Basking Ridge & Beyond...Your Real Estate Guide

Market Minute . . . Basking Ridge & Bernardsville 3/28/2010

2010-03-30T07:20:00.000-04:00

Consistency is the word for the weekly trend in Basking Ridge with the market almost perfectly replicating last week. Basking Ridge saw 19 new listings hit the market this week with a total of 9 home listings going under contract during that same time-frame. Bernardsville had a slightly better week than last in terms of the new inventory to under contract ratios; with 4 new listings coming on the market and 1 going under contract. Though a bit punchy in spots, the market feels solid and well into its typical "spring swing." The $1.1M end of Basking Ridge almost couldn't be hotter. For 7 weeks, most of the well conditioned homes in that price position (that should be in that price point!) have seen multiple offers almost immediately. With only a few more weeks for folks to take advantage of the home buyer tax credit, we should see even more great market activity ahead!

The Week that Was - Basking Ridge Home Sales for 2/15 - 2/28

2010-02-28T07:45:00.002-05:00

Currently, there are 179 Basking Ridge Homes for Sale. During the past 2 week, 14 Homes went Under Contract (with 10 of the 14 having a list price over $750K) and 6 Basking Ridge Homes Sold (Sale prices below).

94 Potomac Dr/ SP: $203,500 / LP: $215,000 / 1BR & 1BA.
6 Baldwin Ct / SP: $320,000 / LP: $334,900 / 3BR & 2.1BA.
18 Mayflower Dr / SP: $506,000 / LP: $518,000 / 3BR & 2.1BA.
93 ALder Ln / SP: $597,000 / LP: $635,000 / 4BR & 2.1BA.
20 Princeton Ct / SP: $682,000 / LP: $699,999 / 3BR & 2.1BA.
322 S Finley Ave / SP: $1,200,000 / LP: $1,299,900 / 5BR & 4.1BA.

SP=Sales Price, LP=List Price, BR=Bedrooms, BA=Baths
*All Information is Deemed reliable, but not guaranteed*

For more information on Basking Ridge Real Estate, visit:

BaskingRidgeHomesforSale.com.

The Week that Was - Basking Ridge Home Sales for 2/8 - 2/14

2010-02-14T17:11:00.002-05:00

Currently, there are 170 Basking Ridge Homes for Sale. During the week, 6 Homes went Under Contract and 3 Basking Ridge Homes Sold (Sale prices below).

24 Fairbanks Ln / SP: $387,500 / LP: $450,000 / 2BR & 2BA.
49 Spencer Rd / SP: $442,000 / LP: $459,000 / 3BR & 2BA.
65 Vanderveer Dr / SP: $987,000 / LP: $999,000 / 4BR & 4.1BA.

SP=Sales Price, LP=List Price, BR=Bedrooms, BA=Baths
*All Information is Deemed reliable, but not guaranteed*

For more information on Basking Ridge Real Estate, visit:

BaskingRidgeHomesforSale.com.

Tax Time!

2010-02-12T14:40:00.003-05:00

It's everyones favorite time of the year - time to get your taxes filed. Are you eligible for the first time home buyers or the repeat buyer tax credit? If so, no e-filing for you. You will be waiting a few more weeks for a refund if you are entitled to one. Thanks to Peter DeVico of MetLife Home Loans for the following bit of information:

"Important IRS updates on claiming the home buyer tax credit have recently been announced, and you may want to alert your potential customers. The agency has published an updated version of Form 5405 as well as instructions for home buyers using it to claim the $8,000 first-time buyer credit as well as repeat buyers seeking to claim the $6,500 credit. Updates to the form include the extended purchase date window (tax credit-qualified homes must be under contract prior to May 1 and close before July 1). And yes, even though the revised Form 5405 still references the "First-Time Homebuyer Tax Credit," it is also intended to be used by repeat home buyers, who must have lived in a single principal residence for five of the last eight years prior to purchasing their new home for which they plan to claim the tax credit.

Beyond these updates, the IRS is also requiring additional documentation for home buyers who claim the credit for purchases after Nov. 6, 2009. Buyers must now provide a copy of the HUD-1 form or, in cases where that form is not used, a certificate of occupancy for a newly constructed home. For purchases taking place after April 30, a copy of the signed sales contract must also be supplied. Meanwhile, in order to claim the $6,500 repeat buyer tax credit, home buyers must attach one of the following for five consecutive years of the last eight to demonstrate that they meet the repeat buyer qualifications: a Form 1098 reporting mortgage interest; a property tax statement; or home insurance records.

Tax credit buyers should also know that, due to the new documentation requirements, those claiming either the $8,000 first-time home buyer credit or the $6,500 repeat-buyer credit cannot e-file. As a result, taxpayers should be prepared to wait at least 12 to 16 weeks to receive their refunds. On a final note, NAHB has recommended options to Treasury and IRS officials for homebuyers who do not use a HUD-1 form and whose local jurisdiction does not issue a certificate of occupancy. We are awaiting their response at this time. Get more information on NAHB's consumer tax credit Web site at: www.federalhousingtaxcredit.com."

The Week that Was - Basking Ridge Home Sales for 2/1 - 2/7

2010-02-07T11:07:00.003-05:00

Currently, there are 159 Basking Ridge Homes for Sale. During the week, 8 Homes went Under Contract and 2 Basking Ridge Homes Sold (Sale prices below).

59 Sycamore Ct / SP: $330,000 / LP: $340,000 / 2BR & 2.1BA.
115 S. Alward Dr / SP: $650,000 / LP: $719,000 / 5BR & 3.1BA.

SP=Sales Price, LP=List Price, BR=Bedrooms, BA=Baths
*All Information is Deemed reliable, but not guaranteed*

For more information on Basking Ridge Real Estate, visit:

BaskingRidgeHomesforSale.com.

Snowy Days - Out and About Basking Ridge

2010-02-06T13:42:00.003-05:00

What do you do in Basking Ridge when it snows? Head to your favorite sledding hill, of course. Kids of all ages - some merely young at heart - bundle up and head out to enjoy the winter wonderland. It's a great way to "run into" someone you haven't seen for awhile or your neighbor down the street. Pictured here are some snow revelers at Oak Street School.

The Week that Was - Basking Ridge Home Sales for 1/25 - 1/31

2010-01-31T13:27:00.003-05:00

Currently, there are 155 Basking Ridge Homes for Sale. During the week, 3 Homes went Under Contract and 6 Basking Ridge Homes Sold (Sale prices below).

17 Clark Ct / SP: $450,000 / LP: $469,999 / 3BR 7& 2.1BA.
158 Morristown Rd / SP: $582,000 / LP: $645,000 / 4BR & 2.1BA.
14 Cedar St / SP: $620,000 / LP: $649,000 / 3BR & 2.1BA.
57 Huntington Rd / SP: $690,000 / LP: $719,000 / 4BR & 3.1BA.
1 Brookfield Dr / SP: $776,700 / LP: $829,000 / 4BR & 3.2BA.
104 Tuxford Ter / SP: $948,000 / LP: $965,000 / 5BR & 3.1BA.

SP=Sales Price, LP=List Price, BR=Bedrooms, BA=Baths
*All Information is Deemed reliable, but not guaranteed*

For more information on Basking Ridge Real Estate, visit:

BaskingRidgeHomesforSale.com.

The Week that Was - Basking Ridge Home Sales for 1/18 - 1/24

2010-01-24T14:09:00.005-05:00

Currently, there are 147 Basking Ridge Homes for Sale. During the week, 2 Homes went Under Contract and 4 Basking Ridge Homes Sold (Sale prices below).

125 Alexandria Way / SP: $250,000 / LP: $249,900 / 2BR & 1BA.

119 Alexandria Way / SP: $250,000 / LP: $264,900 / 2BR & 2BA.

4 Richmond Dr / SP: $645,000 / LP: $675,000 / 3BR & 2.1BA.

28 Fawn Ln / SP: $1,375,000 / LP: $1,450,000 / 4BR & 4.1BA.

SP=Sales Price, LP=List Price, BR=Bedrooms, BA=Baths
*All Information is Deemed reliable, but not guaranteed*

For more information on Basking Ridge Real Estate, visit:

BaskingRidgeHomesforSale.com.

The Week that Was - Basking Ridge Home Sales for 1/11 - 1/17

2010-01-19T09:30:00.003-05:00

Currently, there are 135 Basking Ridge Homes for Sale. During the week, 7 Homes went Under Contract and 5 Basking Ridge Home Sold (Sale price below):

185 English Pl / SP: $245,000 / LP: $249,900 / 2BR & 2BA.
101 Countryside Dr / SP: $358,000 / LP: $364,000 / 2BR & 2.1BA.
117 Cross Rd / SP: $560,000 / LP: $565,000 / 4BR & 1.1BA.
36 Cobble Ln / SP: $830,000 / LP: $865,000 / 4BR & 3.1BA.
164 Liberty Corner Rd / SP: $1,385,000 / LP: $1,499,000 / 5BR & 3.2BA.

SP=Sales Price, LP=List Price, BR=Bedrooms, BA=Baths
*All Information is Deemed reliable, but not guaranteed*

For more information on Basking Ridge Real Estate, visit:

BaskingRidgeHomesforSale.com.

How's the Market

2010-01-13T07:24:00.003-05:00

Happy New Year! It’s time to turn the page, another year has begun. This past year, the Basking Ridge Real Estate Market has seen a dramatic shift - for the better this time around we are happy to report. The year started with the market falling; actually, there wasn’t much of a market as the credit crunch (and fear that the world was ending) seized up the market to a trickle of activity. Slowly with the Spring thaw, buyer activity increased spurred on by low interest rates, falling prices, and inventory to choose from. Summer saw the continuation of buyer demand - houses that were priced well were selling in multiple offers. The pent up buyer demand that has been whispered about in the media had started to come to the front stabilizing house prices in all but the upper end price points. This Fall, spurred on by the first time homeowner tax credit expiring (at the time), entry level homes and 1-2 bedroom townhomes were being gobbled up by people entering the market - hello Generation Y, glad to see you entering the market en masse. Further, the Winter months have continued to show respectable activity.

