Archives

January 2006

Praise for N.J. Law on Home Repairs

Posted at 1:06 AM, Jan. 28, 2006

Praise for N.J. Law on Home Repairs

RISMEDIA, Jan. 26 (KRT) If last week's howling winds left you calling for help to repair your property, a new New Jersey law could help prevent you from howling later that you've been ripped off and have nowhere to turn.

Contractors of all sorts, large and small, must now register with the state Division of Consumer Affairs and have $500,000 of liability insurance -- intended to expose shaky and fly-by-night operations.

"This was long overdue," division director Kimberly Ricketts said this week. "People spend the most money on their homes. It's our biggest asset."

Home-improvement contractors typically are the largest source of complaints cataloged by the division. Contractors now must put in writing details of any contract for work in excess of $500. They must also clearly note on the contract that the consumer can cancel it for any reason before midnight of the third day after receiving it. A refund of any money paid is due within 30 days.

The registry allows consumers to verify that a contractor is insured and gives some teeth to their complaints. Unregistered contractors are not allowed to get municipal permits, and they face fines up to $10,000 for a first offense and $20,000 for the second offense, as well as potential criminal penalties.

New Jersey joined at least 36 other states that regulate contractors. Pennsylvania is not one of them, although contractors must be licensed before working in Philadelphia and suburban communities including Springfield in Delaware County and Lower Merion.

Some Pennsylvania officials expressed concern that New Jersey's rules would push shady outfits to their state. It is too soon to see whether that is happening.

Exceptions to the New Jersey law, which took effect Jan. 1, include Home Depot and Lowe's -- though the contractors they hire to send out on jobs must be registered -- and already licensed professionals such as electricians and plumbers.

Tony Saccomanno, who heads Cherry Hill's Department of Code Enforcement and Inspections, cautioned that the rules did not offer blanket protection.

"It's only a registration. There's no requirements other than having insurance," he said. "The fly-by-night is still going to be out there flying by night."

Illegitimate contractors have found a way to avoid registration, which costs $90 initially and $75 for annual renewals, by having the homeowner apply for the permits, Saccomanno said. He said he tried to challenge such homeowners so they understood they were being taken advantage of.

"We have women come in and say, 'I'm going to re-side my house,' " Saccomanno said. "Come on, you're 80 years old. You're not going to do that."

Overall, he said, the registry is "better than nothing... . It's a place to start."

Contractors had to submit applications, including their insurance certification and any criminal convictions, by Dec. 31. A handful have been denied, pending hearings, due to past crimes, Ricketts said.

About 27,000 contractors have applied to register, she said, with 18,000 permits issued. The rest are incomplete or awaiting further review.

The state does not have a good measure of how many still need to apply, Ricketts said. The law covers such contractors as painters, landscapers and remodelers.

Remodeler Ric Malik, owner of Malik Construction in Moorestown, said getting the permit was not a big deal. However, it will take a bit of time, he said, to redo the company's letterheads and business cards and alter signs on trucks to include the registration numbers -- as required by the law.

"This way, they can see that you're registered," Malik said.

The state often has had problems locating contractors who generate complaints, Ricketts said. With files on nearly 27,000 contractors, her office has a lot more information to work with, she said.

"In the event there are consumer complaints filed against these individuals, we'll know where to find them," Ricketts said.

Copyright © 2006, The Philadelphia Inquirer
Distributed by Knight Ridder/Tribune Business News.

RISMedia welcomes your questions and comments. Send your e-mail to: realestatemagazinefeedback@rismedia.com.

Sales in Mount Laurel

Posted at 2:38 AM, Jan. 27, 2006

In a previous post (How Fast Will My Home Sell?), we talked about Sales, The Real Estate Market and Absorption Rates. Now we will look at Mount Laurel and take a closer look at the statistics with regard to price ranges. (All sold data including Average Days on Market (DOM); Units Listed (UL) applies to the full year of 2005. The number of active listings applies to Jan 26, 2006.)

For all houses sold in Mount Laurel for 2005; (S) 1,031; (UL) 1,363; (DOM) 36; (AL) 246; (RA) 2.86.

Price range $0 to $150,000: Sold (S), 102; Units Listed (UL), 90; Average Days on Market for sold properties (DOM), 25; Active Listings (AL), 9; Rate of Absorption or months supply of listings (RA), 1.06.

Price range $151,000 to $200,000: (S), 287; (UL), 356; (DOM), 29; (AL), 57; (RA), 2.38.

Price range $201,000 to $250,000: (S), 253; (UL), 312; (DOM), 37; (AL), 43; (RA), 2.04.

Price range $251,000 to $300,000: (S), 118; (UL), 119; (DOM), 47; (AL), 15; (RA), 4.07.

Price range $301,000 to $350,000: (S), 89; (UL), 136; (DOM), 42; (AL), 32; (RA), 4.31.
Price range $351,000 to $400,000: (S), 75; (UL), 117; (DOM), 46; (AL), 20; (RA), 3.20.

Price range $401,000 to $500,000: (S), 49; (UL), 83; (DOM), 56; (AL), 17; (RA), 4.16.

Price range $501,000 to $750,000: (S), 51; (UL), 86; (DOM), 76; (AL), 21; (RA), 4.94.

