Category Archives: business
November 16, 2011 Can’t sell your home, how about renting it!
Want to buy your next home but don’t know if you can sell or get enough for your present place? It is a bit of a conundrum. Interest rates are overall probably the best we will see for a very long time, there is an abundance of inventory and prices are quite favorable. How about renting your existing home until the market recovers?
The downside of renting is if there are problem tenants. Typical problems range from nonpayment of rent to noise nuisance issues and complaints from neighbors. This is not a typical experience but you may still get the occasional phone call at 2:00am that there is a water leak that needs attention now.
The upside is that your home is occupied and you have income coming in. The investment property can be a tax advantage (speak to tax professional to see how your individual situation would or could be impacted) and your mortgage is being paid down by income from your tenant.
When contemplating renting a home, be cognizant of the age of the home, possible repairs needed and systems that might need extra care. Homes needing higher maintainance may not be as suitable for renting. A condominium is typically a property that is quite suitable. Condominiums usually have a strong demand and in many areas there is less supply which means days on the market is usually low.
Depending on your personal requirements, renting that home and buying your next may be a great way to move up in these turbulent real estate markets and take advantage of the buyer’s market and be in a position of strength. Don’t discount the advantage of renting your existing home. It may work out quite well in the long-term.
Have a question about real estate, e-mail me at s.carter@c21carter.com.
About the author: The above real estate information on “Can’t sell your home, how about renting it!” was provided by Scott Carter. Scott can be reached via e-mail at s.carter@c21carter.com or by phone at 1-877-221-8787. Website: www.century21carter.com
Thinking of buying or selling a home? We are a full service real estate agency. Call me for a consultation about your market area and home values.
I service the following counties in New Jersey: Somerset, Mercer, Middlesex and Hunterdon.
Tags: homes for sale in montgomery nj, homes for sale in princeton nj, http://wordpress.com/tag/real-estate/, what realtors do, why use a realtor
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November 15, 2011 Your neighbor really does not know how to sell your home!
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It’s just such a simple, small little comment, that can cause hours of needless work and grief. It goes like this, “I know why your home hasn’t 
sold” says the neighbor down the street. Since we all live in homes, we all think we know how to sell a house. Believe me, most people have no idea what the typical home buyer wants or how best to market your home. Having a neophyte come over and explain in a short one sentence explanation how she (the neighbor’s cure-all) will fix the problem and all will be fine tomorrow. Your home will now sell and everything will be just dandy. The problem with this, is that what the neighbor is saying is “don’t sell your home at that price, it will bring down my value. There has to be another problem”.
The best way to sell your home today is simply to listen to what the market is saying, not your friend at work, neighbor around the corner, mom & dad or the news media. It’s the market! The information to be gleaned from the feedback your Realtor provides, the number of showings or lack thereof, the sales that are taking place (how long on the market and how do they compare), the interest in your home and a true OBJECTIVE assessment of what is happening in your local market. This is the ony thing you should listen to.
If your Realtor has done his/her job, your home is on the most appropriate MLS (multiple listing service), has many photos, hopefully a virtual tour and floor plan and they have placed your home on multiple web sites. After that, your Realtor and you need to go over the market data and listen to what the market is telling you.
After a certain amount of time on the market, it is natural to blame other people and forces outside your control. It is not easy to objectively internalize that the traffic street behind your property is hurting your value a lot more than you thought it would have. Especially when you bought the property at the height of the market and there were multiple offers.
There is one axiom when selling real estate. That is the market is almost always correct. You as the home seller might get lucky and stumble into a less astute buyer or someone who just fell in love with your home and has to have it. This just is not the norm.
You will sell your home, just listen and be guided by facts, not emotions!
Have a question about real estate, e-mail me at s.carter@c21carter.com.
About the author: The above real estate information on “Your neighbor really does not know how to sell your home!” was provided by Scott Carter. Scott can be reached via e-mail at s.carter@c21carter.com or by phone at 1-877-221-8787. Website: www.century21carter.com
Thinking of buying or selling a home? We are a full service real estate agency. Call me for a consultation about your market area and home values.