Where do we go from here? Right back to the double digit yearly appreciation numbers that we had grown accustomed to? Sorry, but NO. Look for the market to remain relatively flat for the next couple of years. After depreciating around 20% from the peak prices in 2005, we should start to see minimal appreciation this coming year and then move forward at about a 3-5% appreciation rate. Unfortunately, interest rates will be on the rise as the housing market rebounds - indirectly suppressing house values (for every 1% of increase in mortgage rates, buyers loose 9% of their buying power). As long as the economy has stabilized, the housing recovery that has begun should continue.

For many, this could be a great time to think about their real estate needs. If you are thinking of upsizing, now is probably the right time to make a move. With interest rates low and the market stabilizing, your biggest bang for the buck is at hand. Also, investors have started to come back into the condo market to take advantage of the drop in prices - is an investment property something you are considering? Know matter what your real estate needs are, “The Konicek Group” is here to assist you. Give us a call to talk about your Real Estate investments.

The Week that Was - Basking Ridge Home Sales for 11/9-11/15

2009-11-15T08:34:00.003-05:00

Currently, there are 164 Basking Ridge Homes for Sale. During the week, 2 Homes went Under Contract and 4 Basking Ridge Home Sold (Sale price below):

72 Commonwealth Dr / SP: $276,000 / LP: $284,000 / 2BR & 2BA.
86 Atlas Rd / SP: $590,000 / LP: $599,999 / 5BR & 3BA.
297 Lyons Rd / SP: $695,000 / LP: $719,000 / 4BR & 2.2BA.
15 Brentwood Ct / SP: $1,155,000 / LP $1,249,000 / 5BR & 4.1BA.

SP=Sales Price, LP=List Price, BR=Bedrooms, BA=Baths

*All Information is Deemed reliable, but not guaranteed*

For more information on Basking Ridge Real Estate, visit:
BaskingRidgeHomesforSale.com.

The Week that Was - Basking Ridge Home Sales 11/2-11/8

2009-11-08T09:12:00.005-05:00

Currently, there are 172 Basking Ridge Homes for Sale. During the week, 5 Homes went Under Contract and 1 Basking Ridge Home Sold (Sale price below):

453 Penns Way / SP: $317,500 / LP: $325,000 / 2BR & 2.1BA.

SP=Sales Price, LP=List Price, BR=Bedrooms, BA=Baths
*All Information is Deemed reliable, but not guaranteed*

For more information on Basking Ridge Real Estate, visit:

BaskingRidgeHomesforSale.com.

Home Buyer Tax Credit FAQs

2009-11-08T08:05:00.005-05:00

Basking Ridge Home Buyers and Sellers - Here are some of the most Frequently Asked Questions on the changes to the Homebuyer Tax Credit courtesy of the National Association of Realtors Government Affairs Division:

Question: Existing homeowner credit: Must the new house cost more than the old house?
Answer: No. Thus, for example, individuals who move from a high cost area to a lower cost area who meet all eligibility requirements will qualify for the $6500 credit.

Question: I am an existing homeowner. On October 25, 2009, I signed a contract to purchase a new home. I have lived in my current home for more than 5 consecutive years and am within the new income limits. I will go to settlement on November 20. If President Obama has signed the bill by the time I go to settlement, will I qualify for the new $6500 tax credit?
Answer: Yes. The existing homeowner credit goes into effect for purchases after the date of enactment (when the bill is signed). There is no reference to the date of contract for the new credit. The provision looks solely to the date of purchase, which is generally the date of settlement.

Question: I am a first time homebuyer but was not within the prior income limits at the time I entered into my contract to purchase on October 30, 2009. I will be covered, however, by the new income limits. If the new rules have been signed into law by the time I go to settlement, will I be eligible for a credit?
Answer: Yes. The new income limitations go into effect as soon as the President has signed the bill.The income limit and other eligibility rules will look to your status as of the date of purchase, which is the settlement date. So if the new rules have been signed when you go to settlement, you should be eligible for the credit (or a portion of the credit if you’re within the phase out range).

Question: I am an eligible existing homeowner. I have a fair amount of equity in my home. I have found a home with a nonnegotiable price of $825,000. Will I be able to use any of the $6500 tax credit?
Answer: No. The $800,000 cap on the cost of the purchased home is firm at $800,000. Any amount above $800,000 makes the home ineligible for any portion of the credit. The $800,000 is an absolute ceiling.

Question: I owned my home for 10 years, but sold it two years ago year and have been renting since. If I purchase a home, will I be eligible for the $6500 tax credit if I meet all the other eligibility tests?
Answer: Yes. Because you lived in the home for more than 5 consecutive years of the previous 8, you will qualify for the $6500 credit. For example, Say John and his wife bought a home in 2000 and lived there until 2008 when he got a divorce. Whether John has been renting or bought in the interim, he WOULD INDEED be eligible for the credit because he owned a home and occupied it as his principal residence for 5 consecutive years out of the last 8 years. The keyword here is “consecutive.” As long as he lived in that house for 5 years straight what he did since 3 years doesn’t impact eligibility.

Question: I am an eligible first time homebuyer. I entered into a contract to purchase on November 1, 2009. Do I have to go to closing before December 1? How does the extension date affect me?
Answer: You do not have to close before December 1. Once the legislation has been signed, it will be as if the Nov 30 date had never existed. Therefore, so long as the contract settles before April 30(or July 1, worst case), the purchaser will be eligible.

Congress Approves Homebuyer Tax Credit!

2009-11-05T15:45:00.003-05:00

After the Senate approved the bill yesterday, the House voted today to extend and expand the Homebuyer's Tax Credit. The President is expected to sign the bill tomorrow. Actually an amendment to the extension of unemployment benefits, the bill will "extend the $8,000 homebuyer tax credit to contracts signed by April 30 and closed by June 30. The controversial credit, which many say has boosted home sales in recent months, was set to expire after Nov. 30.
The bill also creates a $6,500 credit for those who buy a home after living in their current house at least five years. That measure would apply to contracts signed by April 30 and closed by June 30. The current credit defines a first-time homebuyer as someone who has not owned a residence within the past three years.
The credit would be available only for the purchase of principal residences priced at $800,000 or less.
The bill would raise the adjusted gross income cap to $125,000 for single filers and $225,000 for joint filers. The amount of the credit currently begins to phase out for taxpayers whose adjusted gross income is more than $75,000, or $150,000 for joint filers," as reported by CNN. Click here for the full story.

Pending Basking Ridge Home Sales Rise!

2009-11-05T08:44:00.005-05:00

Pending Basking Ridge Homes Sales continue to rise through the Fall. Spurred on by the 1st Time Home Buyers Tax Credit, Basking Ridge October Pending Home Sales totaled 35 units compared to 15 units last year (click on the chart to the right to view year to year comparisons). Recently released national numbers show that "Pending home sales rose again, marking eight consecutive monthly gains – the longest streak since measurement began in 2001, according to the National Association of Realtors®.
The Pending Home Sales Index, a forward-looking indicator based on contracts signed in September, rose 6.1 percent to 110.1 from a reading of 103.8 in August, and is 21.2 percent higher than September 2008 when it stood at 90.9. The gain from a year ago is the largest annual increase on record, and the index is at the highest level since December 2006 when it was 112.8," according to the National Association of Realtors.
NAR's chief economists, Lawrence Yun discusses the current housing market:

For more information on Basking Ridge Real Estate, visit:

BaskingRidgeHomesforSale.com.

The Week that Was - Basking Ridge Home Sales for October

2009-11-04T16:44:00.008-05:00

Currently, there are 176 Basking Ridge Homes for Sale, inventory continues to drop. During the month, 35 Homes went Under Contract and 32 Basking Ridge Homes Sold (Sale prices below):

149 Potomac Dr / SP: $212,500 / LP: $212,500 / 1BR & 1BA.
25 Baldwin Ct / SP: $230,000 / LP: $239,500 / 2BR & 2BA.
69 Jamestown Rd / SP: $230,000 / LP: $249,000 / 1BR & 1BA.
49 Smithfield Ct / SP: $231,500 / LP: $236,000 / 1BR & 1BA.
186 English Pl / SP: $233,500 / LP: $259,000 / 2BR & 2BA.
156 Irving Pl / SP: $235,000 / LP: $241,000 / 2BR & 2BA.
242 English Pl / SP: $240,000 / LP: $249,500 / 2BR & 2BA.
124 Irving Pl / SP: $245,000 / LP: $259,900 / 2BR & 2BA.
125 Potomac Dr / SP: $250,000 / LP: $254,750 / 2BR & 1BA.
58 Commonwealth Dr / SP: $252.500 / LP: $264,900 / 2BR & 2BA.
197 Alexandria Way / SP: $259,000 / LP: $269,000 / 2BR & 2BA.
2406 Privet Way / SP: $262,000 / LP: $269,000 / 1BR & 1.1BA.
430 Penns Way / SP: $272,500 / LP: $290,000 / 2BR & 2.1BA.
72 Jamestown Rd / SP: $273,000 / LP: $285,000 / 2BR & 2BA.
309 English Pl / SP: $285,000 / LP: $289,000 / 2BR & 2.1BA.
2003 Rose Ct / SP: $285,000 / LP: $299,999 / 2BR & 1.1BA.
37 Woodward Ln / SP: $300,000 / LP: $304,900 / 2BR & 2.1BA.
406 Penns Way / SP: $345,000 / LP: $365,900 / 3BR & 2.1BA.
96 W Oak St / SP: $420,500 / LP: $439,000 / 3BR & 1BA.
36 Hill Top Rd / SP: $440,000 / LP: $450,000 / 3BR & 1BA.
51 E Oak St / SP: $457,500 / LP: $465,000 / 4BR & 2BA.
30 Mayflower Dr / SP: $460,000 / LP: $474,000 / 2BR & 2.1BA.
22 Mayflower Dr / SP: $523,900 / LP: $523,900 / 3BR & 2.2BA.
25 Dryden Rd / SP: $550,000 / LP: $574,500 / 3BR & 2BA.
49 Juniper Way / SP: $605,000 / LP: $699,900 / 4BR & 2.1BA.
138 Patriot Hill Dr / SP: $630,000 / LP: $669,000 / 3BR & 2.1BA.
15 Lenape Ct / SP: $725,000 / LP: $734,900 / 4BR & 2.1BA.
11 Linden Dr / SP: $745,000 / LP: $798,000 / 4BR & 3.1BA.
6 Honeyman Rd / SP: $750,000 / LP: $765,000 / 4BR & 3.1BA.
130 Culberson Rd / SP: $912,000 / LP: $1,100,000 / 4BR & 3.2BA.
71 Autumn Dr / SP: $1,129,325 / LP: $1,135,000 / 4BR & 4.1BA.
30 Royal Oak Dr / SP: $1,875,000 / LP: $1,999,000 / 5BR & 3.2BA.

