Seller tips

Selling a home can be a daunting task. There are many steps involved to complete a transaction such as making sure a home is priced right, prepped for sale, and marketed to buyers properly. Some tips to consider:

• Be realistic. The average length of time it takes to find the perfect home varies depending on buyer expectations and local markets. Similarly, the average length that a home stays on the market can vary depending on location and other local market forces.

• Get your house ready for sale. To ready your home for sale, remove clutter, starting in the kitchen; make whatever fix-ups you can afford to, and depersonalize the house, putting photos and keepsakes away so buyers can visualize it as their own.

• Work with an expert. REALTORS® are professionals who can help guide property owners through pricing, marketing, financing, negotiating and closing on a home. Click here to find a REALTOR®. Find out why it pays to work with a REALTOR®. Download a free brochure in English and/or Spanish.

• Price your home properly. 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. Overpricing property is a common mistake that can turn off potential buyers immediately, make competing homes look like better values and have buyers make false perceptions about your willingness to work with them.

• Market your home effectively. 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.

• Facing foreclosure. If you are having trouble making your mortgage payments and are facing foreclosure, click here for more information and alternative options.

Additional Resources

Home Buying and Selling 101: Steps New Jersey Residents Should Take to Make Sound Real Estate Decisions

RISMEDIA, January 21, 2010-(MCT)-According to David Crowe, chief economist of the National Association of Home Builders, home builders, mired in their deepest slump since the Great Depression, are likely to see a rebound in sales in 2010 as stabilizing home prices and record-high affordability conditions draw buyers into the market.

"The stage is set for the consumer to return," said Crowe. "It won't be a strong recovery, but it will be a recovery." Crowe predicts that housing starts will rise more than 25% in 2010, to 700,000 units, from 550,000 in 2009. Low interest rates will continue to help the housing industry: Even though they are expected to rise, the 30-year mortgage-now just above 5%-will stay below 6% through the year, predicted Frank Nothaft, chief economist for mortgage agency Freddie Mac.

But Crowe and other economists speaking at the International Builders show, being held this week in Las Vegas, cautioned that there are plenty of reasons to be cautious about the home building outlook for 2010. Even home builders themselves are reluctant to embrace the positive predictions.

Any optimism on home building should be tempered on a number of counts, said Ed Sullivan, chief economist for the Portland Cement Association, whose members provide concrete used in residential and commercial projects. "I'm much more cautious as to the magnitude and timing of when that optimism comes," Sullivan said. "There are hurdles still facing this industry and the issues don't start to abate until the second half of this year." Single-family starts could rise 20% in 2010, but that is "from a desperately low level and pathetically mild in absolute numbers," he said.

Sullivan laid out six items that work against any big recovery in housing in 2010:

-A slow labor market recovery. "Much hinges on the labor market and when that turns," Sullivan said. But both the government's payroll survey and the household survey show continuing, if moderating, job losses. "Employment is the No. 1 reason caution persists," Crowe said. "We're not going to add jobs for at least several more months."

-Payback from the expiration of the home buyer tax credit. "The tax credit is pulling people forward who were in the market anyway. So the sales pace isn't quite as vibrant as suggested by the raw data. There could be a payback that materializes in July when the current version expires," Sullivan said.

-Rising foreclosures. Moratoriums on foreclosures and an unworkable backlog that paralyzed many lenders made it look as if the foreclosure situation was easing in the second half of 2009. Expect the pace to accelerate this year. "Serious-delinquency rates haven't peaked yet," said Nothaft. "That usually happens six to 12 months after the employment recovery begins."

-Price pressures. A rise in bank repossessions of homes will undoubtedly create additional pressure on home prices, Sullivan said. "Home prices have stabilized, but is that permanent?" asked David Berson, chief economist for PMI Group, a mortgage-insurance firm. "You'll see more price declines-part is seasonal because we always see declines in the winter, but we'll see more delinquencies and foreclosures," and that could add to inventory increases and price cuts. "It could be three years before we get back to the long-term trends of home price appreciation," Berson said.

-Tight lending standards. Mortgage lenders are unlikely to ease underwriting standards with the labor market soft and home prices unstable. That will crimp housing demand, Sullivan said.

-The potential for interest-rate increases. Lenders may demand a bigger risk premium for home loans in this environment and with the Fed about to wind down its purchases of mortgage-backed securities, there is a potential that interest rates will rise this year.

