Sue Adler has been the #1 Keller Williams agent in NJ for the past six years, and leads one of the top Keller Williams teams worldwide, with annual production of $62 million in 2010.
End of July is last chance to lock in Super Conforming Loan as high as $729,750 in our NJ towns!
| Super Conforming Loan Limits Set to Expire September 30
In the midst of the 2008 and 2009 recession, FNMA and FHA loan limits were raised as high as $729,750 in our area to accomodate a struggling housing market and economy. As of September 30 these higher loan limits will expire. The new maximum high balance FNMA and FHA loan limit for our area will be $625,000. Thinking ahead: If you are a home buyer in that price range, the latest you can lock a loan rate for 60 days with the old loan limits will be the end of July. This is also important for Sellers to take note of, as it totally changes a buyer’s buying power and is more reason for you to get your house sold now if you are in the $800′s to low $1M’s range. |
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| Mortgage Interest Rates for Fixed Rate Mortgages* | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Rates as of Monday, 11th July, 2011: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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SueAdler.com Showcased As Leader in NJ Real Estate
Our team website, sueadler.com, has been spotlighted in a recent article by Diverse Solutions, a California based company dedicated to providing leading edge technology to real estate, and I wanted to share the good news with you! Click here to see the full article and find out about how our website can help you in finding a home in New Jersey. Reviewing our interactive custom map, complete with train route information, Diverse Solutions, explained that it provided a way to instantly “engage” website users who want to live in New Jersey. They also loved our choice of colors and clean design and our custom quick search which allows website visitors to quickly conduct a search for the New Jersey home that most closely matches their needs and interests. We love the fact that Diverse Solutions took the time to even evaluate our many videos which help you to preview our towns in Chatham, Millburn/Short Hills, Summit, Maplewood, South Orange, Livingston, and Madison. Our videos are a great way to check out each town, especially if you are relocating. Be sure to tell your friends who are interested in buying or selling real estate in New Jersey, we’d love to help them settle into one of our towns, whether they prefer a home in Chatham or to live in Millburn/Short Hills. We’re here to help!
7 Tips for NJ Home Sellers BEFORE putting your Midtown Direct Home on the Market
If you are planning on selling your home in Millburn, Short Hills, Summit, Maplewood, South Orange, Chatham, Livingston, Berkeley Heights or New Providence,
here are a 7 tips to help you prepare so that you’re not scrambling last minute.
1. Construction Permits: Go to your town hall and make sure that any construction permits have been closed out. Even if you haven’t taken any out, the previous owners may have.
2. Underground oil tanks are THE hot issue these days, especially when you’re selling an older home. If you don’t have proof that an oil tank has been removed on your property, have a tank sweep done. (I’ve got a list of names if you need recommendations) If you have record of a tank having been decommissioned, be aware that most local buyer’s attorneys are asking for them to come out anyway because there is an arguement that unless the tank is removed, you can’t test the soil beneath it. Now I’m not an expert, but I’m only making you aware of what will most likely come up so, you may want to be proactive and take it out ahead of time. Buyers just don’t want the liability. Read more
Notorious Rob’s Review of his Home Selling experience with The Sue Adler Team
“Okay, so there are several caveats. First, Sue and I have been friends and colleagues long before she helped me sell my house. Second, some of this review is not just Sue herself, but her team, especially Dawn Preziosi, her transactions manager. Third, I’m likely not your typical consumer since I work in the industry and know too much.
Having said that, if you were going to sell your house in one of Sue’s markets, you’d have to come up with reasons why you wouldn’t ask her to take on the challenge. Kinda like how every time I think about buying a car, I start with, “Why shouldn’t I buy a Honda?” and go from there. You should start with, “Is there any reason why I shouldn’t use Sue?” She’s that good. Read more
RESA Study shows that professionally staged homes DO sell faster!
The Real Estate Staging Association (RESA) just came out with the results of their 2010 study showing that staged homes sell faster and for more money. Home buyers search online for their home and need to make that emotional connection before they even want to see it. Buyers may rule out amazing homes online because they see the dated furniture, shag carpet, or heavy curtains and that turns them off. This is why I’ve been an advocate of having my listings staged for years, and in this shifting market, its more important than ever to create that connection with the online buyer. As you can see below, staging shortens the market time by 89%!