SP=Sales Price, LP=List Price, BR=Bedrooms, BA=Baths

*All Information is Deemed reliable, but not guaranteed*

For more information on Basking Ridge Real Estate, visit:
BaskingRidgeHomesforSale.com.

One Step Closer - Extending the First Time Home Buyers Tax Credit

2009-11-03T07:19:00.003-05:00

Look for the First Time Home Buyers Tax Credit to be extended and expanded later this week after a procedural vote yesterday in the Senate. Being included as an amendment to the bill extending Unemployment Aid, the Senate is close to finalizing the bill to be voted on later this week; with the House expected to quickly approve the bill without adjustments. Here is the basics of what to expect coming from Congress according to the National Association of Realtors:

Credit available for purchases before May 1, 2010. Prospective purchasers with binding contracts in place as of April 30, 2010 will be allowed an additional 60 days to complete the transaction.
Credit remains at $8000 for first-time purchasers. No change to definition of first-time purchaser.
New $6500 tax credit for repeat buyers who purchase between December 1, 2009 and May 1, 2010. Repeat buyers must have lived in their homes consecutively for 5 of the previous 8 years.
Income limits are expanded to $125,000 on a single return and $225,000 on a joint return. Current law $20,000 phase-out retained.
New anti-fraud limitations are imposed.

The Right Time?

2009-10-25T22:19:00.003-04:00

If timing is everything . . . don’t I have to wait until Springtime to list my home for sale? That’s one of the most common questions we hear from folks thinking about selling their home. There are certainly lots of perks to waiting to list your home until the Spring. The weather is great, yards tend to be lush, and there are lots of buyers around. But, Spring is not necessarily the best of timing nor worth the wait. There are lots of perks to listing during the autumn and winter months as well. While there aren’t typically as many buyers in the marketplace, the buyers that are looking tend to be far more serious buyers. That does mean less showing activity; but it also means more effective showings to buyers more likely to buy immediately. The smaller listing inventory during the colder months is another great perk. Your home will not be competing with nearly as many homes when compared to the typical Spring market. Being “the only game in town” or one of only a few will always increase your likelihood of selling. And not to be underestimated, homes decorated for fall and winter holidays tend to show “warmer” than during other times during the year. The “Wow” factor is key to catching buyers. Special warm décor that beckons feelings of happiness and home can really enhance the “wow” factor!

If the time is right for you, then the timing is right for your listing. The perks of the market different times in the year certainly vary but are equally strong!

The Week that Was - Basking Ridge Home Sales for 9/28-10/4

2009-10-04T07:37:00.003-04:00

Currently, there are 193 Basking Ridge Homes for Sale. During the week, 6 Homes went Under Contract and 11 Basking Ridge Homes Sold (Sale prices below):

149 Potomac Dr / SP: $212,500 / LP: $212,500 / 1BR & 1BA.
119 Potomac Dr / SP: $243,000 / LP: $249,000 / 1BR & 1BA.
286 Penns Way / SP: $300,000 / LP: $299,900 / 2BR & 2.1BA.
11 Dayton St / SP: $354,000 / LP: $369,000 / 2BR & 1BA.
48 Countryside Dr / SP: $367,500 / LP: $379,900 / 2BR & 2.1BA.
324 Alexandria Way / SP: $467,000 / LP: $479,900 / 3BR & 2.1BA.
32 Mayflower Dr / SP: $506,000 / LP: $525,000 / 3BR & 2.1BA.
1 Richmond Dr / SP: $665,000 / LP: $675,000 / 3BR & 2.1BA.
15 Lenape Ct / SP: $725,000 / LP: $734,900 / 4BR & 2.1BA.
43 Bernard Dr / SP: $990,500 / LP: $1,100,000 / 4BR & 4.1BA.
7 Wolf Ln / SP: $1,235,000 / LP: $1,375,000 / 5BR & 5.1BA.

SP=Sale Price, LP=List Price, BR=Bedrooms, BA=Baths

*All information is deemed reliable, but NOT guaranteed.*

For more information on Basking Ridge Real Estate, visit:

BaskingRidgeHomesforSale.com.

The Week that Was - Basking Ridge Home Sales for 9/21-9/27

2009-09-27T08:24:00.005-04:00

Currently, there are 199 Basking Ridge Homes for Sale. During the week, 6 Homes went Under Contract and 3 Basking Ridge Homes Sold (Sale prices below):

287 Penns Way / SP: $285,000 / LP: $298,900 / 2BR & 2.1BA.

261 Penns Way / SP: $307,000 / LP: $325,000 / 3BR & 2.1BA.

75 Dorchester Dr / SP: $525,000 / LP: $539,000 / 3BR & 2.1BA.

SP=Sale Price, LP=List Price, BR=Bedrooms, BA=Baths
*All information is deemed reliable, but NOT guaranteed.*

For more information on Basking Ridge Real Estate, visit:
BaskingRidgeHomesforSale.com.

The Week that Was - Basking Ridge Home Sales 9/14 - 9/20

2009-09-20T08:40:00.003-04:00

Currently, there are 201 Basking Ridge Homes for Sale. During the week, 7 Homes went Under Contract and 8 Basking Ridge Homes Sold (Sale prices below):

124 Potomac Dr / SP: $275,000 / LP: $284,474 / 2BR & 2BA.
191 Irving Pl / SP: $294,000 / LP: $305,000 / 2BR & 2.1BA.
23 Village Dr / SP: $370,000 / LP: $385,000 / 2BR & 2.1BA.
47 Musket Dr / SP: $515,000 / LP: $545,000 / 3BR & 2.1BA.
226 Lyons Rd / SP: $620,000 / LP: $639,000 / 4BR & 2.1BA.
23 Georgetown Ct / SP: $694,000 / LP: $719,900 / 3BR & 2.1BA.
28 Gold Blvd / SP: $695,000 / LP: $719,000 / 4BR & 2.1BA.
36 High Meadow Ln / SP: $1,600,000 / LP: $1,739,000 / 4BR & 5.1BA.

SP=Sale Price, LP=List Price, BR=Bedrooms, BA=Baths

*All information is deemed reliable, but NOT guaranteed.*

For more information on Basking Ridge Real Estate, visit:
BaskingRidgeHomesforSale.com.

The Week that Was - Basking Ridge Home Sales 9/7-9-13

2009-09-13T08:31:00.010-04:00

Currently, there are 204 Basking Ridge Homes for Sale. During the week, 4 Homes went Under Contract and 3 Basking Ridge Homes Sold (Sale prices below):

34 Smithfield Ct / SP: $258,000 / LP: $279,900 / 2BR & 2BA.
20 Shannon Hill Rd / SP: $915,000 / LP: $965,000 / 4BR & 3.1BA.
3 Heritage Ct / SP: $1,200,000 / LP: $1,399,000 / 4BR & 3.1BA.

SP=Sale Price, LP=List Price, BR=Bedrooms, BA=Baths

*All Information deemed reliable, but NOT guaranteed.*

For more information on Basking Ridge Real Estate, visit:

BaskingRidgeHomesforSale.com.

The Week that Was - Basking Ridge Home Sales 8/31-9/6

2009-09-06T08:32:00.004-04:00

Currently, there are 205 Basking Ridge Homes for Sale. During the week, 5 Homes went Under Contract and 8 Basking Ridge Homes Sold (Sale prices below):

350 Potomac Dr / SP: $250,000 / LP: $245,000 / 1BR & 1BA.
169 Alexandria Way / SP: $235,000 / LP: $247,500 / 2BR & 1BA.
56 Jamestown Rd / SP: $233,750 / LP: $248,900 / 1BR & 1BA.
116 Countryside Dr / SP: $362,000 / LP: $374,000 / 2BR & 2.1BA.
5 Brook Ave / SP: $381,500 / LP: $399,000 / 4BR & 1BA.
49 Watchung Dr / SP: $852,500 / LP: $879,000 / 4BR & 2.1BA.
34 Pacer Ct / SP: $1,050,000 / LP: $1,139,000 / 5BR & 4.1BA.
221 Woods End / SP: $1,075,000 / LP:$1,195,000 / 4BR & 3.1BA.

SP=Sale Price, LP=List Price, BR=Bedrooms, BA=Baths
*All information is deemed reliable, but NOT guaranteed.*

For more information on Basking Ridge Real Estate, visit:

BaskingRidgeHomesforSale.com.

Out & About around Basking Ridge - Discounts to Local Theme Parks

2009-08-09T11:12:00.005-04:00

Basking Ridge, are you aware that you can get discounted tickets to area theme parks through the Rec. Department? Just show a valid drivers license and have a check in hand to prepurchase discounted tickets. Click here for details.

The Week that Was - Basking Ridge Home Sales 8/3 - 8/9

2009-08-09T10:27:00.003-04:00

Currently, there are 219 Basking Ridge Homes for Sale. During the week, 8 Homes went Under Contract and 10 Basking Ridge Homes Sold (Sale prices below):

240 Potomac Dr / SP: $215,000 / LP: $215,000 / 1BR & 1BA.
106 Irving Pl / SP: $233,000 / LP: $237,650 / 2BR & 2BA.
127 Smithfield Ct / SP: $255,000 / LP: $269,000 / 2BR & 1BA.
34 Chestnut Ct / SP: $345,000 / LP: $349,900 / 2BR & 2.1BA.
45 Hamilton Rd / SP: $822,000 / LP: $589,000 / 4BR & 4.1BA.
1 Allegheny Dr / SP: $999,999 / LP: $999,999 / 4BR & 4.1BA.
4 Paisley Ln / SP: $1,025,000 / LP: $1,050,000 / 4BR & 3.1BA.
58 Bernard Dr / SP: $1,055,000 / LP: $1,150,000 / 5BR & 3.1BA.
24 Sentinel Dr / SP: $1,070,000 / LP: $1,169,000 / 5BR & 3.1BA.
85 Independence Dr / SP: $1,140,000 / LP: $1,140,000 / 4BR & 3.1BA.

