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“Today, Freddie Mac announced that the average rate on a 30-year fixed mortgage fell below 4 percent this week for the first time ever, to 3.94 percent.”

This all-time low rate represents an extraordinary opportunity for consumers, whether they are in the market to buy a home or not.

Homebuyers can purchase a home for less, sellers could see increased activity, and homeowners can refinance to lower their mortgage costs and free up money for other purposes.

Click here to Contact us or call me at 908-432-0318 to find out how to take advantage of these low rates to either buy or refinance!

Last night, I spent some time looking at Bridgewater market data for the month of September:  There were 62 new listings, 47 listings were price adjusted and there were 29 contract sales. There are currently 193 active listings (single family homes), there were 21 contract sales in the last 30 days and there are 10 properties with offers/contracts in attorney review.  That’s an absorption rate of 9 months (6.2 if we adjust for the attorney review properties and assume they were negotiated in the last 30 days).

I also narrowed it by price range – looking at listings and sales between $400,000 and $500,000.  There are 48 active listings and there were six sales in the last 30 days.  That’s an absorption rate of only 6 months.  19 of the listings in this price range are priced between $425,000 and $450,000 with six listings exactly at $499,000 and four exactly at $450,000.   Average days on market for these properties is about four months – they aren’t selling either….

I did this because I have a listing that is currently priced at $459,000 and I am trying to determine what to do next.  We have great open house traffic but we are not getting agent showings.  With absorption rates as low as six months; we should be getting more activity and I’m very disappointed in the lack of agent showings.  It’s only been two weeks since we adjusted the price – but we only have about six weeks left in the fall market

What would you do?

While the overall real estate market is not doing so great, the market here in Basking Ridge remains strong.  Sale prices may not be where we want them to be (as sellers and homeowners) but sales activity continues to remain steady with some properties attracting multiple bids and near-asking sale prices.  It’s a little hard these days to push the envelope on pricing – market value is going to become evident in the first few weeks that your house is listed and you and your agent will have only limited control over the final sale price.

What you can control is how the house shows.  I often tell prospective sellers to start packing.  Less is more, de-clutter and neutralize.  You are selling a house, not your home – to a buyer who is looking for a house which they can envision as their home.  You need to make it easy for them to do that.

Sharon Tara, a stager in NH wrote a great article for a real estate forum that I frequent.  She says that when preparing your house for sale, you should consider the “Perfect Crime”. Today’s buyers are like the detectives in those old time movies: leave them the smallest amount of evidence and they will find a way to use it against you!

She suggests that successfully selling your house requires leaving no evidence at the scene. Remove the DNA – your family photos, diplomas and degrees.  Clean up the fingerprints – medical equipment, medications, hobbies and collections.  Allow a prospective buyer to walk through your house and imagine it as their home.  I do not think you have to take away everything; it is important that your house be warm and inviting. But it should be presented in a way that is universally accepted as such: chocolate chip cookies or apple spices are much better aromas than last night’s garlic casserole!

Additionally, you should be prepared to flee the scene at a moment’s notice!  It is virtually impossible to keep your house in show shape 24 hours a day – but, of course, that is what today’s detectives expect (oops, I meant buyers).  I often tell people that we understand that people live here – and if you are feeding a toddler three meals a day it’s okay to leave the high chair in the kitchen. But it’s a good idea to keep a laundry basket or a plastic tote by the front door to hold the remnants of quick clean up so you can leave in a hurry if an agent calls to schedule a last minute showing.

The best way to ensure that your house will sell is to price it right and make sure it shows PERFECTLY.

