Negotiating a Low-Ball Offer

July 8, 2012 By Leave a Comment
 

Central Jersey Home

In Real Estate, a low-ball offer is an offer that is far below the price of a home should be in that particular area.

I have received low-ball offers on my listings, and I represent buyers who make lowball offers on other agent’s listings. Therefore, I have sat in both sides of the seats and have had some successful transactions.

My Bridgewater homebuyers are looking for a bargain, home sellers are looking for a quick sale and should consider every offer no matter how low, and homebuilders and banks are selling homes at reduced prices.

I have notice here in Bridgewater, Bedminster, and Branchburg; the conditions have sparked a wave of low-ball offers to buy homes. This is not only in Central New Jersey but also in the U.S. housing markets.

Now, the key to making a hardline low-ball offer on a home is to start by finding properties that have lingered on the market for a long time. The softer the market, the more likely the strategy will work.

To some, a low-ball offer may be undesirable; however, it could be an opportunity to open a discussion with a buyer who may give the sellers what they want. A seller, who has a bad reaction to a low offer, may lose a good buyer. Some sellers respond to a lowball offer with a counteroffer which I always recommend.

Some REALTORS caution buyers against making an offer that is so low it could offend the seller and stop the negotiation process. That is ridiculous!  If the seller does not have multiple offers, it often does not hurt to go in low.

It helps to have a REALTOR that has comprehensive knowledge of the local market, like Central New Jersey so that they can provide the best comparative market analysis that will identify the key trends for that particular neighborhood.

The bottom line on low-ball offers is that each real estate transaction, like each house, is unique. That means buyers and sellers needs representation by a skilled Real Estate Agent who can distinguish the strengths and weaknesses of both negotiating positions.

If you are looking for a skilled agent, you need not look any further. I am right here! Email me @ dawn@dawnruete.com or call me (908)930-2408

 
Filed Under: Buyers Resources, Central NJ Property Information, Finance, Home Improvement, Investment Property, Relocation, Sellers Resources, Somerset County Community Tagged With: , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , ,

You Do Not Have to Be a Bridgewater Resident to Enjoy What It Has to Offer

July 4, 2012 By Leave a Comment
 


 

If you are looking to move to Bridgewater, NJ or live in Bridgewater already, I bet you do not know all the fun things you can do here.  I myself have been here a while and did not know about some of these places. I thought I might share them with you. 

  1. Children’s Museum of Somerset Countylocated at The PeopleCare Center, 120 Finderne Ave, Bridgewater, NJ 08807. They have various exhibits for children as young as 1yr. If you want to enhance your child’s knowledge and want to have fun, this is the place to go.  If you would like to contact them for more information, please visit their website http://childrensmuseumnj.org/index.htm
  2. If you would like to try making your own wine then you must go to Grape Expectations located at 25E Kearney St., Bridgewater, NJ 08807. You will be able to produce table wines to delicate fine wines from up to 25 different varieties of selected California, Italian & South American grapes. Grape Expectations also offers private party packages. For more information their website is http://www.grapeexpectationsnj.com/aboutus.htm
  3. Bridgewater Sports and Ice Arena located at 1425 Frontier Road, Bridgewater, New Jersey 08807, which offers everything from Laser Tag to ice-skating.  They have a huge arcade with a variety of games. Great party packages for birthdays and other events. But wait that’s not all, it also offers a weight training facility and weight training programs as well as Cardiovascular equipment from Stairmaster, Trotter Treadmills, Cyber Bikes, and Crossrobics. For more information view their website http://www.bsaarena.com/
  4. One of my favorite places to go is Duke Island Park that is located at Old York Road, Bridgewater, NJ.   If you love to ride bikes, the Park has several trails, sports fields, and a bandstand that has free summer concerts. There five picnic areas with playgrounds for the children. For the summer, they are offering “Drive in Movie” nights. Bring your blankets and lawn chairs! View here for details http://www.somersetcountyparks.org/brochFlyers/DriveInMovies.pdf

There is so much more, I could not possible fit them all on here.  Watch for our upcoming blogs.

