NJAR Press Release - May 13, 2008
(Edison, NJ) Sales volume of existing single-family homes, condominiums and co-ops in the first quarter of 2008 increased 4 percent from the same period last year, indicating New Jersey continues to defy national real estate trends. According to statistics released by the NATIONAL ASSOCIATION OF REALTORS® (NAR) today, New Jersey's seasonally adjusted annual rate of home sales equaled 169,600.
"Unlike most of the nation, the New Jersey housing market remains stable," said 2008 NJAR® President Drew Fishman, CRS. "Nationally, total sales for single family homes, condominiums and co-ops dropped by 22 percent from the previous year, while New Jersey was one of three states to show an increase. This is just further evidence that New Jersey does not follow national real estate trends."
(For the entire article, click below)
http://www.njar.com/pressroom/releases/2008/051308.html
Friday, May 16, 2008
Featured Home of the Week
This 5 Bedroom, 2 Full Bath Home in North Brunswick just finished getting a complete makeover and is now available! I don't have all the Before and After photos yet, but this should wet your appetite a little bit. It's currently being offered at $319,900, which is a steal at that price! (I don't know where else in North Brunswick you'll find a Remodeled 5 bedroom home at that price.) I'll be doing an Open House there this Sunday, 5/18, 1-4 PM. Feel free to stop by!
Wednesday, May 14, 2008
How to Pick a Realtor - Disclaimer
I'm biased. I'll put it out there. I have an opinion, and I'm a Realtor, so I'm biased, but that's ok. I think most people realize that anyway.
When I first started the home buying process (before becoming a Realtor), I had no idea what the process involved, so I asked someone I knew who was a Realtor, who referred me. I didn't know if she was good or not, or even how to tell. In the end, we felt she was pushy and didn't represent our interests well. The following year, we started again, using someone different we knew from our church. He did a good job for us, and we ended up using him for several transactions. However, once again, we didn't even know how to evaluate.
Wouldn't it make sense, though, that if you're making what could be consider the most significant investment of your life, that you'd get the best person available to help you? Similarly, when it comes time to sell your home, shouldn't you use the person whom you can trust to do the best job in selling your home?
I could be wrong, but I don't think people realize there's a difference between Realtors. They figure that everyone is the same. However, as someone on the inside, I can tell you it's far from the truth.
When I first started the home buying process (before becoming a Realtor), I had no idea what the process involved, so I asked someone I knew who was a Realtor, who referred me. I didn't know if she was good or not, or even how to tell. In the end, we felt she was pushy and didn't represent our interests well. The following year, we started again, using someone different we knew from our church. He did a good job for us, and we ended up using him for several transactions. However, once again, we didn't even know how to evaluate.
Wouldn't it make sense, though, that if you're making what could be consider the most significant investment of your life, that you'd get the best person available to help you? Similarly, when it comes time to sell your home, shouldn't you use the person whom you can trust to do the best job in selling your home?
I could be wrong, but I don't think people realize there's a difference between Realtors. They figure that everyone is the same. However, as someone on the inside, I can tell you it's far from the truth.
Tuesday, May 13, 2008
The Inside Scoop #1
People fall for these. Usually, it's because they don't know any better. So, like the magician who tells all the secrets about his illusions, I'm letting everyone know. Why? I figure people appreciate honesty and integrity, rather than being dooped into something.
Recently, I heard that there are Realtors in Central Jersey who are asking for 6% commission, with 3.5% to them as the listing broker and 2.5% to the Buyers end. (FYI - All commissions in the state of NJ are negotiable. There is no such thing as a standard commission.) The reasoning is to get you to believe that with all those listings out there, their company will push yours more, since you're paying more. Hogwash!
The reality is that whether you pay 2.5% or 3.5%, the listing agent and their company are pushing your listing just as hard. Simple reason is that no matter what the commission, they want to get your home sold. So, they will use every means possible. For example, for Open Houses in the newspaper, are they somehow calling extra attention to homes with higher commission? Absolutely not! How about the Internet? Are they doing anything special for the 3.5% home they aren't for the 2.5% home? I doubt it. In fact, I'd be curious to hear what they'd say if you flipped it on them and asked if they would perform worse for you if you gave them 2.5% instead of 3.5%.
So, all this being said, if an agent and their agency is worth it, you should pay them what is fair. However, don't be tricked into believing that paying them more will somehow get your home sold faster. It just ain't so.
