Sep. 15, 2008 - Buyers find their real estate agent online

Internet use for home search is up

 Reported today on Inman.com, “An individual real estate agent's web site was cited as the most useful web site during the home-buying process.  What surprised me is the survey found “About 90 percent of buyers in the Internet group found their real estate agent using the Internet…”

That is an extremely high number and a no-brainer why an internet presence is vital to survival as a real estate professional in the 21^st century.  According to the survey the top visited real estate sites, in order, are: Realtor.com, individual realtor websites such as mine, specific home listings, real estate brokerage sites, Zillow.com, Craigslist.com and Yahoo Real Estate.

For the complete article go to: InmanNews.com

Sep. 9, 2008 - Save seller funded gifts

Time is getting short to act

There is a movement in Congress to save the use of seller-funded down-payment assistance scheduled to end October 1, 2008.  This was made a part of the sweeping housing bill that President George W. Bush signed into law this past July.

The Bill, HR 6694, proposes to revise the requirements for seller-financed downpayments for mortgages for single-family housing insured by the Secretary of Housing and Urban Development (HUD) under title II of the National Housing Act and to authorize risk-based insurance premiums for certain mortgagors under such mortgages.

Contact your Congressional Representative to request s/he co-sponsors this legislation, today.  Send Representative Rush Holt an electronic message or call his office at: 609-750-9365, 1-87-RUSH-HOLT (toll-free)

Read more on the subject at Inman News.

Aug. 11, 2008 - Note to Sellers: A higher commision works

An old reality in a buyers' market stands true

Building upon Zillow's report on home sellers in denial about current home values, I am finding some Franklin Township sellers are equally unrealistic of what it takes to aggressively market their home in today's tough environment.

On a recent listing presentation, I provided the customary Competitive Market Analysis (CMA) and my personalized and complete Marketing plan to sell a 3 bedroom ranch home.  The homeowners seemed to be motivated, as they were unsuccessful in their attempt to sell on their own, without representation.

Among the things that I explained is the best way to have their home stand out from the crowd is to first price it right from the start.  The CMA provided the suggested price range based upon recent sales and direct competition was identified.  Next, I explained that incentives will differentiate the property for potential buyers and their agents.

When it came to discussing the commission, which is negotiable here in New Jersey, there was resistance by the sellers to paying 6%, with the homeowner stating, "why are all you real estate agents back to asking 6%?"  I calmly responded, "I thought you told me that wanted to sell your home."  That was a couple of weeks ago, and the house is still not active in the local MLS, at this time.

A posting on The Real Estate Bloggers asks the question; Is the 6% Commission the Winning Formula...?  Their conclusion, as well as mine, is a resounding yes.  A full commission, "to get the word out as effectively and powerfully (to buyer agents) makes a great deal of sense." In fact, truly motivated sellers might consider paying 6.5-7% to generate increased showings and possibly a quicker sale.

Here is the math behind my reasoning.  You are selling a $250,000 dollar home. The commission at 6 percent is $15,000. If you added a 1% bonus to the buyer’s agent the commission would be $17,500, a difference of $2,500.  It would also put you at the top of the chart on buyers commission paid in the local area and improve the odds that your house would be shown a great deal more than others in your price range.

If the house sells a month quicker you would be very close to breaking even at a 6.35% mortgage and with typical utility and tax costs added in.

Aug. 9, 2008 - Homeowners in denial

Zillow finds homeowners' confidence is unrealistic

This should come as no surprise to most other New Jersey real estate professionals.  Getting sellers to price homes correctly from the start is a huge hurdle to overcome.

Earlier this week, Zillow Blog  stated that 72% of homeowners believed their home value increased or remained the same the second quarter of 2008, according to a recent Zillow survey.