Price range above $750,000: (S), 4; (UL), 21; (DOM), 20; (AL), 7; (RA), 21.00.

As we indicated before if the homes sold are broken down into price ranges, the Rate of Absorption (months of supply) will change. In the case of homes in Mount Laurel, it varies from a low of less than 1.06 to a high of 21.00.  Notice also the difference between the units listed and the sold. It is common for new listings to be sold before existing listings; therefore, some of the listings may never be sold. Keep in mind that the DOM figure is only for listings sold. Homes that are priced right or correctly will sell faster than those priced higher than market value will. Rate of Absorption is not an exact science, it is only an indicator of market trends, and requires the judgment of an experienced Real Estate Agent.

If you have any questions about your situation, post an anonymous message here or stop by our website HouseJeanie.com for our email address and phone numbers.

Bart Erickson – The HouseJeanie Team.

Data Received from TReND MLS  -  Information Deemed Reliable but not Guaranteed. Printed 1/27/2006

Sales in Evesham/Marlton

Posted at 10:37 AM, Jan. 26, 2006

In a previous post (How Fast Will My Home Sell?), we talked about Sales, The Real Estate Market and Absorption Rates. Now we will look at Evesham and take a closer look at the statistics with regard to price ranges. (All sold data including Average Days on Market (DOM); Units Listed (UL) applies to the full year of 2005. The number of active listings applies to Jan 26, 2006.)

For all houses sold in Evesham for 2005; (S) 907; (UL) 1,353; (DOM) 40; (AL) 228; (RA) 3.02.

Price range $0 to $150,000: Sold (S), 67; Units Listed (UL), 61; Average Days on Market for sold properties (DOM), 26; Active Listings (AL), 4; Rate of Absorption or months supply of listings (RA), 0.72.

Price range $151,000 to $175,000: (S), 77; (UL), 100; (DOM), 20; (AL), 15; (RA), 2.34.

Price range $176,000 to $200,000: (S), 108; (UL), 137; (DOM), 37; (AL), 20; (RA), 2.22.

Price range $201,000 to $225,000: (S), 82; (UL), 114; (DOM), 36; (AL), 20; (RA), 2.93.

Price range $226,000 to $250,000: (S), 98; (UL), 130; (DOM), 52; (AL), 21; (RA), 2.57.

Price range $251,000 to $275,000: (S), 88; (UL), 119; (DOM), 47; (AL), 15; (RA), 2.05.

Price range $276,000 to $300,000: (S), 80; (UL), 121; (DOM), 39; (AL), 25; (RA), 3.75.

Price range $301,000 to $350,000: (S), 134; (UL), 225; (DOM), 43; (AL), 37; (RA), 3.31.
Price range $351,000 to $400,000: (S), 84; (UL), 150; (DOM), 47; (AL), 24; (RA), 3.43.

Price range $401,000 to $500,000: (S), 52; (UL), 109; (DOM), 29; (AL), 25; (RA), 5.77.

Price range $501,000 to $750,000: (S), 20; (UL), 44; (DOM), 65; (AL), 12; (RA), 7.20.

Price range above $750,000: (S), 15; (UL), 41; (DOM), 128; (AL), 10; (RA), 8.00.

As we indicated before if the homes sold are broken down into price ranges, the Rate of Absorption (months of supply) will change. In the case of homes in Evesham, it varies from a low of less than 1.00 to a high of 8.00.  Notice also the difference between the units listed and the sold. It is common for new listings to be sold before existing listings; therefore, some of the listings may never be sold. Keep in mind that the DOM figure is only for listings sold. Homes that are priced right or correctly will sell faster than those priced higher than market value will. Rate of Absorption is not an exact science, it is only an indicator of market trends, and requires the judgment of an experienced Real Estate Agent.

If you have any questions about your situation, post an anonymous message here or stop by our website HouseJeanie.com for our email address and phone numbers.

Bart Erickson – The HouseJeanie Team.

Data Received from TReND MLS  -  Information Deemed Reliable but not Guaranteed. Printed 1/26/2006

Sales in Voorhees

Posted at 5:41 AM, Jan. 25, 2006

In a previous post (How Fast Will My Home Sell?), we talked about Sales, The Real Estate Market and Absorption Rates. Now we will look at Voorhees and take a closer look at the statistics with regard to price ranges. (All sold data including Average Days on Market (DOM); Units Listed (UL) applies to the full year of 2005. The number of active listings applies to Jan 25, 2006.)

For all houses sold in Voorhees for 2005; (S) 595; (UL) 816; (DOM) 56; (AL) 158; (RA) 3.19.

Price range $0 to $125,000: Sold (S), 59; Units Listed (UL), 60; Average Days on Market for sold properties (DOM), 55; Active Listings (AL), 8; Rate of Absorption or months supply of listings (RA), 1.63.

Price range $126,000 to $200,000: (S), 148; (UL), 170; (DOM), 49; (AL), 19; (RA), 1.54.

Price range $201,000 to $300,000: (S), 145; (UL), 171; (DOM), 48; (AL), 22; (RA), 1.78.

Price range $301,000 to $400,000: (S), 109; (UL), 168; (DOM), 59; (AL), 44; (RA), 4.84.

