Nov. 29, 2006 - Avoiding Home Buying Headaches

10 things to remove the trauma from home buying 

1. Find a REALTOR® who you can relate to. Homebuying is not only a big financial commitment, but also an emotional one. It’s critical that the agent you chose is both skilled and a good fit with your personality.

2. Remember, there’s no “right” time to buy, any more than there’s a right time to sell. If you find a home now, don’t try to second-guess the interest rates or the housing market by waiting. Changes don’t usually occur fast enough to make that much difference in price, and a good home won’t stay on the market long.

3. Don’t ask for too many opinions. It’s natural to want reassurance for such a big decision, but too many ideas will make it much harder to make a decision.

4. Accept that no house is ever perfect. Focus in on the things that are most important to you and let the minor ones go.

5. Don’t try to be a killer negotiator. Negotiation is definitely a part of the real estate process, but trying to “win” by getting an extra-low price may lose you the home you love.

6. Remember your home doesn’t exist in a vacuum. Don’t get so caught up in the physical aspects of the house itself—room size, kitchen—that you forget such issues as amenities, noise level, etc., that have a big impact on what it’s like to live in your new home.

7. Don’t wait until you’ve found a home and made an offer to get approved for a mortgage, investigate insurance availability, and consider a schedule for moving. Presenting an offer contingent on a lot of unresolved issues will make your bid much less attractive to sellers.

8. Factor in maintenance and repair costs in your post-home buying budget. Even if you buy a new home, there will be some costs. Don’t leave yourself short and let your home deteriorate.

9. Accept that a little buyer’s remorse is inevitable and will probably pass. Buying a home, especially for the first time, is a big commitment, but it also yields big benefits.

10. Choose a home first because you love it; then think about appreciation. While U.S. homes have appreciated an average of 5.4 percent annually over from 1998 to 2002, a home’s most important role is as a comfortable, safe place to live.

*A REALTOR® is a member of the NATIONAL ASSOCIATION OF REALTORS®. Sponsored by the NAR

Nov. 28, 2006 - Home Sellers and the Holidays

It was reported on yesterday's Inman News blog that sellers should not decorate their homes this Holiday season.  The article stated that sellers shoud be "holiday neutral to avoid a chilling effect on people who do not share the same faith or design tastes" and points to an American Public Media report.

I say...go ahead and decorate, but do it in moderation and simplicity. Sellers might want to avoid the blow-up Santa on the front lawn, but a wreath on the door, a little garland and candles on the mantle seems to be perfectly acceptable during the holidays.

Nov. 26, 2006 - Cyber Monday

Missed Black Friday?  Don't Despair

If you are at all like me, you equated “Black Friday” to the Plague and stayed as far away from the crazed mall shoppers as humanly possible.  Well…here is your chance to get in on the savings from the comfort of your home or office, on what has become known as "Cyber Monday".

 There are a few cautions, however.  Last year Time magazine offered a few tips on how to navigate the sites and compare prices.  Get the information you need to know here.

Nov. 26, 2006 - Medicare Prescription Enrollment Deadline

December 8 - Don't be late

Nov. 24, 2006 - Home Inspections

What You Need to Know

There are several things home buyers and sellers* can do to help ensure they’re getting an objective report and that the relationship between the inspector and the real estate agent does not pose a conflict of interest.

Consider asking friends or relatives if they know an inspector they like and trust. But evaluate inspectors on your own. Do not delegate this responsibility to agents, loan officers, or anyone else with a financial interest in the transaction.

You can also ask for a provision in the contract that asks the inspector to assure that he/she has not recently, is not currently, and does not plan in the future, to solicit referrals from real estate agents.

Make sure the inspector or the inspection company agree not to start before the scheduled start time. Make sure that whatever the inspector tells you in person, he puts in writing in the final report. If the inspector states anything about the house that you feel has a significant influence on your decision whether to buy, renegotiate, etc., be sure the statement is recorded in the report in writing.

Attend the entire inspection without interfering with the inspector (e.g., ask questions at the end of the inspection but before the report has been processed).

Use only a firm that allows you to be able to receive, read, and ask questions about the inspection report at the end of the inspection before the inspector leaves the site.

Be wary of inspectors making comments that have an effect on your decision to buy that involve issues generally outside of their area of expertise such as: the relative value of the home (for example, “you’re getting a real bargain here” or “this neighborhood has excellent schools” or “this neighborhood has a low crime rate.”)

