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2013 Bedminster Sales Recap

Though I post closed sales each month, I thought someone might like to see them all in one place.  The following list reflects single family home sales in Basking Ridge for all of 2013.  The list to sale price ratio is 95%.  Answering the question, “what should we offer?” requires a clear understanding of the market – what else has closed, what else is available, how long has the house been listed, what is the condition…among other things.  It’s mix of art and science….market value is typically a range – a small range, but a range, not an exact number.  And it takes a seller AND a buyer to determine that value.  Unless expectations are completely off (which isn’t uncommon, unfortunately), it’s an odd scenario to not be able to negotiate something that keeps buyer and seller happy.

If you are a geek like me, you might want to play around with the raw data in a spreadsheet.  I’m happy to share that – please reach out to me here and I will send along whatever data from the MLS that interests you.

Close Date Address List Price Sale Price % list to sale
1/9/2013 4 White Tail Ln $699,000 $685,000 98%
3/8/2013 454 Main St $459,950 $433,750 94%
3/14/2013 56 Berkshire Ct $795,000 $781,000 98%
4/1/2013 104 Autumn Ridge Road $599,000 $585,000 98%
5/1/2013 34 Deer Haven Rd $449,900 $435,000 97%
5/8/2013 107 Autumn Ridge Rd $649,999 $650,000 100%
5/15/2013 685 Old Dutch Rd $1,995,000 $1,500,000 75%
5/23/2013 97 Autumn Ridge Rd $759,999 $740,000 97%
6/5/2013 64 Autumn Ridge Rd $639,999 $645,000 101%
6/10/2013 10 Smoke Rise Ln $617,000 $620,000 100%
6/20/2013 1675 Lamington Rd $2,495,000 $2,500,000 100%
7/25/2013 1921 Route 206 $400,000 $265,299 66%
8/6/2013 196 Somerville Rd $529,000 $505,000 95%
8/8/2013 40 Mathews Dr $680,000 $646,000 95%
8/14/2013 199 Hillside Ave $449,900 $405,000 90%
8/16/2013 446 Main St $995,000 $915,000 92%
8/16/2013 33 Gatehouse Rd $979,900 $950,000 97%
8/29/2013 120 Riverwood Ave $725,000 $765,000 106%
9/3/2013 14 Obrien Ct $1,300,000 $1,200,000 92%
9/13/2013 9 Milnor Rd $368,500 $365,000 99%
9/20/2013 41 Somerset Ter $400,000 $408,000 102%
9/27/2013 344 Airport Rd $899,000 $790,000 88%
10/2/2013 110 Autumn Ridge Rd $749,000 $742,000 99%
10/7/2013 14 Gatehouse Rd $799,900 $780,000 98%
10/7/2013 150 Smoke Rise Rd $711,000 $687,000 97%
10/8/2013 21 Stafford Court $999,000 $975,000 98%
10/16/2013 180 Fairview Dr $699,000 $675,000 97%
10/24/2013 15 Gatehouse Rd $689,900 $682,000 99%
12/6/2013 270 Old Dutch Rd $1,795,000 $1,600,000 89%
12/20/2013 60 Somerville Rd $339,000 $325,000 96%

From the Desk of Jim Weichert: In 2014, expect low rates, affordable prices

(Reprinted from North Jersey.com)

It may be hard to believe, but last year is already history!  It’s time to think ahead. Real estate has enjoyed several consecutive years of improvement, and this year will be no different.

Jim Weichert
Jim Weichert

Like me, many economists are optimistic heading into 2014, citing a release of pent-up demand that should result in many future buyers leaving the sidelines. What’s more, the National Association of Realtors predicts that annual existing-home sales should be up 10 percent next year, rising above the 2013 sales pace that is already nearly 10-percent higher than last year. In addition, the national median existing- home price for 2014 is projected to be between 5.0- and 5.5-percent higher.

