to the marketplace.  These buyers thought negatively about the market, but now that the market is improving and they feel they have enough equity in their home, they’re ready to move off the sidelines and into the home of their dreams.  The timing is right.      

The real estate agent will need to be an expert because that’s what the consumer expects.  Remember, your agent will be your best advocate.  Investing in a home is the biggest purchase you’ll make so it’s important have a professional by your side.  This person can help you land your dream home and avoid home-buyer mistakes.  Your agent will also connect you with the right people (a lender, home inspector, attorney) to make the entire process as smooth as possible.   

It’s that time of the year to make resolutions.  My New Year’s resolution is to be healthy, eat healthy and be the best I can be.  What’s yours?  Happy New Year! 

If you’d like to see the best deals for 2013, contact us today at 908.273.2991. 

Downsizing From a Huge House to Something More Manageable

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Are you considering downsizing from your home and moving into something more small and manageable?  What are the circumstances behind that consideration?  Have your children moved on and now there is just the two of you?  Is maintenance becoming too much to handle and you would rather let someone else handle all that?  No matter what the reason, countless Americans each year are making the commitment to sell their existing home and move into something smaller.

But a lot of people are also having a hard time actually implementing that commitment. What are some of the reasons to expedite this life-changing event?  You will not only save money on tax payments, but your utility bills will be more manageable and mortgage payments smaller. And in cases where homeowners will be moving to a condominium or cooperative, there will be a lot more time and energy once you have freed up the need to maintain your property.

Here are some of the ways you can get stuck in the process and how you can manage each situation. Once all is said and done, you will finally be able to focus on the more important things in life!

Not Knowing Where Or How You Will Go

For many homeowners the sheer idea of having to move from their home elicits fear and uncertainty. If you live in an area where there may not be a lot of options for downsizers, what are you to do to find a smaller place?  Usually people moving from a larger home into a smaller one have a lot of stuff to deal with before the move.

The solution is to meet with a Realtor that will prepare a list of properties ideal for your situation. Whether it is a condo with extra storage or a community designed to accommodate certain age groups – your Realtor can steer you to suitable properties in your desired location.

Unsure About How Much You Can Spend On a Downsize

In most cases when a homeowner makes the decision to downsize they will utilize the equity in their existing home to purchase the new property. But if you have lived in the home for ten, twenty, thirty or even longer than that – chances are you have little idea of what you can actually afford. This can also impact your decision of where you want to move.

Contact your real estate agent for a customized assessment (also called a CMA) of what you will likely be able to sell your home for in today’s market. Once you know what you can expect, looking at other homes in the area that recently sold, you will have a better idea of what you can afford.

Accepting That You Will Need to Reduce Your Stuff

This is the hardest step for most people making the decision to move to a smaller home. After living in one home for years and years, there is a lot of stuff to deal with that must be managed. Some items will of course be of sentimental value, others are things you just can’t bring yourself to get rid of and still other things might be items of another family member that has moved away.

The best way to deal with this situation is to make the commitment to downsize and then undergo a cleanup operation. Either you can hire a professional organizer or set up four categories and organize your things by the labels “Keep”, “Donate”, “Sell” and “Trash”. Your real estate agent can put you in touch with various professionals to help you manage this undertaking whether through estate sales, auctions, donation centers or other avenues.

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For help with these or anything else related to your real estate and home life goals, contact me today!

Market Update October 2012

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The holidays are coming soon and many people are bracing themselves for a cold winter ahead. But that does not have to mean that the real estate market slows down. Well, it does slow down a little, but for the buyers and sellers that are out there, it is business as usual.

Consider this: despite there being more buyers and more sellers in the spring – a time traditionally known for being a “high season” for real estate – there are indeed many people right now looking to lock in today’s amazing interest rates. It is these serious buyers that you need to keep in mind if considering listing your home.

Here are some market statistics that will help to show you how sales are on the rise anyway in the year 2012. Combine that with the fantastic upswing our marketplace has going with the low interest rates and relatively low prices – and you have a winning combination!

Union County Market Snapshot

Looking at Summit, Milburn, Short Hills, Chatham, New Providence and Berkeley Heights – we are seeing a positive change in the number of homes that went under contract and homes that sold. From January through September in 2011, there were 748 homes that went under contract. Compare that to the same time in 2012 and the number of 810. Similarly, the number of homes sold in 2011 during January through September was 762 as opposed to 786 sold homes in the same time period of 2012.

We are sitting in a unique situation where the market is ripe for both buyers and sellers alike. Buyers are of course enjoying record setting low interest rates and low prices while sellers are able to quickly sell their homes and for top dollar, given the demand right now.

Keep in mind also that there is a lot of pent up demand now that the election is over. Many people were waiting and watching to see what would happen, if anything, but now that it’s all said and done – they are back to business.

If you’d like a custom home evaluation or you want to discuss your real estate goals to see how we can help make them a reality – I invite you to contact us today.

908-347-7798

GendelTeam@gmail.com

Introducing the Gendel Team Video Blog

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Thank you for visiting our new video blog! It is with great pleasure that I introduce our newest form of communication with our esteemed clients, friends, neighbors and community members. As a means to offer you a comprehensive source of valuable information that will help you in all your real estate endeavors, I will be covering numerous topics that will help you make good decisions. Best of all, they will be conveniently emailed to you and they will have an article (just like this one) that goes along with the video in case you prefer to read instead.

Some of the things you can expect in the coming months on our video blog include information for first-time home buyers, tips for buyers that wish to trade up into a larger home as well as buyers that may want to downsize into a smaller home.

Additionally, you will find useful, helpful tips and tricks on preparing your home for sale, to move or to place it up for rent. Our expert advice will come to you in short, easy-to-watch and very informative video blasts – designed to give you lots of helpful information.

You can also expect to see interviews with guest speakers, bringing you information from attorneys, mortgage professionals, insurance gurus, home inspectors, appraisers, decorators and more. We will also discuss mortgage trends, community happenings and information as well as other relevant topics of interest to you.

If you have anything in particular that you would like covered please email us at gendelteam@gmail.com or call us at the office at 908.347.7798.

We look forward to serving you!