Moving Tip of the Week - Moving Time Line: 4 Weeks Out

Whether you bought a Basking Ridge home or are leaving the area, start planning early for your move.

4 Weeks Before Your Move . . .

• Start preparing your children for the move if applicable.
• Make a Move file.
• Set up a Move calendar - post it prominently.
• Select a Mover. Remember to make arrangements for any items requiring special handling - including vehicles or items needing special temperature storage.
• Accumulate moving supplies such as boxes, tape, rope, bubble wrap, and anything else you might need.
• Plan your travel arrangements for your moving day. Remember to make any travel arrangements needed for your pets.
• Notify your children's school of your move and make necessary arrangements.
• Collect medical, dental, and school records.
• Arrange for the removal of items you're not moving. E.g. Contact a charity to donate unneeded items, hold a garage sale, etc.
• Notify key contacts: Physician, Dentist, Attorney, Accountant, Stock Broker, Insurance Agent, etc.
• Develop a plan for packing. e.g. determine what you use the most so you can pack that last.
• Start Change of Address notification list. Remember to include people/organization you communicate with infrequently.

For more Moving Tips check out TheNorrodTeam.com

Existing-Home Sales Up Strongly for December.

According to the National Association of Realtors, "Existing-Home Sale rose unexpectedly while inventory declined, led by a surge of sales in the West.
Existing-home sales – including single-family, townhomes, condominiums and co-ops – jumped 6.5 percent to a seasonally adjusted annual rate1 of 4.74 million units in December from a downwardly revised pace of 4.45 million units in November, but are 3.5 percent below the 4.91 million-unit pace in December 2007."
Much of the good news is attributed to Mortgage Rates hovering around all time lows. For the full report, visit The National Association of Realtors.

Price with Negotiating Room? Selling your Home in Basking Ridge.

Should you set your price higher to allow room for negotiations? A resounding, "No!" In today's marketplace, buyers make offers when - and only when - they perceive value. The days of buyer's making any offer - regardless of a home's list price - are gone. In Basking Ridge's Real Estate Market, once Buyers perceive value, they make offers very close to list price. Yes, even in today's market, most homes are selling very, very close to their last listed price - roughly 96% of list price.
Pricing higher to allow for negotiating room really translates into Buyers not perceiving value at that price. Rather than making a lower offer, they wait for you to lower the price. However, by the time you reduce the price, you have accrued "days on the market." (The first question almost every buyer asks . . . How many days has the house been on the market?) Buyers then interpret excessive days on the market as meaning you're negotiable and, hence, less valuable. And so, yet again, they wait for you to lower your price. That vicious cycle continues while you most likely chase the market down.
Pricing at the point you believe you will actually sell is the most effective strategy in today's market without question. Anything above that fails to create the sense of value that motivates buyers to make offers. Almost entirely without exception . . . the longer you're on the market, the lower you sell. Contact Us for more details on current Buyer behaviors and how we can ensure your success in today's real estate environment.

Moving Tip of the Week - Good Riddance to the Clutter

Packing for a move is a wonderful time to downsize some of your treasure troves. You know, all those "things" that you can't live without, which are currently stashed away in the little crevices of your house - just in case you are going to need that electric fly swatter that your weird uncle gave you. Packing your house allows you to sort through the items that you no longer need or want - hold a garage sale, donate to charities, or simply recycle the items that are no longer of use. Just don't tell Uncle Ned what you did with his fly swatter. For more tips on packing, click here.

Buying a Home in Basking Ridge - Quick Tip

Get Pre-Approved: In Basking Ridge, as well as most other parts of NJ, Sellers will almost without exception insist that Offers be accompanied by a Pre-Approval letter confirming your financial abilities. To attain a letter, contact any mortgage company. Be sure to clarify that you need a Pre-Approval Letter and not a Pre-Qualification Letter! (Click here to learn the difference.) Most companies will provide you with a letter free of charge and with all companies, there is NO OBLIGATION to actually fund your loan through them. So, you don't need to worry about rate or program shopping at this point. During the phone call you will need to tell the Lender of your financial standing. They will then verify the info and compose your Pre-Approval letter. The process can be as short as a couple of hours and should certainly take no more than a day. Contact us for phone numbers for great mortgage representatives that can provide you with that letter with minimal hassle and in just a couple of hours. Your Pre-Approval letter will not only make you a strong buyer, but it will ensure that you are searching in a price range that will meet your investment goals! For more Mortgage info, click here.

Quick Hint for Selling Your Home

One great tip to selling your house in Basking Ridge is to have a pre-sale home inspection. By being proactive, you get a head start in finding out what your trouble areas will be with a buyer, and also whether or not there are any major issues that could greatly affect your sales price. This will also give you time to do repairs before the buyers come through to view your house. It is well known, that to fix an item in the buyer's eyes is always more than the actual cost; statistically speaking, 3 times as much. Be proactive and net a higher sales price. For more tips on selling your house, click here.

Moving Tip of the Week - Pets

Moving can be a stressful process on everyone, including your pets. One tip to keep in mind before you load up the truck, hop into your car, and drive to your new home is to update your pets tags. Experts at the Pet Realty Network recommend that you "make sure your pet is wearing a sturdy collar with an identification tag that is labeled with your current contact information. The tag should include your destination location, telephone number, and cell phone number so that you can be reached immediately during the move." For more tips on moving click here.

Foreclosures & Short Sales - The Other Side of the Reported Numbers

Foreclosures and Short Sales are rapidly increasing and occurring in record numbers. The Media is all over this story. Everyday, a new headline will come out and remind you of this. Yes, it is all true. But what is being left out are some rather important numbers as well - which is what I would like to share with you.

Did you know...76 million households in the US own their home.
Did you know...24 million of these homes are owned without a mortgage.
Did you know...52 million homes in the US have a mortgage.
Did you know...97.2% of these homes are NOT is foreclosure.
Did you know...93.8% of these homes are current on the payments.
Did you know...40% of all foreclosures are non-owner occupied.

(Thanks Buffini & Co. for the above data gathered From Wall Street Journal, Moody's Economy.com, Realty Trac, NAR, and Forbes)

Pending Home Sales Drop

Rising job losses and deepening economic turmoil took it's toll on Pending Home Sales for November. According to The National Association of Realtors, "The Pending Home Sales Index, a forward-looking indicator based on contracts signed in November, fell 4.0 percent to 82.3 from a downwardly revised reading of 85.7 in October, and is 5.3 percent below November 2007 when it was 86.9. The current index is the lowest since the series began in 2001." The Basking Ridge Real Estate Market coincides with the National Data for November, with 14 properties going under contract this November compared to 26 the year prior. December's numbers should improve slightly reflecting mortgage rates declining to 50 year lows in December - Basking Ridge's Pendings for Dec. is 15 units, the same as December '07.