SP = Sale Price, LP = List Price, BR = Bedrooms, BA = Baths

*All information is deemed reliable, but NOT guaranteed.*

For more information on Basking Ridge Real Estate, visit BaskingRidgeHomesforSale.com.

Pending Home Sales Up Again!

2009-08-05T08:10:00.003-04:00

Pending Home Sales rose for the 5th straight month nationally according to the National Association of Realtors. "The Pending Home Sales Index, a forward-looking indicator based on contracts signed in June, rose 3.6 percent to 94.6 from an upwardly revised reading of 91.3 in May, and is 6.7 percent above June 2008 when it was 88.7. The last time there were five consecutive monthly gains was in July 2003," NAR reports.

Locally, as we reported earlier, Basking Ridge Homes for Sale going Under Contract in June had their best month since July of '07, with 51 units marked as Pending (click here for the previous post.) Unfortunately, July was a slower month than we would have liked to see, but a still respectable 32 Basking Ridge Homes for Sale went under contract. Higher interest rates in July helped dampen activity, we will see how August shapes up, now that rates have eased a bit.

Check out Lawrence Yun's, NARs chief economist, discussing the current real estate environment (click here for interview).

Here are the current Basking Ridge Homes for Sale.

The Week that Was - Basking Ridge Homes Sold 7/27-8/2

2009-08-02T07:30:00.002-04:00

Currently, there are 226 Basking Ridge Homes for Sale. During the week, 5 Homes went Under Contract and 17 Basking Ridge Homes Sold (Sale prices below):

13 Potomac Dr / SP: $215,000 / LP: $220,000 / 1BR & 1BA.
31 Spring Valley Blvd / SP: $220,000 / LP: $230,000 / 1BR & 1BA.
118 Alexandria Way / SP: $310,000 / LP: $315,000 / 2BR & 2BA.
104 Countryside Dr / SP: $315,000 LP: $328,000 / 2BR & 2.1BA.
27 Cannon Ct / SP: $400,000 / LP: $430,000 / 3BR & 2.1BA.
152 Smithfield Ct / SP: $492,000 / LP: $527,000 / 3BR & 2.1BA.
113 Constitution Way / SP: $530,000 / LP: $529,999 / 3BR & 2.1BA.
38 Maple Run / SP: $530,000 / LP: $549,000 / 3BR & 2.1BA.
12 Hopkinson Ct / SP: $530,000 / LP: $549,900 / 3BR & 2.1BA.
66 Goltra Dr / SP: $510,000 / LP: $550,000 / 4BR & 2.1BA.
294 Alexandria Way / SP: $540,000 / LP: $559,000 / 3BR & 2.1BA.
19 Eton Pl / SP: $775,000 / LP: $814,900 / 4BR & 2.2BA.
64 Vanderveer Dr / SP: $1,140,000 / LP: $1,189,000 / 4BR & 3.1BA.
5 Rachel Ct / SP: $1,050,000 / LP: $1,199,900 / 5BR & 4.1BA.
59 Canterbury Way / SP: $1,325,000 / LP: $1,395,000 / 5BR & 5.1BA.
45 Overlook Ave / SP: $1,580,000 / LP: $1,600,000 / 6BR & 5.1BA.
4 High Hill Ct / SP: $1,770,000 / LP: $1,795,000 / 6BR & 5.1BA.

SP = Sale Price, LP = List Price, BR = Bedrooms, BA = Baths
*All information is deemed reliable, but NOT guaranteed.*

For more information on Basking Ridge Real Estate, visit BaskingRidgeHomesforSale.com.

Out and About around Basking Ridge - NJ Festival of Ballooning

2009-07-26T09:16:00.005-04:00

Celebrating it's 27th anniversary, the New Jersey Festival of Ballooning is currently going on today. "The Quick Chek New Jersey Festival of Ballooning is the largest summertime hot air balloon and music festival in North America and is the premiere family entertainment attraction in New Jersey. It holds the dual distinction of being a recipient of The New Jersey Governor's Award for Best Special Event, as well as the American Bus Association's designation as a Top 100 Festival in North America. Held annually at Solberg Airport in Readington, NJ, the festival truly has something for everyone! From twice daily mass ascensions of up to 125 special shape and sport hot air balloons, to headlining concerts, non-stop family entertainment, hundreds of crafters and vendors, great food, fireworks, a balloon glow, and more, the festival is jam-packed with stuff to do," according to their website.

Each year we attend at least one launch. This year, the family and I decided that we would take the plunge and attend the morning launch - requiring a 5:30 wake up call to pack breakfast and the boys. We weren't disappointed. The launch was great - note the balloon rising at the top of the picture (I know it's a shameless RE/MAX plug, but had to do it). But, the fun really started on the way home.

I have heard that people try to scout spots where the balloons might land, but I have always discarded the notion. Not anymore. The most exciting part of our morning happened by chance. On the way home, we were lucky enough to come across the balloons as they were landing. Quiet exciting to see the balloons dropping out of the sky and narrowly avoiding the tree lines (some were not quite as fortunate and did take a few bounces in the trees). Great fun to be able to get up close and personable with the crew and balloon catchers. Fun time was had by one and all.

The Week that Was - Basking Ridge Homes Sold 7/20-7/26

2009-07-26T08:47:00.003-04:00

5 Basking Ridge homes sold during the past week:

90 Potomac Dr / SP: $205,000 / LP: $199,900 / 1BR & 1BA.
7 Potomac Dr / SP: $233,000 / LP: $240,000 / 2BR & 1BA.
12 Berkeley Cr / SP: $770,000 / LP: $799,900 / 4BR & 2.1BA.
33 E Ash St / SP: $825,000 / LP: $849,900 / 4BR & 2.1BA.
14 Clive Ln / SP: $1,350,000 / LP: $1,395,000 / 6BR & 4.2BA.

SP = Sale Price, LP = List Price, BR = Bedrooms, BA = Baths

*All information is deemed reliable, but NOT guaranteed.*

Also, during the week 7 Basking Ridge homes went under contract. Currently, there are 235 Basking Ridge Homes For Sale.

For more information on Basking Ridge Real Estate, visit BaskingRidgeHomesforSale.com.

Out and About around Basking Ridge - Hacklebarney State Park

2009-07-19T12:07:00.016-04:00

Need a quick relaxing get away for a few hours - check out Hacklebarney State Park in Long Valley, just outside of Chester. After meeting with clients most of the day on Saturday, the family and I decided that we could go take a hike and enjoy the beautiful New Jersey Summer afternoon. So, we packed up a picnic dinner and off we went. Given that Chantal and I have two little boys, we spared no expense and had an elaborate dinner menu of PB&J sandwiches, Sun Chips, apple slices, and carrots - only gourmet picnics for us. Oh, and bottled water, I cannot forget that, because Rowan, our 3 yr old, was very upset that I didn't bring milk for him -always confirm the dinner menu with the 3 yr old.

After a brief hike down the trail and some rock walking in the stream, the family and I found what we were looking for, a little waterfall to go picnic by. We climbed down the stone pathway, walked our way out to the stream, and found a large boulder to sit on to enjoy our dinner. While the menu left something to be desired, the ambiance wasn't lacking at all - it was the best PB&J that I have had in a long time.

Of course, after dinner Ethan, our 8 yr old, wanted to do a little adventure seeking. So off we went to scale the waterfall. He was excited to climb up and over the boulders relocated there from the glaciers. At the top, he wanted to go sit out on the ledge - who wouldn't. Upon returning to our dinner boulder, he confessed that now he wants to work on Everest - sound like fun, but I don't know if I will do that one with him.

After more hiking, a little playing in the Black River (very cool and refreshing), and enjoying the playground, it was time to call it a day. Great fun and only 30 minutes from Basking Ridge.

The Week that Was - Basking Ridge Homes Sold 7/13-7/19

2009-07-19T07:36:00.002-04:00

Basking Ridge Homes Sold during the week of 7/13 - 7/19:

204 Irving Pl / SP: $220,000 / LP: $249,000 / 2BR & 2BA.
174 Smithfield Ct / SP: $475,000 / LP: $499,900 / 3BR & 2.1BA.
6 Paisley Ln / SP: $945,000 / LP: $995,000 / 4BR & 3.1BA.
4Royal Oak Dr / SP: $1,700,000 / LP: $1,850,000 / 5BR & 3.2BA.

SP = Sales price, LP = List Price, BR = Bedrooms, BA = Baths

***All Information Deemed Reliable, but NOT Guaranteed.***

Visit BaskingRidgeHomesforSale.com for more information on Basking Ridge Real Estate.

Avoid Forclosure Rescue Scams!

2009-07-16T16:30:00.002-04:00

Yes, there are unscrupulous people out there in the world that prey upon those in need. With the rise in Foreclosures across the country, there has also been a rise in scams taking advantage of those looking for help.

If you are facing the possibility of forclosure, be wary of people who:

Make any guarantees
Ask for money up front
Tell you to make your mortgage payment to them

Here's a clip from the Federal Trade Commission.

