Vickie Marton

I've been saying this for years, " Don't-sell-without-presale-inspection" .

When you find a buyer for your home, the first negotiation takes place when negotiating the Written Agreement. This is not the last time negotiations prior to the sale of your home can (or will) occur. The next time negotiations can take place is as a result of the home inspection report, which usually is done shortly after the agreement is signed. Sellers are usually taken by surprised by the information on this report, and sometimes lose their first buyer because of the home inspection report.

As a seller, you want to know what product you are selling. Yes, you've lived in your home for years, so you know your home, but, not necessarily from the eyes of a home inspector. For example, I was in the home of a seller this weekend and noticed that their door between the attached garage and the living room was made of wood. I explained that a home inspector would tell a buyer that this type of door is a fire hazard and should be metal. If the buyer hears from their home inspector that this is a fire hazard, he/she will want you to change it. You may say no. But in this market would you really want to lose a buyer for some somewhat minor home inspection issues? On the other hand, as a seller, if you had a presale home inspection done, and asked the buyer to sign it at the same time they are signing their Written Agreement, you would have now disclosed to the buyer any defects which was a consideration to the negotiated price.

The buyer may want to negotiate some of these issues, but negotiating these issues up front and in conjunctions with the agreed upon sale price is putting you as the seller in a better position. Negotiating home inspection issue after the sale price is agreed upon is a clear disadvantage to the seller in a buyer's market.

For more helpful hints to prepare for selling your home sign up for my blogs. If you'd like a market value of your home, contact me . Also, keep in mind that when choosing a Realtor®, review their marketing plans to see how

they plan to get qualified buyers into your home. In short, that's what you're paying a Realtor® to do for you. When you're ready to take that first step, let's talk. Call me at (908) 537-6596. I look forward to hearing from you.

How's the Clinton Township Market?

For the month of December, 2010, we had a total of nine (9) homes placed under contract, which leaves us with a total of eighty (80) homes for sale. or, to put it another way, with almost nine (9) months of inventory. What does that mean? Well, with 80 homes currently on the market; and, homes selling (in December) at a pace of 9 per month ( 80 divided by 9 = 8.89), it would take (almost) 9 months to clear our current inventory. In other words we have a "buyer's market". Specifically a "buyer's market" is when we have 5 months (or more) of inventory. Alternatively, when we have 4 months or less of inventory, we have a "seller's market". A seller's market occurs when our inventory (number of homes for sale) is not keeping up with the number of contracts per month. Remember those days?

As the weather warms, we will see if these unsold homes come back on the market to try again, or remain off the market because "their price" is not yet what buyers are willing to pay. We know that if these homes remain off the market and our inventory declines, our market will improve.

The chart above also tells us that throughout 2010, the number of newly listed homes per month was greater than the number of contracted homes per month. This may indicate that our current declining inventory (total number of homes for sale) is not because the homes were sold, but because the sellers have either given up or waiting until spring to relist their home.

The four Challenges in our Clinton Township Real Estate Market .

• Today's buyers are downsizing, and first-time homebuyers have lower budgets. Many Move-up buyers are unable to do so because they are upside-down on their mortgage. They would like to purchase a larger home, but cannot until the value of their current home increases. At the sales pace of today's market, this may take another ten (10) years.

• To put some perspective on our job market, in 2010 New Jersey has lost an average of 3,900 jobs per month. In Hunterdon County the news is better, but still higher than in past years. Until we begin to attract high paying jobs in both the county and state, our higher priced homes will continue to lag in sales. This has also contributed to the McMansions slump in sales. In Hunterdon County, we are hopeful that this market might improve somewhat in the months and years ahead with the news that Merck will be consolidating its New Jersey offices to its Whitehouse Station headquarters. Although Merck will not be paying for relocation costs due to the proximity of the relocation, and because most of these employees will be commuting in the opposite direction of heavy traffic patterns, we cannot assume that this impact will be substantially changing the Clinton Township Real Estate Market in the near future

• With an emphasis on reducing our national debt, it appears unlikely that a 2011 tax credit for home purchases will be reinstated. However, if you notice the jump in the number of contracts in homes for sale in Clinton Township, NJ in April, 2010 (when the last tax credit expired) it showed a noticeable spike to the year's high of 64 homes under contract.

• Although Hunterdon County New Jersey foreclosure rates are relatively low, we are seeing a shadow inventory building, which may impact home sale prices in 2011 and beyond.

