Michael 's Blog

What is the life expectancy of your home’s components?

Michael Adams (CENTURY 21 Our Town Realty) — Sat, 23 Aug 2008 23:38:10 -0500

Take the quiz

Knowing the life expectancy of your home's components can help you to maintain and increase its value over time. Timely replacement of kitchen appliances, cabinets and counters not only increases efficiencies but can add intrinsic value. Do you know how long that gas range is supposed to last?

1. Which type of warm-air furnace has the longest life expectancy?

Electric __ Gas __ Oil __

2. Laminate flooring has a life expectancy of:

15-25 years __ 20-40 years __ Lifetime __

3. Heat/Smoke Detectors have a life expectancy of:

Less than 10 years __ More than 10 years __

4. Central Air Conditioning has a life expectancy of:

15-20 years __ 20-40 years __ 10-15 years __

5. Aluminum clad windows have a life expectancy of:

15-20 years __ 20-40 years __ 10-15 years __

For the answers to these questions and a complete study for the Life Expectancy of Home Components, produced by the National Association of Home Builders and Bank of America Home Equity, click HERE

Study shows first time buyers’ wants are in conflict

Michael Adams (CENTURY 21 Our Town Realty) — Thu, 21 Aug 2008 19:47:33 -0500

Buyers search for low price and move-in condition

Reported by MarketWatch today, first time home buyers still consider affordability as the top priority. However, 81% also regard the move in condition to be highly important. In short, they want it all.

It is believed this group's expectations stem from growing up in the lifestyle of their parents; with only 7% considering the option of purchasing a fixer-upper. The expectations may be too high for buying power of a first time buyer.

In not considering a home needing a little tender lovin' care (TLC), buyers could miss the chance to move into an area otherwise that would be out of reach. Buyers could gain greater room for price negotiation. And they might be able to finance the cost of the home and renovation costs over the life of the mortgage loan.

Other findings show that compared with ten years ago, first time buyers are looking for larger homes, proximity to the job is paramount, they see a home purchase as an investment and first time buyers look at five to ten homes before buying,

For the complete article, go to: MarketWatch.com

Note to Sellers: A higher commission works

Michael Adams (CENTURY 21 Our Town Realty) — Mon, 11 Aug 2008 19:32:53 -0500

An old reality in a buyers' market stands true

Building upon Zillow's report on home sellers in denial about current home values, I am finding some Franklin Township sellers are equally unrealistic of what it takes to aggressively market their home in today's tough environment.

On a recent listing presentation, I provided the customary Competitive Market Analysis (CMA) and my personalized and complete Marketing plan to sell a 3 bedroom ranch home. The homeowners seemed to be motivated, as they were unsuccessful in their attempt to sell on their own, without representation.

Among the things that I explained is the best way to have their home stand out from the crowd is to first price it right from the start. The CMA provided the suggested price range based upon recent sales and direct competition was also identified. Next, I explained that incentives will differentiate the property for potential buyers and their agents.

When it came to discussing the commission, which is negotiable here in New Jersey, there was resistance by the sellers to paying 6%, with the homeowner stating, why are all you real estate agents back to asking 6%?" I calmly responded, "I thought you told me that you wanted to sell your home." That was a couple of weeks ago, and the house is still not active in the local MLS, at this time.

A posting on The Real Estate Bloggers asks the question; Is the 6% Commission the Winning Formula...? Their conclusion, as well as mine, is a resounding yes. A full commission, "to get the word out as effectively and powerfully (to buyer agents) makes a great deal of sense." In fact, truly motivated sellers might consider paying 6.5-7% to generate increased showings and possibly a quicker sale.

Here is the math behind my reasoning. You are selling a $250,000 dollar home. The commission at 6 percent is $15,000. If you added a 1% bonus to the buyer's agent the commission would be $17,500, a difference of $2,500. It would also put you at the top of the chart on buyers commission paid in the local area and improve the odds that your house would be shown a great deal more than others in your price range.

If the house sells a month quicker you would be very close to breaking even at a 6.35% mortgage and with typical utility and tax costs added in.

July 2008 Residential Sales

Michael Adams (CENTURY 21 Our Town Realty) — Thu, 07 Aug 2008 20:16:46 -0500

Franklin Township Residential Sales

The month ended with 72 Franklin Township single family residences sold between July 1 - 31, 2008. Sale prices ranged between $140,000 and 759,900.

The month ended with 611 active listings on the market, including 130 new listings.

If you have a question about a specific property in town, or stats for surrounding areas, please don't hesitate to contact me.

