Archive for the ‘For Sellers’ Category

Westfield NJ: Week-by-Week

Saturday, November 21st, 2009

11/20/2009.  It’s Getting Better, Folks!

As of this morning, there are 116 properties on the market in Westfield (down from 132 last week) including 8 properties that came on the market this week.

Seven (7) of the currently available properties have contracts in Attorney Review.

What closed this week?

  • Eleven (11) Westfield properties closed this week with an average sales price of $642,000; they had been on the market an average of 92 days.
  • Four (4) additional Westfield properties went under contract this week after being on the market an average of 65 days.  Three of them have a list price of $1,299,000 or higher!

All in all, this has been a pretty good week for real estate in Westfield NJ.

For more information, including monthly sales data with addresses and sale prices of Westfield NJ homes, please visit  www.Westfield-Area-Homes.com

Thinking of moving now that the Homebuyer Tax Credit has been extended and expanded to repeat buyers?  Email me at Teri@Westfield-Area-Homes.com for a free market analysis, and  “personal, professional, preferred” service.

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Effect of National Foreclosures & Short Sales on the Westfield NJ Area

Monday, October 19th, 2009

The news media is relentless in its reporting of the number of  foreclosures and short sales nationwide … but all real estate is “local.”  So how important is it for you if you live in the Westfield NJ area to know what the real estate market is like in California, or Florida, or Nevada, etc?

The answer is “marginally” in that the national ”mood” certainly affects all of us.  But I’ve noticed that, by and large, Westfield Area residents who are thinking of selling are not putting it off “just because the market is down.”

And here’s why:  Most who are planning to sell and then buy another home recognize that while they may get less for their home, they’ll also pay less for the one they ultimately buy.

For others, they’ve decided that since their children are grown, they simply don’t need to live in such a large home … selling, even in a less than optimum climate, alows them to move on NOW — an important and refreshing lifestyle attitude. 

So, what has sold recently in Westfield, Scotch Plains and Mountainside NJ lately? For a complete list of all solds in the past 6 months, go to www.Westfield-Area-Homes.com and click on the “solds” section for the community you want to know about.  Addresses, List and Sold prices, style of home and days on market are all displayed.

Want to know the current market value for your home?  Email me at SuccessMentor1@comcast.net or give me a call on my cell 732-423-2792 — it’s always on– and the service is FREE and wihout obligation!

To Stage or Not To Stage???

Saturday, August 15th, 2009

Staging is about “Showcasing” a home — making it “impersonally striking.”

I want to ensure that each and every buyer who previews the property will be “struck” by its special features.  I consider that part of my job.

So, for most of my listings, if my sellers will agree to at least consider following through with the stager’s recommendations,  I hire — at my own expense –one of the best stagers I kn0w, Phyllis Pafumi.

Phyllis charges $175 for the initial consult and she does a wonderful job.  Furthermore, she comes with her own team who can paint, swap out counters, re-do cabinets, floors, etc. — all at really reasonable prices.

I firmly believe that by “showcasing” my sellers’ home, we ultimately get the best price in the shortest time.

For more info, email me at SuccessMentor1@comcast.net, or call 732-423-2792.

Getting Maximum Value — Unusual Staging Tips

Saturday, August 15th, 2009

Watched “Staging Tips and Myths” on HGTV tonght … best show I’ve seen in awhile.  While it’s still fresh, here are SOME OF THE SURPRISES — go to http://www.westfield-area-homes.com for more info

–Use toothpaste & sponge to remove crayon marks from painted wall
–To cover a dark-painted wall (red, dark blue, dark green), use a tinted primer
–Cleaning with toothpaste will delay tarnish on silver
–Mix 1 part baking soda with 6 parts water, shake well, and use as an odor-reducing spray
–Shine hardwood with ¼ cup apple cider vinegar mixed w/ ½ gal of water
–To create a chalkboard wall or panel, use Peel ‘n Stick adhesive film designed as “chalkboard”
–To remove fingerprints from Stainless Steel Appliances, use olive oil on lint-free cloth
–For “dents” in carpet left by removed furniture –Put ice cube on dent and let it melt. Then use fork prongs to “fluff up” carpet pile
–To hang a new chandelier, use “S” hook to hold fixture while you thread wires
–To “green-up” a brown lawn, use a green Spray paint made for this purpose
–Use car wax paste to shine older wood cabinets
–To remove stains from Microwave interior, mix 2 cups of water and ½ cup of white vinegar in micro-safe dish or cup. Microwave on HIGH 3½ mins. Let stand 5 minutes. Remove mixture and wipe inside of micro clean.

Email me at SuccessMentor1@comcast.net for more info.

Making Your Westfield NJ Home More Marketable

Sunday, August 2nd, 2009

Westfield NJ is not just a place to live, it’s a ”destination,” and buyers expect a lot when they’re looking for a home in Westfield NJ

Just as you want to “put your best foot forward” when being interviewed for a new job, you want to put your Westfield NJ home’s “best features” on display when you’re trying to sell.

So, the first thing is to make sure your Realtor knows what you consider to be the  “best features” of your Westfield NJ home.  Most Realtors will ask … but if yours doesn’t, make sure you tell your Realtor what you like best about your home during your initial meeting with him or her.