Price range $401,000 to $500,000: (S), 77; (UL), 114; (DOM), 55; (AL), 25; (RA), 3.90.

Price range $501,000 to $750,000: (S), 42; (UL), 80; (DOM), 87; (AL), 19; (RA), 5.43.

Price range above $750,000: (S), 14; (UL), 52; (DOM), 128; (AL), 21; (RA), 18.00.

As we indicated before if the homes sold are broken down into price ranges, the Rate of Absorption (months of supply) will change. In the case of homes in Voorhees, it varies from a low of 1.63 to a high of 18.00.  Notice also the difference between the units listed and the sold. It is common for new listings to be sold before existing listings; therefore, some of the listings may never be sold. Keep in mind that the DOM figure is only for listings sold. Homes that are priced right or correctly will sell faster than those priced higher than market value will. Rate of Absorption is not an exact science, it is only an indicator of market trends, and requires the judgment of an experienced Real Estate Agent.

If you have any questions about your situation, post an anonymous message here or stop by our website HouseJeanie.com for our email address and phone numbers.

Bart Erickson – The HouseJeanie Team.

Sales in Cherry Hill

Posted at 11:48 PM, Jan. 24, 2006

In a previous post (How Fast Will My Home Sell?), we talked about Sales, The Real Estate Market and Absorption Rates. Now we will look at Cherry Hill and take a closer look at the statistics with regard to price ranges. (All sold data including Average Days on Market (DOM); Units Listed (UL) applies to the full year of 2005. The number of active listings applies to Jan 25, 2006)

For all houses sold in Cherry Hill for 2005; (S) 1,191; (UL) 1,775; (DOM) 49; (AL) 312; (RA) 3.14.

Price range $0 to $100,000: Sold (S), 47; Units Listed (UL), 57; Average Days on Market for sold properties (DOM), 41; Active Listings (AL), 5; Rate of Absorption or months supply of listings (RA), 1.28.

Price range $101,000 to $150,000: (S), 61; (UL), 69; (DOM), 31; (AL), 8; (RA), 1.57.

Price range $151,000 to $175,000: (S), 92; (UL), 96; (DOM), 33; (AL), 6; (RA), 0.78.

Price range $176,000 to $200,000: (S), 87; (UL), 110; (DOM), 46; (AL), 19; (RA), 2.62.

Price range $201,000 to $250,000: (S), 202; (UL), 265; (DOM), 53; (AL), 44; (RA), 2.61.

Price range $251,000 to $300,000: (S), 292; (UL), 96; (DOM), 398; (AL), 69; (RA), 2.84.

Price range $301,000 to $350,000: (S), 197; (UL), 312; (DOM), 55; (AL), 60; (RA), 3.65.

Price range $351,000 to $400,000: (S), 96; (UL), 199; (DOM), 54; (AL), 45; (RA), 5.63.

Price range $401,000 to $500,000: (S), 71; (UL), 140; (DOM), 49; (AL), 19; (RA), 3.21.

Price range $501,000 to $750,000: (S), 31; (UL), 84; (DOM), 77; (AL), 20; (RA), 7.74.

Price range above $750,000: (S), 10; (UL), 40; (DOM), 61; (AL), 17; (RA), 20.40.

As we indicated before if the homes sold are broken down into price ranges, the Rate of Absorption (months of supply) will change. In the case of homes in Cherry Hill, it varies from a low of 0.78 to a high of 20.40.  Notice also the difference between the units listed and the sold. It is common for new listings to be sold before existing listings; therefore, some of the listings may never be sold. Keep in mind that the DOM figure is only for listings sold. Homes that are priced right or correctly will sell faster than those priced higher than market value will. Rate of Absorption is not an exact science, it is only an indicator of market trends, and requires the judgment of an experienced Real Estate Agent.

If you have any questions about your situation, post an anonymous message here or stop by our website HouseJeanie.com for our email address and phone numbers.

Bart Erickson – The HouseJeanie Team.

Sales in Delran

Posted at 2:11 PM, Jan. 23, 2006

In a previous post (How Fast Will My Home Sell?), we talked about Sales, The Real Estate Market and Absorption Rates. Now we will look at Delran and take a closer look at the statistics with regard to price ranges. (All sold data including Average Days on Market (DOM); Units Listed (UL) applies to the full year of 2005. The number of active listings applies to Jan 23, 2006)

For all houses sold in Delran for 2005; (S) 243; (UL) 342; (DOM) 39; (AL) 70; (RA) 3.46.

Price range $0 to $200,000: Sold (S), 45; Units Listed (UL), 46; Average Days on Market for sold properties (DOM), 41; Active Listings (AL), 11; Rate of Absorption or months supply of listings (RA), 2.93.

Price range $201,000 to $250,000: (S), 53; (UL), 65; (DOM), 35; (AL), 11; (RA), 2.49.

Price range $251,000 to $300,000: (S), 54; (UL), 79; (DOM), 41; (AL), 16; (RA), 3.56.

Price range $301,000 to $350,000: (S), 40; (UL), 63; (DOM), 36; (AL), 13; (RA), 3.90.

Price range $351,000 to $400,000: (S), 26; (UL), 39; (DOM), 33; (AL), 8; (RA), 3.69.