The good news? "Once we get out of this, there is going to be a lot of pent-up demand that is going to be released in 2011, 2012 and 2013," Sullivan said.

Though December 2009 was another slow month for housing, sales and traffic picked up immediately following Christmas and continue to show more strength into the New Year, according to John Burns Real Estate Consulting's January survey of home builders. "Traffic improvements are more about quality than about sheer numbers," said Jody Kahn, a vice president with the firm. "Still, this better end to the year buoyed builders' perspectives for the next six months."

Kahn said new home prices were mostly flat around the country, with four key regions-Southern California, Texas, Midwest and southern Florida-showing stable prices for the first time since the downturn began. That price stability, though, may have contributed to slowing sales in all but the southern Florida region.

According to the survey, many builders are starting the year with low inventories of homes for sale, following a strong fall for deliveries. But Kahn said a rise in inventory is expected through March as home builders anticipate a strong spring selling season, sparked in part by the April 30 deadline to qualify for the home buyer tax credit.

Lower prices make homes more affordable. The median price of a single family New Jersey home in the 3rd quarter of 2009 is 11 percent lower than in the 3rd quarter of 2008. The housing affordability index during the same time period increased by 22 percent. NAR's housing affordability index measures whether or not a typical family could qualify for a mortgage loan on a median-priced, existing single-family home. Increasing levels of affordability mean a home purchase is within reach for more New Jerseyans than the same time the year before.

Waiting for prices to drop could cost you.

 A buyer obtaining a 30-year mortgage of $300,000 today at a 5 percent interest rate will pay approximately $1,610 each month in principal and interest. If that same buyer waits until sale prices drop five percent, he/she runs the risk of interest rates going up. A 30-year mortgage of $285,000 at a 6 percent interest rate will cost the buyer $1,708 per month in principal and interest. Those few percentage points can equate to thousands of dollars over the course of a mortgage.

Subject: House for sale in New York


House
, located near the intersection of Ave T and Van Sicklen is
Brooklyn's smallest house.

Occupying what used to be a driveway, it's a one bedroom, one bathroom
home that sits on a parcel of land 7.25 feet wide and 113.67 feet long.
It's interior area is just under 300 square feet.

Here's the living room, looking towards the front of the house...

Here's the living room again, looking towards the back .

Here's the kitchen. Note that despite t
he small space,they've managed to fit a washer and dryer into the place.

Here's the bedroom. It comes with a Murphy bed, which is a necessity in
such a space. This is what itlooks like with the Murphy Bed down

And here the bedroom with the Murphy Bed retracted:

You also get some patio space out back.Here it is, looking towards the
front of the house:

And here's the patio looking towards the back:

Here are the home's 'Listed Features':
* Completely redone
top-to-bottom, front-to-back!
* Tumbled stone entrance walk
* Renovated Bath
* Renovated Kitchen with new stove, new cabinets and new stacked
washer/dryer
* Bedroom with Murphy Bed + 'Built-ins' ... (doubles as a den)!
* Walkout to fenced patio
* 100 Amp service
* 2 Satellite Dishes and Receiver
* Window Air Conditioner Available

THE PRICE ? ? ?

You get all this for...
.
.
.

.

ONLY $479,900.00!

Only in New York !

Saving for educational expenses in an economic downturn is a daunting task. It's scary enough to face a price tag of $80,000 to $200,000 for four years of college under any circumstances, but with the economy growing weaker and people losing jobs, it's terrifying for many families.

But there are strategies, experts said, that can help parents sock away money for education and obtain aid to help defray the costs.

For families still a few years away from the college years, for example, Somnath Basu, a financial planner and finance professor at California Lutheran University, encourages families to plan ahead in case they suffer a financial setback as college looms.

All families thinking about college should be saving more and spending less, Basu said. He suggests that parents tell high school students that education is a priority, and spending cuts must be made immediately to ensure that college is possible.

"This is not a time to run up clothing and cell phone bills," he said. "Families can eat meals together at home. College students can be told to eat the meals at the college cafeteria. There is no need for limos at the high school prom."

Whether for college or private elementary or high schools, experts recommend automatically putting aside a designated amount from each paycheck into savings, if possible.

But some families cannot afford to build up emergency savings and adequate retirement savings, plus stash money for education. So if there are compromises to be made in saving, they should focus on less college saving rather than less emergency or retirement savings.