Staging.   When I’m listing a home in the Westfield NJ area, I think staging is so important that I hire a professional “staging consultant” (at my own expense) nearly every time!  Most Stagers will tell you–beyond a neat and clean home–here’s what we need to focus on:

  • Exterior maintenance is the first thing a buyer sees.  So,  
    • Start by mowing the lawn and trimming the shrubs so they don’t hide the windows or look overgrown. 
    • If your home has shutters, freshen them and the trim with new paint.
    • If your home has painted clapboard, it too may need to be re-painted.  Vinyl sided homes can be power-washed so your home looks fresh and well-maintained. 
    • Remove all toys from the driveway, walkway and front of your home.  Not only do toys detract from the attractiveness of your home, they can present a real hazard to visiting potential buyers.
  • Re-paint Interior. Everyone’s home reflects their choices in decorating. If your son sketched “team banners” on his bedroom wall, you may wish to repaint his room since some buyers will worry they won’t be able to cover up the “artwork”.
  • Paint colors should be neutral, but usually not white except for ceilings and trim. Taupe, grey and Vanilla come in enough shades to both match your current furnishings and provide variety.
  • Wallpaper – Remove or Not?  Wallpaper patterns are very personal … if you can, remove the wallpaper and paint a neutral cover with white trim.
  • Repairs – Many times, we live with small items that need repair, but which are not sufficiently bothersome to us to take the time to do them.  If you’re marketing your home, though, you need to take care of these.

MOST IMPORTANT:  Regarding repairs, remember:  Even if it’s  just a “little” problem, if it is obvious to the buyer, the buyer may think:  “I wonder what ELSE is hasn’t been maintained?” 

So, for instance, if your upstairs tub overflowed and left a water stain on a downstairs ceiling, you need to make the stain go away – usually by repainting the ceiling.

  • Carpeting vs wood floors … While some people like carpeting, others prefer the gleam of wood. If your carpeting is relatively new and unblemished, ask your Realtor to note that you have wood floors beneath the carpeting. 

If, however, your carpeting is showing signs of wear, it will be best to remove it and have the wood floors beneath buffed or even refinished.

If you don’t have hardwood beneath the carpeting, consider investing in having hardwood installed in the main living areas (kitchen, living room, dining room, entry hall).  Nearly everyone searching for a Westfield NJ home wants (and expects) hardwood.

  • Lighting can play an important role in a buyer’s sense of well being when they’re visiting your home.  If you make sure each room has plenty of light – open blinds and curtains, leave soft light on — your buyer will feel more cheerful and have a more positive opinion of your home.
  • The pleasant fragrance of a reed diffuser is one of the best ways to entire a buyer.   A citrus fragrance, by the way, is preferable to a sweet fragrance – because citrus always smells clean!

The time-honored idea of “a pie baking in the oven” fragrance is not always a good idea since the buyers may not like the scent.  In general, cooking odors of any kind are a turn-off.  (Think “pregnant lady”)

  • Camouflage flaws or short-comings with a little ingenuity.  For instance, does a room look too small?   Sometimes, removing a table or chair can make all the difference!  What you’re aiming for is serenity, ease of movement … flow. 
  • Closet Space is important to nearly all homebuyers – as a Realtor, I often hear “you can’t have too many closets!”   You don’t want your closets to look stuffed, so a good rule of thumb is to remove 1/3 of everything in each closet.  This is also true of bookshelves and bookcases.
  • Remove personal photos & memorabilia … all photos, etc., should be packed away in preparation for your move.  This removes things that would otherwise distract the buyer from her purpose – to see if your home should be her new home!

AMENITIES … should we add them?

The answer here depends wholly on your competition.  For instance, if most properties in your neighborhood have central air, you might want to add this amenity if it’s not too expensive.  Why not just lower the price of your home?  Because some so-called “amenities” are such “must haves” for the majority of buyers, your home might not otherwise sell!  CAUTION:  This is not always true, so please, please consult your Realtor before you incur the expense!

 Finally, ask your Realtor’s advice.  Realtors market many homes to many buyers.  A good realtor will know just what to suggest to make your Westfield NJ home stand out among the many that are currently listed in Westfield NJ Homes For Sale.

And remember:  “It is what it is” and having a dedicated Realtor market your home is, perhaps, the most important thing you can do to sell your home. 

Need More Answers NOW?   Call or email me today!  Or visit me on http://www.westfield-area-homes.com/

 

TO SELL OR NOT TO SELL IN THE WESTFIELD NJ AREA?

Saturday, July 18th, 2009

The Westfield NJ area — which includes Scotch Plains and Mountainside NJ — is heating up real-estate-wise.  Maybe, this will shed some light on the reason the market is finally moving ahead in the Westfield NJ area.

Suppose you bought a 3 bedroom, 2 ½ bath home with a garage 5 years ago in Mountainside NJ for $400,000 and spent $60,000 upgrading it.  Now you’re thinking of selling, but with the market decline of the last few years, if you sell now, you’d probably sell at around $400,000 – essentially recouping your purchase price, but not the cost of the upgrades you made. 

