Archive for January, 2010

I had another closing this past week – on Friday.  A few things to remember for your next closing: if at all possible, don’t schedule it on a Friday afternoon.  Don’t schedule it on the last day of your rate lock and don’t schedule it on the last business day of the month.  And whatever you do, don’t schedule it on a day that meets all three put together – especially if you are first time home buyers who are already a little anxious about the whole process! 

My client’s lender entered an incorrect code on the paperwork and all the loan documents arrived at the attorney’s office on letterhead from a bank different from the bank that wired the money!  It all had to go back and be redone – and then there was trouble with the email so the package didn’t arrive, the seller’s attorney was waiting, the seller lived in NYC and needed to get on a train.  Tensions were mounting!

Alas – all documents were finally faxed by 4:30, the seller arrived at 4:45 and we were all on our way by 5:15.  First time home buyers with house keys in their hands and smiles on their faces!

Phew!

Please allow me to help you be as happy as my latest new homeowners are today!  Visit my website to search homes for sale in Basking Ridge or in Bedminster; contact me directly if you are interested in any other areas – i can help there too!

I had a closing in Basking Ridge last Thursday.  My clients were so happy!  These are the days I work for!!

Please allow me to help you be as happy as my newest homeonwners are today!  Though I am sure they were up to their elbows in paint over the weekend!!  Visit my website to search homes for sale in Bedminster or Basking Ridge.  Contact me directly if you are interested in any other areas – I am happy to help you find the right home wherever it might be located!  Not sure where you want to live?  Click here for community information – all you need is a zip code!

You are invited to a free Home Buyer Seminar Saturday, January 23rd at 11:00 in my office at 22 Henry Street in Basking Ridge. I will be there along with other real estate professionals, including my broker, our mortgage representative and a real estate attorney. We’ll address local market conditions and buyer incentives, including the Federal Tax Credit as well as current mortgage products.

If you want to get ahead of the game, click here to search homes for sale in Bedminster, NJ as well as all other areas covered by the Garden State MLS. Space may be limited, so please RSVP today by calling me directly at 908-432-0318 or emailing me at jennifer@jenniferblanchard.com. Please let me know how many will attend and if you have can stay after the seminar or come back on Sunday to get started!

I love this time of the year in the real estate world!  There are so many more inquiries to field, lots of new listings to preview and this year, there are tons of excited buyers to work with.  I have been hanging out on Trulia – marketing my listings and answering questions on Trulia Voices.  This afternoon, someone posted a question looking for advice about how to choose a house; she admitted that she actually has offers accepted on THREE different houses in three different towns.  The question generated several answers from Realtors across New Jersey – almost all of the responders blasted this person and their real estate agent for making offers on multiple properties.  I would reprint the question here, but the original author has already deleted it!  My response was a little kinder than the others and I got an email a little while ago from Trulia saying that I gave the Best Answer!  Woo Hooo!  Anyway, here is what I said,

“Only you can decide which house is best for you. While getting a “bargain” is a great thing in the short term, don’t lose sight of the fact that this will be your HOME, maybe for years to come. You want to be comfortable there and a difference of a couple of thousand or even $10,000 in the long run really doesn’t compare with being happy with where you are living.  Also, while I agree in principal with the agents who stated that there might be ethical issues with making multiple offers on different houses – I don’t think there are any rules preventing it. Nothing says your realtor is lying – the offers can be presented in such a way as to let the seller know that their house is one of several in which you are interested and that you are hoping to find the best value possible. Not too different from a seller receiving multiple offers and choosing only one. Good luck to you!”

How do you feel about writing offers on multiple properties at the same time?  Please comment – let’s breathe a little life into my blog, I’d love to hear from you!

5 properties went under contract this past week:

One condo in the Mayfield section, two in the Pinevale section, one in Edgewood and one in Stone Run.

There were nine new listings between $279,000 and $2,200,000.  For more information on these properties, click here and I will send you MLS detail sheets for your price range.

If you are considering a move into our out of Bedminster, NJ, please contact me directly.  I can provide you with the information you need to make the best possible decision for all of your real estate needs – especially in Bedminster or Basking Ridge, NJ!

While I just posted about sellers who aren’t quite ready to put their houses on the market – I don’t want you to think that I’m not acutally listing properties!

This wonderfully updated Bernardsville home will be the MLS and available for showings on Monday, January 18th!  Five bedrooms, three full and one half bath, an updated kitchen, hard wood floors, a finished walk-out lower level and  a gorgeous master suite featuring a huge walk in closet, sitting room & terrific bathroom.  I can’t show you the home before Monday, but I can certainly answer questions or make an appointment!

Contact me directly for more information.  Sign up for listing alerts – ask for Bernardsville – and receive the MLS detail sheet as soon as this home gets listed!

The spring market is here!  My phone has been ringing and my email has been busy!  I am fielding inquiries from both buyers and sellers – going on listing appointments and scheduling showings.  One thing I’ve noticed – year after year – is that buyers are always ready before sellers. 

While I am going on listing appointments, many potential sellers are waiting to put their houses on the market.  But the buyers I am speaking to are more than ready to get in the car and look at what’s on the market!

