South Jersey Real Estate Blog

Condo vs. Single Family

Did you know that condominiums are one of the fastest growing segments of the housing market? Owning a condo is perfect for those with busy lifestyles, little interest in home maintenance or landscaping chores or who frequently travel. Condos are a fine choice for a first home or when downsizing from a larger house.

Here are some pros and cons to consider:

Condo:

·        Fewer maintenance requirements.

·        Usually less expensive than a single family home.

·        You own the space inside the walls.

·        There can be more security with neighbors close by.

·        The exterior of the building, landscaping, surrounding roads and driveways, and common areas all owned by the condo association, a group made up of all unit owners.

·        Special assessments by the association for painting or repairs can be a substantial added expense.

Single family home:

·        Usually offers more storage space.

·        You own the interior as well as the exterior.

·        You are responsible for all maintenance, landscaping and repairs.

·        You usually don’t have to pay community dues or special assessments.

·        You have room to grow plants, flowers, trees, veggies, etc.

Think about how your household may change over the next few years. Will you still need a larger home or will you have enough space in a condo? Or would you be happier in a smaller house with room for a garden?

For more information about real estate options in our market, call or email us. We’d be happy to discuss your goals and options available to you.

      

The Battle Over Affordable Housing

Late last year Gov. Corzine signed an amendment to the Fair Housing Act which had some major impacts to local towns.  These changes ended RCAs (which let towns pay other towns to meet their requirements) and increased the amount of units needed to be built.  Five local towns have filed an appeal, this include Cherry Hill, Evesham, Medford, Mount Laurel and West Deptford.   

via the Courier Post:

"The three main complaints of the lawsuit, according to coordinator Michael F. Cerra, challenge COAH's methodology for producing the mandated numbers; its failure to account for state and local initiatives, like open space and local zoning; and its ignorance of the Fair Housing Act, which states affordable development should not burden taxpayers.

Medford, which is required to build 271 affordable units, was one of the first towns in the state to file a separate court appeal, according to its COAH attorney Ron Morgan. The township doesn't have the sewer capacity to hold that additional number of units and is challenging COAH's mapping, Morgan said. "The numbers are completely unrealistic," he said. "The vacant land maps COAH used are completely off the wall, with areas of Lenape High School marked as potentially developable."

At least 60 tri-county municipalities have not filed affordable housing development plans with the state, while 39 in the tri-county, including Cherry Hill, Evesham, Medford, Mt. Laurel and West Deptford, have joined in the League of Municipalities in appealing 24 of COAH's policies."

To learn more visit The New Jersey League of Municiplities website

Moving? Should you do it yourself?

photo credit: johnandketurah

 

If you’re thinking about moving, one of the decisions you’ll need to make is whether you want to pack and move your possessions yourself or hire professional movers to do it for you.

 

Start by asking yourself some important questions:

• Do you have friends who are willing and able to help you move?
• Do you have access to a vehicle that can accommodate furniture and bulky items?
• Do you have the time?
• Do you have the needed strength and stamina?

 

If you answered ‘no’ to any of these questions, you should probably consider hiring movers to do the job for you. If your answers are all ‘yes’ then moving yourself can be a cost-saving option.

 

Any friends you enlist should be strong enough to help with heavy loads like couches and beds while taking care with precious heirlooms and breakables. To avoid burning them out with multiple trips consider renting a truck large enough to handle everything in one trip.

 

Alternatively, you might want to hire help just to load and unload. Hired ‘muscle’ will carry the belongings you packed to the truck and then from the truck to your new house. All you have to do is pack, drive the truck, and unpack after everything has been put in your new home.  Keep in mind that with many moving companies, they must pack your belongings for you to keep the insurance valid. 

 

Questions?  Please call or send us an email for a list of movers or other moving resources.

Selling A Home In Today's Market

The following is a press release from the NJAR:

THE REALITIES OF SELLING A HOME IN TODAY'S MARKET

(Edison, NJ) Preparing a home for sale in today's market often requires more than just few cosmetic improvements - it requires keeping an open mind about what buyers are looking for, and staying up to date on the local housing market. Homeowners can change the way buyers view a property inside and out with some updated staging and marketing techniques, and should be open to their REALTORS^®' more realistic suggestions for pricing.

"Buyers are benefiting from being able to pick and choose from a wide variety of homes on the market. They are going to be more thorough with their searches and sellers should be prepared for that," said 2009 New Jersey Association of REALTORS^® (NJAR^®) President, Diane Dilzell. "In today's market, buyers can get a great house at a great price so it's important that sellers differentiate themselves from competing properties."