I service the following counties in New Jersey: Somerset, Mercer, Middlesex and Hunterdon.
Tags: homes for sale in montgomery nj, http://wordpress.com/tag/real-estate/, Real estate broker/agent, what realtors do, why use a realtor
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November 13, 2011 In NJ, real estate agents must finally take continuing education!
It has been a long time coming but continuing education for real estate agents is finally mandatory. In my opinion, this has been long overdue. 
Image by John Hall & Associates via Flickr
For a profession to not have mandatory educational requirements for its licensed members is simply not excusable. Education is a lifetime journey. Education does not stop when we leave school. We can never stop learning since information, laws and technology are constantly changing. It is incumbent upon us as professional to keep abreast of these changes and to constantly learn.
In this present day economy, how many changes have we seen in the real estate industry over the past 5 years? From short sales to drastic changes in mortgage programs to the changing demands of both buyers and sellers, the real estate world has been upended and is very different. We need education on a continuing basis to fill those voids in our knowledge.
Lets face it, we as human race will put things off if given the opportunity. By requiring that all real estate agents have continuing education, we will be better Realtors, our clients will get better service and our profession will be looked upon more favorably. I read within the last year that some poll ranked real estate agents down towards the bottom in ethics and professionalism. We need stricter controls and guidelines when dealing with the public and their housing needs. Education is just another step in the right direction.
I enjoy the classroom environment, the angst before a test and the lifelong journey of learning. The learning that is hard, comes from a lack of knowledge. We all have made mistakes simply because we did not know. A continual journey of education helps to mitigate those types of mistakes and makes us all better at our profession.
I am all in favor on New Jersey’s decision to make continuing education mandatory. Let us keep learning so we become more professional and better serve our community and clients.
Have a question about real estate, e-mail me at s.carter@c21carter.com.
About the author: The above real estate information on “In NJ, real estate agents must finally take continuing education!” was provided by Scott Carter. Scott can be reached via e-mail at s.carter@c21carter.com or by phone at 1-877-221-8787. Website: www.century21carter.com
Thinking of buying or selling a home? We are a full service real estate agency. Call me for a consultation about your market area and home values.
I service the following counties in New Jersey: Somerset, Mercer, Middlesex and Hunterdon.
Tags: http://wordpress.com/tag/real-estate/, National Association of Realtors, Real estate broker/agent, what realtors do, why use a realtor
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November 11, 2011 What do home buyer’s want?
The simple answer, EVERYTHING. Today a home buyer wants the largest house, in the best condition, with an in ground pool, jacuzzi,
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heated
garage, full finished basement which must have a home theater, 3-5 car garage, brick paver driveway (sans weeds), walk up finished attic, radiant heat in at least the bathrooms, marble in all the right places but must match their own personal decor style, hardwood floors preferably brazilian cherry, 2 built-in drawer dishwashers and a new septic system. Also, the home must back to a golf course and have a spectacular water view. What is the typical buyer willing to pay for such a home. NOTHING! They want it for free and they also want a credit at closing for some spider webs they saw in the garage (the credit for the spider web is a true story, I kid you not).
Although that explanation was mostly hyperbole, what do today’s home purchasers really want? A typical buyer today want the best home they can buy for the money they have. What does this mean? Within their price range, a typical buyer will spend months looking on-line and in person. They will choose the home that is in the best location and condition at the best price. It is that simple. The home that is perceived in the market as the best home in comparison to the competition will win the buyer’s money.
As a home seller, what should one do? It is imperative to be the best priced home relative to your competition. As and example: Your home is in a subdivision and there are three other homes similar for sale about the same size and having similar amenities. Your home has slightly more in upgrades and built-ins. Your price should be slightly below your competition. I know, your home is better, why can’t I price it slightly higher? Because your home will not sell. You must not only be competitive but also be the clear winner. Your home should stick out and say “this is a great deal, hurry before it goes”. It’s that simple!
Today a typical home buyer expects to be in their home a long time. Most home buyers expect that the market still has more of a down side. With this in mind, why would a typical home buyer purchase anything but absolutely the best home in location, condition and price. As a home seller you are competing with a lot of inventory and few buyers.