In this environment, it’s hard to see where one can go wrong when it comes to buying or selling a home. For buyers, the sustained period of high home affordability continues. While prices and rates have gone up a bit from their all-time lows, mortgage rates are still historically low and are expected to remain that way for at least the first quarter of 2014. Pair that with still-affordable home prices and very high rents, and it makes sense to at least consider purchasing a home.

When it comes to selling, we are finally beginning to see sustained price appreciation, with far fewer homeowners underwater on their mortgages and decreasing numbers of foreclosures. For those who have regained equity in their home, it is a good time to sell and either move up to a larger home, or downsize to a smaller home if the children have left the nest.

If you practice the time-honored tradition of establishing a New Year’s resolution, why not resolve to do something in the coming year that will benefit not only you, but your family as well? The resolution I’m suggesting you make is to become a first-time homeowner, or to move up to the house of your dreams.

For more information on buying a home, visit www.weichert.com/buying.

Jim Weichert is founder of Weichert, Realtors, one of the nation’s largest families of independently owned real estate companies, and the founder of Weichert Financial Services.

44 Birchwood – for rent

Nicely updated, freshly painted and available for move in on February 10, 2014.  Offered at $2100.  Two bedrooms, two full and one half bath.  A bonus: two car garage!

44 Birchwood

 

 

 

20120320_122135 kitchen living room

Bedminster NJ Market Update – November 2013

Street Address Section List Price Sold Price DOM Sold Date
 41 Morgan Ct Signal Point $309,999 $310,000 8 11/26/2013
20 Village Green Rd Village Green $177,618 $177,618 9 11/22/2013
29 Wentworth Rd Wynnewood $194,900 $195,000 7 11/22/2013
80 Pheasant Brook Ct Wood Duck Pond $345,000 $330,000 18 11/15/2013
28 Pine Ct Pinevale $250,000 $255,000 6 11/15/2013
1 Birchwood Rd Birchwood $239,900 $242,000 137 11/14/2013
24 Tansy Ct Mayfield $290,000 $279,000 84 11/14/2013
76 N Edgewood Rd Stone Edge $439,000 $434,000 52 11/04/2013
1 Academy Ct Crestmont Highlands $275,000 $270,000 79 11/01/2012

 Information deemed RELIABLE but not GURANTEED.

For more information about buying or selling in Bedminster,

Go To:   www.Bedminster-Real-Estate.com .

Why You Need a Building Permit

 

Building permits are required in most municipalities for any kind of repair, improvement, construction, modification or demolition work on a house.  While it may seem costly and time intensive, the permittingprocess and subsequent inspections help protect your family from safety risks like structural failures, fire hazards caused by electrical and heating systems, and electrical shock.

 

In addition, work done without a permit can come back and haunt you when it comes time to sell your home. Here’s why:

  • In many states, home sellers must disclose repairs or additions to potential buyers. If they were done without a permit, the buyer may demand that the seller get the work permitted and inspected by the city before the transaction can be completed, or ask for a reduction in the sale price.
  • If it is found that you have done non-permitted work to your home, you could be fined between three and 10 times the cost of the permit, erasing any financial savings from not getting a permit in the first place.
  • In some cases, cities can force you to undo the work (or parts of it) to ensure that the underlying components were constructed safely. It’s easy to see how this could complicate a home sale.

Even if you are not selling your home, you should be aware that some insurance companies will deny a claim if a fire originates in, or another problem stems from, an illegally constructed area. For many reasons, it makes sense to get the proper permit required by your local municipality for any home construction or repairs.

For more information on Buying and Selling in Bedminster,

GO TO:   www.Bedminster-Real-Estate.com .

Market Update – March 15, 2012

Close Date                Address                             Section               List Price              Sales Price

02/10/2012             16 Dorset Ln                   Stone Edge              $429,000            $412,000

02/14/2012              9 Timothy Ln                 Knollcrest                $358,000            $339,145

02/14/2012              3 Lockhaven Ct             Knollcrest                $629,000            $567,000

02/29/2012              63 Hyde Ct                    Parkside                   $87,735               $85,000

03/08/2012             14 Morgan Ct                Signal Point             $310,000             $287,500

03/09/2012            311 Enclave Ln              Long Meadow         $324,999              $307,500

03/14/2012              6 Danbury Ct                Crestmont               $329,000             $315,000

03/15/2012             30 Birchwood Rd         Birchwood                $329,000             $320,000

If you are thinking of buying or selling in Bedminster, go to www.Bedminster-Real-Estate.com for more information.