The Week that Was - Basking Ridge Homes Sold 6/22-7/12

2009-07-12T07:59:00.004-04:00

Basking Ridge Homes Sold during the weeks of 6/22 - 7/12:

72 Potomac Dr / SP: $235,000 / LP: $239,900 / 2BR & 1BA.
125 Irving Pl / SP: $245,000 / LP: $249,000 / 2BR & 2BA.
212 English Pl / SP: $240,000 / LP: $249,000 / 2BR & 2BA.
355 Penns Way / SP: $242,000 / LP: $259,000 / 2BR & 2.1BA.
212 Arrowood Way / SP: $340,000 / LP: $359,900 / 2BR & 2.1BA.
444 Penns Way / SP: $340,000 / LP: $365,000 / 3BR & 2.1BA.
157 Arbor Cir / SP: $390,000 / LP: $420,000 / 3BR & 2.1BA.
19 Valley View Dr / SP: $438,500 / LP: $449,000 / 3BR & 2.1BA.
61 E Oak St / SP: $512,000 / LP: $519,000 / 4BR & 2BA.
53 Dorchester Dr / SP: $510,000 / LP: $544,000 / 3BR & 2.1BA.
147 S Finley Ave / SP: $520,000 / LP: $549,000 / 4BR & 1.1BA.
211 Stonehouse Rd / SP: $480,000 / LP: $549,000 / 3BR & 1.1BA.
69 Patriot Hill Dr / SP: $596,500 / LP: $622,500 / 3BR & 2.1BA.
540 Mt Airy Rd / SP: $640,000 / LP: $650,000 / 4BR & 2.1BA.
43 Hill Top Rd / SP: $645,000 / LP: $699,000 / 4BR & 2.1BA.
53 Lurline Dr / SP: $749,900 / LP: $749,900 / 4BR & 3.1BA.
86 Alder Ln / SP: $747,500 / LP: $775,000 / 5BR & 4BA.
38 Honeyman Rd / SP: $706,800 / LP: $778,000 / 4BR & 3.1BA.
25 Landau Rd / SP: $806,000 / LP: $799,900 / 5BR & 3.1BA.
125 Berkeley Cir / SP: $840,000 / LP: $859,900 / 4BR & 2.1BA.
48 Watchung Dr / SP: $855,000 / LP: $875,000 / 4BR & 2.1BA.
51 Spring House Ln / SP: $875,000 / LP: $894,999 / 4BR & 2.1BA.
64 N Maple Ave / SP: $875,000 / LP: $899,000 / 5BR & 4.1BA.
17 E Ash St / SP: $880,000 / LP: $899,000 / 5BR & 3.1BA.
6 Shawnee Ct / SP: $870,000 / LP: $905,000 / 4BR & 2.1BA.
8 Raritan Pl / SP: $880,000 / LP: $949,900 / 4BR & 3.1BA.
2 Yorkshire Ct / SP: $965,000 / LP: $999,900 / 4BR & 3.1BA.
80 Shannon Hill Rd / SP: $980,000 / LP: $1,049,000 / 4BR & 3.1BA.
80 Annin Rd / SP: $1,212,500 / LP: $1,295,000 / 5BR & 4.2BA.
14 Essex Pl / SP: $1,225,300 / LP: $1,295,000 / 5BR & 4.2BA.
23 Emily Rd / SP: $2,000,000 / LP: $2,100,000 / 4BR & 5.1BA.

SP=Sales Price, LP=List Price, BR=Bedrooms, BA=Baths

Visit the Norrod Team to view current Basking Ridge Homes for Sale.

Basking Ridge Homes - Pending Home Sales

2009-07-03T07:39:00.006-04:00

For the month of June, Basking Ridge Real Estate saw a surge in homes going Under Contract. Year to date, the best month yet with 51 Basking Ridge homes going Under Contract (click on the graph to view). In fact, the best month since July of '07 which also recorded 51 units. More positive signs that the local housing market is improving. What remains to be seen is whether the disconnect between Home Sale (closed sales) and Homes Under Contract will remain - contracts (more than we would care to see) are falling apart over home inspection issues and mortgage complications causing the sales numbers to be weaker than expected. But what remains important is that the buyers in the market are perceiving value and acting on it. And not just in the lower price points - 22 Basking Ridge homes listed over $700k went U/C this month.

For more information on Basking Ridge Homes, contact "The Norrod Team".

The Week That Was - Basking Ridge Homes Sold 6/15-6/21

2009-06-23T06:36:00.003-04:00

Basking Ridge Homes Sold during the week of 6/15 - 6/21:

72 Countryside Dr / SP: $205,000 / LP: $219,000 / 1BR & 1BA.
122 Patriot Hill Dr / SP: $558,000 / LP: $569,000 / 3BR & 2.1BA.
39 Woodstone Rd / SP: $638,000 / LP: $629,000 / 4BR & 1.1BA.
1 Queenberry Way / SP: $900,000 / LP: $924,900 / 5BR & 3.1BA.
10 Sentinel Dr / SP: $925,000 / LP: $939,999 / 4BR & 3.2BA.

SP = Sales Price, LP = List Price, BR = Bedrooms, BA = Baths

***All information is deemed reliable, but not guaranteed.***

For more information on Basking Ridge Real Estate, visit http://www.thenorrodteam.com/.

The Week That Was - Basking Ridge Homes Sold 6/8-6/14

2009-06-23T06:20:00.003-04:00

Basking Ridge Homes Sold during the week of 6/8 - 6/14:

164 Potomac Dr / SP: $200,000 / LP: $212,500 / 1BR & 1BA.
200 Whitenack Rd / SP: $250,000 / LP: $250,000 / 2BR & 1BA.
238 Patriot Hill Dr / SP: $588,000 / LP: $599,900 / 3BR & 2.2BA.
25 Decker St / SP: $585,000 / LP: $610,000 / 4BR & 3BA.
153 Spencer Rd / SP: $645,000 / LP: $649,000 / 3BR & 2BA.
42 Flintlock Ct / SP: $663,000 / LP: $699,900 / 4BR & 2.1BA.
16 Stoneview Ct / SP: $850,000 / LP: $899,000 / 5BR & 3BA.
10 Pheasant Run Dr / SP: $857,500 / LP: $899,000 / 4BR & 2.1BA.
354 Whitenack Rd / SP: $982,500 / LP: $999,000 / 3BR & 3BA.

SP = Sales Price, LP = List Price, BR = Bedrooms, BA = Baths.

***All information is deemed reliable, but not guaranteed.***

For more information on Basking Ridge Real Estate, visit http://www.thenorrodteam.com/.

The Week That Was - Basking Ridge Homes Sold 6/1-6/7

2009-06-23T06:00:00.003-04:00

Basking Ridge Homes Sold during the week of 6/1 - 6/7:

54 Potomac Dr / SP: $252,700 / LP: $252,700 / 2BR & 1BA.
24 Spring Valley Blvd / SP: $270,000 / LP: $279,900 / 2BR & 2BA.
4 Countryside Dr / SP: $356,000 / LP: $374,500 / 2BR & 2.1BA.
14 Mayflower Dr / SP: $539,000 / LP: $549,900 / 3BR & 2.1BA.
82 Constitution Way / SP: $567,000 / LP: $575,000 / 3BR & 2.1BA.
28 Hansom Rd / SP: $670,000 / LP: $725,000 / 4 BR & 2.1 BA.
6 Ross Ln / SP: $805,000 / LP: $849,000 / 4BR & 2.1BA.
20 Bernard Dr / SP: $1,185,000 / LP: $1,299,000 / 5BR & 3.1BA.

SP = Sales Price, LP = List Price, BR = Bedrooms, BA = Baths.

***All information is deemed reliable, but not guaranteed.***

For more information on Basking Ridge Real Estate, visit http://www.thenorrodteam.com/.

Basking Ridge Real Estate - Absorption Rates

2009-06-06T21:53:00.004-04:00

Updating your Basking Ridge Real Estate Market. Many areas of the market are showing signs of improvement, most notably the $1M - $1.5M market. Peaking at an absorption rate of 75 months in February, it currently stands at 7 months falling from 26 in May. Another strong price point is the $800k - $1M currently standing with a 4 month rate of absorption down from 8 months in May. Over the last 3 months, 21 units have went under contract in this price point. This is a great indication that the market as a whole is recovering, and not just the lower price points. Real Estate is a trickle up market, and we are starting to see the drops going up. To see all price points, click on the chart to the right.

For more information, contact "The Norrod Team."

Absorption Rate is the time it would take for all of the homes within that particular parameter to sell provided they continued selling at the current pace (as defined by time period specified) and no new inventory were to added to that market range.

The Week That Was - Basking Ridge Home Sales for 5/25-5/31

2009-06-03T07:09:00.003-04:00

Basking Ridge Home Sales that closed during the week of 5/25 - 5/31:

81 Potomac Dr / SP: $195,000 / LP: $199,900 / 1BR & 1BA.
115 Jamestown Rd / SP: $235,000 / LP: $245,500 / 2BR & 1BA.
9 Alexandria Way / SP: $243,700 / LP: $58,000 / 2BR & 2BA.
192 Irving Pl / SP: $285,000 / LP: $299,900 / 2BR & 2.1BA.
14 Riggs Ct / SP: $430,000 / LP: $529,000 / 3BR & 2.1BA.
105 Landau Rd / SP: $792,500 / LP: $799,999 / 4BR & 4.1BA.
32 Normandy Ct / SP: $974,500 / LP: $$974,500 / 5BR & 4.1BA.

SP = Sales Price, LP = List Price, BR = Bedrooms, BA = Baths.
***All information is deemed reliable, but not guaranteed.***

For more information on Basking Ridge Real Estate, go to www.TheNorrodTeam.com.

Basking Ridge & US Home Sales Rise

2009-05-28T07:17:00.003-04:00

Basking Ridge Home Sales rose for the month of April to 24 units - even exceeding last years unit count of 22. Nationwide, "existing-home sales – including single-family, townhomes, condominiums and co-ops – increased 2.9 percent to a seasonally adjusted annual rate1 of 4.68 million units in April from a downwardly revised pace of 4.55 million units in March, but were 3.5 percent below the 4.85 million-unit level in April 2008," according to The National Association of Realtors.

First time home buyers continue to influence the market with the lower end of the market showing improving strength and mid-level starting to improve. The high-end market remains sluggish, weighed down by higher interest rates on Jumbo loans, lack of liquidity on the secondary market, and tighter credit requirements.

More good new on the horizon is that "number of buyers looking at homes has increased 14 percentage points from a year ago. “This is consistent with our forecast for home sales in the latter part of the year to be 10 to 20 percent higher than the second half of 2008,” Lawrence Yun said." Further, stats show that there were more repeat buyers entering the market during the traditional "spring market."

The Week That Was - Basking Ridge Home Sales for 5/18-5/24

2009-05-26T09:00:00.003-04:00

Basking Ridge Home Sales that closed during the week of 5/18 - 5/24:

79 Baldwin Ct / SP: $233,000 / LP: $237,000 / 2BR & 2BA.
185 Potomac Dr / SP: $247,500 / LP: $254,900 / 2BR & 1BA.
67 Baldwin Ct / SP: $262,000 / LP: $270,000 / 2BR & 2BA.
142 Smithfield Ct / SP: $275,000 / LP: $283,900 / 2BR & 2BA.
11 Lurline Dr / SP: $500,000 / LP: $539,000 / 4BR & 2.1BA.
10 Canterbury Way / SP: $1,250,000 / LP: $1,299,000 / 4BR & 3.1BA.

