Princeton Real Estate

Beatrice Bloom, Princeton Real Estate Agent

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WHEN TO CONSIDER A PRICE ADJUSTMENT

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Stacks of One Hundred Dollar Bills with Small House on Slight Gradation.

Princeton Town Topics – Let’s Talk Real Estate – October 10, 2018

WHEN TO CONSIDER A PRICE ADJUSTMENT

Your home has been on the market for 30 days and you have not received an offer.  It is time to analyze what the market is telling you. There are three key factors to consider: Showings, Feedback and Offers Received.

Have you had many showings? The first few weeks of a house being on the market should be a flurry of activity.

Take a good look at the feedback you are receiving. What is the opinion of price in comparison to other homes the buyer is looking at? Are there suggestions for cosmetic updates or concerns about the layout of the home?

Have you received any offers? Often times we think that an offer is to low and that very well may be the case.  However, an offer shows interest and can give you a good indication as to whether the house is priced according to the market comparables.

This is not an easy decision or one that should be taken lightly.  Take time to evaluate your situation with your Real Estate Agent.

 

REMODEL, MOVE OR TEAR TOWN?

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Princeton Town Topics – Let’s Talk Real Estate – October 3, 2018

REMODEL, MOVE OR TEAR TOWN?

Remodeling offers the benefit of sprucing up your home and putting the finishes in your home to your own taste and specification. You can do one room at a time and budgeting accordingly. Remember, it is important to consult the Township to see if permits are required to do the remodeling in your home as well as your real estate agent to make sure your investment will pay back.


Moving, requires a different type of effort.  There are two parts to this making this decision: 1) You will need to ready your home for sale;  2) You will be actively looking to find your new home and identifying the three L’s “Location, Location, Location.” Contact your real estate agent to figure out the value of your current home and what homes are available to purchase.


You love the three L’s of your current home. The town is where you want to be, the home is in the neighborhood you want to live in and the home is in that perfect spot within the neighborhood.  You decide to tear it down and build your dream home. If this is the route you are taking be sure to hire an architect and a licensed contractor to manage the process.

 

THE THREE “L’S” LOCATION, LOCATION, LOCATION… AND WHY THEY ARE SO IMPORTANT!

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Princeton Town Topics – Let’s Talk Real Estate – September 26, 2018

THE THREE “L’S” LOCATION, LOCATION, LOCATION… AND WHY THEY ARE SO IMPORTANT!

If you haven’t heard, Location is one of the most important things to consider when buying a home. The location will often be considered in the value of your home when you decide to sell so be sure to take these things into consideration.

Location – What town do you want to live in? Do you want an urban, suburban, or rural feel? It is a good idea to spend some time driving around the town you think you may want to make your home.

Location – Once you have identified the town you want to live in it is time to decide where in the town do you want to live? In Princeton for example, there are many distinct neighborhoods to chose from.

Location – You have picked a neighborhood.  Now it is time to figure out the location of the home.  It the home on a quite road or on a busy street? Is there public sewer and water or septic and well? Which direction does the house face? These are all factors to consider.

 

THE HOME APPRAISAL: WHAT YOU NEED TO KNOW

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Princeton Town Topics – Let’s Talk Real Estate – September 19, 2018

THE HOME APPRAISAL: WHAT YOU NEED TO KNOW

The home appraisal is done by a licensed and independent party to determine the fair market value of your home.  There are several components the Appraiser uses to determine value including:

  • Current market trends
  • Location and type of house
  • Recent sales of comparable homes in the area
  • Condition of the home
  • Improvements made

You may be asking, “How do I prepare for the Appraisers visit?”

It is a good idea to have home tidy.  Be sure that all equipment in the home is in working order.  Create a list of home improvements that you have done to your home.  The Appraiser may ask for dates and cost of improvements; be sure that information is included on the list. Most importantly, make sure your Realtor provides the Appraiser with the current comps.  Appraisals cost between $300-$500 and are typically paid for by the buyer.

 

ATTORNEY REVIEW

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Princeton Town Topics – Let’s Talk Real Estate – August 22, 2018

ATTORNEY REVIEW

Congratulations! You have a signed contract! Now What? It is time to hire an attorney.

In New Jersey there is a time called attorney review. You may ask, “What is attorney review and how long does it last?”

It is recommended that both parties have an attorney to protect and advise to the legality of the contract. The process typically takes three days. During the three days, the attorney will make changes to the contract. Most contracts contain a clause that allows for inspections to be made giving the seller the right to cure defective items that may be revealed. Another clause in the contract is the mortgage commitment date. This is an agreed upon date in which the financing must be secured by the buyer’s lender.

Once both parties agree to the terms of the contract, attorney review is concluded.

How much does an attorney cost? The fees range between $1200 and $1500. Go to BeatriceBloom.com and take a look at my recommended vendor list.

HOW ARE YOU BEING REPRESENTED BY YOUR REALTOR? UNDERSTANDING AGENCY RELATIONSHIPS

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Princeton Town Topics – Let’s Talk Real Estate – August 15, 2018

HOW ARE YOU BEING REPRESENTED BY YOUR REALTOR? UNDERSTANDING AGENCY RELATIONSHIPS

Realtors in New Jersey are required to disclose how they work with Buyers and Sellers.  There are four types of agency:

  1. A Seller’s Agent lists the Seller’s home and is representing the Seller. Any information that a Buyer gives the Seller’s agent will be provided to the Seller.
  2. A Buyer’s Agent represents the Buyer. Any information that the Sellers provide the agent will be given to the Buyer.
  3. Disclosed Dual Agency is when the Realtor’s Agency represents both the Buyer and the Seller. The Realtor is not permitted to disclose whether the Seller is willing to accept an offer lower than the list price.  In regard to the Buyer, the Realtor is not permitted to disclose that the Buyer is willing to pay more than the list price.
  4. A transaction broker does not represent either the Seller or the Buyer and all information provided by the Seller and Buyer can be provided to either party.

Next time you meet a Realtor, at an open house or otherwise, ask them how you are being represented.

 

 

Beatrice Bloom