Price range above $400,000: (S), 24; (UL), 49; (DOM), 35; (AL), 11; (RA), 5.50.

As we indicated before if the homes sold are broken down into price ranges, the Rate of Absorption (months of supply) will change. In the case of homes in Delran, it varies from a low of 2.49 to a high of 5.50.  Notice also the difference between the units listed and the sold. It is common for new listings to be sold before existing listings; therefore, some of the listings may never be sold. Keep in mind that the DOM figure is only for listings sold. Homes that are priced right or correctly will sell faster than those priced higher than market value will. Rate of Absorption is not an exact science, it is only an indicator of market trends, and requires the judgment of an experienced Real Estate Agent.

If you have any questions about your situation, post an anonymous message here or stop by our website HouseJeanie.com for our email address and phone numbers.

Bart Erickson – The HouseJeanie Team.

Data Received from TReND MLS  -  Information Deemed Reliable but not Guaranteed. Printed 1/23/2006

Sales in Palmyra

Posted at 1:27 PM, Jan. 23, 2006

In a previous post (How Fast Will My Home Sell?), we talked about Sales, The Real Estate Market and Absorption Rates. Now we will look at Palmyra and take a closer look at the statistics with regard to price ranges. (All sold data including Average Days on Market (DOM); Units Listed (UL) applies to the full year of 2005. The number of active listings applies to Jan 23, 2006)

For all houses sold in Palmyra for 2005; (S) 184; (UL) 218; (DOM) 51; (AL) 27; (RA) 1.76.

Price range $0 to $125,000: Sold (S), 13; Units Listed (UL), 11; Average Days on Market for sold properties (DOM), 186; Active Listings (AL), 1; Rate of Absorption or months supply of listings (RA), 0.92.

Price range $126,000 to $150,000: (S), 26; (UL), 29; (DOM), 33; (AL), 1; (RA), 0.46.

Price range $151,000 to $175,000: (S), 34; (UL), 34; (DOM), 37; (AL), 1; (RA), 0.35.

Price range $176,000 to $200,000: (S), 38; (UL), 38; (DOM), 51; (AL), 8; (RA), 2.53.

Price range $201,000 to $225,000: (S), 26; (UL), 28; (DOM), 43; (AL), 4; (RA), 1.85.

Price range $226,000 to $275,000: (S), 35; (UL), 62; (DOM), 50; (AL), 11; (RA), 3.77.

Price range above $276,000: (S), 12; (UL), 16; (DOM), 52; (AL), 1; (RA), 1.00.

As we indicated before if the homes sold are broken down into price ranges, the Rate of Absorption (months of supply) will change. In the case of homes in Palmyra, it varies from a low of less than 1.00 to a high of 3.77.  Notice also the difference between the units listed and the sold. It is common for new listings to be sold before existing listings; therefore, some of the listings may never be sold. Keep in mind that the DOM figure is only for listings sold. Homes that are priced right or correctly will sell faster than those priced higher than market value will. Rate of Absorption is not an exact science, it is only an indicator of market trends, and requires the judgment of an experienced Real Estate Agent.

If you have any questions about your situation, post an anonymous message here or stop by our website HouseJeanie.com for our email address and phone numbers.

Bart Erickson – The HouseJeanie Team.

Data Received from TReND MLS  -  Information Deemed Reliable but not Guaranteed. Printed 1/23/2006

Sales in Riverton

Posted at 12:42 PM, Jan. 23, 2006

In a previous post (How Fast Will My Home Sell?), we talked about Sales, The Real Estate Market and Absorption Rates. Now we will look at Riverton and take a closer look at the statistics with regard to price ranges. (All sold data including Average Days on Market (DOM); Units Listed (UL) applies to the full year of 2005. The number of active listings applies to Jan 23, 2006)

Price range $0 to $250,000: Sold (S), 18; Units Listed (UL), 26; Average Days on Market for sold properties (DOM), 39; Active Listings (AL), 3; Rate of Absorption or months supply of listings (RA), 2.00.

Price range $251,000 to $500,000: (S), 25; (UL), 51; (DOM), 74; (AL), 17; (RA), 8.16.

Price range above $500,000: (S), 8; (UL), 10; (DOM), 134; (AL), 2; (RA), 3.00.

As we indicated before if the homes sold are broken down into price ranges, the Rate of Absorption (months of supply) will change. In the case of homes in Riverton, it varies from a low of 2.00 to a high of 8.16.  Notice also the difference between the units listed and the sold. It is common for new listings to be sold before existing listings; therefore, some of the listings may never be sold. Keep in mind that the DOM figure is only the average for listings sold. In the price range above $500,000 the was one home that took over 360 days to sell but the average shows DOM as 134. Homes that are priced right or correctly will sell faster than those priced higher than market value will. Rate of Absorption is not an exact science, it is only an indicator of market trends, and requires the judgment of an experienced Real Estate Agent.

If you have any questions about the sale of your home, post an anonymous message here or stop by our website HouseJeanie.com for our email address and phone numbers.

Bart Erickson – The HouseJeanie Team.