Setting a realistic price.

When it comes to selling a home, it's important to keep in mind that value depends on what the buyer is willing to pay for your property and many factors contribute to their perceptions. Prices depend on local characteristics such as job opportunities, housing supply, school systems and more. Sellers should stay realistic and set the price with a REALTOR^® who can help determine which factors are at work in a given marketplace. Also, the time the owner "must" sell or the amount of repairs the home needs can play a large role in setting a fair price.

"Sellers should be pricing to stay ahead of the market and can't afford to rely on what the home was valued at several months ago," added Dilzell.

"Our REALTOR^® had a full understanding of today's market and how people are shopping, and had sound reasoning for why the price we sold our home for would be beneficial, when I originally thought it was worth more. We had unbelievable traffic flow, several return viewings, and accepted a price we were comfortable with in 26 days," said Mary Lee Hesselgrave, who sold her home in Hardyston this summer.

Get creative when marketing your home.

The marketing of homes has shifted more towards new technology, rather than only putting an ad in the local newspaper. Sellers should be open to innovative and creative marketing techniques recommended by their REALTOR^®. By considering virtual home tours and concentrating on well-lit, high quality digital photos for website listings can give your home a chance to be noticed in front of the increasing majority of buyers who turn to Internet listings first. Ask your REALTOR^® about other ways to increase awareness about your home in places where buyers will notice.

Staging helps edge out competition.

Buyers seek the least expensive home in the best neighborhood they can afford. The goal in staging a home is to maximize space and provide a clean slate for prospective buyers to make the home their own. Cosmetic improvements such as paint, wallpaper, and landscaping, are good investments to make a home generally more appealing. Mechanical repairs done to ensure that all systems and appliances are in good working condition are required to get a top price. REALTORS^®, who see numerous homes, can provide suggestions that are consistent with local market trends. Simple tips such as storing away family photos or personalized decor, maximizing counter space and clearing items away from windows can be done in just a few days. Home staging professionals can even be enlisted to help get creative with renovations and changes.

"We took our personal items, put them in storage and completely staged the house," said Cindy Sauber, who sold her home in West Windsor. "If we were going to sell, we knew we had to follow certain rules," she said.

Stimulate buyer curiosity with curb appeal.

Putting work into the inside of a home is of no use if prospective buyers don't want to enter it. Curb appeal is the first chance to make a good impression. Curb appeal sells 49 percent of all houses, whether you have a townhouse, condo or detached home, according to the National Association of REALTORS^®. Replacing light fixtures, removing dead leaves and ensuring snow is shoveled neatly from walkways and driveways are easy tasks that help entice a buyer into the home during the winter months. If a seller is unsure of what buyers are looking for, asking friends and neighbors for a fresh perspective can help them evaluate what looks old or run-down. Owners can get a "big picture" view by taking a photo from across the street.

Burlington County Real Estate Year End Market Report

2008 has finally come to end and for many it was a bumpy ride.  With the volatility in the stock market and changing mortgage landscape, many home buyers and sellers struggled to keep up with the housing market.  Despite what you hear in the media on a national level, locally we have maintained a relatively stable market.

Here are some 2008 market statistics for Burlington County so you can see for yourself:

  

The median price in Burlington County for the month of December is flat when compared to 2007.  You see seasonal adjustments but for the most part, the median price has hovered in the $230k ballpark.  Yes, these numbers are down compared to the past few years, but many would be glad to see that we've stabilized.  

  

I believe the same can be said for the amount of homes that have sold.  As you can see from the trend line, home sales have remained flat once you take into account seasonal changes.  I see this as a welcome sign as many areas around the nation are still seeing downward declines.  

Some other stats to consider:
Average Days on Market has remained stable at just over 3 months.  What this means is that for homes that are priced correctly, they sell in about 3 months.  
The amount of homes that are for sale at year end dropped to just over 4,400.  This may seem like a lot, but consider that during the summer, this number was up over 5,400.  So supply has dropped down which points to another positive sign going forward.  

All in all, based on 2008 performance in Burlington County, we can only hope that the toughest times are behind us.  One would hope that we continue to see stable performance with an upswing as time moves on.  If you have questions about buying or selling in today's market, don't hesitate to contact us.  We'd be happy to discuss your situation and how to achieve your goals in our current climate.      

      

Data deemed reliable but not guaranteed.  Information from Prudential Fox & Roach AgentMetrics from 1/13/09