 

 

 

 
Filed Under: Bridgewater NJ Events, Buyers Resources, Entertainment, Sellers Resources, Somerset County Community Tagged With: , , , , , , , , , , , , , , , , , , , , , , , , , , , , ,

Easy Explanation of Home Warranties for Home Buyers and Sellers in Central New Jersey

July 3, 2012 By Leave a Comment
 
  • A Home Warranty is a contract, which provides the repairs of electrical, plumbing and appliances inside the home.
  • Offers a valuable safety net on the home’s existing covered major systems and appliances, giving buyers and sellers less to worry about
  • Home warranties only cover items that malfunction because of normal wear and tear.
  • Anything that’s was broken before the contract is purchased or does not work due to lack of adequate maintenance is not covered. Neither are items that show signs of rust, corrosion or sediment build-up.
  • NJ premiums can cost anywhere from 500 to 1000 dollars annually and the deductibles can be in the range of 50 to 100 dollars, per repair incident.

When you sell your house, the buyer will be happy to know that the appliances are insured, since the warranty will carry over to the new owner.

Statistics show that homes with home warranties are selling at higher prices and faster than homes without a home warranty.  A Gallup Poll contracted by NJ warranty companies found homes with warranties sold up to 27 days quicker and for up to 3 percent more money than those without.

I find this website on Home Warranties very valuable: http://www.homewarrantyreviews.com/New-Jersey-home-warranty-companies

If you are looking for a buyer’s agent or a listing agent in Bridgewater, Bedminster or Branchburg call me for more insight to help guide you dawn@dawnruete.com or 908-930-2408

 
Filed Under: Buyers Resources, Central NJ Property Information, Finance, Home Improvement, Home Maintenance, Sellers Resources, Somerset County Community Tagged With: , , , , , , , , , , , , , , , , , , , , , , ,

Making Yourself More Appealing to a Prospective Landlord in Central New Jersey

July 2, 2012 By Leave a Comment
 

Finding the right rental here in Central New Jersey can be a difficult task. In areas such as Somerset, Middlesex, and Union counties, there seems to be higher demand for rental properties and not enough supply.

These are steps to help you get into your desired rental property faster.

Renting a house requires many of the same aspects as renting an apartment or condo. They are DECENT CREDT, A JOB, and POSITIVE REFERENCES.  Homeowners who rent are looking for tenants who care for the property and their investments as if it were their own. Simply by being able to meet these requirements as well as presenting yourself well, you should have no issues obtaining the best property or home rental.

For best results, follow these steps:  

  • Present a credit report that is clear of collections, large amounts of debt and late payments. Also, do your best to avoid foreclosures, judgments, and bankruptcy. A landlord looks for a tenant who shows responsibility with their own financial obligations, since the home is an asset under the landlord’s name and credit. If there are past problems or deficiencies on the report, take a few months to clean up those before entering the rental market, or come up with some good explanations.

 

  • Work at a job that produces enough income to support the house rent. Many financial planners and housing experts advise people to spend no more than 30 percent of their gross income on rent. That DOES NOT count utilities.  This can be tough in a more expensive rental market, the right amount of income reassures a property owner that the rent will be easy to handle.

 

  • Present a positive rental history from former building owners/property management referencing your rental background, including any late payments, disputes, or evictions. If you have rented from smaller property owners who do not report this information, the prospective landlord may want a positive letter of reference. If possible, have some thoughtful words ready from a boss or roommate who can vouch for your character.

 

  •  Convey all who will be residing in the home when viewing. A landlord wants to see and know exactly who will be living in the house, including any pets. There is a chance you may be evicted because of too many tenants, or for having tenants who are not on the lease. In order to avoid future problems, it is better to bring everyone out to see the house and meet the landlord in person.

 

  • Have your checkbook ready. The landlord or realtor may charge a small fee for a credit check and background check You should get this done immediately. This is also useful in case the house is in high demand, because you can leave a check as a good-faith deposit to secure the property.