Recently, I heard that there are Realtors in Central Jersey who are asking for 6% commission, with 3.5% to them as the listing broker and 2.5% to the Buyers end. (FYI - All commissions in the state of NJ are negotiable. There is no such thing as a standard commission.) The reasoning is to get you to believe that with all those listings out there, their company will push yours more, since you're paying more. Hogwash!
The reality is that whether you pay 2.5% or 3.5%, the listing agent and their company are pushing your listing just as hard. Simple reason is that no matter what the commission, they want to get your home sold. So, they will use every means possible. For example, for Open Houses in the newspaper, are they somehow calling extra attention to homes with higher commission? Absolutely not! How about the Internet? Are they doing anything special for the 3.5% home they aren't for the 2.5% home? I doubt it. In fact, I'd be curious to hear what they'd say if you flipped it on them and asked if they would perform worse for you if you gave them 2.5% instead of 3.5%.
So, all this being said, if an agent and their agency is worth it, you should pay them what is fair. However, don't be tricked into believing that paying them more will somehow get your home sold faster. It just ain't so.
Thursday, May 8, 2008
Dual Agency in NJ - Right or Wrong???
I recently read through a post on Trulia where a seller asked about the pro's and con's of a dual agency agreement. For those who are unaware, in NJ, agents can act in four different ways, depending on who they are advocates for. Principally, people will function as Buyer's agents or Seller's agents, meaning that while they will treat all others fairly, they are working for the best results for whom they represent. In some cases, agents will function as Dual Agents, which means that their real estate agency represents both the buyer and seller. Sometimes, it will be one agent, but most often, it will be two who both happen to work for the same agency. This is legal in the state of NJ as long as there is disclosure and written consent. What ends up happening is that the agent(s) cannot disclosre confidential information that might be helpful to the other party, usually in negotiations. In the end of the day, the agent(s) ends up functioning as a facilitator or mediator.
There seems to be a growing debate on this topic. I may be wrong, be personally, while it's not ideal, I feel it's the best option out there. Granted, you won't get the same kind of representation as you would from a Buyer's or Seller's agent working solely for you. However, without dual agency, losing an agent entirely means you've lost someone whom you've potentially grown to trust, connect with, and perhaps even given confidential information to. More so, that agent may be obligated to use that information against you, because they now represent the other side! (How's that for messed up?)
Is it ideal? No. However, I don't have any better ideas. Anyone else?
There seems to be a growing debate on this topic. I may be wrong, be personally, while it's not ideal, I feel it's the best option out there. Granted, you won't get the same kind of representation as you would from a Buyer's or Seller's agent working solely for you. However, without dual agency, losing an agent entirely means you've lost someone whom you've potentially grown to trust, connect with, and perhaps even given confidential information to. More so, that agent may be obligated to use that information against you, because they now represent the other side! (How's that for messed up?)
Is it ideal? No. However, I don't have any better ideas. Anyone else?
Why I Love What I Do!
I've been out about several times during the past two weeks, trying to find a first home for a couple who's rental house is about to be sold out from under them. Tonight, we may have found the one! Somehow, you can just see the excitement in their eyes as they go from room to room, checking everything out, planning where their furniture is going to go, talking about who they're going to have over first. Sometimes, the hours are late and long, but on nights like these, it's absolutely worth it.
Friday, May 2, 2008
Coolest Wine Bottle Ever!
Last week, a client of mine brought me a great thank you gift for helping him find a rental. Check it out! It's a Meeker Merlot 2004. I have no idea who thought of this, but this is so cool! You've got hundreds, if not thousands of possible wines to choose from, and perhaps there are others that are a better tasting wine (I haven't opened the bottle, so I'm not really sure...), but the bottle itself truly is a novelty. Perhaps I'll never drink it and just keep it around to show friends. (Maybe free advertising was the intent...)
Thanks Gill!
North Brunswick Transit Village in the Works
Attended a meeting Wednesday evening surrounding the planned development of the old Johnson and Johnson site off of Rt. 1 across from Aaron Rd. Check out the details at http://ourtowncenter.info/. In short, the plan is to create a community around a train station on this site. Personally, I think it's a great idea for the town as a whole. With the rise of gas prices and congestion in NJ, you'll have an entire community within walking distance to a train station (and probably buses too). They are also planning to preserve a lot of existing open land around the community as well. Finally, it shouldn't be a burden on the school system, because you'll mostly have young professionals in the area, rather than families with several children, who would probably prefer a single family home. It means more tax dollars from homes that don't require public education, which is definitely a win in the area of property taxes!
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