The report goes on to say, "Zillow.com, an online real estate community based in Seattle, said the reality is that 77% of U.S. homes had declined in value over the previous year. "Our survey reveals a wide gap between the perception homeowners have about their own home's value and the realities of a market in which three-quarters of homes declined in value in the past year," said Stan Humphries, vice president of data and analytics at Zillow.com. "We attribute this gap to a combination of inattention and a fair bit of denial that causes people to believe their home is insulated from the woes of the market that affect others, but not them." The survey was conducted by Harris Interactive. "

The reality of current market value can be obtained by a Competitive Market Analysis (CMA) available from real estate agent or through a professional appraisal of your home. Here in Franklin Township, depending on your location and home specifics, a CMA might encompass a period greater than 3-month for recent comparative sales.

Zillow can be found online at http://www.zillow.com.

Apr. 21, 2008 - Home buyers are looking

But, it's value they are buying

Yesterday, I held a 3-hour open house at a 2 bedroom – 2 bath ranch style townhouse (MLS # ) in the Quailbrook section of Franklin Township.  During that time, on average, potential home buyers dropped in every 15-minutes to view the home.  I can recall, in the not too distant past, holding advertised open houses and having no one respond.  I felt like the Maytag repairman of those old TV commercials. 

Here in Franklin Township, the real estate market for lower “price point” homes, including condominiums and townhomes, appears to be on the path of a rebound. This spectrum of the marketplace is attracting empty nesters looking to downsize as well as first time buyers.  With our close proximity to Rutgers University, one potential buyer was considering a purchase to house his child, attending the school in the fall.  In addition, the purchase was being seen as an investment and renting to a roommate was planned to offset the costs of ownership.

The local real estate market appears to be “normalizing” and buyers are showing interest again.  It is clear….buyers are looking for perceived value, regardless of price. What this means to sellers is that not only must your home be priced well from day-one, it must stand out from the crowd. 

“Standing out” can be the achieved through improvements that you have made while living there including but not limited to an updated kitchen and/or bath, newer floor coverings/finishes, fresh paint, de-cluttering, staging and ultra-cleaning your home.  Pricing the home to reflect the lack of improvement that today’s buyers expect to find can also make the home “stand out”.  Find out what type of homeowner you are and get an idea of how much work it will be to prepare the house to appeal to potential buyers by taking a quiz by Royal LePage, a Canadian real estate company.

You can find more tips to prepare your home in the “Home Sellers” section of this Blog.

Mar. 29, 2008 - Lower price equals value

Study finds low list price works

New data from a New Jersey consulting firm suggests over-priced homes not only take longer to sell, they consistently sell for thousands of dollars less than similar homes that were priced lower in the first place.

The study by Otteau Valuation Group measured and analyzed more than 15,000 transactions annually over a period of several years. The same pattern emerged in every price range, regardless of whether the properties in question were entry-level or luxury million-dollar homes: Sellers who priced their home below the market from the beginning, often received a higher price and a faster sale.

"We haven't hit bottom yet," said Jeffrey Otteau, a long-time consultant and appraiser. "For every buyer that comes to the market there are two, or three or more sellers who put their home on the market."

Read the entire article at NJ.com

Mar. 17, 2008 - CENTURY 21 is now on YouTube.com

And you could win $21,000

Last Friday, CENTURY 21 launched the housing industry's first branded channel on YouTube.com.

To engage both consumers and agents during the Channel launch, the CENTURY 21 System will also host the My CENTURY 21 Open Home Contest, a user-generated video contest where sellers can work with their CENTURY 21 agent to create an “open house” video for submission on www.youtube.com/century21.  The videos should feature a 60-second clip of the seller and home, accompanied by a 15-second introduction or closing by the agent. 

Contest entrants are encouraged to conduct an emotional walkthrough of the home, using humor and creativity to provide an entertaining tour of their homes.  Participants should be mindful of appropriate language, dress and topics in order to qualify for the grand and runners-up prizes.

Through a popular vote on YouTube, the YouTube community will select the top 10 entries, and the grand prize winner will be selected by an executive committee within Century 21 Real Estate LLC.  Voting is open now through May 9, 2008.   The CENTURY 21 System will announce the winners via YouTube on May 13, 2008.