That means a $60,000 loss on your Mounainside NJ home, right?  Not really.

First, if you had not purchased your Mountainside NJ home 5 years ago, but instead rented a home in, say Scotch Plains NJ, like the one you actually purchased in Mountainside NJ, you would have paid about $2500 a month – or $150,000 for the 5 years — assuming no rent increases  :-)  

As you can see below, in this scenario, you’ll actually GAIN $55,000! 

Price Paid

$ 400,000

Upgrades

    60,000

Taxes Paid

    35,000

TOTAL PAID

$ 495,000

Sale Price

- 400.000

Net loss

$ – 95,000

Probable Rent

$ 150,000

NET GAIN

+ $55,000

  

 

 

 

Not bad in a “down” market!

PLUS – you’ve gained the income tax refund each year because of the Mountainside NJ taxes and the home mortgage interest you paid … (there are no tax benefits to renting)!

Second, if you’re also purchasing a new home, you’ll save on that purchase because prices have come down.  Let’s say, you want to purchase a home you saw on Westfield NJ homes for sale  for $800,000.  Since the Westfield NJ home sale prices have declined over the past 5 years, the Westfield NJ  home you’re now purchasing for $800k would have sold at around $900,000 in 2004.

So, you not only gain on the sale of your Mountainside NJ home, you save on the purchase of your new Westfield NJ home.  Sounds like a win-win to me!

Hope this helps you if you’re a seller in the Westfield NJ area who’s  struggling with the qustion “To Sell or Not To Sell” in this market …. For more info, contact Teri at www.Westfield-Area-Homes.com.

Thinking of Selling Your Westfield Area NJ Home?

Tuesday, July 14th, 2009

Look around you first!

“All real estate is local …”  What that means is that no matter what is happening in the rest of the country, even in the rest of NJ, you need to know what is happening in YOUR town of Westfield, Scotch Plains or Mountainside, NJ — and those communities that surround it — before you put your home on the market.

For instance, while prices have come down significantly around the rest of the country,

Even more important, unlike 2005 and 2006 when even homes in poor condition were selling, if you want to sell your home in the current market, it needs to be in tip-top condition – or priced lower than other homes for sale in your area.

So, STEP 1 is to visit my website, www.Westfield-Area-Homes.com and check out Westfield NJ homes for sale or Scotch Plains NJ homes for sale  or Mountainside homes for sale depending on which is your community.

STEP 2 — select 3 or 4 homes for sale that closely match your Westfield, Scotch Plains or Mountainside home, and ask me to preview them with you.  This should give you a pretty good idea of how your home compares with the current homes for sale – your competition.

STEP 3 — check out the Westfield Homes Sold  or Scotch Plains Homes Sold  or Mountainside Homes Sold  page for your community – again, I post this information on www.Westfield-Area-Homes.com.  This gives you an idea of what buyers of homes like yours are willing to pay.

Finally, I’ll prepare a detailed Price Trend Analysis … taking into consideration the amenities and condition of your home compared with those that have recently sold and those that are currently for sale — and we’ll position your home so that it sells quickly!

Does my home need to be the “best” in order to sell?

At the end of June, 2009 the Westfield NJ real estate absorption rate is about 4.7 months.  That means there are enough buyers out there to purchase every available Westfield home for sale in 4.7 months.   The Scotch Plains NJ real estate absorption rate is 4.8 months, and for Mountainside NJ real estate, it’s 2.8 months. 

Given that there are currently more homes for sale than there are buyers, you want buyers to consider your home one of the top 3 or 4 homes for sale in your price range – and you want me to aggressively market your home (not just put it on the MLS).

Let’s say, after looking at the current crop of Westfield NJ homes for sale, we determine that your home should be priced around $600,000.  As of this writing, there are 13 homes for sale in Westfield that are priced in the $500k-$600k range.  So you want your home to be one of the top 3 – that is, in the top 25% range.

And I can help you with that!  If you list with me, I’ll start by hiring a “Stager” (I pay for this consult).  She’ll let us know what we need to do—economically – to get your Westfield NJ home ready for sale … things like

  • De-cluttering
  • Removing personal photos
  • Cleaning closets
  • Removing – or moving around – furniture, etc. to make your home look as spacious and restful as possible
  • Replacing light fixtures for an easy, affordable update
  • Freshening the paint with neutral, up-to-date colors
  • Cleaning and showcasing the outside, including windows – sometimes a few flowers can do wonders
  • Updating – where it can be done economically

For instance, a Westfield NJ home I recently listed (and sold) needed a new kitchen.  But the expense would have been too high.  So my seller opted for new paint and new laminate counters – making the kitchen very neutral and easy to live in until the new owners would be able to afford a new kitchen!

Most important, don’t try doing all this on your own.  Your home is usually your biggest investment.  So this is when you want expert advice.

I promise I and my team will provide it.  I never forget that my livelihood depends on making your dreams come true!

For more information, visit www.Westfield-Area-Homes.com or email Teri at tmalone@weichert.com.

Preparing Your Home for Sale

Monday, July 6th, 2009

So you’re ready to sell … or are you?