Ask for a list of the ratings that the inspector has given on the last 10 homes they have inspected (e.g., above average, average, below average) and have him sign it as proof of his acknowledgement that it is true. Make sure that the inspector, the inspection firm owner, or other inspectors in the firm do not have a spouse who is a real estate agent or broker.

Make sure that no owner or inspector in the firm holds an active or inactive real estate agent or broker license. Also, the company itself should not be owned, partially or wholly, by a real estate company, bank, etc.

Make sure that neither the owner of the inspection firm nor any of the inspectors in the firm are in any way related to any of the agents involved in the sale of the home being inspected.

*Sellers can benefit by ordering a home inspection prior to placing their home on the market for sale.  A seller can get an objective view of the conditions and set a plan to make any needed repairs.

Nov. 21, 2006 - Holiday Shopping

It's that time of the year again....the begining of the 2006 Holiday shopping frenzy.

Get a jump on the crowd by checking who has what deeply discounted on what has become known as Black Friday.  Click to see what bargins can be had on November 23rd.

Happy Thanksgiving Day

Nov. 21, 2006 - A little tax relief back tracking?

As posted, right here on November 10, 2006, Senate President Richard Codey and Assembly Speaker Joseph Roberts told the media, "Most New Jersey homewoners can expect a 20 per cent cut in their property taxes."  Well....don't bet the ranch, just yet. 

Read more

Nov. 20, 2006 - For-Sale-By-Owners

You must give the address.  Buyers can drive by without seeing the inside. For prospective buyers that preview your house, how do you plan to obtain their names and phone numbers?  How do you plan to follow up with them?  What will their impression of you be when you call them?  How will calling them affect your negotiating position?

You have but one property to show.  We as REALTORS have many homes to show and can match our buyers to our properties. Do you fully understand all the legal steps in selling a home?  Many home sales fail due to incomplete paperwork, lack of inspections or not meeting your STATE DISCLOSURE LAWS that owners are required to make when selling on their own.  Are you completely knowledgeable on all of these requirements?  If not, it would be very wise to select a real estate professional.

Can you mediate disputes with buyers?  Ask yourself if you possess the legal knowledge to work through disputes on any or all of the contracts necessary when selling a home, which puts the owner in an extreme position of liability.  Again, this could be the difference in getting your home sold or having it sit on the market month after month.

Are you familiar with the best inspectors and escrow companies?  Randomly selecting companies can be disastrous.  Disreputable or low-quality companies can slow, derail or even halt completely the sale of your home.  A trained real estate professional will know which companies can be trusted to keep the sale of your home on track.

Perhaps you’ve considered listing with a discount broker.  But are you any better off?Did you know that offering a full commission is part of selling your house for “TOP DOLLAR?”  Discount brokers promise the same services as other brokers, but do they help you to achieve your goal of selling your house for TOP DOLLAR?

FACT: Sales associates often refuse to show houses offering reduced commissions, which drive your sales price down.

FACT: Homes listed by Discount Brokers normally stay on the market longer and sell at a lower price.  You net less.

FACT: If the buyer knows the commission is discounted, he/she feels he/she has more leverage to negotiate a lower price.  You lose money once again.

Offering a full commission assures more showings, a faster sale and a higher price, which will net you more money.

The market has changed from what it was only six months ago. There is more inventory of homes for sale.  Buyers have more choice.  Getting your home the most exposure is essential to finding a buyer.  I can do that through a huge network of Realtors with clients looking to purchase a home.

Contact me today.  Let me show you what tools I have to help you attain your goal…Get Your Home Sold for the Highest Possible Price!

Michael J Adams

Nov. 20, 2006 - Sellers still unrealistic about asking prices

 From Inman News:

Sellers who aren't happy with the first offer they receive are often inclined to refuse it and wait to see if something better comes along. However, some sellers are finding out the hard way that the first offer was their best offer.

Read More

Nov. 19, 2006 - For-Sale-By-Owners:

If I sell my house myself, I will save thousands of dollars, right?  Maybe not!  Many homeowners believe that to maximize their profit on a home sale, they should sell it themselves.  They feel that by selling on their own, they will save money by avoiding the real estate brokerage fee.  Almost 20% of all homes for sale last year were by the owners.  However, only 13% actually sold by owners.  In addition, over half of those who did sell their home by themselves said they were not sure they saved any money and would definitely use an agent the next time they bought or sold.  Why were so many people unhappy with the results they achieved by selling their own home?

Many For Sale By Owner’s explain that the time, paperwork, liability, and everyday inconveniences involved were not worth the amount of money they saved in commissions.  For others, the amount of profit was disappointing.  By the time they figured the amount of additional fees paid to outside consultants, inspectors, appraisers, title, lawyers, advertising and marketing cost, they would have been better off having paid the broker’s fee which includes many of those charges upfront. 