Contest winners will receive the following prizes:

•First prize-consumer winner will receive a $21,000 check and a high definition television; the accompanying agent will also receive a HDTV

•The second through tenth prize winners will receive a digital video camera (1GB)

In addition to the prizes listed above, consumers who log onto the branded CENTURY 21 YouTube Channel will have the opportunity to enter into a random drawing for a $25 gift certificate for music downloads. 

You can view my YouTube at: http://www.youtube.com/user/mjAdamsSellsHomes

Mar. 3, 2008 - Do open houses sell homes?

Nearly fifty percent of buyers love them

Now that the weekend is over, when a number of open houses were held, let's have a conversation regarding their worth.  There is both good and bad news about open houses.  There are Realtors who hate them, claiming they are a waste of time. There are Realtors, sellers and buyers who love them. 

I think they serve sellers well, but buyers even more.  It is my opinion that open houses help buyers visualize what the want and don't want.  And, if your home is that "shiny penny" in the growing inventory of homes here in Franklin Township, it will stand out among the crowd and sell faster. 

According to the latest National Association of Realtors (NAR) buyer profile, 48% of all home buyers go to open houses. However, when asked where they learned about the home they purchased, `open house’ did not even show up. Statistically speaking, open houses don’t sell homes.  Buyers are always playing a game of elimination-even more so in a buyer’s market. They have so many houses to choose from, they are trying to narrow down their selections.*  

Get “The Truth, Sort Of, About Open Houses” right here.

* Source: RisMedia

Feb. 1, 2008 - The sins of a seller

Don't become guilty of these offenses

I've read that pyschologists and seminar speakers widely claim that we have only three to seventeen seconds (at most) to make a first impression.  If that is true, what does your house convey to potential home buyers the moment they drive up to the curb and enter the front door?

These are the 7 "deadly" deal breakers home sellers can make:

• Fail to thoroughly deep clean the home especially the kitchen and bathrooms
• Fail to de-clutter the entire home
• Fail to de-personalize your entire home
• Fail to use neutral colors when painting both inside and outside
• Fail to spotlessly clean the windows and window coverings
• Fail to make your pets seem to disappear
• Fail to spruce up your your landscaping

For more selling tips, or greater detail of the seller sins, feel free to contact me.

Jan. 13, 2008 - NJ residential landlords...take notice

New law includes single and two family rental units

Landlords of single family and multiple family residential homes should take notice.  On January 4, 2008, New Jersey Governor ,Corzine, signed into law legislation that expands the scope of lead paint inspection requirements for multiple dwelling units to also include single-family and two-family rental dwelling units here in Somerset and all of New Jersey. This new law is effective immediately.

The law mandates the New Jersey Department of Community Affairs to inspect houses for lead based paint hazards at least once every five years. In addition, the new law requires every owner of a tenant-occupied single or two-family residential property to register with the Department of Community Affairs. Property owners who fail to comply with these registration requirements will be subject to a $200 penalty for each delinquent registration.

The law does not apply to properties that have been certified to be free of lead-based paint, were constructed in or after 1978, that are used as seasonal rental units, or properties certified as having a lead-free interior by a professional inspector.  Any company offering to perform evaluation or abatement in New Jersey must be certified.

The NJ Department of Community affairs provides a profile of certified lead abatement contractors.  You should contact the Lead Hazard Abatement Program by telephone at (609) 633-6224 or by fax at (609) 633-1040 to verify the contractor's certification status prior to having evaluation or abatement services performed.

Dec. 20, 2007 - Survey says...

Home ownership tops with students

With the dramatic, repetitive and negative news reporting on the American housing market here comes some good news from RisMedia’s writer, Eugene L. Meyer.  Mr. Myers reports that a recent back-to-college survey of college students shows owning a home is a top priority among this group.  The survey was comprised of 34 questions, conducted August 2007 and included 1,000 students confirmed by their (.edu) e-mail addresses.

Myers writes, “The desire to become homeowners may be nurtured by their current living arrangements. Fifty-seven percent lived in an apartment during college, with or without roommates, while only 11% lived in a school dormitory room.”   