The average list prices of Home Contracts in Clinton Township in 2010 was $418,428, as compared with the 2009 average price of $429,576 is a decrease of 3%. Additionally, in 2009, a total of 21 Clinton Township homes sold above $600,000; and, in 2010 a total of 17 had a sale price above $600,000. Which may be a confirmation that McMansions are falling out of favor with buyers. Additionally, the current data shows that now two (2) out of three (3) households in New Jersey have no children and do not want to pay for property taxes to support school systems they do not use, which may be why townhomes and condos are selling at a high pace.

What can you expect if you need to sell your Clinton Township Home in 2011?

First, don't put it off. Indications are interest rates are on the rise. Higher interest rates will reduce the number of buyers in the marketplace. Secondly, we anticipate a decline in home prices in 2011. The longer your home is on the market the more likely the price will decline. Third, you'll need patience. With 80 homes for sale in Clinton Township in December, 2010 and expected to increase as we approach the spring market, and a total of nine (9) contracts in December, 2010, we currently have one (1) buyer for every nine (9) sellers. The average days on the market is currently one hundred and three (103) days. This does not reflect any prior times (and days) the home may have been listed without selling.

What do you do if you need to sell? Assess your situation carefully and honestly. If you need to sell your home, don't put it off! In this market, you'll also need a Realtor® who will be as serious as you are about selling your home. The Realtor® you choose should evaluate your home in detail and present a convincing Market Analysis that shows exactly where your home should be priced. If you are not convinced get a second, or third opinion, but keep in mind, the definition of "the market" is what a buyer is willing to pay, and not what you may hope to get from the sale. Sometimes that's a tough pill to swallow, but your Realtor® should provide you with convincing evidence that her figures are correct. My customized Market Analysis is over 50 pages of concise and customized information with detailed assessments of your individual home. An educated seller will make better decision and get better results. It's also very important to keep in mind the reason you hire a Realtor® (i.e. what you are paying a Realtor® to do for you). Do not make the mistake of choosing a Realtor® because they've given you a higher market value of your home than other Realtors®. That's an old trick that inexperienced Realtors® use to get your business. Then, once your home is on the market, they'll tell you why you need to continually reduce the price. You are paying a Realtor® to market your home in order to bring the most buyers through the door. Once the buyers have viewed your home, their feedback will tell you what you need to know. So when choosing a Realtor®, review their marketing plans to see how they plan to get qualified buyers into your home. In short, that's exactly what you're paying a Realtor® to do for you. When you're ready to take that first step, let's talk. Call me at (908) 537-6596. I look forward to hearing from you.

Bridgewater Township , Somerset County , New Jersey has shown glimmers of hope as the market is inching upwards albeit at a snail's pace. And because real estate has always been cyclical, these new numbers may indicate a faint light at the end of our long tunnel.

In December, 2010, Bridgewater NJ had a total of twenty four (24) homes that were placed Under Contract, which is a slight increase to the twenty three (23) Bridgewater NJ homes placed Under Contract in December, 2009. Our total inventory of homes for sale in Bridgewater, NJ, increased by thirty five (35) newly listed homes for sale, and therein lies our biggest problem: The number of homes for sale in Bridgewater NJ continues to increase at a higher pace than the number of homes placed Under Contract. Currently, Bridgewater NJ has a total of two hundred (200) homes for sale, as compared to 196 homes for sale in Bridgewater NJ at the same time in 2009. Until the pace of our homes Under Contract increases, we will continue to see falling prices due to supply and demand. In other words, with 200 homes for sale and 23 buyers (homes under contract) we currently have (almost) 9 sellers for every one buyer.

There are four primary reasons for the Bridgewater NJ increase in inventory:

1. We have fewer move-up buyers. Today's buyers are downsizing, and first-time homebuyers have lower budgets.

2. New Jersey continues to lose private sector (higher paying) jobs.

3. Tax Credits for home purchases have expired, and it is unlikely they will be reinstated.

4. Continuing foreclosures with a shadow inventory that is building.

Many Move-up buyers cannot move up because they are upside down on their mortgage, which prevents them from being able to purchase a larger home until the price of their home increases. At the sales pace of today's market, this may take another ten (10) years.

To put some perspective on our job market, in 2010 New Jersey has lost an average of 3,900 jobs per month. In Somerset County the news is better, but still higher than in past years. Until we begin to attract high paying jobs in both the county and state, our higher priced homes will continue to lag in sales. This has also contributed to the McMasions slump in sales.

