Archive for January, 2012

MISTAKE #2: THINKING, “I CAN’T AFFORD A HOME”

Many people feel that they cannot afford a home, but affording a home has never been easier!

Mortgage rates are more lower today than they ever have been, and the tax laws favor homeownership like no other tax shelter.

Homeownership is a durable (real) investment. Although no one can say if a specific home will appreciate in value, generally speaking the odds favor the homeowner.

Numerous unique tax advantages are available to homeowners. The thousands of dollars you pay in mortgage interest are deductible. This tax deduction alone can sometimes make owning your own home cheaper than renting with after tax take home dollars. Check with your accountant.

See the dramatic difference that homeownership will make.

Search Bedminster condos and townhouses

There has been only one contract sale since the beginning of the year.  There are currently 87 properties available for sale in Bedminster, and Market Absorption is 12 months – this creates a really good opportunity for BUYERS in Bedminster.

Market absorption is defined as the rate at which currently available inventory will be sold based on the number of homes sold in the last thirty days.  It does NOT mean that it will take 12 months for your house to sell if you list it today.  It simply is an indicator of the strength of the market and helps us to define the best marketing strategy for a given property.

I just confirmed – but do not have dates yet – that we will once again be hosting home buyer seminars in our Basking Ridge office. I will post dates as we get them but there is no reason to wait!  If you are interested in learning more about the market – whether you are considering a purchase or a sale – please call me and we will get started at your convenience!

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Search Bedminster Homes for Sale; Search Bedminster townhouses and condos for Sale.

Request a free market analysis for your home.

Ask a question and get an answer via a blog post!

This starts a series of blog posts in which I will talk about the top eight mistakes that home buyers make.  My intent is to help you avoid these pitfalls before you even get started!

MISTAKE #1: Failing To Have A Plan
MISTAKE #2: Thinking, “I Can’t Afford A Home”
MISTAKE #3: Failing To Properly “Screen” Your Realtor
MISTAKE #4: Failing To Get Pre-Qualified For A Mortgage Loan
MISTAKE #5: Choosing A Loan Based Only On The Interest Rate Myth
MISTAKE #6: Failing To Obtain A Home Inspection From A Qualified Inspector
MISTAKE #7: Not Knowing Your Rights And Obligations
MISTAKE #8: Failing To Make Your Own Inspection

MISTAKE #1: Failing To Have A Plan

Deciding to buy a home is probably the biggest financial decision you will ever make. It is an exciting decision, but it is serious business, too, and you deserve serious advice.

Zig Zigler, a famous motivational speaker, once said that people don’t plan to fail, they fail to plan. With a game plan, you will eliminate many of the headaches involved in this complicated transaction.

You need a clear plan when deciding to buy a house. Evaluate your current situation. Do you currently own a home? If so, will it be necessary to sell before making another purchase? Are you renting? How much time is left on your lease? Do you and your family plan to use the back yard? What is important about the location of your house? Do you want to live within 10 minutes or one hour from the office?

Make a list of features which are important in your home. Write down desirable locations you would consider, an acceptable price range, number of bedrooms and bathrooms, and any other amenities. Be specific. It is unlikely that you will find a home that offers every feature you desire. However, without a wish list, it will be more difficult to recognize a home which meets your expectations.

Provide your list to your Realtor. Your Realtor will look for homes that match your criteria. This will save you time – you won’t need to look at homes that do not fit your needs and desires.

A proper game plan will save you time and reduce the hassle of shopping for a home. Spend a little time in advance and save a lot of time and money in the future!

Subscribe to my Bedminster Homes blog for information on the next seven mistakes!

Insights from Jim Weichert

The beginning of a new year is always a time to reflect and consider goals and opportunities for the year ahead. As we begin 2012, there are many reasons for encouragement when it comes to the economy and real estate. If recent economic and real estate trends are any indication, 2012 will be a year when good things can happen not only for potential homebuyers and sellers, but for the country as a whole. For example:

• Existing-home sales rose again in November, and remain at levels above those of a year ago. What’s more, pending home sales also continued to gain in November, reaching the highest level in 19 months, an indication that there will be more future sales.
• In November, sales of new single-family houses rose 1.6 percent from October and were 9.8 percent above November 2010. Additionally, housing starts surged to a one-and-a-half year high in November, and permits for future construction were the highest since March 2010.
• In a sign that the overall economy is strengthening, U.S. employment has grown solidly for the past six months, generating 100,000 jobs or more in each month for the first time since April 2006.
• The Conference Board’s Index of Leading Economic Indicators showed two months of solid gains, signaling that the economy was gaining momentum and the risks of a recession were receding, and its Consumer Confidence Index improved to levels seen in April 2011.

Bedminster Market Activity

Two recent closed sales:

• 25 Stevens Court in Signal Point listed for $290,000 and sold for $260,000
• 2030 Larger Cross Road listed for $3,875,000 and sold for $2,500,000

Both of these transactions were disclosed dual agency – the listing agent represented both the buyer and the seller.

There have been nine new listings – seven townhouses and two single family homes.  And there has been one contract sale since the beginning of the year.