Source: Garden State MLS, L.L.C. **Info. deemed RELIABLE but not GUARANTEED - ALL Room Sizes are Approx.**

Carriage Homes at Quailbrook- August, 2008 Report

Michael Adams (CENTURY 21 Our Town Realty) — Thu, 07 Aug 2008 20:11:08 -0500

What's happening in the marketplace, now - August 6

According to the Garden State MLS, currently there are four (4) homes actively listed for sale in this Franklin Township delevopment, at the time of posting. Of the four, one ranch is in attorney review, meaning an offer has been accepted.

There are no new listings since the last report to you on July 8th. Listing prices remain between $264,900 and $318,000. One 2-story, 3Bdrm/2.5Bth townhome shows a $7,300 price reduction from the old list price.

The following homes sold since my last report to you:

400 Glastonbury Ln - SP $240,000 LP $249,900 Ranch

345 Glastonbury Ln - SP $240,000 LP $265,900 Ranch

392 Glastonbury Ln - SP $305,000 LP $313,800 Ranch

296 Shilling Dr - SP $323,000 LP $322,500 2-Story 3Bdrm/2.5Bth

That's what is happening in the marketplace now, August 6th.

If you have specific questions about a Carriage Home proprerty or any local property, email me at: mjadams@century21.com or call (908) 583-0409.

Franklin Township "Best Place to Live"

Michael Adams (CENTURY 21 Our Town Realty) — Fri, 18 Jul 2008 00:23:13 -0500

CNN/Money ranks town #5 in the country

Franklin Township's location, availablity of nearby high tech jobs, open spaces, affordable home prices, historical significance and local schools accounts for the #5 spot of 100 Best Places to Live 2008.

It's high ranking comes to no surprise to me. You can read why I love living right here in Franklin Township in my reply to "Charmqueen's" question posted on Trulia Voices. Read more about Franklin Township here

Yeaaaaa Franklin!

Carriage Homes at Quailbrook

Michael Adams (CENTURY 21 Our Town Realty) — Fri, 11 Jul 2008 09:57:15 -0500

What's happening in the marketplace, now - July 8

The Carriage Homes townhome development offers larger rooms, fireplace, single car garage and patio.

According to the Garden State MLS, currently there are five (5) homes actively listed for sale in this Franklin Township delevopment, at the time of posting.

There is one (1) new listings; a two story, 3 bedroom-2.5 bath townhome ($304,800). Listing prices range between $264,900 and $318,000.

One (1) Carriage Home 2 bedroom 2 bath ranch, 334 Hazlitt, sold for $268,00 since the last report. Two (2) ranch style homes and two (2) 2-story townhomes remain under contract.

That's what is happening in the marketplace now, July 8.

If you have specific questions about a Carriage Home proprerty or any local property, email me at: mjadams@century21.com or call (908) 583-0409.

3 Bedroom 2.5 Bath new on the market. Backs to woods on Cul-De-Sac

334 Hazlitt, a one floor ranch - Sold $268,000

This Glastonbury Ln one floor ranch is under contract.

This Glastonbury Ln two story town home is under contract.

June 2008 Residential Sales

Michael Adams (CENTURY 21 Our Town Realty) — Sat, 05 Jul 2008 20:23:03 -0500

Franklin Township Residential Sales

From: Somerset 08873

The month ended with 64 Franklin Township single family residences sold between June 1 - 30, 2008. Sale prices ranged between $135,000 and 730,000.

The month ended with 604 active listings on the market, including 118 new listings.

If you have a question about a specific property in town, or stats for surrounding areas, please don't hesitate to contact me.

Source: Garden State MLS, L.L.C. **Info. deemed RELIABLE but not GUARANTEED - ALL Room Sizes are Approx.**

Jun. 20, 2008 - Carriage Homes at Quailbrook

Michael Adams (CENTURY 21 Our Town Realty) — Wed, 25 Jun 2008 21:49:21 -0500

What's happening in the marketplace, now

From: Somerset 08873

The Carriage Homes townhome development offers larger rooms, fireplace, single car garage and patio. According to the Garden State MLS, currently there are five (5) homes actively listed for sale in this Franklin Township delevopment, at the time of posting. Two are new listings: One is a 2 bedroom-2 bath one floor ranch ($264,900). The other is a two story, 3 bedroom-2.5 bath townhome ($318,000). Listing prices range between $264,900 and $323,000.

No Carriage Homes sales have closed since the last report. Since the last report, there have been two ranch style homes and one 2-story townhome to go under contract. That's what is happening in the marketplace, now.

If you have specific questions about a Carriage Home proprerty or any local property, email me at: mjadams@century21.com or call (908) 583-0409.

This Glastonbury Ln one floor ranch is under contract.