SP=Sale Price, LP=List Price, BR=bedroom, BA=Baths

***All information is deemed reliable, but not guaranteed.***

The Week That Was - Basking Ridge Home Sales for 5/11-5/17

2009-05-19T07:25:00.003-04:00

Basking Ridge Home Sales that closed during the week of 5/11 - 5/17:

20 Commonwealth Dr / SP: $309,000 / LP: $313,000 / 2BR & 2BA.
4 Vail Terr / SP: $481,000 / LP: $475,000 / 4BR & 2.1BA.
46 Cross Rd / SP: $487,000 / LP: $499,000 / 4BR & 2.1BA.
31 Clairvaux Ct / SP: $1,150,000 / LP: $1,285,000 / 5BR & 4.1BA.

SP = Sales Price, LP = List Price, BR = Bedrooms, BA = Baths.

***All information is deemed reliable, but not guaranteed.***

For more information on Basking Ridge Real Estate, go to www.TheNorrodTeam.com.

The Week That Was - Basking Ridge Home Sales for 5/4-5/10

2009-05-11T21:47:00.006-04:00

Basking Ridge Home Sales that closed during the week of 5/4 - 5/10:

62 Woodward Ln / SP: $270,000 / LP: $299,900 / 2 BR & 2.1 BA.

171 Locust Ln / SP: $367,000 / LP: $369,000 / 2BR & 2.1 BA.

SP = Sales Price, LP = List Price, BR = Bedrooms, BA = Baths.
***All information is deemed reliable, but not guaranteed.***

For more information on Basking Ridge Real Estate, go to www.TheNorrodTeam.com.

More Good News for the Real Estate Market in Basking Ridge

2009-05-06T09:05:00.003-04:00

In spite of rising interest rates last week, mortgage applications increased. Demand for home purchase loans outweighed those looking to refinance. This is good news for the real estate market since home purchase loans are an indicator of home sales. As we stated previously, look for April's Pending Sales to increase - in Basking Ridge, we saw a nice jump in houses going Under Contract to 42 Units from 24 in March. Spring is here and people are taking advantage of decreasing prices and low interest rates!

Pending Home Sales Rise for March Across the US

2009-05-05T08:54:00.006-04:00

With Housing Affordability near record highs across the nation, the Pending Home Sales Index "increased 3.2 percent to 84.6 from a level of 82.0 in February, and is 1.1 percent higher than March 2008 when it was 83.7" according to The National Association of Realtors. NAR's Housing Affordability Index for March was at 166..7; near record highs. For the complete report click here.

The Basking Ridge Real Estate Market saw Pending Home Sales remain steady for March at 24 homes to February's numbers, but saw a year over year decline from last March's 30 homes Under Contract. This is consistent with the rest of the rest of the Northeast, which "fell 5.7 percent to 59.5 in March and is 24.1 percent below a year ago," according to NAR. Look for good numbers in April to continue across the nation and rebound in Basking Ridge. The "spring market" has gotten off to a nice start with 42 homes Under Contract for April, just slightly below last years pace of April's 43 Homes.

The Week That Was - Basking Ridge Home Sales for 4/27-5/3

2009-05-03T08:15:00.005-04:00

Basking Ridge Home Sales that closed during the week of 4/27 - 5/3:

23 Commonwealth Dr / SP: $227,000 / LP: $234,000 / 2BR & 1BA.
319 Potomac Dr / SP $245,000 / LP: $245,000 / 2BR & 1BA.
362 Potomac Dr / SP: $240,000 / LP: $249,900 / 1BR & 1BA.
3005 Hemlock Pl / SP: $265,000 / LP: $269,000 / 2BR & 1.1BA.
3 Chestnut Ct / SP: $315,000 / LP: $319,000 / 2BR & 2.1BA.
393 Mt. Airy Rd / SP: $430,000 / LP: $449,900 / 3BR & 2BA.
5 Georgian Ct / SP: $520,000 / LP: $549,000 / 3BR & 2.1BA.
15 Shepard Way / SP: $645,000 / LP: $699,000 / 6BR & 2.1BA.
127 Thacheray Dr / SP: $738,013 / LP: $731,600 / 4BR & 2.1BA.
15 Dogwood Way / SP: $830,000 LP: $849,900 / 5BR & 3.1 BA.
36 Brittany Pl / SP: $1,080,000 / LP: $1,279,000 / 4BR & 4.1BA.

SP = Sales Price, LP = List Price, BR = Bedrooms, BA = Baths.

***All information is deemed reliable, but not guaranteed.***

For more information on Basking Ridge Real Estate, go to www.TheNorrodTeam.com.

The Week That Was - Basking Ridge Home Sales for 4/20-4/26

2009-04-27T22:53:00.003-04:00

Basking Ridge Home Sales that closed during the week of 4/20 - 4/26:

10 Peachtree Rd / Sale Price: $555,000 / List Price: $598,700 / 3Bed & 2Bath.
29 Birch Drive / Sale Price: $845,000 / List Price: $885,000 / 4Bed & 2.1Bath.
15 Milito Way / Sale Price: $955,000 / List Price: $1,125,000 / 5Bed & 5.1Bath.

For more information concerning the Basking Ridge Real Estate Market contact "The Norrod Team".

March '09 Basking Ridge Home Sales - Single Family

2009-04-26T12:10:00.010-04:00

The Basking Ridge Real Estate Market saw 8 Single Family Homes close in the month of March.

For more Basking Ridge Real Estate information, contact "The Norrod Team".

Basking Ridge Real Estate Market Update

2009-04-24T09:41:00.010-04:00

The National Association of Realtors announced yesterday that Existing Home Sales eased, but there is a silver lining, first time home buyers are responding to the low mortgage rates and tax credits. First, the numbers - "Existing-home sales – including single-family, townhomes, condominiums and co-ops – declined 3.0 percent to a seasonally adjusted annual rate1 of 4.57 million units in March from a downwardly revised level of 4.71 million in February, and were 7.1 percent lower than the 4.92 million-unit pace in March 2008," NAR reports. The Basking Ridge Real Estate Market saw 18 Units close for the month of March compared to 24 Units for March of '08. We are likely to see April's Sales numbers also ease.

There is good news on the horizon. April's pending sales are off to a very nice start - indicating that buyers are coming into the market and across all price points. The real estate market is a bottom up market - the lower price points need to sell first to allow people to move up in housing and buy the bigger house. "An NAR practitioner survey in March showed first-time buyers accounted for 53 percent of transactions." This is good news and something that we will continue to monitor.

The Week That Was - Basking Ridge Home Sales for 4/13-4/19

2009-04-21T07:56:00.006-04:00

Basking Ridge Home Sales that closed during the week of 4/13 - 4/19:

215 English Place / Sold: $257,000 / List: $258,500 / 2Bed & 2Bath.
7 Dayton Street / Sold: $583,000 / List: $599,000 / 4Bed & 2.1Bath.
11 Castle Way / Sold: $653,000 / List: $669,000 / 4Bed & 2.1Bath.
28 Birch Drive / Sold: $795,000 / List: $825,000 / 4Bed & 2.1Bath.
383 Grist Mill Dr / Sold: $840,000 / List: $849,000 / 4Bed & 2.1Bath.
35 Tall Timber Ln / Sold: $2,600,000 / List: $2,375,000 / 5Bed & 5.2Bath.

The Week That Was - Basking Ridge Home Sales for 4/6-4/12

2009-04-13T22:26:00.003-04:00

Basking Ridge Home Sales that closed during the week of 4/6 - 4/12:

121 Irving Place / Sold: $222,000 / List: $250,000 / 2Bed & 2Bath
3 Rosemont Court / Sold: $924,000 / List: $999,000 / 4Bed & 2.1Bath

Mortgage Applications Rise on Home Purchase Loan Demand

2009-04-08T09:47:00.004-04:00

Another positive sign for the national real estate market, mortgage applications rose again. Yes, they have been on the rise lately, but most of the demand has been for refinancing. Last week's data showed the demand for home purchase loans jumped higher, an indicator of homes sales, even as rates ticked up slightly. This could be good signs for the "Spring Market".

The Week That Was - Basking Ridge Home Sales for 3/30-4/5

2009-04-07T13:38:00.007-04:00

Basking Ridge Home Sales that closed during the week of 3/30 - 4/5:

223 Alexandria Way / Sold: $216,000 / List: $208,000 / 1 Bed & 1 Bath
329 Potomac Drive / Sold: $232,500 / List: $239,900 / 1 Bed & 1 Bath
32 Spring Valley Road / Sold: $240,000 / List: $244,900 / 1 Bed & 1 Bath
20 Ellis Drive / Sold: $519,000 / List: $519,000 / 3 Bed & 2 Bath

NJ Foreclosures Drop by 33%

2009-04-01T09:35:00.003-04:00

Declining by 33% in the month of February, the number of new foreclosure filings is good new for the real estate market. Currently ranked 34th in the nation, New Jersey's actual foreclosure rate for February was .02% - compare that to the National Average, which is triple, of .06%. New filing in NJ was .06% for Feb - down from Jan .09% - and less than half of the US rate of .14%. -Data supplied by The Otteau Valuation Group.

Avoid Being Scammed by Your Movers!