 

If you are looking to rent, my area of expertise is Bridgewater, Bedminster, Branchburg, as well as all of Middlesex and Union Counties here in Central New Jersey. Feel free to contact me at dawn@dawnruete.com or 908-930-2408.

 
Filed Under: Buyers Resources, Central NJ Property Information, Finance, Home Maintenance, Relocation, Somerset County Community, Uncategorized Tagged With: , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , ,

New Jersey Mortgage Escrow Account Clarifications

April 24, 2012 By 1 Comment
 

Two things that influence a mortgage escrow account the most:

  1. Property tax on the home-Most lenders requires this in escrow because if the taxes are not paid, your municipality could place a lien on the property that would have a higher priority than the mortgage lender’s lien.
  2. Homeowner’s insurance policy – All lenders require home insurance because of the investment they are making in your home.

The day you close on your new home, your lender will usually require you to open an escrow account to cover property taxes and homeowner’s insurance. You make the initial escrow deposit, followed by payments to the account every month. The monthly escrow payment is calculated by taking the total of all projected tax and insurance payments for the coming year, and dividing that number by 12.

When making your mortgage payment, you may have the option to pay extra into the escrow account, which is a very smart choice since property taxes or insurance premiums may rise. This helps to avoid the increase to be paid all at once. The benefit of this to borrowers is that this plan helps to stretch insurance and tax expenses evenly over 12 payments. For example, assume your yearly property taxes are two payments of $1,000 each, and your insurance is $400 annually. If you paid these directly, it would mean three large payments a year; your escrow costs, however, would be a manageable $200 a month. When the tax or insurance payment is due, the lender pays the bill using the funds accumulated in the mortgage escrow account.

If you have a Conventional Loan and you do not have PMI (Private Mortgage Insurance), you have the option to close your escrow account and make your own tax and insurance payments. If you have a VA or FHA loan, the lender may be required to continue to keep an escrow account for the life of the loan making this a provision in order to receive the funds for your government-insured loan.

This strategy protects the lender by making sure you pay your taxes and insurance on time. If you default on your property tax, for example, your municipality can put a lien on the house, which would make it difficult to sell.  If your house burns down and you have neglected to pay your homeowner’s insurance, the lender is going to be without collateral.

Here is a little mortgage lingo for you. Since mortgage escrow payments are applied to taxes and insurance, you may hear it addressed as T & I, while the mortgage payment consisting of principal and interest is called P & I. They both equal PITI for Principal, Interest, Tax, and Insurance. Occasionally you will hear these terms from your lender.

By RESPA (Real Estate Settlement Procedures Act) guidelines, escrow payments will be evaluated at least once every 12 months to account for any increases in property taxes or insurance. This is known as Escrow Analysis.

Any overpayment of $50 or more will be refunded to the borrower or your lender will send you a bill at the end of the year to make up for any shortage in your escrow account based on the tax and insurance bills.

 
Filed Under: Buyers Resources, Finance, Taxes Tagged With: , , , , , , , , , , , , , , , , , , , , , , ,

$368,173 Comes to New Jersey!

April 12, 2012 By 2 Comments
 

New Jersey Received Counseling Grants from the US Department of Housing and Urban Development (HUD)

With ongoing efforts to assist families’ finding suitable housing and to put a stop to impending foreclosures, the U.S. Department of Housing and Urban Development (HUD) presented $368,173 in housing grants to eighteen organizations in NJ to counsel struggling homeowners. This funding will allow NJ residents to have a better chance in buying a home or keep the ones they already have.

Central New Jersey has agencies that have been training families in managing their finances. With many of them being first time homebuyers, counselors are evaluating their readiness to purchase a home. In addition, these organizations assist renters and homeless persons in finding the interim housing they need to move toward a permanent place to live.

Counseling agencies will also receive $4 million to assist senior citizens looking to seek reverse mortgages or Home Equity Conversion Mortgages (HECM).  These agencies will provide counseling for elderly homeowners who would like to convert equity in their homes into income that will be used to pay for home improvements, medical costs, and other living expenses.