Housing Market Shows Positive Signs

According to Fannie Mae’s most recent monthly survey, the upward trend in housing market sentiment has continued. Respondents in its January survey believe home prices will rise by 1 percent over the next year, an improvement over the 0.8 percent gain predicted in December. Additionally, 44 percent of those responding to Fannie Mae’s survey expect their personal financial situation to improve over the next year, up from 40 percent who felt that way the month prior.

 

Other recent reports support an improving housing industry and economic outlook:

  • The National Association of Realtors said total existing-home sales rose 5.9 percent in the fourth quarter of 2011, and were 9.2 percent above the fourth quarter of 2010.
  • Homebuilder optimism was up in February for the fifth straight month, according to the NAHB/Wells Fargo Housing Market Index.
  •  The Mortgage Bankers Association said that mortgage delinquencies dropped to the lowest level in three years during the fourth quarter.
  •  New applications for unemployment benefits dropped to the lowest level since March 2008, a sign that the labor market is on the mend.
  •  Earlier this month, Weichert set a new record for the number of customer inquiries received via its Weichert.com website in one day.

For more information about Buying and Selling in Bedminster, go to www.Bedminster-Real-Estate.com

 

A Few Ways to Generate Interest in your Home

 

 

With historically low interest rates, increased affordability, and a wide selection of homes to choose from, it i a great time to buy a home.  As the popular spring-time buying period approaches, it is important that home sellers consider the best way to generate interest in their home.

 

 

Here are some tips from MSNBC financial columnist Laura T. Coffey:

  • Consider feedback. Take any criticism your Sales Associate passes along from buyers who have viewed your home, and use it to your advantage. Fixing any issues that come up makes your home more attractive to buyers.
  • Take a break. It is best if you are not at home during showings. This allows potential buyers to talk freely, making it more likely that you will get the constructive feedback you need to make the sale.
  • Mix it up. Host an Open House on a weeknight in addition to a weekend day. This makes it easier for people to attend and could attract an entirely new group of potential buyers.
  • Price it right. A home that is priced right will sell in any market. Think about the lowest amount you are willing or able to accept, and be open to adjusting your home’s list price accordingly based on local market data.

For recent home sales in Bedminster, go to Bedminster-Real-Estate.com.  If you are thinking about the possibility of listing your home for sale, and would like a FREE Market Analysis, please contact us and we would be happy to set up a time to meet with you.

Recent Bedminster Sales – 2012

 

 

 

 

 

 

 

 

 

Close Date      Address                              Section                   List Price     Sale Price

01/06/2012    67 Ashley Ct                       Crestmont             $265,000       $252,500

01/13/2012     1 Calgery Lane                  Stone Run 1          $429,000      $410,000

01/19/2012    77 Sage Ct                          Mayfield                $199,900       $189,000

01/19/2012    19 Eton Ct                          Stone Run II         $369,999       $363,500

01/20/2012   49 Crestmont Rd               Crestmont             $269,999      $265,000

01/20/2012   200 Old Farm Rd               Hunt Country       $795,000      $801,000

02/01/2012   48 Spruce Ct                      Pinevale                $229,999      $227,000

02/01/2012   1207 Timberbrooke Dr    Timberbrooke     $419,000      $412,000

 

For more information on buying and selling in Bedminster go to:

                            www.Bedminster-Real-Estate.com

Tips for a Successful Home Sale

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.

For recent home sales in Bedminster, go to Bedminster-Real-Estate.com.  If you are thinking about the possibility of listing your home for sale, and would like a FREE Market Analysis, please contact us and we would be happy to set up a time to meet with you.