2009-03-31T16:24:00.002-04:00

In case you missed it this morning, NBC guest Real Estate Expert Barbara Corcoran talked about how to avoid being scammed by your moving company along with some do's & don'ts when hiring a mover. Well worth the read or watch the video clip:

http://today.msnbc.msn.com/id/29972260/from/ET/

The Week that Was - Basking Ridge Home Sales for 3/23-3/29

2009-03-31T13:50:00.011-04:00

Basking Ridge Homes that sold during the week of 3/23-3/29:

241 Arrowood Way / Sold: $365,000 / List: $379,999 / 2 Bed. 2.1 Bath

24 Valley View Drive / Sold: $387,500 / List: $409,000 / 2 Bed. 2.1 Bath

110 Lyons Road / Sold: $440,000 / List: $499,000 / 3 Bed. 2 Bath

50 Quincy Road / Sold: $660,000 / List: $689,000 / 4 Bed. 2.1 Bath

71 Baltusrol Way / Sold: $1,535,000 / List: $1,699,999 / 4 Bed. 5.1 Bath

*All information Deemed Reliable, but not Guaranteed*

Don’t be one of the People who say “I should have bought in 2009″

2009-03-28T07:38:00.001-04:00

"IF A WINDOW OF OPPORTUNITY APPEARS, DON'T PULL DOWN THE SHADE." Tom Peters. And at the last meeting, the Fed saw their regularly scheduled meeting as a window of opportunity to make a blockbuster announcement.
Recently, the Fed announced that over the course of 2009, they will purchase an additional $750 Billion of Mortgage Backed Securities, as well as $300 Billion in long-term Treasuries, primarily to help shore up the housing market and keep home loan rates low. On the announcement, Bonds exploded higher, leaving Bond prices within whiskers of the best levels ever.
However, it's important to understand that while their actions may keep a lid on rates moving higher, they may not cause them to move dramatically lower. Additionally, due to many understaffed lenders and investors currently working at maximum capacity, we could once again see that improvements in Bond pricing may not all be passed through to our rate sheets.
Another factor that could impact whether Bonds and rates see significant improvement ahead are concerns of future inflation - the arch enemy of Bonds and home loan rates - brought on by all the recent aggressive moves by the Fed. While we know there is little inflation at the present time, the chatter of future inflation could have a negative impact on Bonds and home loan rates, or at least stifle any improvements.
Although the media is already spinning it differently, this is not a time to stay on the fence, hoping and waiting for lower rates. Home loan rates remain within inches of all-time historic lows, but may not necessarily move significantly lower based on this purchasing plan - waiting is a very risky move.
More good news last week, as Housing Starts for February came in better than expected and actually increased for the first time in eight months. In addition, Fed Chairman Bernanke stated the recession should end in 2009 and that he is confident of the long-term outlook for the US economy.
Also, an update on Mark-to-Market - the accounting rule which has had a devastating impact on the financial markets - which we have discussed many times, including in last week's issue. The Financial Accounting Standards Board (FASB) agreed that it will propose to allow companies to use more "leeway" in applying the accounting rules they use to value their assets, and planned a final vote for April 2nd. If this rule change is approved, it could result in better first-quarter financial statements for companies that have been affected by this rule. Stocks have been moving higher lately in the hopes that Mark-to-Market will be fixed, and a resolution could help Stocks further improve.

Existing Home Sales Rose Nationwide for February

2009-03-24T13:54:00.005-04:00

Nationwide, Existing Home Sales rose in February by 5.1% according to the National Association of Realtors. This brings the "seasonally adjusted annual rate to 4.72 million units in February from a pace of 4.49 million units in January, but are 4.6 percent below the 4.95 million-unit level in February 2008," NAR reported.

The Basking Ridge Real Estate Market, did not reflect the broader trend of the nation. Sales for Basking Ridge continued to slump with only 7 units closing. On the brighter side, properties going Under Contract, a more forward looking indicator, rose to 18 for the month of February.

For more statistical data and real estate resources, go to "The Norrod Team.com".

To view the National Association of Realtors full report, click here.

Basking Ridge Real Estate - Forgotten Fact

2009-03-22T11:02:00.005-04:00

With the current economical and housing crisis occurring throughout the country, many people can't see the forest for the trees. We have forgotten that the Basking Ridge Real Estate Market is just that, a market. It will see increases and corrections, but over the long term it will rise. Case in point, the Basking Ridge Real Estate Market according to Jeff Otteau of the Otteau Valuation group rose by 139% from the spring of 1998 to the spring of 2008. While prices continued to decline through '08, about 7.5%, and are forecasted to decline in '09, about 7-8%; this is still not a bad return on your investment over the decade plus.

Contact "The Norrod Team" for more information about Basking Ridge Real Estate.

Moving Tip of the Week - Moving Time Line: 1 Day Before Your Move

2009-03-12T13:42:00.002-04:00

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

1 Day Before Your Move . . .

Keep moving materials separate so they don't get packed until you are finished.
Create a box / bag / container for extra and specialty pieces. (E.g. remote controls, extra phones, extra pieces from furniture disassembly, etc.)
Make sure you have all travel documents needed for yourself, family, and pets.
Confirm moving arrangements with your moving company.
If driving to your new home, fill up your car with gas and check your oil and tires.
Try and get a good night's rest! You will soon be there!

For more information check out TheNorrodTeam.com.

Moving Tip of the Week - Moving Time Line: 1 Week Out

2009-03-04T07:18:00.003-05:00

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

1 Week Before Your Move . . .

Work with children/dependents on farewells meetings with their friends, school chums, etc.
Confirm move date with Seller of your new home.
Confirm moving arrangements and date with your Moving Company.
Pack a "Moving-In Supply Box" including cleaning products, plastic products, emergency phone numbers, paper towels, toilet paper, batteries, etc.
Label items that you need to access quickly/easily and place them in a separate room/area. (Remember that items packed and loaded last will be first off the truck!) Be sure to keep your "Moving-In Supply Box" in that separate area. If not with you directly, that should be the last box on the truck.
Clean your refrigerator and let it air out for at least 24 hours if you are moving it.
Prepare outdoor equipment (grills, lawn mowers, snow blowers, etc.) for move.
Remove paints, aerosols, and flammable/toxic chemicals.

For more tips go to TheNorrodTeam.com.

Moving Tip of the Week - Moving Time Line: 2 Weeks Out

2009-02-13T13:29:00.004-05:00

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

2 Weeks Before Your Move . . .

Notify cable, garbage, lawn, show plowing, and satellite services, along with local and long distance phone companies of your move and new billing address.
Arrange for disconnect / transfer of all utilities.
Have your car serviced if needed for any long drive to your new home.
Discontinue any newspaper delivery services as of your move date.
Recruit people to help you on moving day. Don't forget someone to help the kids and pets!
Confirm moving company or truck arrangements.
Make sure you have an adequate supply of any necessary prescriptions/medical supplies for your move and lag time in finding a new physicians.
Check your insurance policies to find out procedures/timelines for your coverage given your move.
Set up utility services for your new home.
Schedule time to visit with neighbors, friends, and the like.
Check back on your progress on this checklist. Is anything not yet done?
Make arrangements for the removal of any food not being moved. Consider donating canned goods to charity - they are costly to move.

For more Moving Tips, go to TheNorrodTeam.com.

Moving Tip of the Week - Moving Time Line: 3 Weeks Out

2009-02-04T06:46:00.005-05:00

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

3 Weeks Before Your Move . . .

Call relatives, friends, business contacts from your "Change of Address: notification list and let them know of your move.
Start packing a suitcase for each family member with clothes and personal items to take with you. Encourage your children to help pack their suitcase.
Register children at their new school if applicable.
Notify Insurance Companies (Health, Life, Homeowners/Renters, Car, Disability) to transfer policies or get new policies established.
Notify financial institutions/banks of your new address. Make arrangements to close safe deposit boxes, etc.
Notify federal and state taxing authorities or any other government agencies needed of your move.
Develop a plan for moving valuable items and those that require special handling.
Locate critical documents (Securities, insurance policies, financial documents, passports, title policies, etc.) and place them in an appropriate place to be moved where they will not be accidentally mixed in with other boxes and hard to find later! Remember Safe Deposit boxes.
Notify Post Office of your move and complete Change of Address cards.
Fill out Change of Address forms for memberships, magazine subscriptions, and warranties.
Check out Voter Registration procedures for your new community.

For more Moving Tips check out TheNorrodTeam.com.

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

2009-01-28T16:33:00.003-05:00

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.

2009-01-26T13:10:00.002-05:00

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.

2009-01-21T12:05:00.002-05:00

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

2009-01-19T23:13:00.002-05:00

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

2009-01-15T13:41:00.005-05:00

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

2009-01-13T10:04:00.000-05:00

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

2009-01-12T09:59:00.006-05:00

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

2009-01-08T13:05:00.006-05:00

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

2009-01-07T07:36:00.003-05:00

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.

Will I get my $ Back?

2008-12-30T20:51:00.006-05:00

Quite often, we are asked about the rate of return on home remodeling projects. One great source to see how much money you will recoup by redoing your Master Bathroom is Remodeling Magazine annual Cost vs Value Report. What you will notice is that no project has a 100% rate of return. Leading the way for Return on Investment, again, is exterior remodeling projects. Boosting curb appeal through replacing windows, siding, and deck additions recoups your investment dollars the best both Nationally and Regionally. The only interior remodeling project making the Top 10 are Kitchen Projects.

Below are the Top 10 Projects and their Cost Recouped:

1. Upscale fiber cement siding replacement (86.7%)
2. Midrange wood deck addition (81.8%)
3. Midrange vinyl siding replacement (80.7%)
4. Upscale foam-backed vinyl siding replacement (80.4%)
5. Midrange minor kitchen remodel (79.5%)
6. Upscale vinyl window replacement (79.2%)
7. Midrange wood window replacement (77.7%)
8. Midrange vinyl window replacement (77.2%)
9. Upscale wood window replacement (76.5%
10. Midrange major kitchen remodel (76.0%)

Existing-Home Sales Hurt by Economic Turmoil

2008-12-28T12:02:00.002-05:00

With Consumer Confidence falling amid Economic uncertainty, Existing-Home Sales fell again Nationwide in November, according to the National Association of Realtors. Existing-Home Sales fell 8.6% to a seasonally adjusted annual rate of 4.49 million units in November, which puts us 10.6 % below the 5.02 million-unit pace in November 2007. Regionally, in the Northeast Existing-Home Sales declined by 12% to an annual pace of 730,000 in November; putting the region 18% below last years numbers.

The silver lining in the numbers may be that Existing-Home Sales are rising in hard hit areas of California, Nevada, Arizona and Florida. According to Lawrence Yun, NAR chief economist, “Sales are rising only in areas with large numbers of distressed properties as bargain hunters take advantage of discounted home prices." While this is a positive sign, Mr. Yun cautions that “It is, therefore, imperative to provide incentives for homebuyers to get back into the market. It also depends on how effectively Congress and the new administration can help facilitate the short sales process and unclog the mortgage pipeline – impediments remain for some buyers with good credit,” to help the housing market recover.