Did you ever see photos of a vacant house online – it feels cold, empty, and just plain vacant. It even smells vacant. Its very hard to develop a connection with a vacant home. Read more
Hiring A Real Estate Lawyer in NJ: Your Advocate or Your Deal Killer?
Hiring A Real Estate Lawyer in NJ: Your advocate or Your deal killer?
In New Jersey, when a contract to purchase a home is signed, it is not binding, until it’s out of “attorney review”. What this means to a buyer is that another buyer can come along and outbid you during this period. And to sellers, it means that your neighbor’s house with the new gourmet kitchen can come on the market and lure away your buyer. This is why its in the best interest of all parties to hire competent REAL ESTATE attorneys who will protect their interests with protective clauses, and at the same time get them out of attorney review quickly.
Sounds simple, right? Well, if you follow this advice, you will be protected, and also have a much smoother transaction.
1. Hire a recommended LOCAL REAL ESTATE attorney, Notice I didn’t just say attorney. They should ONLY be practicing real estate law. A local lawyer will know what’s customary. If you’re purchasing in Short Hills, Summit, Chatham, Maplewood and other towns in our area, they will know when to add a clause in about an oil tank sweep. They’ll know which areas have had flooding issues. They’ve dealt with zoning,permits in Millburn, Summit or Maplewood town halls and are familiar with the local home inspectors and their reports. They know who to call for asbestos removal, and they know reputation of different builders, etc…. I have 4 real estate attorneys who I work with on a regular basis who really know their stuff. Email me & I’ll pass along those names. Its not a bad idea to interview a few attorneys before choosing one to see who’s style works best for you.
2. Before hiring the attorney, find out if he/she will be going on vacation any time during the next few weeks or if he/she has anything going on which will affect availability. NOT Returning phone calls & not responding to attorney review letters in a timely manner is one of my biggest pet peeves. I know that the lawyers I work with on a regular basis will NOT put my files under the pile on their desk. You need to feel confident that the attorney you choose will be available to you.
3. Inspection “Requests” or Inspection “Demands”…. Make sure you approve the attorney’s letters before they go out. I have found that when I’m trying to get through inspection issues with my buyer, sometimes the attorney “inspection demand” letters (which I would prefer to call “inspection requests”) are worded so strongly, that it immediately puts the seller’s in a defensive mode. When I bought my house in New Jersey ( after having sold real estate for many years in Philly, where we handled everything ourselves and rarely used attorneys), I used the attorney recommended by a friend, instead of one recommended by my realtor. Big mistake. She shot off letters without my approval, and when I read the harsh sounding “inspection demands” letter, I found myself calling the sellers and apologizing for the threatening tone of the letter. Afterall, didn’t our parents teach us that you catch more flies with honey?
Over the years I have categorized real estate attorneys into 4 types:
First: “My way or we kill the deal”,
Second: ” I’ll fight for whatever my client wants no matter how unreasonable the request may be, and NOT advise him. I’m my client’s puppet.”
Third: “I don’t have the time to be bothered with returning calls. I’m too busy.
Oh, closing is tomorrow? Oops, I forgot to order the mortgage payoff. ”
Fourth:” I am my client’s advocate, and at the same time, it is my job to advise my client on what is reasonable. If I can’t get anywhere with the other lawyer ( who is type 1,2 or 3), I’ll have my clients work it out through the realtors. The smoothest transactions are when we are all working together to resolve the issues in a timely manner.
Which type of attorney would you like to represent you?
Sue Adler is the #1 Keller Williams agent in New Jersey, specializing in towns with 20-50 minutes from NYC. Visit www.SueAdler.com , the ONLY real estate site you need for New Jersey real estate.
NJ Home Sellers: Price It Right and Come Out On Top! Buyers: “Days On Market” can help you gauge your offer!
It is well known by NJ Midtown Direct Trainline Town real estate professionals that a well priced home generates tons of interest amongst buyers, and creates demand for that house…. in any market. It actually creates a Seller’s market, even when it’s a Buyer’s market.
( Above info from GSMLS for Summit, Millburn/Short Hills and Chatham NJ sold listings from March 2010 through February 2011)
The average list to sale price ratio for Sue Adler Team listings sold over the past 12 months is 99.3%. When you are interviewing realtors, choose wisely based on the marketing strategy that will create the most demand for your house. That is how you will get the highest price and best terms for your house.