With an emphasis on reducing our national debt, it appears unlikely that a 2011 tax credit for home purchases will be reinstated. However, if you notice the jump in the number of contracts in homes for sale in Bridgewater, NJ in April, 2010 (when the last tax credit expired) it showed a noticeable spike to the year's high of 64 homes under contract.

Although Somerset County New Jersey foreclosure rates are relatively low, we are seeing a shadow inventory building, which may impact home sale prices in 2011 and beyond.

There is several pieces of very good news in Bridgewater NJ home prices in December, 2010. Firstly, we had three homes with a list price of over one million dollars ($1M) Under Contract in Bridgewater NJ in December, 2010, which is a record for any month for 2010. These contracts raised the average list price considerably. Secondly, our average price of new listings of homes for sale in Bridgewater New Jersey is down, which may indicates that we will see an increase in home sales ahead (albeit at possibly the same lower prices) which will clear some of the existing inventory. The numbers also indicate that homes that closed title in December of 2010 in Bridgewater NJ had a lower sale price than in the previous seven (7) months.

What can you expect if you need to sell your Bridgewater NJ Home in 2011? First, don't put it off! Indications are interest rates are on the rise. Higher interest rates will reduce the number of buyers in the marketplace. Second, we anticipate a continuing decline in home prices in 2011. The longer your home is on the market, the more likely the price will decline. With two hundred (200) homes currently for sale in Bridgewater NJ, and a total of twenty six (26) homes Under Contract, we have one buyer for every eight (8) sellers. The average days on the market in Bridgewater NJ is up to ninety one (91) days. These numbers do not reflect any prior times (and days) the home may have been listed without selling.

What do you do if you need to sell your Bridgewater NJ home? Assess your situation carefully and honestly. If you need to sell your Bridgewater home, don't put it off! In this market, you'll need a Realtor® who will be as serious as you are about selling your home. The Realtor® you choose should evaluate your home in detail and present a convincing Market Analysis that shows exactly where your home should be priced in the market. If you are not convinced, get a second, or third opinion, but keep in mind, the definition of "the market" is what a buyer is willing to pay, and not what you may hope (or need) to get from the sale. Sometimes that's a tough pill to swallow, but your Realtor® should provide you with convincing evidence that her figures are correct. My customized Market Analysis is over 50 pages of concise and customized information with detailed assessments of your individual home. It's also very important to keep in mind the reason you hire a Realtor® (i.e. what you are paying a Realtor® to do for you). Do not make the mistake of choosing a Realtor® because they've given you a higher market value of your home than the others. That's an old trick that inexperienced Realtors® do to get your business. Then, once your home is on the market, they'll tell you why you need to continually reduce the price. You are paying a Realtor® to market your home in order to bring the most buyers through the door. Once the buyers have viewed your home, their feedback will tell you what you need to know. So when choosing a Realtor® compare their marketing plans to see how they plan to get qualified buyers into your home. In short, that's exactly what you're paying a Realtor® to do for you: Successfully market your home. When you're ready to take the first step, let's talk. Call me at (908) 537-6596. I look forward to hearing from you. In the meantime, visit my website and "LIKE" me on Facebook.

Raritan Township, Hunterdon County, NJ Real Estate continues to experience its own unique and challenging market. In December, 2010, a total of fifteen (15) homes were placed under contract, while twenty seven (27) homes were newly listed for sale in Raritan Township for a total of one hundred and seventy seven (177) homes for sale in Raritan Township. In other words at the end of 2010 Raritan Township had twelve (12) sellers for every one (1) buyer. In comparison, one year ago, in December, 2009, we had twelve (12) homes under contracted and a total of one hundred and fifty one (151) homes for sale. Although in 2010 the number of contracts have increase (which is good news), we have also increased our inventory (the number of homes for sale) by whooping fifteen percent (15%). This is because the pace of the market (i.e. homes for sale versus homes contracted) is not keeping up. As our inventory rises, our prices will decline.