Good News on Mortgage Loan Limits

2008-11-13T10:19:00.006-05:00

Great news concerning conforming mortgage loan limits for our immediate area. Effective January 1, 2009, Fannie Mae, Freddie Mac and FHA loan limits will be set at $625,500 for Somerset County and other "high cost" counties in the area. Also of note, FHA is going to increase it's down payment requirement to 3.5% from 2.25% effective Jan. 1st.

School Days!

2008-09-16T20:47:00.012-04:00

September is here, and our children have returned to school. Quite often, we work with clients who are looking to relocate to Basking Ridge solely for the Bernards Township School System (and many local residents will only move within the community if they can remain in their current school). This is a great testament to our school system and community. While locals see first hand how our children's lives are enriched through their education, families moving to the area have to look at rankings and scores to see the benefits the schools will give their children. Two great sources we give out are the New Jersey School Report Card and Newsweek's America's Top Public High Schools. In Newsweek, Ridge is currently the second highest ranked school in all of New Jersey with a national ranking of 136. It has been ranked as high as 91 of the top 1300 Public Schools in America only two year ago. "The Norrod Team" would like to wish both students and faculty the best as the new school year get underway!

First Time Home Buyer Tax Credit.

2008-08-21T12:05:00.003-04:00

The Housing and Economic Recovery Act of 2008, H.R.3221, that President Bush and Congress just enacted a couple of weeks ago can be a bit confusing. One of the most significant and timely part of the Act is the First Time Home Buyer Tax Credit. In going over the document, our Broker/Owner John Bendall has shared with us a nice neat outline, as follows:

First-Time Home Buyer Tax Credit Fact Sheet

Who is Eligible

The $7,500 tax credit is available for first-time home buyers only.
The law defines a first-time home buyer as a buyer who has not owned a home during the past three years.
All U.S. citizens who file taxes are eligible to participate in the program.

Income Limits

Home buyers who file as single or head-of-household taxpayers can claim the full $7,500 credit if their modified adjusted gross income (MAGI) is less than $75,000.
For married couples filing a joint return, the income limit doubles to $150,000.
Single or head-of-household taxpayers who earn between $75,000 and $95,000 are eligible to receive a partial first-time home buyer tax credit.
Married couples who earn between $150,000 and $170,000 are eligible to receive a partial first-time home buyer tax credit.
The credit is not available for single taxpayers whose MAGI is greater than $95,000 and married couples with an MAGI that exceeds $170,000.

Effective Dates for the Tax Credit

First-time home buyers would receive a $7,500 tax credit for the purchase of any home on or after April 9, 2008 and before July 1, 2009. To qualify, you must actually close on the sale of the home during this period.

Tax Credit is Refundable

A refundable credit means that if you pay less than $7,500 in federal income taxes, then the government will write you a check for the difference.
For example, if you owe $5,000 in federal income taxes, you would pay nothing to the IRS and receive a $2,500 payment from the government.
If you are due to receive a $1,000 tax refund from the government, your refund would grow to $8,500 ($1,000 plus $7,500 from the home buyer tax credit).
Buyers can take the tax credit in their 2008 or 2009 tax return.
If you purchased the home in 2008, the tax credit is taken on your 2008 tax return. If you buy in 2009, you have the option of taking the credit on your 2008 or 2009 tax returns.

Types of Homes that Qualify for the Tax Credit

All homes, whether single-family, townhouses or condominium apartments will qualify, provided that the home will be used as a principal residence and the buyer has not owned a home in the prior three years. This also includes newly-constructed homes.

Payback Provisions

The tax credit essentially serves as an interest-free loan to be repaid over 15 years.
For example, a home buyer claiming a $7,500 credit would repay the credit at $500 per year. However, the buyer doesn’t have to start repaying the credit until two years after the tax year in which the credit is claimed.
If the home owner sold the home, then the remaining credit would be due from the profit of the home sale.
If there was insufficient profit, then the remaining credit payback would be forgiven.

For more details on the tax credit, go to: www.federalhousingtaxcredit.com

Basking Ridge Real Estate Market Update: Market Bottom?

2008-08-12T22:34:00.009-04:00

More good signs that the Basking Ridge Real Estate Market may be forming a bottom. Not only were Pending Homes Sales up for June in Basking Ridge (and nationally), July's Pendings had an even better showing. While pending home sales this year are behind the last few years' pace in a month to month comparison, the last couple of months have posted more comparable numbers; click the chart to get a better view. As consumption has improved throughout the year, the market absorption rates have continued to improve. Houses priced between $600K-$1.5M currently have between a 3-4 month absorption rate. While housing prices are by no means rising, the rate of depreciation has decreased. New Inventory has slowed, further easing the downward pressure on prices. Again, this could be the early signs of the market bottoming; what unfolds over the next couple of months will shed more light on the situation. We will continue to monitor the local market and keep you posted.

Pending Home Sales Up!

2008-08-09T14:38:00.008-04:00

The National Association of Realtors reported The Pending Home Sale Index rose 5.3% for the month of June to a reading of 89.0. The index is a forward looking indicator based on contracts signed during the month. While still lagging 12.3% behind last June number of 101.4, it is the highest reading for the index since October of '07, of 89.8. According to Lawrence Yun, NAR chief economist, “The rise in pending home sales was broad-based with all four regions showing gains. This is welcome news because a rise in contract activity is necessary for an overall housing recovery. With a tax credit now available to first-time home buyers, increases in home sales could be sustained with the momentum carrying into 2009.”

Crammer Says "Buy a House!"

2008-07-23T21:02:00.004-04:00

Jim Cramer of CNBC's Mad Money a few month ago urged home owners to torch their house for the insurance money. Now that the banking crisis is being averted, he is imploring everyone "that between now and the next six months you have to buy a house.” Why, he believes that the banks are sensing a bottom in the housing market. Check out his rants at CNBC.

Go Green and Save!

2008-07-12T15:23:00.014-04:00

Reducing your impact on the environment can be easy and and save you money in the process. Here are four simple changes you can make to alter the footprint you and your home leave on the environment and put money back in your pocket.

Change your light bulbs. Energy saving Compact Florescent Light Bulbs can last 10 times longer and use 60% less energy than an incandescent bulb, which in turn can save 75% of lighting costs.

Install a programmable thermostat. If every household in America turned down the furnace and air conditioning when they are not home, we could decrease greenhouse gas production by about 35 million tons of CO2 and individually save about 10% a year on energy costs. In the summer, set your AC to 78 degrees while your home and give it a break while you are away. While in the winter, set the furnace at 68 degrees while your home and back it off to 60 degrees while your away. Program the thermostat to adjust the temperature shortly before you are due home.

Washing your clothes in warm or cold water can greatly reduce your energy consumption compared to washing with hot water. Warm water reduces your energy consumption by half while cold water can reduce it up to 90%.

Pump up your tires. Under inflated car tires can hurt your gas mileage by 3%. Check the inside of the driver's side door or car manual for your tire's proper PSI.

Going green doesn't have to be hard or costly. These four easy tips can decrease your effects on the environment and keep money in your bank account!

Basking Ridge Real Estate Market Update: Absorption Rates

2008-06-19T22:01:00.012-04:00

Basking Ridge's Absorption Rates continue to show positive signs for the local market. Currently, if your home is valued under $1 Million, there is between 4-6 months of supply on the market giving current consumption rates - not bad compared to other areas in the country. Analysts target this range as an indicator of a healthy stable market.

Does this mean the prices are going to stop declining? No, probably not. We have to look at the underlying market statistics to see why. While pending sales were up for April, both locally and nationally, local market stats show them retreating in May - we will see how the national numbers look in a few weeks. Further, Closed Sales continue to lag behind the pace set over the last couple of years. Through May of this year, 90 houses have sold compared to 167 a year ago and 171 homes in '06 during the same time frame. What has been the greatest stabilizing factor in Basking Ridge's Real Estate Market has been the slow down of houses coming on the market. By this time last year, 395 new listings had come on the market - 449 in '06; compared to 328 new listings this year. Having less houses enter the market helps greatly; but prices won't stop declining until consumption increases. But overall, the health of the market appears to be improving!

Where's the Living Room?

2008-06-13T21:42:00.005-04:00

Say good bye to the room with all of the nice furniture that rarely gets use. You know, the room with the plastic slipcovers on the sofa; OK, no one uses those anymore, but you understand the point. According to a National Association of Home Builders (NAHB) survey, over half of the respondents believe that by the year 2015, average size homes (2,300 sq ft) will be constructed sans living room. Further, upscale homes, 4,000 sq ft, will have a smaller space than the current living room functioning as a parlor or music room instead.

So, what do you do if you currently own a four bedroom center hall colonial and are not utilizing the living room. Change it. We are starting to see individuals use the space as a library or music room as a way to enjoy their hobbies and interests. Don't be afraid to experiment with the space; it doesn't have to store the nice furniture in plastic casing.

Why Now is the Time to Buy a House!

2008-06-09T11:00:00.000-04:00

Buy a house now, you must be crazy. Don't you know that home prices are going to keep falling, I wouldn't buy now. Many people would respond to you that way if you told them "Now is a great time to buy a house."

As Realtors, Chantal & I get strange looks all the time when we are talking to people about how now is a great buying opportunity. Plenty of supply, lower prices, and low mortgage rates create what could be one of the best buying opportunities to present itself in the last decade. Gone are the days where you better have pen in hand when you saw a house you liked, because... there is another showing later in the day. Current supply allows buyers an opportunity to view many homes and weigh their options; making the best choice for them. Currently, home prices in Basking Ridge are off about 12%-15% from their peak levels. Mortgage Rates, while not at their lowest levels, are at historically low levels. This adds up to a tremendous opportunity!

But aren't Home prices forecasted to continue to fall? Yes, they are. But, it might not be in your best interest to wait. While home prices should continue to decline, mortgage rates are forecasted to increase at a rate that will negate, the forecasted price declines. In fact, by waiting for those lower home prices, higher mortgage rates may cause you to pay more for your house in the long run than buying in today's market environment.

Basking Ridge Real Estate Market Update: May Home Sales

2008-06-08T22:45:00.001-04:00

Home Sales in Basking Ridge improved in May. 23 units closed during May, up from 21 units in April. The Basking Ridge Market though, continues to lag behind the previous year's paces. Sales totals from the previous 3 years for the month of May all were greater; 37 in '05, 44 in '06, and 49 in '07.