It is possible to sell your home in today’s real estate market. Be realistic, be very realistic and truly look at your home without blinders. Good luck and be strong. Let the Real Estate Force be with you.
Have a question about real estate, e-mail me at s.carter@c21carter.com.
About the author: The above real estate information on “What do home buyer’s want?” was provided by Scott Carter. Scott can be reached via e-mail at s.carter@c21carter.com or by phone at 1-877-221-8787. Website: www.century21carter.com
Thinking of buying or selling a home? We are a full service real estate agency. Call me for a consultation about your market area and home values.
I service the following counties in New Jersey: Somerset, Mercer, Middlesex and Hunterdon.
Tags: homes for sale in hiilsborough nj, homes for sale in montgomery nj, homes for sale in princeton nj, http://wordpress.com/tag/real-estate/, what realtors do, why use a realtor
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November 10, 2011 Fire Extinguishers in your home, three different views.
Whenever a sale of a home takes place in NJ, it is now required that an fire extinguisher be attached and in the home for inspection by the 
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local fire safety department. I thought this was overall a good idea. There appears to be three different views on the subject.
From a Realtor perspective I felt that this new law was on face value a good one. The one thing that I did not like is that the fire extinguishers can typically be placed anywhere in the kitchen within a certain distance from the stove. Usually 5-10 feet depending on the town. When the red extinguisher is placed on the wall, it is not the most attractive addition to a kitchen. It does look out of place next to a bright and shiny Kitchenmaid Mixer, Cuisinart Food Processor and other arty knickknacks. If the fire extinguisher is placed in the cabinet it does solve the eyesore problem.
From a homeowner point of view, I think it would be a good idea for a fire extinguisher to be close by. Since this law was enacted, I specifically went out and purchased an extinguisher for my kitchen. My thought is, in case of an emergency, it might literally save my bacon.
Now, and probably the most important is the view of the local fire inspectors. I have heard this now multiple times from different fire inspectors. When there is a fire, the first thing anybody should do is call emergency and GET OUT OF THE HOME. This does not include trying to fight the fire and then get out of the home. The problem that has ensued is that people have been hurt trying to fight a fire or they have caused more damage by trying to fight a fire, then calling the fire department. By the time the fire department arrives there is substantially more damage than would have been their if the owners had called first. Their are many fire inspectors and fighters that believe this law may be flawed and could cause more harm than good.
From a homeowner and a male perspective, what would I do? My first reaction would be to reach for the fire extinguisher and try to put the fire out myself. I have visions of the fire department coming into the home and leaving me with a soggy, water filled, blackened mess of a structure. Something I could no longer call home. But now I wonder if it might be best to just call and get out. Save family and pets first. The house can be rebuilt into a home.
Something for us as homeowners to keep in mind and maybe something our lawmakers may want to ponder. Is this law doing what it was designed for, protecting lives?
Have a question about real estate, e-mail me at s.carter@c21carter.com.
About the author: The above real estate information on “Fire Extinguishers in your home, three different views” was provided by Scott Carter. Scott can be reached via e-mail at s.carter@c21carter.com or by phone at 1-877-221-8787. Website: www.century21carter.com
Thinking of buying or selling a home? We are a full service real estate agency. Call me for a consultation about your market area and home values.
I service the following counties in New Jersey: Somerset, Mercer, Middlesex and Hunterdon.
Tags: homes for sale in hillsborough nj, homes for sale in montgomery nj, homes for sale in princeton nj, http://wordpress.com/tag/real-estate/, what realtors do, why use a realtor
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November 9, 2011 The passing of a legend…
I know this has nothing to do with real estate but humor me for today. 
I clearly remember being about 12 years old, curling up late at night (not listening to my parents), listening to the radio. What was on? The pugilistic battle being fought halfway around the globe between Ali and Frazier. This was years before HBO even thought of having pay per view fights televised. This was the time when you listened to the fights as they were happening and then waited months to see them on TV.