Sales In Cinnaminson

Posted at 12:04 AM, Jan. 22, 2006

In a previous post (How Fast Will My Home Sell?), we talked about Sales, The Real Estate Market and Absorption Rates. Now we will look at Cinnaminson and take a closer look at the statistics with regard to price ranges. (All sold data including Average Days on Market (DOM); Units Listed (UL) applies to the full year of 2005. The number of active listings applies to Jan 21, 2006)

Price range $0 to $200,000: Sold (S), 26; Units Listed (UL), 30; Average Days on Market for sold properties (DOM), 39; Active Listings (AL), 6; Rate of Absorption or months supply of listings (RA), 2.77.

Price range $201,000 to $275,000: (S), 52; (UL), 68; (DOM), 61; (AL), 10; (RA), 2.31.

Price range $276,000 to $350,000: (S), 44; (UL), 66; (DOM), 42; (AL), 9; (RA), 2.45.

Price range $351,000 to $500,000: (S), 32; (UL), 58; (DOM), 37; (AL), 16; (RA), 6.00.

Price range above $500,000: (S), 8; (UL), 26; (DOM), 66; (AL), 9; (RA), 13.50.

As we indicated before if the homes sold are broken down into price ranges, the Rate of Absorption (months of supply) will change. In the case of homes in Cinnaminson, it varies from a low of 2.31 to a high of 13.50.  Notice also the difference between the units listed and the sold. It is common for new listings to be sold before existing listings; therefore, some of the listings may never be sold. Keep in mind that the DOM figure is only for listings sold. Homes that are priced right or correctly will sell faster than those priced higher than market value will. Rate of Absorption is not an exact science, it is only an indicator of market trends, and requires the judgment of an experienced Real Estate Agent.

If you have any questions about your situation, post an anonymous message here or stop by our website HouseJeanie.com for our email address and phone numbers.

Bart Erickson – The HouseJeanie Team.

Sales in Moorestown

Posted at 2:28 PM, Jan. 21, 2006

In a previous post (How Fast Will My Home Sell?), we talked about Sales, The Real Estate Market and Absorption Rates. Now we will look at Moorestown and take a closer look at the statistics with regard to price ranges. (All sold data including Average Days on Market (DOM); Units Listed (UL) applies to the full year of 2005. The number of active listings applies to Jan 20, 2006)

Price range $0 to $300,000: Sold (S), 74; Units Listed (UL), 88; Average Days on Market for sold properties (DOM), 55; Active Listings (AL), 20; Rate of Absorption or months supply of listings (RA), 3.24.

Price range $301,000 to $500,000: (S), 88; (UL), 120; (DOM), 49; (AL), 23; (RA), 3.14.

Price range $501,000 to $750,000: (S), 81; (UL), 139; (DOM), 75; (AL), 29; (RA), 4.30.

Price range $751,000 to $1,000,000: (S), 45; (UL), 96; (DOM), 80; (AL), 33; (RA), 8.80.

Price range above $1,000,000: (S), 17; (UL), 53; (DOM), 99; (AL), 21; (RA), 14.82.

As we indicated before if the homes sold are broken down into price ranges, the Rate of Absorption (months of supply) will change. In the case of homes in Moorestown, it varies from a low of 3.14 to a high of 14.82.  Notice also the difference between the units listed and the sold. It is common for new listings to be sold before existing listings; therefore, some of the listings may never be sold. Keep in mind that the DOM figure is only for listings sold. Homes that are priced right or correctly will sell faster than those priced higher than market value will. Rate of Absorption is not an exact science, it is only an indicator of market trends, and requires the judgment of an experienced Real Estate Agent.

If you have any questions about your situation, post an anonymous message here or stop by our website HouseJeanie.com for our email address and phone numbers.

Bart Erickson – The HouseJeanie Team.

Data Received from TReND MLS  -  Information Deemed Reliable but not Guaranteed. Printed 1/21/2006

How fast will my house sell? – The Real Estate Market.

Posted at 1:35 PM, Jan. 20, 2006

When you are selling your house, most people are thinking about how fast the house will sell. There is no simple answer; the answer is it depends. It depends on the condition of the home, it depends on the price, it depends on the location, and it depends on the economy and the Real Estate Market. The condition can be changed by making improvements to the home or the sales price can be adjusted. Price or discreet landscaping can also minimize the impact of location. We will discuss condition, location, and the impact on price later.

The Real Estate Market and price of homes vary from town to town. Prices can be relatively high or low. There are many things that contribute to this, some are real, and some are just perception. However, the general market or salability of a home in a specific town can be measured with present and historical Real Estate records.

In understanding the Real Estate Market and using the Crystal Ball to do some economic forecasting we will be using a tool called the Rate of Absorption. The Rate of Absorption is very simply the number of homes for sale divided by the average number of homes sold per month. The answer gives us the months of supply of homes for sale. Keep in mind that this is only a snapshot of a market trend. As the number increases, the market is moving to a buyers market. As the number decreases, the market is moving to a sellers market.

I took four of the towns we service to give you an example of the calculation.

Moorestown: There were 305 homes sold in 2005. As of today, there are 128 homes for sale. The Rate of Absorption for Moorestown is 5.0.

Cinnaminson: There were 163 homes sold in 2005. As of today, there are 51 homes for sale. The Rate of Absorption for Cinnaminson is 3.7.

Medford: There were 378 homes sold in 2005. As of today, there are 119 homes for sale. The Rate of Absorption for Medford is 3.8.