Tim McLaughlin, VP Weichert Financial

http://twitter.com/TimMc86

•  The S&P/CaseShiller Home Price Indices showed a fourth consecutive month of increases for the 10 and 20 city composites, with both up 0.9% in July over June. ”With July’s data, we are seeing not only anticipated monthly increases, but some fairly broad improvement in the annual rates of change in home prices,” says David M. Blitzer, chairman of the index committee at S&P Indices. “Monthly price increases -were seen in 17 of the 20 cities. The exceptions were Las Vegas and Phoenix, where prices fell, while Denver was flat. The better news is that 14 of 20 cities and both composites saw their annual rates of change improve in July. 
• Fixed mortgage rates sank to record lows over the past week following the Federal Reserve’s decision to buy longer term Treasuries and reinvest proceeds from MBS investment payoffs back into those securities, according to Freddie Mac’s weekly survey. The 30 year Fixed rate mortgage averaged 4.01% with .86 points for the week ended Thursday, down from 4.09% with .79 points the previous week and 4.32% with .62 points last year. Rates on 15 year Fixed rate mortgages averaged 3.28% with .77 points, down from 3.29% with .71 points last week and 3.75% with .72 points a year earlier. Freddie Mac Chief Economist Frank Nothaft said interest rates for Adjustable rate mortgages, however, were nearly unchanged due to the Fed’s plans to sell $400 billion in short term Treasury securities and buy longer term notes and bonds. Shorter term securities serve as benchmarks for many Adjustable rate mortgages. 
• On another note…The top 4 reasons borrowers refinanced in 1H11, according to a JD Powers Survey:

1. Reduce monthly mortgage payment
2. Reduce term of the mortgage
3. Consolidate debt
4. Cash out refinance for various purposes

One closing this week in Bedminster: 16 Four Oaks Road in the Four Oaks section of the hills.  A two bedroom end unit with a two car garage – this section of the hills is the newest, built in 1995.  This property was listed for $367,900 and sold for $355,000.

Click here to search for simliar homes for sale in Bedminster.

Welcome Back, September, it’s good to see you again!

As much as I love the slow laziness of the summer months, by the time September rolls along I’m really happy to see it!  Things start happening again: school, sports, routine, and…..REAL ESTATE!

There have been six new listings and ten price adjustments in Bedminster since the first of the month.  And, there have been five contract sales.  Traditionally we see an uptick in market activity between Labor Day and Thanksgiving.  So if you are looking to make a move, it might pay to take advantage of the Fall Market in Bedminster.  I am happy to provide a listing of current properties or an evaluation of the value of your home in the current market.  No obligation, just Information!

Please visit one of today’s featured Open Houses:

There are eighteen open houses in Bedminster today!  Nineteen in Basking Ridge and twenty-three in Bridgewater!

58 Alexandria Way: A beautiful Spring Ridge Fairfax model for $294,900, open from 1:00-5:00.  Gerry will be there himself to show you around.

11 Archgate Road: $699,000 – from 1:00–5:00 – Alma and I will be more than happy to show you this wonderful center hall colonial with an amazing list of upgrades and a terrific location within walking distance of Pleasant Valley Park.

267 English Place: $289,900 – from 1:00 – 5:00 – Carol and I will be more than happy to show you this wonderful two bedroom end unit in Society Hill I.  FHA approved and completely updated!

I will be floating between these properties and a listing in Bridgewater: 15 Frohlin Drive which is just off of Washington Valley Road which will be hosted open by Kate between 1:00 and 4:00 today.  Stop by and visit this large split level home on a nice level lot in one of the best Bridgewater neighborhoods.

Gerry and I look forward to talking with you when you are ready to make a move!

I’m pleased to announce that Gerry Light has agreed to help me keep the Bedminster Real Estate blog up to date! Gerry has been an awesome real estate partner – filling in for me when I have other committments and helping us get many happy house hunters to the closing table! Feel free to contact me or Gerry through the website any time you are looking for information on Bedminster Real Estate!

Four properties have gone under contract in Bedminster so far this month: two condos that had been listed under $245,000, a townhouse listed for $419,900 and a townhouse listed for $334,999.

There are 11 new happy homeowners as the following properties closed:

And there are five new listings.  Start your search for Bedminster homes for sale so you can take advantage of the currently low interest rates!

5 closings since 10/1/2010:

• 47 Heatherwood Lane
• 2 Bedminster Terrace
• 58 Encampment Drive
• 45 Stevens Court
• 70 Wentworth Road

There are 85 active listings, there were 13 contract sales – making the market absorption (or inventory level) about 6.5 months; this is a relatively normal market in Bedminster, NJ.  If you are considering a move, now might be the time!  Interest rates are still outrageously low and there is alot to choose from! Contact me directly and we can talk through the details of purchasing – or selling – your home!