Most of my memories surround Muhammad Ali. He cast such a larger than life shadow over Frazier. Ali was eloquent, good-looking, statuesque, grandiose, a true showman who brought life and class to a rather barbaric sport. Everything Ali did eclipsed Joe Frazier. Everything except were it counted most. In that hallowed ground of the boxing ring. Joe Frazier was an equal of gargantuan proportion. Remember these were heavyweights fighting 15 rounds. These men were our present day gladiators.
I remember listening to the fights late at night and thinking how could Smoking Joe possibly win. Ali had certainly convinced me. The three fights were epic battles. They were biblical in nature. I don’t think this is hyperbole. The discussions and arguments my friends and I had months before the fights only helped to build the excitement and anticipation. Those same arguments continued long after the fight. Usually surrounding who got robbed by the REF!
Mostly what I remember was how Smoking Joe and Ali had such different styles and were at the same time so evenly matched. I truly believe that if the three Ali-Frazier fights had not taken place, the legendary Rocky movies would not have been. They were playbooks taken pretty much from those fights. Either fighter could almost have written those movies and called them biographies.
Smoking Joe, you gave me a will and want to do battle and continue to get up after getting knocked down. You
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were one of the GREATS. I also believe you did it for the pure joy of the fight and they were beautiful to watch. Those fights were a ballet, a Beethoven concert, a pugilistic masterpiece. I don’t think they can be replicated or surpassed. Well done Smoking Joe!
Have a question about real estate, e-mail me at s.carter@c21carter.com.
About the author: The above real estate information on “The passing of a legend…” was provided by Scott Carter. Scott can be reached via e-mail at s.carter@c21carter.com or by phone at 1-877-221-8787. Website: www.century21carter.com
Thinking of buying or selling a home? We are a full service real estate agency. Call me for a consultation about your market area and home values.
I service the following counties in New Jersey: Somerset, Mercer, Middlesex and Hunterdon.
Tags: Ali, Joe Frazier, Muhammad Ali
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November 8, 2011 A tale of two homes!
It was the best of times, it was the worst. There are two homes, side by side, both very similar and beautiful. Both offering similar amenities, size, 
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baths and features. Both these homes are on the market for sale. Both went on about the same time and about the same price. Maybe this tale started out as a Dickens short story but it may end as the McCoys vs. the Hatfields.
Both homes were listed by different Realtors. It started off oh, so well. Both home sellers and Realtors were talking to each other, updating on showings, when open houses were going to be and overall a pleasant environment was had by all. That was to change soon. As the months ticked by so did the patience of the parties involved. One price reduction begat a larger price cut by the neighbor. Soon communication had some to a stand still. What happened to “oh we are having an open house on Sunday, why don’t you join us?” This ended with one neighbor seeing the signs an hour before the next open house. Price reductions are still going on. One upmanship is still the prevailing winds in the present real estates sails.
What went wrong? Original listing price, that’s what went wrong. Both homes were listed above present market value in a declining market. This is the kiss of real estate death. Both homes were overpriced and now they are chasing the market down. The homes have gotten stale and both parties are frustrated and upset. Is it the Realtors fault? It just isn’t! The home sellers really thought they knew better and just wanted to “test” the market.
I was at the my doctor’s office several months ago for a simple problem. I have know this physician for about 20 years. He has become my friend. He said “you should take 2 of X and one of Y”. I said, “do I really need to, how about if I just do Z”. At this point I think the Doc was having a bad day. He said you can take or do whatever you want but if you want to get better you should do this based on my 35 years of experience as a doctor. I huge light went off in my noggin. I hear this on a daily basis. I immediately thanked him for his time and did exactly as he said. I was better in less than a week. What is to be learned? Listen to your Realtor! He or she know the market and is advising you on how to best get your home sold.
If you want to “test” something, go back to school. Maybe we should listen to the professionals we hire. We hire these people because we understand we have a problem and need them to guide us. Let’s listen and be guided in areas we don’t have years of experience.
Have a question about real estate, e-mail me at s.carter@c21carter.com.