This Glastonbury Ln two story town home is under contract.

Community Photos

Carriage Homes at Quailbrook

Michael Adams (CENTURY 21 Our Town Realty) — Sun, 01 Jun 2008 20:09:29 -0500

What's happening in the marketplace, now

From Somerset 08873

The Carriage Homes townhome development offers larger rooms, fireplace, single car garage and patio. According to the Garden State MLS, currently there are five (5) homes for sale in this Franklin Township delevopment. Two are 2 bedroom-2 bath one floor ranches. The others are two story, 3 bedroom-2.5 bath townhomes. Listing prices range between $265,900 and $314,800.

Within the past 90-days there has been only one sale of a 3 bedroom- 2.5 bath home. A second 3-bedroom-2.5 bath home went under contract and a third, single floor ranch, is also currently under contract.

What is important to note is that all of these homes stand out from the average. Each one presents a perceived value compared to similar homes. Buyers for these three properties were found in 45 days or less! (See: Home buyers are looking)

This Hazlitt Way house sold for $335,000.

Upgrades included hardwood floors throughout, custom kitchen cabinets, new appliances, updated HVAC, granite counters, updated master bath and a brick patio.

This Hazlitt Way one floor ranch is under contract.

It is painted in soft tones and offers a large wooden deck/patio.

This Shilling Drive house is under contract.

It features new windows, fresh paint throughout in neutral colors, upgraded carpets, recessed lighting and backs to woods.

Checking homeowners insurance

Michael Adams (CENTURY 21 Our Town Realty) — Fri, 09 May 2008 12:11:21 -0500

From Somerset 08873

Fine tuning your coverage

Following a disaster, many homeowners are stunned to discover their insurance doesn't cover everything they lost - and sometimes doesn't cover any of their losses. We offer these tips to fine-tune your coverage. Do so before a disaster strikes, because many changes don't take effect until after a 30-day waiting period.

Standard homeowner policies do not cover flood damage from rising water, whether it's coastal flooding from a hurricane's wind-whipped storm surge or inland flooding from heavy rains. Check to see if you live in a flood-prone area. If so, ask your insurance agent about the need for flood insurance. Some homeowners may qualify for the National Flood Insurance Program, depending on their home's location.

Not all policies cover damage caused by wind or hail. If you wish to have that coverage, call your insurance agent.

If your home and possessions have increased in value or you've made improvements to your property in recent years, check your coverage limits. Consider increasing your coverage if the policy doesn't cover the current value of your home and its contents.

Standard policies usually limit payments on valuables such as jewelry, silverware, antiques, boats, guns, and computers.

If you live in a condominium, find out what coverage your condominium association provides. You may need your own homeowner's or renter's policy to cover any damage that may occur to your unit and its contents. Pay attention to your deductible or out-of-pocket expenses. Most policies have a higher deductible for hurricane damage.

Does your policy cover the replacement cost or depreciated value of your possessions? Most policies cover the "actual cash value," or depreciated value, of personal belongings, which means you won't get what you paid for your furniture, electronics and clothing if they're ruined. It costs more to insure them for their replacement value, but you'll have an easier time getting back on your feet.

Make an itemized inventory of your belongings, including costs, purchase dates and serial numbers. attach receipts to the inventory sheet. Your insurance company may require proof of the cost of any item for which you make a claim. Dated photos or videos of your possessions are also a good idea

Keep a copy of insurance records in a safe deposit box or with a relative or friend. These records should include your insurance policy, inventory records and the phone numbers for your agent or insurance company for reporting claims. Upon receiving an evacuation notice, you should take insurance records stored at home with you, or store duplicates in a safe deposit box.

Last but not least, you might want to check about an umbrella policy. What is umbrella insurance? Umbrella insurance is supplemental insurance that increases the limits of your liability for a given risk. Who needs umbrella insurance? Anyone whose total assets significantly exceed the limits of liability of existing base insurance policies. Premiums are generally reasonable for the coverage provided.

Remember, these tips are only general guidelines. Since each situation is different, contact a professional if you have questions about a specific issue. For your convenience, here is a list of home insurance companies in New Jersey.

Source: Housemaster.com

Home buyers are looking again

Michael Adams (CENTURY 21 Our Town Realty) — Mon, 21 Apr 2008 18:58:00 -0500

From Somerset 08873

But, it's value they are buying

Yesterday, I held a 3-hour open house at a 2 bedroom - 2 bath ranch style townhouse (MLS #) in the Quailbrook section of Franklin Township. During that time, on average, potential home buyers dropped in every 15-minutes to view the home. I can recall, in the not too distant past, holding advertised open houses and having no one respond. I felt like the Maytag repairman of those old TV commercials.