No doubt, TV programs such as Designed to Sell, Flip this House, Design on a Dime and other HGTV home shows spotlighting home ownership also have had a strong influence on this demographic sector.  What's surprising is that for 41% of the men and 49% of the women, home ownership outranked the desire for other material possessions such as a car or clothes.  These figures are up from 22.6 % reported in a 2005 survey.  Not surprising, more young women than young men want to own their own home.

Also, data for Generation X (those born between 1963 and 1978) shows they are purchasing and/or remodeling homes at an earlier stage in life than previous generations.  Further, there is a segment of these homeowners who've purchased more than one primary residence.

The survey also focused on the online social networking habits of this younger generation.  FaceBook is the top choice for both sexes; followed by MySpace for women and ESPN for men.  It was further determined that social networking is twice a popular for women than for men.

My challenge, now, is to better connect in a meaningful way to this group of potential home buyers and sellers.  I accept it with excitement and fervor.  Somerset has a very diverse housing stock.  Paraphrasing Century 21 President and CEO Tom Kunz, there are homes being sold in our immediate market and behind every transaction is a consumer success story. Game On!

Dec. 16, 2007 - Thinking outside the box gets your home noticed

What is a home seller to do in a slow market such as this?

Have you reassessed the pricing of your home?  Get an updated Comparative Market Analysis (CMA) from a licensed and local real estate agent.  This report is usually provided without charge or obligation.  Your agent will be able to tell you what price other homes similar to yours have sold for, which homes similar to yours are under contract, how many other homes similar to yours are on the market and suggest pricing for today’s marketplace using the available Multiple Listing Service (MLS) data.  The reality is a downward adjustment in pricing may be required to get your home sold.

Another fairly new marketing reality is that the classified newspaper ad is one of the least effective methods of marketing your home.  Your agent should not only be using the local MLS but also the internet to showcase your home.  Here in Franklin Township, your home should be placed in both Garden State MLS and Middlesex MLS. Your home should be placed on your agent’s website, Realtor.com and sites that don’t draw from MLS. At the very least, sites such as Craigslist and Zillow should be employed.   

Both your agent and you must think “outside the box” to get your home noticed.  Here’s one great example of  doing just that: A New York Times story reported that Dave Hruby, a Minnesota home seller, whose house languished on the market for so long that he felt it must have became a red flag to buyers.   He reasoned it must be the worst house in town.

Mr. Hruby created a website called WorstHouseInEdina.com.  Essentially, what this seller did was inject a little humor, flip the script and market the house as a bargain.  It still hasn’t sold, but the website generated 700,000 hits!  That’s pretty impressive.  It’s noted that the concept is not totally new, check out the ugliest house of the year. 

Finally, if there is no pressure to sell now it could be best for you to take your home off the market for a while.  The perception of buyers is that homes remaining on the market for long periods are either over priced or has something wrong with them. With so many other homes to choose from, it is easier for buyers to look elsewhere rather than deal with a "problem" home. 

An option for you might be to rent the property and wait for the market to turn around.

Dec. 3, 2007 - Deal close to help stave foreclosures

The administration's plan won't help all

US Treasury Secretary, Henry Paulson, said today that the Bush administration is very close to finding a way to help borrowers who can afford their mortgages at the lower initial 'teaser' rate, but who are unlikely to be able to afford their mortgages at the soon to be implemented higher rates.

According to Secretary Paulson, many borrowers that will not be able to meet higher rates after teaser rates expire still have 'steady incomes' and clean payment histories. Paulson wants lenders to freeze the "teaser" rates on large numbers of adjustable-rate mortgage (ARM) loans, if the borrowers holding those loans would otherwise end up in foreclosure.

A Boston Fed research shows that 20% of borrowers with subprime ARMs nationwide should be able to refinance "relatively easily" into a prime mortgage or get into a loan-guarantee program. It was found that at the time they took out their original loans, this 20% of subprime borrowers had relatively good credit scores, held at least 10% equity in their homes, provided full documentation of their income and assets and said they planned to live in the home. This is the group that stands to gain most from any proposed government effort to keep people in their homes.

