Answers For Owners Blog

Gregg Swann at BloodhoundBlog posed an interesting question a few days back - What Can Sellers Do Differently To Get Their Houses Sold?

In his post Greg uses a hypothetical situation, although in much of the nation I have to believe the suggested scenario is true, where there are three houses on the same street that are for sale. Each of these houses comp to one another (same sq ft, bed/bath construction) and they are all priced within $1000 of each other.

Now for the kicker - NONE OF THE HOMES ARE SELLING The first house is in the best shape, has the most curb appeal and is clearly the first choice if a buyer was going to pick one of these three. The second house needs some updating in its paint but is a solid value for the price. The third is a rental that has not been updated in years and has been vacant for months. The last tenants had to be evicted and damaged the interior.

Clearly, even the best of the three is overpriced for this market. How can we tell? Because it isn’t selling, even though it’s the pick of the litter.

What does that say about house number two? And what conclusion might the seller of dowdy, run-down house number three draw, if he were of a mind to draw conclusions?

Here’s a better question: What might the seller of house number three do differently, if he actually wants his house sold?

Drop the price and unload the problem. Homes are selling in this market. In August 2007 there were 490 Monmouth County homes that sold. As a seller if you want to be included in that number of monthly sold homes, you need to start to think about being flexible in either your price or your terms.

If you have the ability to be flexible and want to sell your property, contact us today.

Tags : "sell today" : "real estate" : fsbo : rental

The New York Times is reporting that the median price of American homes is expect to drop for the first time in 50 years. This eventuality is going to spell even more trouble for homeowners who are either trying to sell their home now, or will be forced to sell in the near future. The thing that is amazing about this story is that so many people in the real estate industry said that the nationwide decline in home prices would never happen.

From the NY Times:

In all, Global Insight expects a decline of 4 percent, or roughly 10 percent in inflation-adjusted terms, between the peak earlier this year and the projected low point in 2009. In California, prices are expected to decline 16 percent — or about 20 percent after taking inflation into account.

As of July 2007, the median home price of all homes for sale in New Jersey was $449,000. That means by these projections the median home price in 2009 may be closer to $404,000.

Need to sell now before time blows up 10% of the profit you stand to make? Call or email us today.

Tags : home prices : real estate : valuation : FSBO

Do you own property in New Jersey, but live outside the state? Across the state there are just over 100,000 residential properties owned by people who reside in other states. Where we primarily work, Middlesex, Monmouth and Mercer Counties, there are just around 11,000 of these properties.

There are countless reasons why people become out-of-state owners of property. Many people that call us tell us that they did not become an out-of-state owners on purpose, instead, something happened that forced them into the situation. Some of the most frequently cited reasons include -

I tried to sell my property before I moved, but didn’t get a good offer
I thought it WAS sold before I moved, but then the deal fell through
I got a good job offer and had to move before I was able to get the property ready to sell
I inherited the property and then had to wait months for the court to give me permission to sell
I had tenants and thought I’d hold onto it for income, but it turned out to be more trouble than it was worth

Regardless of what prompted a person to become an out-of-state owner, the issues that everyone of them faces are the same: maintenance, taxes (which in New Jersey are astronomical), insurance, and monthly payments. And if you are an absentee landlord you have the added headaches of long distance management and rent collection.

We work with out-of-state owners all the time and offer them solutions that help them get out from under their problem property. Call or email us today to and we will be glad to discuss with you the services that we offer.

Tags: new jersey : landlord : "absentee owner" : "real estate"

As ARMs reset and mortgage companies implode, we receive calls from across the United States of owners desperate to sell. And we are not alone - There is a lot of competition from other investors hoping to serve the needs of this ever expanding pool of customers. While all of our competitors are investors, not all investors are created equal.

We understand that homeowners want to make sure that they get the most money possible when they sell their property. That is only fair. As such, many people who call or email us have also called the 1-800 numbers and We Buy houses signs (pic) that dot every other telephone pole in their neighborhood. When we speak with a homeowner we automatically assume they have already spoken to other investors about selling their home.

Many times we will work out a solution for a homeowner only to be told, "Well this other investor has told me that they will pay me $X and your are offering me $Y".

This is a fair question that needs to be asked, and you as a homeowner should ask this of anyone offering to buy your house.

What we as professionals explain to homeowners is that we base our offers to purchase property on a strict set of guidelines and market indicators. The number that we come to is a fair one that allows the homeowner to be rid of their problem property and us a small percentage of profit. Additionally, and what we feel is one of the most important aspects of our offer, we intend to buy the property and honor our word by closing the deal.
(what we do)

We have seen many homeowners lulled into a false sense of security by blindly accepting the highest offer they receive from an investor only to find that the person with whom they signed a contract is unable to get the money to purchase the property, or are unable to sell the contract to another investor. That leaves the homeowner in a position where their home is under contract and tied up by an investor who cannot or will not close. This scenario only adds more stress and pressure to the homeowner. We have had occasion where a homeowner rejected our offer for a higher one made by a person who was unable to close and eventually came back to us.

As we continue to work in this volatile housing market we meet homeowners that need to sell as a result of any number of reasons. Each of these individuals, with their own personal circumstances, have come to the conclusion that their life will be better once they are rid of their "problem property". We work with homeowners to understand their situation and needs and craft solutions that end as a win-win.

Be Aware - the market is changing daily and what your property is worth today may be $10 - 20k less months from now.

At the end of the day, you as a homeowner need to make the decision that is best for you. If you would like to discuss your particular circumstances and needs please call or email us today.

"As a small businessperson, you have no greater leverage than the truth."
John Greenleaf Whittier

Tags: Investing : "we buy houses" : new jersey