Young families often set their priorities backward, wanting to make sure they do as much as possible to help children through college. But financial planner Sheryl Garrett of the Garrett Planning Network said that too many families crimp their retirement needs by overspending on college.

Parents should realize that college students can borrow money at low interest rates for college and pay it back during the 10 to 30 years after they complete their education. But parents cannot borrow money for food, medicine and a roof over their heads if they are 75 and without adequate retirement savings.

Given the uncertainties in the current economic climate, Garrett advocates that even college saving be done in a way that won't interfere with a family's options.

She suggests that parents save as much as $5,000 a year each in a Roth individual retirement account. With that type of IRA, parents could tap their original contributions in an emergency without penalty, or use it for college or retirement if no financial problems arise.

Putting money into a 529 college saving plan or Coverdell education account locks the family into spending the money only for education. If they withdraw the money for other purposes, they will be taxed.

Families already saving for college with 529 plans or other college savings do not have to close the accounts. They can route new savings into a Roth IRA, provided their income levels allow them to do so. Meanwhile, they should be reviewing any college investments now to make sure they are not invested too aggressively in stocks at a time when the market is shaky.

A rule of thumb is to invest no money in the stock market that will be needed within five years. So by time the student turns 17, it's considered risky to subject college money to the stock market.

A person wanting to make sure college money would be completely safe could open a Roth IRA at a bank and invest it all in certificates of deposit.

Many parents look at meager savings and worry how they will pay for school. But some middle- and low-income families should be less concerned than they are: Many will be eligible for financial aid.

Aid could include low-interest loans, campus jobs and scholarships that come in many shapes and sizes. Also available are grants-free money that does not have to be repaid. Qualifying is not contingent on grades or SAT or ACT scores. The grants are given to families by colleges based on the parents' and students' income, savings and other assets. At an Ivy League school, a family with an income of $180,000 might qualify, while at a public university incomes over $70,000 might not.

Many private high school or elementary schools also will grant scholarships to families in need or will allow people to defer payments.

Still, at both the college and private-school level, the economic downturn is eroding some opportunities for aid.

The plunging stock market has hurt college endowments and donations, making it more difficult for schools to deliver the aid they would have during better times. Consequently, families with students headed to college this fall need to apply quickly for aid so they are in front of the line.

"There is aid available, and people should go after it," said Kalman Chany, a New York financial aid consultant and author of "Paying for College Without Going Broke."

To apply for aid, families must complete a form known as the FAFSA and submit it to colleges along with their tax return. Private colleges might want another form, the Profile. College financial aid offices will tell you what they require.

Even people who qualify for grants usually must come up with additional money of their own for college. But combined with college savings, low-interest federal and state student loans, as well as work-study jobs on campus, frugal families can often make the situation work.

VA LOAN

Veterans Administration-backed mortgage. The VA, a federal agency, operates a loan guarantee program for honorably discharged veterans and widows of veterans who died of a service-related injury. Mortgages call for low or no down payment. Sometimes referred to as GI loan.

January 15, 2009

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.

NJAR^® is encouraging New Jersey residents to Get the REAL StorySM on real estate in New Jersey with a public education campaign that features an informational website and an advertising campaign that also features real stories from recent buyers and sellers. For more information on the campaign, or simply to Get the REAL StorySM on real estate in New Jersey, visit www.REALstoryNJ.com.

The New Jersey Association of REALTORS^®, with approximately 53,000 REALTOR^® and REALTOR-ASSOCIATE^® members, is one of the largest trade organizations in the state. NJAR^®'s membership is comprised of real estate professionals who subscribe to a strict code of ethics and are members of the national and local REALTOR^® organizations. As the leading advocate for the real estate industry and private property rights in New Jersey, NJAR^® is committed to protecting the dream of homeownership.

WARRANTY DEED

A deed in which the grantor guarantees that he or she is giving the grantee good title free of encumbrances. Considered to be the best deed a grantee can receive.

LOOKS LIKE A HOME OUT OF A MAGAZINE! EVERYTHING REDONE AND UPDATED! VACATION IN YOUR OWN BACKYARD. YARD IS LARGE, LANDSCAPED AND PRIVATE! FRONT OF HOME LANDSCAPED AS WELL! ALL APPLIANCES INCLUDED AND SS. HARDWOOD FLOORS THRU OUT! JUST UNPACK AND ENJOY YOUR NEW HOME! VISIT LisaAnnBell.com  ASKING 329k