Cherry Hill: There were 1,192 homes sold in 2005. As of today, there are 311 homes for sale. The Rate of Absorption for Cherry Hill is 3.13.

These are Absorption Rates for all price ranges in a single town. You will find that if the Rate is personalized for a narrow price range those Absorption Rates will differ.

For a personalized analysis of your market, give the HouseJeanie Team a call.

Bart Erickson

Must-have home features of 2006

Posted at 1:52 PM, Jan. 18, 2006

Nearly three decades ago, hardwood floors were the absolute rage. They were the first home features highlighted by real estate salespersons and the most popular "standard" item builders would include in mid-level construction packages.

Hardwood floors may no longer be on the leading edge of home design but agents say quality and durability will continue to outsell trendy every time in residential real estate.

Mark Nash, a Chicago-based Coldwell Banker broker and real estate author whose book "1001 Tips for Buying & Selling a Home" is a helpful guide for consumers considering the residential market, has compiled a list of what's "in" for housing this year--and what is definitely "out." The list is a result of input from Realtors from around the country who, in turn, have solicited feedback from home buyers and sellers as they visit resale and new homes.

Leading the "out" column has nothing to do with tasteless interiors or boxy exteriors. Topping the chart is any more discussion about a possible housing bubble. Most analysts--including David Lereah, the National Association of Realtors chief economist--concur that no national bubble exists, that any bubbles must be regional, and point to poor local employment figures as the reason. There will be flat appreciation in some areas but sales will remain strong nationally.

Here's a capsule of what is absolutely "out," according to Nash and his Realtor contributors:

• Ebony-stained hardwood floors. You're better off tearing it out than trying to sand the ebony out to refinish.
• Single-rod closets. Buyers want the most storage in the least amount of space. Organizers accomplish this.
• Dark rooms with small windows. Natural light can overrule a variety of other problems in a home.
• Wallpaper. Buyers never have the same taste as decorators. Take it down (carefully) and paint.
• Builder-grade light fixtures and interior fixtures used outside. The proper fixtures say quality to buyers.
• Mid-century awnings on exterior windows and doors. Buyers want to let the sun shine in.
• Mirrored-back splashes in kitchens and everywhere else. Mirrored walls and ceilings say 1980s hedonism.
• "Commitment" (strong, bold and trendy) colors. They look great in magazines, but as one buyer said, "I don't live in a magazine."
• Dropped ceilings. It might have updated a bungalow in the 1950s, but buyers want as much vertical space as possible.
• Flipping. Increasing inventories of unsold homes is increasing, signaling weakening demand by all buyers. If you are holding properties to fix up and resell, prepare to place them on market earlier in the year.

On the way out…

• Stainless steel appliances. Cleaning requirements aren't for everyone.
• Laminate flooring that looks like hardwood. Not only can buyers tell that it's not wood, the noise it makes with high-heel shoes is the deal killer during property showings.

What's in for 2006?

The bar will be set by the annual New American Home at the International Builder's Show in Orlando, Fla. The home is a popular demonstration project, now in its 23rd year, highlighting new concepts, materials, designs and construction techniques that can be replicated--in whole or in part--in housing built any place and in any price range. The 10,023 square-foot, Caribbean-style home includes an "endless pool," a spa, a master suite with a kitchen and laundry room, and a second-story library. The home was also built to be environmentally friendly and is Energy Star-rated through the U.S. Department of Energy Program "Build America."

The size of the New American Home helps to facilitate new ideas, but does not indicate huge homes will be "in.'' To the contrary, leading Nash's "in" list are smaller homes with high quality finishes. Also near the top of this year's "in" list:

• Quality kitchen cabinets. With the kitchen/great room the center of family living, buyers today are looking at furniture style cabinets.
• Bamboo wood floors. Bamboo could overtake maple as the favorite light-colored wood flooring in 2006.
• Wall space for flat-screen televisions. The popular location for installation in a renew construction is over the fireplace.
• Multiple and high-powered phone lines. With modems, DSL and WiFi moving into mainstream use, tech-savvy home buyers want "wired" homes.
• Separate shower stalls and bathtubs in upscale master bathrooms. The growing divide among "soakers" and "showerers" is increasing.
• Built-in home stereo systems are a must-have for many audiophiles. Wireless hasn't quite made the pre-wired audio system home obsolete, at least not in 2006.
• Balconies and decks wider than three feet. Home buyers want usable outdoor space; big enough for a bistro table and chairs and a couple of pots for container gardening.

Remember, what is deemed "in" this year could easily be "out" next year. If you are planning to stay in your next home for the long haul, find comfortable, workable features that appeal to your family and enjoy them. No one can tell you what you prefer.

Tom Kelly's new book, "Cashing In on a Second Home in Mexico: How to Buy, Sell and Profit from Property South of the Border," was co-written with Mitch Creekmore, senior vice president of Houston-based Stewart International. The book is available in retail stores, on www.Amazon.com or get your signed copy at www.tomkelly.com.

***

Wednesday, January 18, 2006

By Tom Kelly
Inman News

What's your opinion? Send your Letter to the Editor to opinion@inman.com.