The plan envisions members of an administration backed HOPE NOW coalition -- including mortgage servicers, counselors and investors will work together to contact borrowers facing interest rate resets, and provide relief for many who are facing foreclosure. The media reported that executives with Countrywide Financial Corp., Washington Mutual Inc. and Fannie Mae attended the forum and expressed support for the plan.

Another part of Paulson's solution is to allow state and local governments to temporarily expand their tax-exempt bond programs to include mortgage refinancings. If enacted, it is projected that this will reduce the cost of innovative mortgage programs and allow these programs to reach more struggling homeowners,' Paulson said. Read Paulson's remarks

Source: US Treasury, Inman News, WSJ, Forbes

Dec. 1, 2007 - Prevent homeowner headaches

Don't get caught unaware

As the mortgage and real estate industries face unprecedented times, homeowners could very well be left to pay the bills, literally. Mortgage companies are going out of business or declaring bankruptcy every day. When that happens, their assets can be frozen, which means they cannot transfer any funds, including the funds they owe on behalf of homeowners for hazard insurance (and other types of insurance) and real estate taxes.

Most homeowners do not receive confirmation of payment of insurance or real estate property taxes. The assumption among them is that they pay the monthly escrow amount and never need to consider those items. However, recent examples have shown that might not always be the case. There are a few simple steps homeowners can and should take to verify payment of their escrowed items.

Below are some specific best practices I wish to share with you. To become more knowledgeable homeowners.

Insurance - While the primary purpose of insurance is to protect the interests of the lender, having a lapse in hazard, flood, wind and other types of insurance could have a significant impact on homeowners, especially if they have equity built up in the home. If an insurance payment lapses, carriers will immediately cancel the insurance policy.

Homeowners should proactively monitor their policies. Most insurance companies provide policy information online. If not, the insurance agent should be able to access the information. Either way, it is easiest if homeowners have their policy numbers, but if they do not, insurers have other methods of locating the policy information. Using the Internet or a phone call, in less than five minutes, a homeowner can confirm whether the insurance premium has been paid.

If a homeowner finds out that a premium has not been paid, there are two options. The homeowner can contact the mortgage company directly regarding the payment or can request the insurance agent do it on his/her behalf. It is important to remind your homeowners to keep their policies' expiration date in mind because once the policy expires, they will have no protection against losses.

If the insurance is not being paid and the mortgage company is not helpful, the individual can also contact the state Insurance Commissioner's Office or other agencies that govern insurance. Homeowners should contact the office in the state where the property is located, regardless of where the mortgage company is located.

If the deadline is approaching for the insurance to be paid, and you fear it will not be paid or not paid on time, is that they make the payment, document it and then seek reimbursement from the mortgage company. This prevents the insurance from being cancelled.

If a homeowner's insurance is cancelled, it will be even more difficult to get a new policy as that person will be moved to a higher risk category due to the lack of payment. This means that if they can get a new policy, they will be paying more for it. This is just one more reason why it is important to remind your homeowners to monitor their insurance payments.

Real Estate Taxes - Real estate taxes are not as critical as insurance from a payment perspective because there is no threat of cancellation; however, if taxes are not paid, the homeowner will be assessed penalty fees as a result of the delinquency. Eventually, a tax certificate can be held against the property, and, as a last resort, the property could be auctioned to cover the delinquent tax bill. While this is a lengthy process, legal fees are incurred throughout each step for which the homeowner could be responsible. This becomes very costly. Plus, the longer the process takes, the more difficult it becomes to unwind.

Most tax authorities provide information online, so a good recommendation to your homeowners is to go online to confirm payment of real estate taxes. However, if the particular taxing authority does not provide this information online, homeowners can contact them via telephone. Have your tax folio numbers, parcel numbers and/or legal descriptions available when calling.

Again, if a homeowner fears the taxes are not being paid, it is best to recommend that the individual pay the bill and keep record of the payment to seek reimbursement from the mortgage company. The reimbursement process is a common, well-established process with mortgage companies, and it should be rather painless as long as the homeowner has good documentation.