Here in Franklin Township, the real estate market for lower "price point" homes, including condominiums and townhomes, appears to be on the path of a rebound. This spectrum of the marketplace is attracting empty nesters looking to downsize as well as first time buyers. With our close proximity to Rutgers University, one potential buyer was considering a purchase to house his child, attending the school in the fall. In addition, the purchase was being seen as an investment and renting to a roommate was planned to offset the costs of ownership.

The local real estate market appears to be "normalizing" and buyers are showing interest again. It is clear....buyers are looking for perceived value, regardless of price. What this means to sellers is that not only must your home be priced well from day-one, it must stand out from the crowd.

"Standing out" can be achieved through improvements that you have made while living there including, but not limited to, an updated kitchen and/or bath, newer floor coverings/finishes, fresh paint, de-cluttering, staging and ultra-cleaning your home. Pricing the home to reflect the lack of improvement that today's buyers expect to find can also make the home "stand out". Find out what type of homeowner you are and get an idea of how much work it will be to prepare the house to appeal to potential buyers by taking a quiz by Royal LePage, a Canadian real estate company.

You can find more tips to prepare your home in the "Home Sellers" section of Somerset 08873.

Is it the time to buy now?

Michael Adams (CENTURY 21 Our Town Realty) — Thu, 10 Apr 2008 12:53:31 -0500

The answer could be...yes

From: Somerset 08873

Well, the super rich certainly think it's the time to buy real estate! The Wall Street Journal and Business Week magazine both published articles about business titans, foreigners and celebrities who are buying up luxury properties. Granted, financing might not be as crucial for them as it is for others.

So, what does this trend mean for mere mortal buyers cautious about making an offer on a home they really like today? The reality is that serious buyers might not want to wait. Inventories are high, giving a tremendous choice of homes. Local home prices have come down and mortgage rates are historically low.

What are the benefits of not delaying a planned home purchase?

The tax deductions you're eligible to take for mortgage interest, property taxes and Private Mortgage Insurance (PMI), for those who qualify, greatly increase the financial benefits of homeownership. You will reap these benefits sooner.
Buying sooner gets you away from paying rent and starting to build equity in your home over the long term. Although real estate moves in cycles, sometimes up, sometimes down, over the years, real estate has consistently appreciated.
Waiting could mean the home that you really want went to another buyer.
Waiting for lower home prices might not equate into the overall savings buyers might expect. Recently, Time magazine made the argument that home prices and mortgage rates do not necessarily sync.

The article explains the purchase of a $218,900 home today with an interest rate of 5.5% ends up with monthly payments less than a dollar apart when compared to purchasing the same home a year from now at $197,010, a decrease of 10% in price, but with an interest rate of 6.0%. The selling price savings evaporates with the increase in interest rates.

Century 21 is now on YouTube

Michael Adams (CENTURY 21 Our Town Realty) — Tue, 18 Mar 2008 00:05:37 -0500

And you could win $21,000

From: Somerset 08873

Last Friday, CENTURY 21 launched the housing industry's first branded channel on YouTube.com.

To engage both consumers and agents during the Channel launch, the CENTURY 21 System will also host the My CENTURY 21 Open Home Contest, a user-generated video contest where sellers can work with their CENTURY 21 agent to create an "open house" video for submission on www.youtube.com/century21. The videos should feature a 60-second clip of the seller and home, accompanied by a 15-second introduction or closing by the agent.

Contest entrants are encouraged to conduct an emotional walkthrough of the home, using humor and creativity to provide an entertaining tour of their homes. Participants should be mindful of appropriate language, dress and topics in order to qualify for the grand and runners-up prizes.

Through a popular vote on YouTube, the YouTube community will select the top 10 entries, and the grand prize winner will be selected by an executive committee within Century 21 Real Estate LLC. Voting is open now through May 9, 2008. The CENTURY 21 System will announce the winners via YouTube on May 13, 2008.

Contest winners will receive the following prizes:

•First prize-consumer winner will receive a $21,000 check and a high definition television; the accompanying agent will also receive a HDTV

•The second through tenth prize winners will receive a digital video camera (1GB)

In addition to the prizes listed above, consumers who log onto the branded CENTURY 21 YouTube Channel will have the opportunity to enter into a random drawing for a $25 gift certificate for music downloads.

You can view my YouTube page at: http://www.youtube.com/user/mjAdamsSellsHomes

Somerset 08873

Michael Adams (CENTURY 21 Our Town Realty) — Sat, 21 Apr 2007 13:15:20 -0500

Please visit Somerset 08873