Two primary reasons for Raritan Township's increased inventory are:

1. New Jersey continuing (higher paying) job losses.

2. Raritan Township's proximity to New York City, where the higher paying jobs in our area are now located.

To put some perspective on our job market, in 2010 New Jersey has lost an average of 3,900 jobs per month. In all of 2010, the job market in New Jersey \experienced a net loss of 33,000 jobs compared to an increase of 1.2 million jobs for the US overall. Focusing on the private sector, which excludes government jobs and had been showing a slightly positive trend in our state, December registered the largest job loss of the year indicating that private employers remain unconvinced about the timing of economic recovery. In Hunterdon County, we are hopeful that this market might improve somewhat in the months and years ahead with the news that Merck will be consolidating its New Jersey offices to its Whitehouse Station headquarters. Although Merck will not be paying for relocation cost due to the proximity of the relocation, and because most of these employees will be commuting in the opposite direction of heavy traffic patterns, we cannot assume that this impact will be substantially changing the Raritan Township Real Estate Market in the near future.

Because the majority of today's buyers are downsizing, the McMasions are out of favor. This might be slightly better news for overall home sale in Raritan Township because Raritan Township has a large inventory of lower priced homes and condos for the first-time homebuyer , which is the bulk of the current real estate market.

Additionally, labor productivity has increased in the past several years. Because we are working longer and harder, our time has become a very valuable commodity. Today's homebuyers are now seeking locations offering shorter commute, access to public transportation, and walkable communities . This, too, may be good news for Raritan Township, because nearby Flemington and Raritan Township offers close proximity to shopping. Although commutability to higher paying jobs is still a challenge, so if we need to sell our Raritan Township home, we have the challenge of finding a buyer from a (much) small pool of buyers. Considering the law of supply and demand, it is little wonder we are experiencing a larger inventory of homes for sale in Raritan Township and lower sale prices for the homes that do sell. For example, a total of (231) homes sold in Raritan Township in 2010 with an average sale price of $406,898. In 2009, Raritan Township sold a total of 291 with an average sale price of $402,820. We are down twenty one per cent (21%) in the number of homes sold year over year and our sale price has remained almost unchanged.

To put another perspective on the home sale prices in Raritan Township, the average asking price of home under contacts in 2010 was only $396,470, while in 2009 average list price of homes under contract was $413,731. An average of 45% of the home sales are condos and town houses. Additionally, in 2009 a total of 40 Raritan Township home sales were above $600,000; and, in 2010 a total of 37 had a sale price above $600,000. Which is showing us that the McMansions are falling out of favor with buyers. Additionally, the current data shows that now two (2) out of three (3) households in New Jersey have no children and do not want to pay for property taxes to support school systems they do not use, which may be why townhomes and condos are selling at a high pace in Raritan Township.

What can you expect if you need to sell your Raritan Township Home in 2011? First, don't put it off. Indications are interest rates are on the rise. Higher interest rates will reduce the number of buyers in the marketplace. Secondly, we anticipate a decline in home prices in 2011. The longer your home is on the market the more likely the price will decline. Second, you'll need patience. With 177 homes for sale in Raritan Township, and a total of fifteen (15) contract in December, 2010, we currently have one (1) buyer for every twelve (12) sellers. The average days on the market is currently one hundred and twenty four (124) days. This does not reflect any prior times (and days) the home may have been listed without selling.

What do you do if you need to sell? Assess your situation carefully and honestly. If you need to sell your home, don't put it off! In this challenging market, you'll also need a Realtor® who will be as serious as you are about selling your home. The Realtor® you choose should evaluate your home in detail and present a convincing Market Analysis that shows exactly where your home should be priced. If you are not convinced get a second, or third opinion, but keep in mind, the definition of "the market" is what a buyer is willing to pay, and not what you may hope to get from the sale. Sometimes that's a tough pill to swallow, but your Realtor® should provide you with convincing evidence that her figures are correct. My customized Market Analysis is over 50 pages of concise and customized information with detailed assessments of your individual home. It's also very important to keep in mind the reason you hire a Realtor® (i.e. what you are paying a Realtor® to do for you). Do not make the mistake of choosing a Realtor® because they've given you a higher market value of your home than other Realtors®. That's an old trick that inexperienced Realtors® use to get your business. Then, once your home is on the market, they'll tell you why you need to continually reduce the price. You are paying a Realtor® to market your home in order to bring the most buyers through the door. Once the buyers have viewed your home, their feedback will tell you what you need to know. So when choosing a Realtor® review their marketing plans to see how they plan to get qualified buyers into your home. In short, that's exactly what you're paying a Realtor® to do for you. When you're ready to take the first step, let's talk. Call me at (908) 537-6596. I look forward to hearing from you. Find me on Facebook.

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