Friday, December 29, 2006

Housing Market Looking Up

Well it is official, existing home sales were up 6% in the Northeast and .8% in the West, remained unchanged in the Midwest, and fell 1.6% in the South, according to the National Association of Realtors(NAR). While I’ve heard the words bubble burst, recession, and crash referred to the events of 2006, softening is probably the best explanation of what happened in the real estate marketplace and now things may just be stabilizing.
The Fed said new home sales in November rose (3.4% with the median price $251.700). That means builder inventories are decreasing and buyers are trickling back into the marketplace. Looks like the word has spread sufficiently that we are in a buyer’s market and properties must be priced for this market rather than 2005’s market.
NAR also said median price of existing home sales was $218,000 in November meaning half the homes sold cost more and half cost less. Also NAR reports existing-home inventories are decreasing too. We need both this section to recover to start 2007 right.

May each of you have a Happy and Prosperous Year!

Read the NorthNJ.com report
Read the NAR report
Read NJ.com report


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Thursday, December 28, 2006

Doing the Utility Company Shuffle

New Jersey is offering assistance to residents who are struggling to pay gas or electric bills this winter. Guess where they are getting the $1.3 million to help seniors, jobless, and ill -- the utility companies themselves. Mind boggling, right? The next question is: did the utility companies just up and decide to donate the $1.3 million? If you believe that, well … naiveté is cute in children, buddy. No, you have to follow the money and in this case it seems some customers left without collecting their deposits. The money was just sitting there tempting the poor helpless utility companies. Now the utility companies can access that money by donating it to other customers for service. Maybe I am being cynical here -- well yes, I am being cynical, but while the companies may help seniors, the jobless, and the disabled through the winter with the money, and mind you I agree that the cause is worthy, it sure looks like the utility companies wanted access to the abandoned deposit money and this was a way to get it. My hat is off to whoever came up with the positive spin on the shuffling of inaccessible money to company coffers.

Tip of the Day:
Before you move up collect or transfer all deposits on the old home to the new one. Utility companies happily transfer service and deposits if you notify them prior to moving day.

Read the AP NewsFlash.


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Wednesday, December 27, 2006

Locked Out and No Place to Go

It’s a sad day when a legend dies, it is even sadder when a five-year old child gets locked out of his home during Christmas. Now don’t get me wrong, I respect the music of the “God Father of Soul” James Brown. (Audio link here) I respect what his work did for music. I have some really, really good memories of the beats and riffs in some James Brown standards likeThe Payback, I Got the Feelin’ and Say it Loud, I’m Black and I’m Proud. I hear it sampled everywhere.
It is a shame that according to AP reporter Harry R. Weber, Tomi Rae Hynie and James Brown II have to live in hotel and may not even have access to their clothing or his toys until the legal shenanigans are completed. James Brown has taught one final lesson that has nothing to do with music: homeowner partners need to make sure all property is shared jointly legally, whether its with a partnership agreement or by placing both names on the deed , tax records, etc. Just make sure what ever you do, it is done legally and the original and copies of the proof is outside of the residence like a safety deposit box and a lawyer's office.
Image Courtesy of James Brown Website


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Tuesday, December 26, 2006

Tip of the Day: When a Feelin’ Won’t Do It

While I am tempted to say if you live in central NJ and your house isn’t selling you should call me especially if you, like James Brown, "Got the Feelin'" and went the For Sale by Owner (FSBO) route, but there are still some things FSBO’s can do.
This article makes some good suggestions the first being to video tape the exterior of the home. The exterior is the first things a visitor or potential buyer will see. Looking at the exterior on video will give you distance and oftentimes clarity the condition of your home. If what the visitor sees is crap grass, over-grown trees, yard debris, trash receptacles, broken fixtures, peeling paint etc. your home will show negatively on the outside – which will have an impact on the price a buyer will offer.
Assuming you have packed away all your personal items for the new house, consider having a consultation on staging your home. Often there is too much furniture in homes making rooms appear smaller which could make your asking price appear inflated.
Finally make sure you have had a comparative market analysis done. The market changes as houses come on and are sold or withdrawn from the market. I offer this service for free with no obligation to sellers and I am others do also.
Read the article for more tips.

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Widen Your Territory or Die

2002 The New York Times Luxury suburban mini-mansion maker, Toll Brothers of Horsham PA, must have been privy to the proverbial message on the wall. It sure seems like Robert Toll heard it and has heeded the message expanding his luxury home building business to include high-density housing in the form of luxury condominiums in Manhattan, Queens, Brooklyn, and Hoboken, NJ. Toll Bros primarily built luxury single family suburban homes so the change to urban dwellings is notable.

Read Michael Corkery's report.
Image:2002 THE NEW YORK TIMES

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