The housing counseling program will teach borrowers how to review their own loan documentation to avoid future situations that can result in a loss of equity, increased debt, default, and even foreclosure.

More information about HUD and its programs on the Internet www.hud.gov and http://espanol.hud.gov or feel free to contact me at via email at dawn@dawnruete.com

I truly believe with this aide, it will better stabilize NJ’s housing market.

 

 

 
Filed Under: Buyers Resources, Finance, Sellers Resources Tagged With: , , , , , , , , , , , , , , , , , , , , , , ,

The Many Benefits of Summer Camp for Kids

April 11, 2012 By 2 Comments
 

Anytime a child leaves for summer camp, they gain a little independThe Bridgewater NJ Summer Camp ence. It can be somewhat scary for them especially if it is their first time. They will be able to make their own decisions as what to wear, choose to eat, and activities to participate in. Obviously, Camp Counselors help them make those choices. Eventually, young campers begin to learn how to make decisions by themselves. Consequently, this develops self-confidence in addition to becoming self-reliant.

While self-esteem increases through understanding how to be without any assistance, children will keep on trying new activities. They discover how to cooperate as a group by contributing with the chores as well as having others depend on them. Children then learn to share and respect one another.

American Camp Association (ACA) confirmed after a three-year study that camp experience sharpened kids’ ability to focus, lowered childhood obesity rates, established a connection to nature and allowed them to use their imagination and engage in free play for entertainment.

The Bridgewater Recreation Department here in Bridgewater, NJ offers many  summer programs as well as day camps.  A complete list of activities can be found on their website  at  http://www.bridgewaternj.gov/regformlist.htm  Registration for your child(ren) can be done right online.

In the event your child has, an individualized need due to a disability and may require a reasonable accommodation, in accordance with the Americans with Disabilities Act, to successfully participate, please note it on their registration form. Someone from the Bridgewater Recreation Department, as well as a staff member from the Somerset County Park Commission Therapeutic Recreation Department, will contact you for more information.

If you would like to know more about Somerset county programs or assistance, check out the Somerset County Parks Commission’s website: http://www.somersetcountyparks.org/ or call (908)722-1200 Ext. 351

 

 
Filed Under: Relocation, Somerset County Community, Uncategorized Tagged With: , , , , , , , , , , , , , , , , , , , , , , , , , , , , ,

Environmentally Friendly Lawn Maintenance

April 7, 2012 By 1 Comment
 

I was talking to my daughter’s boyfriend, Joe Toro, who happens to own Toro Landscaping Design, Inc. here in Central New Jersey. We got into the conversation about lawn care and how many of his customers would like him to use organic fertilizers. I asked him, what would be the best way we can maintain our lawns without the harsh chemicals. Here are the tips he gave me.

Most people want to have vibrant, dark green grass in their yards but really do not want to apply inorganic fertilizer or even harmful pesticides or herbicides that may endanger the environment, not to mention their children and pets. Nearly all of these eco-friendly bits of advice make it possible to help develop a luxurious lawn and can certainly make your neighbors jealous.

It is very important to mow your lawn. More often than not, it is best to mow higher and frequently. Simply by allowing the blades of grass to be longer they will definitely soak up a great deal more sunlight continue to keep moisture content as well as establish healthier roots. To avoid harming your lawn, make sure that your mower blades are sharpened; on top of that, you should not mow your lawn when it is damp.

Clear out unwanted weeds. These methods should really help you to develop thicker, healthier grass that can suffocate weed growth and prevent them from rooting, but if you do discover dandelions or other unwanted weeds, you will want to make sure you remove them immediately. Pull weeds out immediately after applying water because the root base will be wet, causing them to be less difficult remove; grab the weed as close to the ground as you possibly can and pull out the entire root.

Leave behind clippings as compost. Allow them to stay our grass; this specifically functions as mulch and minimizes the need for excess fertilizer. Ideally, it is best to use a rake clear away thatch (compressed coating of clippings along with decayed grass that accumulates) at the end of spring or possibly early summer months.