Principal Balances - It is common practice for mortgage companies to buy and sell loans. A typical 30-year mortgage could be owned by several different companies, and this is even more common today as many mortgage companies go out of business. When a loan is sold, the borrower will receive a letter with the change notification and new information on where to send the payment.

It is critical that the homeowner ensures the principal balance and escrow balance are correct when his/her loan is sold to another mortgage company. You should have received an amortization schedule with their closing documents. They should compare the outstanding principal balance that the mortgage company has to the principle balance on the amortization schedule to ensure its accuracy.

First-Time Buyers - It is beneficial to recommend to record the following information for your new home:

Tax folio number

Legal description

Homeowners insurance policy number

Keep copies of all this information. The originals should be kept in a safe spot; the copies should be kept in an easily accessible second location outside the home.

The good news is that due to the seriousness of delinquent payment for taxes and insurance, escrow accounts are governed by state and federal laws.

Source: RisMedia

Oct. 3, 2007 - Post-Boom New Jersey Bidding Wars

Overpricing your home, part deux

December 19, 2006 I Blogged about the problems of overpricing your home, especially in today's marketplace. The Wall Street Journal reported today of a trend that's happening when buyers perceive a home to offer true value. It results in a bidding war when the home is priced slightly under market value.

Here's what the WSJ says, "Home buyers in the New York suburbs of northern New Jersey are getting into bidding wars. But they're not the same as the battles of the housing boom, when house hunters vied to present a winning offer as soon as a home hit the market, says the Record of Hackensack, N.J.

Now bidding wars most often take place when the owner of a property that isn't selling reduces the asking price to the "sweet spot" - a dollar amount considered a "good value" by consumers, the newspaper says. For instance, one homeowner in Tenafly, N.J., reduced her asking price five times - from a high of $810,000 to a low of $699,000. In May, her final asking price garnered multiple bids after her home had been on the market for about eight months. She eventually sold her house for a little less than her final list price."

Oct. 2, 2007 - Don't get caught "CLUE" less

Free insurance report is available

A little known report, commonly called the CLUE report, can affect how much homeowners pay for insurance and it's causing a lot of controversy. There are two major property claims databases, CLUE (the Comprehensive Loss Underwriting Exchange) and A-Plus (Automated Property Loss Underwriting System). Most people refer to the reports generated by either system as CLUE reports.

CLUE was created in 1992 and is administered by ChoicePoint, a data management company. According to the Insurance Information Institute (III), a typical homeowner files a claim only once in 10 years. Since the data is only kept for five years, most people have no CLUE record. Data provided in CLUE reports include policy information such as name, date of birth, policy number and claim information such as date of loss, type of loss and amounts paid.

New Jersey homeowners can get their own Free CLUE report from ChoiceTrust electronically. This report shows your home and auto insurance claim history.

The insurance industry says CLUE reports help keep costs down, but opponents say the reports can be a home buyer's nightmare. If a buyer is in the process of purchasing a home, they can't order a copy of the home's CLUE report. It must be done by the seller. Sellers who suspect errors may contact ChoicePoint or their insurance agency, which must follow certain procedures to investigate the discrepancy.

Your insurer may have up to 60 days after issuing a policy to thoroughly review all the underwriting information, including CLUE reports, and cancel a policy if new information comes to light that makes the risk unacceptable.

However, a homeowner's policy must be in place at closing and since many home buyers leave purchasing a homeowners policy to the last minute, the insurer may not have checked all the underwriting material by the time the closing takes place. This may leave issues that could arise after the home has closed and the buyer has moved into the property.

Because of this, informed Realtors are now encouraging buyers to start shopping for coverage early in the real estate transaction process and include a contingency that the purchaser is satisfied with the insurability of the property.