Copyright 2006 Tom Kelly

Home Buyer & Seller Survey Shows Rising Use of Internet, Reliance on Agents

Posted at 6:12 AM, Jan. 18, 2006

Use of Internet to search for a home has risen from only 2% of buyers in 1995 to 77% in 2005

RISMEDIA, Jan. 18 Technology is transforming how Americans buy and sell homes in unexpected ways, including how they work with real estate agents and brokers, according to one of the largest surveys of real estate consumers ever conducted. The study was released by the National Association of Realtors®.

Nine out of 10 home buyers use a real estate agent in the search process, but use of the Internet to search for a home has risen dramatically over time, increasing from only 2% of buyers in 1995 to 77% in 2005; it was 74% in 2004. The next largest source of information for buyers is a yard sign, mentioned by 71% of buyers.

When asked where they first learned about the home purchased, 24% of buyers identified the Internet, up strongly from 15% in 2004 and only 2% in 1997. Although most buyers use an agent to complete the transaction, 36 first learn about the home they buy from a real estate agent and 15% from yard signs; five other categories were 7% or less.

The 2005 National Association of Realtors® Profile of Home Buyers and Sellers, based on more than 7,800 responses to a questionnaire mailed to a large national sample of consumers located through county deed records, is the latest in a series of surveys evaluating demographics, marketing and other characteristics of home buyers and sellers.

NAR President Thomas M. Stevens from Vienna, Va., said the findings underscore the complexity of the home-buying process. Buyers who use the Internet in searching for a home are more likely to use a real estate agent than non-Internet users, and consumers rely on professionals to provide context, negotiate the transaction and help with the paperwork, said Stevens, senior vice president of NRT Inc.

The real estate industry today bears little resemblance to the way we did business 10 years ago. It is hard to find another industry that has adopted technology so readily to its customers, Stevens said. Realtors® have invested a lot of time and money in building information technology, and because of these efforts, more consumers than ever are using the Internet in their home search.

The survey shows 81% of buyers who use the Internet to search for a home purchase through a real estate agent, while 63% of non-Internet users buy through an agent; non-Internet users are more likely to purchase directly from a builder or an owner they knew in advance of the transaction.

We find that the level of for-sale-by-owners is on a sustained decline and is now at a record low. In addition, a growing share of FSBO properties are not placed on the open market – theyre private transactions, Stevens said.

A clear downtrend in FSBOs has been seen since that market share experienced a cyclical peak of 18% in 1997. Only 13% of sellers conducted transactions without the assistance of a real estate professional in 2005, and 39% of those FSBO transactions were closely held between parties who knew each other in advance, up from 32% in 2004. The FSBO market share was at 14% in both 2003 and 2004. NAR began tracking the FSBO market in 1981; the record was 20% in 1987.

In reality, the term FSBO is a misnomer when used to broadly describe homes sold directly by owners. Since two out of five of these transactions are between related parties, and those properties are not placed on the open market, we believe that unrepresented sellers would be a much more accurate term to describe this segment, Stevens said.

The median home price for sellers who use an agent is 16.0% higher than a home sold directly by an owner; $230,000 vs. $198,200; there were no significant differences between the types of homes sold. While many unrepresented sellers are motivated to save on paying a commission, we think the price difference speaks for itself, Stevens said. Owners without professional assistance also have problems in understanding and completing paperwork, prepping the home for sale, getting the right price and selling within the time planned.

Survey data dont explain the price difference, but Stevens offered some context. Agents know best how to prepare a home and maximize value, agents provide broader exposure to the market and are more likely to generate multiple bids, and the portion of sales that are between private parties are likely to be at a lower price than those on the open market.

The housing market today contrasts sharply with predictions a decade ago that the Internet would disintermediate real estate agents, including speculation that NAR membership would fall in half. In reality, its grown dramatically – selling real estate is not like selling a book or buying an airline ticket, he said.

Realtor.com was the most popular Internet resource, used by 54% of buyers, followed by multiple listing service (MLS) Web sites, 50%, real estate company sites, 38%, real estate agent Web sites, 31%, and local newspaper sites, 15%; other categories were smaller.

Married couples make up the largest share of the housing market, accounting for 61% of transactions. Single women purchase 21% of homes while single men account for 9%. Unmarried couples were 7% of the market, and 2% were listed as other. In 2004, single women were 18% of buyers and single men were 8%.

The typical buyer walked through nine properties, searched eight weeks to buy a home and moved 12 miles from their previous residence. The typical seller placed their home on the market for four weeks, had lived in it for six years, moved 15 miles to their new residence and previously owned three homes, including the one just sold.

NARs senior economist Paul Bishop said both buyers and sellers use traditional methods to choose a real estate agent. Word-of-mouth recommendation is the most common way to learn about real estate professionals, Bishop said. The most important criteria, whether youre buying or selling, are the individual agents reputation and their knowledge of the local market.

In finding a real estate professional, 44% of buyers were referred by a friend, neighbor or relative, 11% used an agent from a previous transaction, 7% found an agent on the Internet, 7% met at an open house and 6% saw contact information on a for sale sign. Six other categories accounted for smaller shares each.