Many of us water too frequently, yet not enough to saturate. Be certain to water your entire lawn a couple of times per week. Morning hours happens to be the optimal period for you to water the lawn due to the fact evaporation is at the absolute minimum. The early sun will also dry the grass and prevent disease, which grows fastest in damp, humid environments.

As a REALTOR here in Central New Jersey, many of my clients need landscapers. I highly recommend Toro Landscaping Design, Inc. located in Scotch Plains. If you would like more information on eco-friendly landscaping, email me at dawn@dawnruete.com

 
Filed Under: Central NJ Property Information, Home Maintenance, Sellers Resources, Somerset County Community Tagged With: , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , ,

Moving During Spring Here in Central New Jersey

April 3, 2012 By 1 Comment
 

Early spring is usually the time that most New Jersey homeowners choose put their house on the market. If you price your house right and it sells, closing could be as soon as 30 to 60 days.

The weather is getting warmer here in central New Jersey and the rainfall that is also likely to show up as well, which can be a mover’s nightmare that could slow down progress during moving.

Always check your local New Jersey weather report before deciding on a date to move. For those who are unable to put off moving day, be prepared to put in that extra work to protect your furniture. It is best that you use some heavy-duty tarp to wrap or cover as well as plastic, especially when covering mattresses and sofas.

Instead of using cardboard boxes, use plastic containers with lids for some of your vulnerable things. These you can get at Loews, Home Depot or any of your local department stores. When cardboard gets wet, it weakens and when that happens one of two things happen.

  1. The box weakens and all your belongings can fall out
  2. All the layers of cardboard get wet and anything in your box becomes wet.
  3. If you are planning on storing these boxes in the basement, you could end up with a mold problem

Since it is nearly impossible to remove your shoes going back and forth, in and out of your home, line the floors with material that has more traction so that you or your movers do not slip and fall. Such as, old rug pieces, or you can even use anti-skid adhesive tape in high traffic areas, which again could be bought at Loews or Home Depot.

Wear rain ponchos, this helps to keep you dry and comfortable. These can be purchased at your local dollar store, and can be kept around for other rainy days.

Be smart and take the initiative to go out and collect the proper materials before your move. For more information where to get moving supplies, please contact me: dawn@dawnruete.com

 

 
Filed Under: Buyers Resources, Relocation, Sellers Resources Tagged With: , , , , , , , , , , , , , , , , , , , , , , ,

Tax Deductions for New Jersey Residents

March 30, 2012 By 2 Comments
 

As April 15 approaches, many New Jersey Residents are taking advantage of a number of tax benefits

For homeowners, paying a mortgage, the bulk of that mortgage payment goes toward interest, and that interest is deductible. You have two options:

  1. Standard deduction or add up the deductible items and use that full amount. The amount of the standard deduction depends on your filing status. Deductible items include property tax, mortgage interest, state and local taxes
  2. Itemize deductions, which you would normally do when it exceeds the standard deduction. These are a few itemized deductions:
  •   Had large uninsured medical and dental expenses
  •   Paid interest or taxes on your home
  •   Had large unreimbursed employee business expense
  •   Had large uninsured casualty or theft losses, or
  •   Made large charitable contributions
  •   Deduct the cost of some energy efficiency improvements, for example, adding insulation or replacing old    windows might qualify for a tax credit

If you are 65 and older, The Senior Freeze Property Tax Program reimburses eligible New Jersey residents who are senior citizens or disabled persons for property tax increases on their home.

Now, if you rent, you’re probably better off taking the standard deduction. Itemizing doesn’t pay. However, 18% of the rent paid during the year is considered as property taxes paid. To be eligible:

  •  this must be your only residence
  •  building is subjected to local property taxes
  • Your apartment contains its own separate kitchen and bathroom that arenot shared with others in the building.

Always ask a Financial Professional for advice about your specific situation, but to me it doesn’t really matter how you explain it, home mortgages are a lot less, if you’re tired of throwing away money on rent, home ownership is more affordable today than in many years.

 

 
Filed Under: Taxes Tagged With: , , , , , , , , , , , , , , , , , , , , ,
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