As you can see from the chart, the longer your house is on the market, the more buyers feel they can negotiate on your price, which puts the buyer in the driver’s seat. When a house sells within the first couple of weeks, there is a sense of urgency because this is when you get the most traffic on your house. The initial group of buyers looking at the house are the ones waiting for a great house to come on the market and the motivated ones are ready to jump all over it if they see the value.
As the “Days on Market” grow, the number of showings decrease – the house typically becomes stale, invisible, and basically forgotten. It might as well be “out of the market” if the price isnt adjusted to where the buyers will see the value. Buyers worry about overpaying for it because they feel that if no one else bought it, it must be overpriced so they make a “low ball” offer.
Sellers unwilling to adjust their pricing based on the feedback of the market – “I’m not in a hurry” or “I’m not giving my house away ” or ” I need to get $x” should consider taking their home off of the market. Otherwise it will be frustrating for all parties – the Realtor, the Seller, and even buyers who get annoyed when houses are overpriced. Remember, all of the marketing in the world will not sell an overpriced house.
On the flip side, Buyers, you can’t steal that brand new listing with the new kitchen on the quiet street. However if a seller has overpriced their house, the more time that goes by, the more the Original list to sale price ratio is in your favor. Very frequently however, a serious price reduction can have a similar effect as a new listing has, so remember, it’s the ORIGINAL list price that these numbers are based on, not the reduced price amount.
Do Open Houses work? I say – YES! For creating urgency in new listings!
I just came across an article in the Wall Street Journal on Why Open Houses Still Work. After reading the article and the comments that followed, I needed to add my two cents on this subject.
My experience has been that Sunday Open Houses along the New Jersey midtown direct trainlines DO work with a big BUT.
When a new listing comes on the market… let’s say on a Tuesday. Then we have the Realtor Open House on Thursday, the blast email goes out to all of the realtors and then the data base of potential interested buyers on Friday, and of course its advertised on all of the sites that a consumer would think to search ( our local www.gsmls.com , www.realtor.com , www.trulia.com , www.zillow.com , www.nytimesonline.com and www.craigslist.com , plus www.sueadler.com of course 
.
Its the FIRST weekend of this HOT new listing and buyers ( yes, neighbors too, but who cares?) are excited to see it whether or not their realtor is available to take them. For this reason, the listing agent should send out a blast email to the other realtors asking them to forward this open house invitation to their buyers and tell them to just mention their name at the door. Busy realtors who dont have teams may not be available to show their buyers this great new listing on Sunday. Its the listing agents’ job to make it EASY for buyers to see that new listing when it first comes out, becuase that is how the sense of urgency is created, which gets the best price possible for the seller, yes, even in this market! Read more
Still waiting for “the one”? Check out The Sue Adler Team’s pro-active approach
Inventory low, demand still high in trainline towns
Experts are reporting that rates are the lowest since 1956. Buying, selling or refinancing, that’s all everyone’s talking about! As a buyer’s agent , I watch the rates on a weekly basis and follow the flow of the Short Hills, Summit, Maplewood market for my clients. Bankrate.com also found record lows for the average 15-year fixed mortgage (4.18 percent) and the 30-year jumbo fixed loan (5.43 percent). The rate for a 30-year fixed mortgage this week was tied with the record established two weeks ago, the online aggregator of financial rate information reported. There is no question that if you were just looking at these numbers, it is a great time to buy.
The issue for our buyers: Low Inventory
While the rest of the country and most of New Jersey is seeing an overflow of inventory, we along the Midtown Direct Train Line, have been spared in certain price points. Read more
Multiple Offers are back on NJ homes, but Sellers, the game is not the same.
Bulletproofing your real estate transaction
As many predicted, with rates on the rise, pent up demand, and the tax credit deadline approaching, NJ real estate market activity this spring has really picked up along the Midtown Direct Trainline towns, and it has once again become the norm to see multiple offers on homes that are priced well and in great locations
The difference is some buyers initially dont believe it. Then once they lose a house or two in a multiple bid situation, and later become the winning bidder who paid above asking price , they may try to negotiate the price back down during inspections or from low appraisals.
The smartest thing a listing agent can do while weighing multiple offers, in my opinion, is to try to bulletproof the transaction right then and have the buyer agree that the inspection is for major defects only and that anything disclosed in the Seller Property Disclosure Statement is NOT an inspection item, because the offer price should take those disclosed items into account.
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