As the temperature rises, buyers are coming out ready to purchase their dream home. Inventory is still below historic numbers and demand is strong. Don’t miss out on this great opportunity for you and your family.
Here are five reasons to list your home now.
Foot traffic refers to the number of people out actually physically looking at homes right now. The latest foot traffic numbers show that there are more prospective purchasers currently looking at homes than at any other time in the last 12 months which includes last spring’s buyers’ market. These buyers are ready, willing and able to purchase… and are in the market right now!
Take advantage of the buyer activity currently in the market.
Housing supply just dropped to 4.6 months, which is under the 6 months’ supply that is needed for a normal housing market. This means, in many areas, there are not enough homes for sale to satisfy the number of buyers in that market. This is good news for home prices. However, additional inventory is about to come to market.
There is a pent-up desire for many homeowners to move as they were unable to sell over the last few years because of a negative equity situation. Homeowners are now seeing a return to positive equity as real estate values have increased over the last two years. Many of these homes will be coming to the market in the near future.
Also, new construction of single-family homes is again beginning to increase. A study by Harris Poll revealed that 41% of buyers would prefer to buy a new home while only 21% prefer an existing home (38% had no preference).
The choices buyers have will continue to increase. Don’t wait until all this other inventory of homes comes to market before you sell.
One of the biggest challenges of the housing market in recent times has been the length of time it takes from contract to closing. Banks are requiring more and more paperwork before approving a mortgage. As the market heats up, banks will be inundated with loan inquiries causing closing timelines to lengthen. Selling now will make the process quicker & simpler.
If you are moving up to a larger, more expensive home, consider doing it now. Prices are projected to appreciate by over 19.3% from now to 2019. If you are moving to a higher priced home, it will wind-up costing you more in raw dollars (both in down payment and mortgage payment) if you wait. You can also lock-in your 30-year housing expense with an interest rate under 4% right now. Rates are projected to increase by about three quarters of a percent by the end of 2015.
Look at the reason you decided to sell in the first place and determine whether it is worth waiting. Is money more important than being with family? Is money more important than your health? Is money more important than having the freedom to go on with your life the way you think you should?
Only you know the answers to the questions above. You have the power to take back control of the situation by putting your home on the market. Perhaps, the time has come for you and your family to move on and start living the life you desire.
Restaurant Week prices usually do not include beverage, tax or gratuity. Some restaurants may have chosen to exclude certain days-call ahead to confirm participation on a particular day.
Blue Diamond Buffet
Brunello Trattoria Restaurant & Bar
Chive & Thyme Café & Catering
Cocco’s Café & Gelato
Connections Cafe Bible Bookstore
Dockside Market & Grill
Factory Fuel Co
Gabby’s Pizza & Pasta
Garden State Salad
Greensleeves Bakeshop & Farm –to-Table Cafe
Jersey Mike’s Subs
Market Roost Restaurant, Catering & Bakery
Matt’s Red Rooster Grill
The Grill Shack
The Mixing Bowl
Viva Mexico Restaurant
|View the Tour|
79 U.S. Highway 202/31
Ringoes (Raritan Twp.), New Jersey 08551
Flemington / Ringoes with Route 202/31 Highway Frontage. Ideal Location for Small Restaurant, Cafe, Deli or Catering Company. Approx. 1,400 Square Feet
Existing Fit Out Includes: Fully Equipped Commercial Kitchen, Prep/Staging Room, Dining Area Could also be Used for Retail Area.
Tennant Pays Utilities and Maintenance on Commercial Hood and Grease Trap.
When a homeowner decides to sell their house, they obviously want the best possible price with the least amount of hassles. However, for the vast majority of sellers, the most important result is to actually get the home sold.
In order to accomplish all three goals, a seller should realize the importance of using a real estate professional. We realize that technology has changed the purchaser’s behavior during the home buying process. For the past two years, 92% of all buyers have used the internet in their home search according to the National Association of Realtors’ most recent Profile of Home Buyers & Sellers.