About the author: The above real estate information on “A tale of two homes!” was provided by Scott Carter. Scott can be reached via e-mail at s.carter@c21carter.com or by phone at 1-877-221-8787. Website: www.century21carter.com
Thinking of buying or selling a home? We are a full service real estate agency. Call me for a consultation about your market area and home values.
I service the following counties in New Jersey: Somerset, Mercer, Middlesex and Hunterdon.
Tags: homes for sale in hillsborough nj, homes for sale in montgomery nj, homes for sale in princeton nj, http://wordpress.com/tag/real-estate/, what realtors do, why use a realtor
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November 7, 2011 You know what annoys me?
This is my tribute to Andy Rooney, my favorite curmudgeon and someone who I grew up watching on Sunday night TV. Andy always seemed slightly annoyed to be talking to us at all, kinda like we were an intrusion into his mind and spirit. Someone who had disdain for most and just wanted to be left alone. I am pretty sure he wouldn’t like what I had to say or have some terse and razor-sharp comment about my blog, but that is O.K., I liked Andy Rooney. Here it goes…
You know what annoys me? The lack of manners many people have today. When I am walking out a door of a public establishment, I always look back and hold the door for the next person. Man or women! How much effort does it take to just give me a simple acknowledgement and say “thank you”. Or better yet, how about when I am following somebody in and get the door slammed in my face. Even an “oh sorry”, or “I didn’t see you behind me” would suffice.
You know what annoys me? When I am purchasing something at a local business establishment and the clerk is trying to understand what you are saying while you are also carrying on a conversation on your phone. Put the phone down, say “hi” and place your order, pay for your order, move down the line and then you can resume your conversation. You are NOT to try gesturing what you want, while the clerk is trying to read lips as well as pantomime, watch and wait while you try a balancing act between your phone, wallet/purse, keys, gloves and still try to maintain an inane conversation, drop three things trying to pay and then look bewildered and confused about what to do next. Guess what, YOUR NOT THAT IMPORTANT! Put the phone down and do as above.
You know what annoys me? When I let somebody into traffic with a wave of the hand and I get no response. None, nada, nothing! I am being courteous and friendly all I want back is a simple wave. That’s all, nothing more, just a simple up and down of the arm and a slight articulation of the hand. I don’t think that is too much to ask. I have on occasion pulled up to said person, waved back like I saw their nod and was just simply returning the common courtesy. Do you think they understood the sarcastic wave on my part? Probably not, because they are simply inane, obtuse and wouldn’t understand sarcasm if it hid them pulling out of the drive.
I hope I have given a simple “thank you” to my TV friend Andy Rooney. He was an enjoyable personality and someone who I think we all related and agreed with on occasion. Many thanks to the 10 minutes I always looked forward to on Sunday night.
Have a question about real estate, e-mail me at s.carter@c21carter.com.
About the author: The above real estate information on “You know what annoy’s me…” was provided by Scott Carter. Scott can be reached via e-mail at s.carter@c21carter.com or by phone at 1-877-221-8787. Website: www.century21carter.com
Thinking of buying or selling a home? We are a full service real estate agency. Call me for a consultation about your market area and home values.
I service the following counties in New Jersey: Somerset, Mercer, Middlesex and Hunterdon.
Tags: Andy Rooney, homes for sale in montgomery nj, homes for sale in princeton nj, http://wordpress.com/tag/real-estate/, what realtors do, why use a realtor
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November 6, 2011 The lowdown on short sales, what is a short sale?
Image by Garreth Wicock via Flickr
A short sale is when the property owner is selling the property for less than what is owed to a bank or lending institution. This is done with the
bank’s approval. A short sale differs from a foreclosure. A foreclosed home is owned and being sold by the bank or lending institution that has taken the home in a foreclosure proceeding from the homeowner for non-payment of a debt.
The following are some pointers and pitfalls to consider when thinking about “short selling” your home:
1) To be considered for a short sale, your home’s value must be less than the outstanding mortgage(s).
2) The mortgage(s) are close to, or are in default.