FACT: Over the past years, marketing and selling a home has become much more complicated. Even though there are more homes being sold over all, the percentage of homes sold by-owners has fallen.

Selling a home requires an in-depth and detailed understanding of the real estate market, finding the best qualified motivated buyers, and many other steps that bring about a successful sale.  If the property is priced too high, it will develop a reputation as being a problem property.  If the property is priced too low, you could lose a great amount of money.  Some For-Sale-By-Owners discovered that they lost money as a result of poor marketing or wrong decisions.

Before you decide to sell your own home, consider the work and liability involved versus hiring a professional.  Some time spent investigating at the beginning can pay off in the end.

  First, ask if you have the time, energy, know-how, and marketing ability to devote to selling your home.  One of the keys to selling a home effectively is accessibility.  Many homes sit on the market because the owner is unavailable to show the property when the buyer wishes to see it.

Next, are you prepared to deal with buyers that perceive For-Sale-By-Owners as targets for low offers and an opportunity to save money themselves?  One of the great challenges of selling your own home is screening unqualified buyers and bargain-hunting homebuyers.  Settling for a low bid is almost always worse than paying a sales commission.

Are you prepared and knowledgeable to offer information about financing?  Are you willing to finance a buyer?  It is critical to have all the necessary information that a buyer needs, and the topic of finances is certain to come up.  A professional real estate agent will have a team of lenders and title reps for you and your buyer to use.  Do you have that luxury when selling your home on your own?

There are two primary reasons why homeowners consider selling on their own!

1. Hopes of saving the commission.

2. They did not know a good agent. 

FACT: REALTORS will generally sell houses for 5-8% more than owners themselves.

Shortcomings in marketing your For Sale By Owner  plan could help to sell your competitor’s home.  The local real estate market has changed from what it was only six months ago. There is more inventory of homes for sale; meaning buyers have more choice.  Getting your home the most exposure is essential to finding a qualified buyer.  I can do that through a huge network of Realtors with qualified clients looking to purchase a home.

Contact me today.  Let me show you what tools I have to help you attain your goal…Getting Your Home Sold for the Highest Possible Price!

Michael J. Adams

Email at mjadams@century21.com  Office: 732-828-3700  Cell: 908-377-9262

Century21 Our Town Realty, 852 Easton Ave., Somerset, NJ 08873

Nov. 19, 2006 - TSA Carry-On Baggage Reminder

As the Thanksgiving Day travel week begins, if you plan to fly, be certain to review Transportation Security Administration (TSA) regulations before you go. 

Check your airline for possible delays:

EWR Departures           JFK Departures          LGA Departures

Safety and Security  - 17 Nov 2006

The Transportation Security Administration released the following as a reminder for travelers unfamiliar with new TSA carry-on baggage requirements:

1. Please remove all coats, jackets and outer most garments.

2. Please remove your shoes for x-ray screening.

3. Please take out all metal objects, cell phones, keys, etc. and place them in a bin for x-ray inspection.

4. Please remove your laptop computers from your bags and place them in a bun for x-ray inspection.

5. Please keep your quart size bags with liquids and gels out for x-ray inspection. 

Additionally, TSA reminds travelers to think "3-1-1" when carrying baggage aboard any flight. 

Fly Safe and have a Happy Thanksgiving!

Nov. 12, 2006 - Caveat Emptor and Zillow.com

Nov. 11, 2006 - Thank A Veteran

Today is Veterans' Day

To all American Veterans

and those currently serving in our Armed Forces,

I offer A Heart Felt "Thank You"!

Have You Thanked a Vet Today?

Remember it Well

If only for today, think not about the war...but about our Warriors

This will bring a tear to your eyes or you've got a hole in your soul.

(Click on each slide to proceed the presentation forward.)

Nov. 10, 2006 - Mortgages

You are wondering which kind of mortgage is best. The answer: There is no one correct answer. There are so many types of loans and different term lengths. (This includes new term lengths of 40 - 50 years.) Your choice is extremely important and can take some time and effort to research. A little research before choosing your mortgage can save you thousands of dollars in the long run.  There are several elements of a loan that should be analyzed. While one of these elements may suggest one type of loan, another may call for a different type. You must weigh each ingredient separately and collectively. You will find that your answers to the questions below will ultimately determine the type of mortgage that best fits your needs.