However, the report also revealed that for the second year in a row 96% percent of buyers that used the internet when searching for a home purchased their home through either a real estate agent/broker or from a builder or builder’s agent. Only 2% purchased their home directly from a seller whom the buyer didn’t know.
Buyers search for a home online but then depend on an agent to find the actual home they will buy (53%) or negotiate the terms of the sale & price (31%) or understand the process (63%).
Stephen Phillips, the Chief Operating Officer for HSF Affiliates LLC, put it best:
“Home buyers are more informed than ever with their Internet searches and ongoing research; however, there’s a critical need to transform that information into analysis and advice that helps consumers make the best home-buying and selling decisions.”
The plethora of information now available has resulted in an increase in the percentage of buyers that reach out to real estate professionals to “connect the dots”. This is obvious as the percentage of overall buyers who used an agent to buy their home has steadily increased from 69% in 2001.
If you are thinking of selling your home, don’t underestimate the role a real estate professional can play in the process.
Hunterdon Real Estate Group | Patricia “Patty” Mortara – Certified Residential Specialist
Phone: 908.349.0095 | Website: HunterdonCountyHomes.com
Looking for a few ways to freshen up your home’s interior design for the New Year? Check out these ideas from home furnishings retailer BoConcept New York and Cheryl Hucks Interior Design.
Get the Blues – Blue is the color of the year, and while cooler tones have been popular for several years, hades of blue will be more prominent in home design in warmer and bolder shades. To update your home décor, add a sofa or accent pieces in midnight blue or indigo.
Heavy Metal – Add a little sparkle to your home décor by adding a few metallic elements, such as a brass floor lamp, silver picture frame or throw pillows with copper stripes.
Natural Elements – Using natural materials adds more space and depth within your living space. Furniture made of natural wood, especially in lighter shades, creates an open, airy atmosphere. Try mixing wood pieces with other natural materials.
Tone on Tone – Create a contemporary tone-on-tone look by layering one color with varying shades and textures of the same color. Despite using different textures and saturation levels, designers at BoConcept say the overall appearance will be soft, calm and sophisticated.
Make a Statement – Some designers say using large prints and floral fabrics for accent furniture p ieces can make a bold statement and give a room a creative focal point.
The housing market has taken a great turn toward recovery over the last few years. The opinions of the American public toward real estate took longer to recover, until recently.
For the first time since 2006, Americans have an overall positive view of real estate, giving the industry a 12% positive ranking in a Gallup poll.
Americans were asked to rate 24 different business sectors and industries on a five-point scale ranging from “very positive” to “very negative.” The poll was first conducted in 2001, and has been used as an indicator of “Americans’ overall attitudes toward each industry”.
Americans’ view of the real estate industry worsened from 2003 to the -40% plummet of 2008. Gallup offers some insight into the reason for decline:
“In late 2006, real estate prices in the U.S. began falling rapidly, and continued to drop. Many homeowners saw their home values plummet, likely contributing to real estate’s image taking a hard hit.”
“The large drops in the positive images of banking and real estate in 2008 and 2009 reflect both industries’ close ties to the recession, which was precipitated in large part because of the mortgage-related housing bubble.”
“Although the image of real estate remains below the average of 24 industries Gallup has tracked, the sharp recovery from previous extreme low points suggests it is heading in the right direction.”
If the news of recovery has you considering homeownership, meet with a local real estate professional to discuss the opportunities that exist in today’s market.
BRAND NEW & All Ready For You!! ~ Milestone at Dale Drive ASHFORD Model with Stately Brick (and RELO Friendly) Front. Very Open Floor Plan Features a Soaring 2-Story Family Room with Floor-to-Ceiling Stone Fireplace. This High Caliber Home was Custom-Built and has all the “I WANTS”!! 1st Floor Study, Conservatory w/ Tray Ceiling, Owner’s Suite with Sitting Area & Luxury Bath w/ Separate Water Closet and a HUGE Walk-In Closet. Plus it has a WalkOut Basement that leads to a Lovely Tree-Lined Yard. Built with Attention to Detail it’s one of 9 Residences in a Quiet Cul-De-Sac Community Located just 2 Miles from Route 31 and the Hunterdon Medical Center.