3) You must prove a hardship, such as loss of job or income, medical emergency, bankruptcy and divorce. A hardship would not include, buying another home, unhappy with the one you bought or bad neighbors. This hardship will have to be submitted to the lending institution for approval.
4) Seller has no other assets. You will most likely have to submit tax returns and/or financial statements for review. If some assets are available, a short sale may still be approved but it might come with conditions such as repayment or discount of the shortfall.
5) Remember a short sale all depends on having a buyer. Without a buyer there can be no short sale.
6) There may be tax consequences. The shortfall may be considered taxable income. You must talk with a tax accountant and attorney to determine your possible obligations.
7) Typically your credit will be blemished. The short sale itself should not show up on your credit report but the loan status will. If you fell behind in payments this usually is reported to the credit agencies.
Overall short sales are a reasonable avenue for many people having the above criteria. The process is usually long (about 3-6 months) and can get frustrating. It is typically a better path to traverse than the foreclosure route.
Talk to a Realtor who has been designated in short sales, your tax accountant and attorney to see if this will work for you.
I am a Certified Distress Property Expert. Have a question please feel free to e-mail me at s.carter@c21carter.com.
About the author: The above real estate information on “The lowdown on short sales, what is a short sale?” was provided by Scott Carter. Scott can be reached via e-mail at s.carter@c21carter.com or by phone at 1-877-221-8787. Website: www.century21carter.com
Thinking of buying or selling a home? We are a full service real estate agency. Call me for a consultation about your market area and home values.
I service the following counties in New Jersey
Tags: Foreclosure, http://wordpress.com/tag/real-estate/, Real estate broker/agent, Short Sale, what realtors do, why use a realtor
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November 2, 2011 Online sites that provide home values, how useful are they?
I am a Realtor and often hear from both buyers and sellers, “I was online at http://www.________.com and the home value was ____. From that 
point forward I am typically explaining:
1) That site is an automated valuation model (AVM), which means it is done by a computer and depending on the algorithm used, it has varying degrees of reliability.
2) It is a site that sends the request to a Realtor (typically the Realtor has paid the company for these leads) which will then call you or send back the data with the hopes of being able to list your home.
I went online last night and checked several sites for the value of my home. The variance between companies was about $125,000. For the value of my home, this was a substantial difference.
I contend that these websites are a starting point. The web is a great place to begin your research and do some fact-finding.
If you are selling your home, the best way to get a realistic price range is to engage one or more Realtors. Ask specifically for competitive homes that are listed, under contract and have sold. The sold homes should have closed within the last 6 months.
If you are refinancing your home, the bank will send out a licensed appraiser. The only person who can complete an appraisal is a licensed appraiserl within the that state. Ask for an appraisal having an interior inspection. The appraiser is typically charged with providing market value by the lending institution.
If you are buying a home, again look to your Realtor to give the same information to you. The Realtor who represents your best interests should provide homes that are under contract and recently closed which will support your offer. During your mortgage approval process an appraisal will also be completed to provide an independent value conclusion.
A computer model can provide a realistic range if your home is in a subdivision having similar homes in size, style and amenities. Let’s assume that you have recently updated your kitchen and baths. It will be difficult for the computer model to take this into consideration.
For an accurate reflection of market value, nothing can beat an interior inspection by licensed Realtor or Appraiser. Start your search online but finish it with a qualified person. Also, don’t get shook if the site you are on provides you with a value that in your opinion is $150,000 less that what you thought. Check it out with a local professional.
Happy home values to us all and to all a good day!
Have a question about real estate, e-mail me at s.carter@c21carter.com.
About the author: The above real estate information on “On line sites that proved home values, how useful are they?” was provided by Scott Carter. Scott can be reached via e-mail at s.carter@c21carter.com or by phone at 1-877-221-8787. Website: www.century21carter.com
Thinking of buying or selling a home? We are a full service real estate agency. Call me for a consultation about your market area and home values.
I service the following counties in New Jersey
Tags: Appraiser, http://wordpress.com/tag/real-estate/, National Association of Realtors, Real estate appraisal, what realtors do, why use a realtor
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golden answer man 