Harold "Hal" Benz - CEO/ Team Leader

I saw a new home for sale in Westfield recently...or at least that's what the seller wanted me to think. But when I looked closely at the address and pictures, I knew it was a home that's been on the market for months. The only thing "new" about it is that they replaced the exterior photo from one with snow on the roof, to one taken on a glorious spring day. Oh yeah...and they dropped the price by a whopping 1.2%!

Did they think we wouldn't notice?

It's a process that real estate brokers call "churning a listing". A seller takes their home off the market for a few days (or weeks), and then re-introduces it again. It's a game that's as old as the hills. But it's a pretty bad idea (just my humble opinion, I guess). Here's why...

Churning A Listing Resets Days On Market...But At What Cost?

The reason a seller and/or agent churns a listing is because the MLS keeps a record of days on market. When you "churn it", the DOM count goes to zero and starts over again. So a house that has been sitting on the market for 5 months looks like it's brand new. Or does it?

As a broker, I'm constantly asked "how long has that one been on?" The assumption (and often an incorrect one) is that the higher the DOM, the more "motivated" the seller would be to hear a lower offer. The seller doesn't want that, so they pull it off the MLS...wait a bit...and put it back on again.

But the serious buyers are not easily fooled. And the full-time agents are NEVER fooled! So when the house comes back on in the "new listing" column, everyone who is serious about real estate sees two things: 1) the same house, and 2) that this seller and their agent are open to manipulating the truth.

And then I'm asked this question: "If they're trying to hide the days on market, what else will they try to hide?" Is this REALLY the message you want to be sending out to the market?! It's kind of like resetting the odometer at the used car lot. Nobody's really fooled, and it makes everyone look sleazy.

Now I have colleagues in the business who disagree with me on this point. They tell me that they're just doing what they're told...just honoring their fiduciary responsibility to their clients. BUNK! Article 1 of the NAR Code of Ethics is pretty clear. It says that the obligation to the client is primary, but it doesn't relieve the Realtor from treating all parties honestly. Exactly where does resetting the odometer fall on the honesty spectrum?

So here's what I propose to be a better plan: 1) Price your home properly the (read the rest of "Confuse The Buyer" here...)

One of the things that attracts so many people to our community is the lovely older homes. Many were built around the turn of the century, and some even earlier. We decided to purchase our Westfield home (built in 1927) because we love its character and architectural style. But trust me...when your home is this old, one thing is certain: repairs and renovations!

EPA Issues New Lead Paint Renovation Compliance Rules

If your home was built prior to 1978, chances are pretty good that they used lead paint somewhere. It was in this year that there was ban placed on using leaded paint, because of the damaging health effects on children. (In New Jersey, if you purchase a home built in or before this year, you'll need to sign a lead paint disclosure form acknowledging the risks.)

Since the ban on lead paint was put into effect, the number of children poisoned by the dangerous metal as declined significantly. But the EPA still estimates that a millions (with an "M") children are still impacted annually. And that's waaayyyy too many!

When we think of homes that present a lead paint hazard, we often think of decaying urban structures with peeling paint and falling walls. And while these do present a problem, that's not the whole picture. Re-modeling and renovation projects to upscale suburban homes can also present a significant risk.

Remember...the danger is in disturbing the lead paint and sending the dust into the air where it can be inhaled.

To address these risks, the EPA has now issued new rules for re-modeling projects. These rules went into effect on April 22, 2010. These rules don't apply to individual homeowners doing minor repairs. But if you're paying someone to do the job, your contractor will need to be properly certified to do the job safely. Failure to comply with these rules will lead to big fines, and possible health risks to you and your family.

To learn more about what these rules say and how they might impact you and your re-modeling project, check out this video:

Downtown Westfield Attracts Home Buyers

Whenever I talk to home buyers looking to move to Westfield, the downtown business district always seems to come up. It is one of the many things that attracts home buyers to the area! Downtown Westfield has a wonderful mix of independent stores and boutiques as well as national chains. There are restuarants for your dining pleasure, coffee & pastry shops, and even and a neighborhood movie theatre to visit when you get tired of walking. Under the leadership of the Downtown Westfield Corporation (DWC), Westfield's downtown is a very special part of this community!

Driving Tour - Downtown Westfield

If you haven't had the chance to see Westfield's downtown for yourself, come along with me for a short ride. I grabbed my Flip camers, and took a quick spin through the downtown this morning. While I can't show you everything, you'll definitely get a feel for the area. See for yourself why (Read Driving Tour - Downtown Westfield here...)

The question came up again yesterday afternoon: Is it legal for landlord's to take an additional security deposit to cover pet damage? It's a question that came up so frequently when I was managing, that I thought I'd explain it here.

Pet Security Deposits ARE Legal.

First off...a landlord is not required to allow pets in their rental property. They decide to do so (or not) at their own discretion. A landlord can also set limitations on the type and size of the pet that they would allow in the home. Hey...they still own the home, so it's their call.

If a landlord does decide to allow pets, there is nothing specifically illegal about collecting additional security to cover pet damage. What could create problems is the amount of the additional security. I think this is where the issue sometimes gets confused.

NJ Law states that the most a landlord can collect in security is an amount equal to 1 1/2 month's rent. There is no exception to this. It can be held as a general security deposit, a pet security deposit, or even a combination of the two.

So if the landlord requires an initial security deposit equal to 1 1/2 months rent, they can't legally ask for an additional amount to cover pet damage. If however the landlord requires a smaller amount for security...say 1 month...then they could legally ask for an additional deposit. But the TOTAL of all money held in security cannot exceed the 1 1/2 month limit.

So in the end, pet security deposits are legal in NJ... as long as the landlord doesn't collect too read the rest of "Pet Security Deposits" here.

Westfield NJ Home Sales - March 2010

(The following data is provided by the Garden State Multiple Listing Service, LLC. It is deemed to be reliable, but is not guaranteed.)

• Average List Price For Active Listings = $893,360
• Number of New Listings Entering Market = 56
• Number of Listings Placed Under Contract = 26
• Absorption Rate = 5.35 Months
• Number of Sales Closed During Month = 21
  • Average Original List Price = $801,498
  • Average Sale Price = $757,973
  • Average OLP/SP Ratio = 94.56%
  • Average Days on Market = 68

The Following Is The List of Closed Home Sales Sorted by Closing Date

If you have any question about this information, please feel free to contact me!

Read my other Local Market Reports