With all of the encouragement from celebrity spokespersons like Fred Thompson, Robert Wagner and Henry Winkler, there is a growing awareness of reverse mortgages. The fact is that our population is getting older and more than 25 million homeowners meet the age requirement.
There are no payments on a reverse mortgage but the homeowner is still responsible for property taxes, insurance, maintenance and other home costs. A reverse mortgage will allow homeowners age 62 or older currently living in their home to tap into their equity. The amount available is determined by the borrower’s age, the home’s current value and current interest rates. The loan proceeds can be received in a single, lump-sum or periodic payments. The closing costs can be paid in cash or rolled into the loan amount.
When the borrower dies, moves or fails to fulfill the terms of the loan, the lender is paid from the sale of the home. The borrower or their estate is not responsible for more than the proceeds of the sale. However, if the proceeds are greater than the amount owed to the lender, the remainder goes to the homeowner or their heirs.
Unlike normal mortgage requirements, the borrower’s income and credit are not used to determine the amount of the loan. The homeowner must occupy the home as their principal residence and it must be free and clear of encumbrances or have substantial equity.
Reverse mortgages are an opportunity to generate income or funds for capital expenditures but they can pose risks to homeowners. HUD, the largest insurer of reverse mortgages, is concerned about misleading or deceptive program descriptions encouraging borrowers to obtain HUD reverse mortgages also known as the HECM (Home Equity Conversion Mortgage). As of June 18, 2014, FHA will only insure fixed rate reverse mortgages where the homeowner is limited to a single, full draw made at closing.
A reverse mortgage, like any financial decision involving a home, is an important decision that deserves careful consideration, due diligence and expert advice.
For more information, check out The National Association of REALTORS® Field Guide to Reverse Mortgages, FAQs about HUD’s Reverse Mortgages and Reverse Mortgages – Alternative Home Equity Funding by Real Estate Center at Texas A & M. or contact us at the Hunterdon Realty Group and we’ll refer you to a local mortgage specialist that can sit down and explain Reverse Mortgages to you!
In an attempt to compare homes, one of the common denominators has been price per square foot. It seems like a fairly, straight forward method but there are differences in the way homes are measured.
The first assumption that has to be made is that the comparable homes are similar in size, location, condition and amenities. Obviously, a variance in any of these things affects the price per square foot which will not give you a fair comparison.
The second critical area is that the square footage is correct. The three most common sources for the square footage are from the builder or original architectural plans, an appraisal or the tax assessor. The problem is that none of sources are infallible and errors can always be made.
Still another issue that causes confusion is what is included in measuring square footage. It is commonly accepted to measure the outside of the dwelling but then, do you include porches and patios? Do you give any value for the garage, storage or other areas that are not covered by air-conditioning?
Then, there’s the subject of basements. Many local areas don’t include anything below the grade in the square footage calculation but almost everyone agrees that the finish of the basement area could add significant value to the property.
Accurate square footage matters because it is used to value homes that both buyers and sellers base their decisions upon.
Let’s say that an appraiser measures a home with 2,800 square feet and values it at $275,000 making the price per square foot to be $98.21. If the assessor reports there are 2,650 square feet in the dwelling and the owner believes based on the builder, there is 2,975 square feet, you can see the challenge.
If the property sold for the $275,000, based on the assessor’s measurements, it sold for $103.77 per square foot and by the owner’s measurements, it sold for $92.44 per square foot. Depending on which price per square foot was used for a comparable, valuing another property with similar square footage could have a $30,000 difference.
The solution to the dilemma is to dig a little deeper into where the numbers come from and not to take the square footage at “face value”. It is important to recognize that there are differences in the way square footage is handled.
So when buying or selling a home in Hunterdon County, there is more to property valuation than just square footage!!
RE/MAX RESULTS REALTY
Office Phone: 908.237.0055
Flemington, New Jersey 08822
Patricia “Patty” Mortara
Owner/Team Leader: Hunterdon County Homes
Mobile/Direct Phone: 908.349.0095
Certified Residential Specialist
Accredited Buyers Representative