The home buyer tax credit is definitely fueling some of this activity, but I can’t attribute it all to the credit and I do wonder how much of a drop off we might have come May 1st when that window closes.  But that is more than three months from now! 

If you are considering putting your home on the market and sooner rather than later doesn’t interfere with your other plans or goals, then I would give serious thought to putting the house on the market now.  Before the sellers who are waiting to come on the market increase the inventory on April 1st!

If you are considering a move into or out of Bedminster, please contact me for a buyer consultation or a market analysis of your current Bedminster home.  Visit my Bedminster Real Estate site to search homes for sale – whether you are looking for a condo, a single family home or a luxury property.  I’m happy to help!

Market absorption is defined as the rate at which current inventory will be sold based on the number of buyers in the last thirty days.  A normal market (favoring neither buyers nor sellers) is between 5 and 6 months.  A buyers market is anything over 6 months of inventory and a sellers market is anything under 5 months of inventory. 

Current rates as of the end of the week of 1/3/10:

Basking Ridge 5.5 months
Bernardsville 16 months
Bedminster 11 months
Bridgewater 8.5 months
Long Hill  9.5 months
Harding  7.5 months
Warren  7.5 months

If you are considering a move into or out of Bedminster, please contact me for a buyer consultation or a market analysis of your current Bedminster home.  Visit my Bedminster Real Estate site to search homes for sale – whether you are looking for a condo, a single family home or a luxury property.  I’m happy to help!

January 4, 2010

The final two weeks of December have not been kind to mortgage rates. Stronger than expected economic data, comments from Fed officials, and a stock market rally all were negative for mortgage markets, and mortgage rates moved higher during the period.

Heading into December, mortgage rates were close to record low levels, but a combination of factors caused them to increase throughout the month. First, an improving economic outlook, which is good news for the country, is negative for mortgage markets because it generally leads to higher inflation. Second, the government already will need to issue an enormous amount of debt to pay for its spending, and it now looks more likely that additional expenditures are on the way for job creation and health care bills. Higher yields are required to attract investors to purchase the extra debt, pushing up yields for competing investments such as mortgage-backed securities (MBS). Finally, the Fed is winding down its $1.25 trillion MBS purchase program, reducing demand for mortgage investments.

With mortgage rates that are still historically low, high levels of affordability, and the homebuyer tax credit, the housing sector outlook for 2010 is for improvement from 2009. According to projections from the Mortgage Bankers Association (MBA), sales of existing homes are expected to increase by more than 10% next year. In addition, housing starts will rebound sharply from extremely low levels, and median home prices will move a little higher. Forecasts from the National Association of Realtors (NAR) and from Fannie Mae are generally consistent with the outlook from the MBA.

The biggest economic event next week will be the important Employment report on Friday. As usual, this data on the number of jobs, the Unemployment Rate, and wage inflation will be the most highly anticipated economic data of the month. Before the employment data, the ISM manufacturing index will be released on Monday. Pending Home Sales, a leading indicator for the housing market, will come out on Tuesday. ISM Services and the minutes from the December 16 Fed meeting will be released on Wednesday. Construction Spending and Factory Orders will round out the schedule. In addition, the Treasury will announce the size of upcoming auctions on Thursday.

Copyright @ 2010 MBSQuoteline

At the date of this printing all information is deemed reliable but not guaranteed.  This publication is a service to our clients and friends.  It is designed only to give general information on the topics actually covered.  It is not intended to replace tax, legal or financial advice, for which you are encouraged to seek a competent professional advisor.

There were lots of people moving into and out of Bedminster, NJ this past month!   The following properties closed during the last 30 days:

Property, List Price/Sale Price
31 Edgewood Road, $419,900/$395,000
406 Cardinal Lane, $324,900/$315,000
29 Ashley Court, $289,500/$281,250
7 Sargeant Stoddard Court, $795,000/$770,000
1610 Black River Road, $990,000/$980,000
73 Dogwood Lane, $377,900/$358,000
76 S Edgewood Road, $419,000/$390,000
34 Revere Drive, $799,999/$800,000
25 Stone Edge Road, $419,999/$400,000
10 Four Oaks Road, $395,500/$390,000
27 Stafford Court, $789,000/$735,000
22 Birchwood Road, $265,000/$259,500
38 Stone Run Road, $399,900/$375,000
71 N Edgewood Road, $439,000/$405,000
26 High Pond Lane, $309,999/$315,000
50 Bentley Court, $299,900/$275,000
74 Wentworth Road, $259,900/$258,500
11 Wendover Court, $299,900/$280,000
20 Teal Lane, $419,500/$405,000
5 Four Oaks Road, $379,000/$370,000
24 Oak Knoll Lane, $382,000/$370,000

Only 7 properties in Bedminster went under contract this past month; there were 12 new listings and there are only 2 deals in attorney review.  There hasn’t been much activity here in town this month; but I do expect that to change.  Bedminster has so many properties that are perfectly priced for buyers to take advantage of the tax credit.  It should be a busy spring – and spring usually starts early!

Visit my Bedminster website to search homes for sale in Bedminster and surrounding areas.  Looking for a market snapshot or a comparative market analysis for your Bedminster home?  I can help with that too; click here and you will be sent a detailed report of market activity in your neighborhood!

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