Before the year end holidays are here, it would be prudent to get all the free stuff that the government promised you via the FACT Act, if you haven't done so already. In addition to the CLUE report, get your Free Credit Reports from all three bureaus at AnnualCreditReport.com. You can order all three at once or space them out over 4-month periods to track your credit throughout the year and quickly identify possible identity theft.

Sep. 27, 2007 - Save your home from foreclosure

Follow solid advise

I was researching something totally off the topic of real estate when I ran across a terrific article in the Chicago Tribune: Save your home from foreclosure. Reporter, Gail Marks Jarvis, provides sound advise for those home owners who are finding monthly mortgage payments tough to make such as, "Go to a bank or credit union that lends directly to individuals. Be suspect if a broker merely pulls your credit report."

If you are in this situation, do not wait until it is too late to prevent foreclosure on your home. Don't ignore the problem. It won't go away on its own and you don't have time to waste. Take the recommended steps that just might save your home. Here in New Jersey the foreclosure process can be swift. If uncontested, the process usually takes between 90-120 days.

Don't lose your house to foreclosure recovery scams! If any firm claims they can stop your foreclosure immediately if you sign a document appointing them to act on your behalf, you may well be signing over the title to your property and becoming a renter in your own home! Never sign a legal document without reading and understanding all the terms and getting professional advice from an attorney, a trusted real estate professional, or a HUD approved housing counselor.

For more information on NJ foreclosure laws, seek professional legal advise or contact the New Jersey State Attorney General's Office, Justice Complex, CN 080, Trenton, NJ 08625; Ph: (609) 984-9574; Fax: (609) 292-8268.

Jul. 26, 2007 - Showing your home's assets

Home Staging Tips

What is a staged home?  A staged home de-personalizes and utilizes all the space to show its assets rather than merely using the space for storage. Think of staging like detailing a car. A smart auto seller would detail a car before selling it to add value.  Staging does the same thing and helps the prospect envision him/her self living in the space.  Simply put, it’s that model home in the new residential development.

With the increased inventory of homes for sale in Franklin Township and stiff competition for qualified buyers, it becomes more of a necessity to present the best possible home package.  The open ended question to home sellers is, can you afford not to place your home in the upper percentile of the best presented homes?

Here are a few tips to get you started with staging your own home:

First impressions count:  A new welcome mat, seasonal flowers and a clutter free entry sets the stage. 

Sell the space, not your stuff:  Open up and de-clutter the space. Let the prospect see what they are buying.

Paint and elbow grease work wonders:  A thorough cleaning and fresh paint in neutral colors are your best bet.

Make the kitchen sparkle:  Clean, clean, clean.  Remove all appliances and non-decorative items from countertops.  Set the table including placemats, napkins and dinnerware. Oh, did I mention to clean?

Go with the flow:  Angle furniture to add interest and arrange furniture for an easy traffic flow.

See the light:  Arrange window treatments to allow maximum natural light.  Move lamps to dark corners.

Go green:  Live plants and cut flowers add warmth at a reasonable cost.

Don’t forget the outdoors, especially this time of year:  Ensure the porch, deck or patio is clean including the furniture.  Don’t forget to replace worn cushions.   Reseal, paint or restain weathered finishes.

Warm up an empty home:  If your home is vacant, consider renting furniture for key rooms, but don’t go overboard.

For additional information or tips you are welcome to contact me.

Jun. 12, 2007 - Refinancing is still strong

Countrywide's mortgage refinancing up 26%

Despite climbing rates for home loans, on Tuesday Countrywide Financial Corp., the largest U.S. mortgage lender, said it made 15 percent more home loans in May as the pace of refinancings increased.  It was noted that the foreclosure rate doubled. Countrywide has long said it expects to add market share as the U.S. housing slowdown and rising defaults cause weaker rivals to fold or reduce risk. It has boosted staffing 8 percent this year.  Refinancings increased 26 percent to $25.78 billion. Countrywide said it ended May with $69.74 billion of loans in its pipeline, the most since October 2005.  For the complete story go to: Yahoo! News

Source: Reuters

Jun. 10, 2007 - A home seller or landlord requirement

NJ's Fire Extinguisher Law