How long do you plan to stay in this home?
Five years? Ten years? Thirty years? The length of time you will be in the home will certainly play a part in determining which loan to apply for. If you only plan to be in the home for 5–7 years or less, you should seriously consider an adjustable rate loan. If you intend on staying 20–30 years, a fixed rate mortgage may be right for you.

How much risk are you willing to accept?
If you are the type of buyer that needs to know exactly what you will be paying each month for the term of the mortgage, a fixed rate mortgage will fulfill this need. The fixed rate loan, however, will also net a higher interest rate. If you are willing to take some risk of fluctuations in the interest rate, you may be able to receive a lower interest rate.

What are your income expectations?
Plan for the future. Do you anticipate a gradual or dramatic increase in your income in the next few years? If you expect a big increase, a graduated payment mortgage may be best for you.

How much cash do you have available for upfront costs?
If you have the resources, you may want to make a larger down payment to lower your monthly payment. By keeping a higher monthly payment however, you might be able to shorten the term of the loan to a 15-year loan in order to pay it off quicker.

Keep in mind that you’ll have closing costs and fees to pay in addition to your down payment. If you don’t have much cash saved for your upfront costs, don’t despair. You may be need to accept a higher monthly payment or even lower your monthly obligation by choosing an adjustable rate mortgage.

In addition to choosing a type of loan, you must also consider which lender to use. Once again, several factors will influence your decision.

Annual Percentage Rate (APR)        This is most likely the best way to make an "apples-to-apples" comparison of lenders. The APR reflects the cost of credit on a yearly rate and includes any points and fees in addition to the interest rate.

Interest Rate       Find out the rate the lender will commit and how long the lender will guarantee it. Get any commitments in writing. As with any transaction, if it isn’t in writing it doesn’t exist.

Points and fees       These factors will vary greatly. Look out for hidden fees. Make sure the lenders disclose all fees; ask what they charge and what is included and what is not.  (Ask about a mortgage Buy-Down.)

Loan Approval        Both approval and funding time should be considered. You don’t want to lose a prospective home because your lender takes weeks to fund your loan. A lender should be able to fund the loan within ten days.

Lender Reputation      Don’t rely on solely someone else’s recommendation. You, not your friend, must feel comfortable with your lender. If you do feel good about your lender and trust him, it will be much easier to trust his advice on what kind of mortgage will best suit your needs.

Getting a CENTURY21 mortgage prequalification does not preclude you from seeking alternate financing.  Contact a CENTURY21 Mortgage lender now (24/7) to learn what options might be available to you.  You can also call: (888) 557-5432

The original  author is not known.  It isnot our intention to infringe upon copywrited material.  If you are the original author  of this article, please let us know so we may provide appropriate credit.   www.mjadamssellshomes.com

Nov. 10, 2006 - 20% Property Cut and Elimination of Rebates

Property tax cut averaging 20% planned for'07

Most New Jersey homeowners can expect a 20 percent cut in their property taxes next year, Senate President Richard Codey and Assembly Speaker Joseph Roberts said yesterday.

The legislative leaders said the immediate cuts will be the centerpiece of a plan -- due Wednesday -- to tackle the nation's highest property taxes. Instead of rebates, they said the tax relief would come as credits that would directly reduce homeowners' property tax bills. A homeowner with the average state property tax bill of $5,867 would pay about $1,173 less.

Read the complete article 

Nov. 9, 2006 - Identity theft protection

11/9/06

Nov. 7, 2006 - Unoffical Somerset County election results.

 Refresh your screen for latest results.

Nov. 6, 2006 - Traffic Delays on Queen's Bridge

Starting November 8, 2006 

If you drive in and around  Bound Brook or South Bouond Brook expect traffic delays on Queen's Bridge.  Traffic on the Queen’s Bridge will be reduced to one lane so that PSE&G can relocate a gas main.  Traffic will alternate direction using one lane.  The lane shut-down will be in effect from 9 a.m. to 3 p.m. weekdays starting Nov. 8 and is expected to continue for about a week.  Motorists should expect delays.

Nov. 5, 2006 - Don't Forget To Vote!

Nov. 3, 2006 - Your Fall Home-Maintenance Checklist

By Paul Bianchina
INMAN NEWS
Friday, Oct. 13 2006

Fall is already in the air, which means that another chilly winter can't be too far behind. So before the cold weather arrives and you snuggle up indoors again, here's your annual checklist of things to do to get your home ready for the change of season.

Check smoke detectors; Install a carbon monoxide detector; Clean furnace ducts; Change your furnace filters; Clean and inspect the fireplace; Check weather-stripping; Adjust exterior grade; Drain sprinkler systems.

Read the whole article