The most important factor in choosing an agent was reputation, according to 41% of home buyers, followed by an agents knowledge of the neighborhood, 24%. In terms of desired qualities in an agent, three categories were rated as very important by more than nine out of 10 buyers: knowledge of the purchase process, responsiveness and knowledge of the market. Of buyers who use an agent, 63% choose a buyer representative. Satisfaction with real estate agents is very high, with 85% of buyers saying they were likely to use the agent again.

Seller responses are comparable: 43% chose agents based on a referral by a friend, neighbor or relative, and 28% used their agent previously; 10 other categories were 5% or less. Fifty-seven percent of sellers said reputation was the most important factor in selecting an agent, followed by their knowledge of the neighborhood, 17%. Eighty-two percent said they were likely to use the same agent again or recommend to others.

Four out of 10 respondents are first-time buyers, a finding that is consistent for more than a decade. The median age of entry-level buyers is 32 years, also typical over time, and the household income was $57,200. They made a downpayment of 2% on a home costing $150,000, but 43% purchased with no money down. Of first-time buyers who made a downpayment, 23% received a gift from a friend or relative.

The typical repeat buyer is 46 years old and had a household income of $83,200. They placed a downpayment of 21% on a home costing $235,000, but 11% of repeat buyers paid cash for their home. In all, 94% of buyers and sellers believe their home purchase is a good financial investment.

To underscore the value of housing as an investment, all you have to do is look at the difference in how repeat buyers purchase their next home – the wealth effect of homeownership provides the greatest source for their downpayment, which is significantly larger, Bishop said. Aside from sellers who pay cash for their new home, 66 use the equity from their previous home for a downpayment.

The most important factors in choosing a location to purchase a home are neighborhood quality, cited by 68%, close to a job or school, 43%, close to family or friends, 36%, and the school district itself, 23%; seven other categories were under 20%.

NAR mailed an eight-page questionnaire to a national sample of 145,000 home buyers and sellers, based on county records, who purchased their homes between August 2004 and July 2005. It generated 7,813 usable responses; the response rate was 5.4%.

The 2005 National Association of Realtors® Profile of Home Buyers and Sellers can be ordered by calling 800/874-6500. The cost is $50 for NAR members and $125 for non-members.

Housing Market to Normalize in 2006

Posted at 9:41 PM, Jan. 11, 2006

In the last three weeks we have been showing clients about 40 houses in the $300K to $400K range. By the second day of showings, it occurred to us that most of the homes were vacant; in fact in the end only 3 homes were occupied. Of the three homes, an elderly woman who was moving to a nursing home the next day, occupied one, the other two were occupied and the families were looking for other homes with another REALTOR®. Of the rest of the homes, 1/3 were a divorce situation (Only the clothes of a woman or a man and some furniture were in the house.), 1/3 were sold but back on the market because the deal fell through, and the rest had moved into new or resale homes. The reason I bring this up is that RISMedia's Daily e-News (A free real estate news service presented by RISMedia, publisher of Real Estate magazine. RISMedia, Inc.) published an article today entitled Housing Market to Normalize in 2006

Housing Market to Normalize in 2006
NAR economist: cooling sales are necessary for the long-term health of market
RISMEDIA, Jan. 11 The key word for the housing market in 2006 is balance, with a return to a more normal rate of price growth, according to the National Association of Realtors®.

This experience of ours is just a small example that the market is adjusting or moving from the hot sellers market through a transition period before becoming a buyers market. You have probably heard a lot about the bubble and that it is about to burst. It's not going to happen. Prices will just not have the sharp rise that has been occurring in the last few years. We will see a leveling of prices with some price reductions in homes that have been deliberately overpriced in anticipation of catching a higher price in a rising sellers market.

In addition we have seen homes lingering on the market for longer periods of time. Sellers and their REALTORS® will have to pay greater attention to their local market and price their homes accordingly. Sellers would be well advised to consider close offers very carefully, you may not have an opportunity of a sale at that price again.

Bart Erickson

Member of the HouseJeanie Team 

FHA LOAN LIMITS INCREASED...

Posted at 7:23 AM, Jan. 4, 2006

FHA LOAN LIMITS INCREASED...
In case you haven't heard, new FHA loan limits have been announced effective January 1, 2006. These new loan limits are now available at: https://entp.hud.gov/idapp/html/hicostlook.cfm. If you are looking for a good local Mortgage Company send us an email at Info@HouseJeanie.com.

Reduced taxes at Centennial Mill

Posted at 1:11 PM, Jan. 2, 2006

The taxes at Centennial Mill have been reduced 30% by Voorhees Township with their new assessment. The new taxes on a $280,000 town home will be $5,853. , Not the $9000 that has been quoted. (figure based on assessed value of home using rate of $2.09)

Welcome to the HouseJeanie Team Blog

Posted at 8:20 PM, Jan. 1, 2006

Welcome to the HouseJeanie Team Blog. We hope that you will visit us often and that the information we provide will be helpful to you. We will be adding information about Real Estate and the Real Estate Market from time to time. We will be providing market statistics and market trends on the Various Towns in Burlington and Camden Counties. If you have any questions you can reach us at info@HouseJeanie.com. Also, don't forget to visit our MLS Page through the TReND Broker Reciprocity site. Go to our web site www.HouseJeanie.com and click on the link "Active Listings" found on the left of all of our web site pages.  

Thanks for visiting us,

Bart Erickson and The HouseJeanie Team..