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Home Selling in 08820 : Real Estate Advice

  • All218
  • Local Info16
  • Home Buying124
  • Home Selling20
  • Market Conditions8

Activity 19
Wed Jun 21, 2017
Spx9d asked:
We have a lease agreement with our tenant. Tenant is now interested in buying the property. The agreement states that we need to pay 5% commission to the broker if there is a sale or exchange…
0 votes 0 Answers Share Flag
Mon Apr 10, 2017
Abi73ra asked:
Pls answer genuinely as it is matter of right or wrong primary investment decision of a family with kids.
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Tue Nov 10, 2015
Melanie McCann-Mott answered:
Edgar Dillon-Re/Max Diamond. Edgar is my partner, you can reach me at 732-406-3727 or email NJRealEstateLady@yahoo.com
0 votes 1 answer Share Flag
Tue May 19, 2015
Elliot answered:
Many new homes being built on Park Avenue at 08820. The real estate agents and builders are in cahoots and should not be trusted. I suggest you sell on your own and start at around $600K. ... more
0 votes 6 answers Share Flag
Wed Apr 24, 2013
Diane Glander answered:
Most wouldn't. However, a listing is owned by the company, not the listing agent. Companies are not that quick to release sellers. If you are having trouble with your listing agent, see if you can work it out. Many times, it's a misunderstanding. If not, speak with his/her manager and see if the manager can intervene. Often times that settles the problem. If it does not, then speak to the owner of the company and find another agent to represent you. ... more
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Sun Apr 21, 2013
Kate Reilly Lund answered:
The prices are definitely increasing at Westgate in 2013. I'm very familiar with this community. In this same column is a note I wrote back in 2010 in the declining market. You are not likely to acquire for $280,000 unless the home is in very poor condition, or is facing the railroad on the Westgate side, and even then it would be in poor condition.

At Westgate and Westgate Square everyone hears the train. (In most of North Edison, we hear the train), however the lower prices are in effect when you look at the train rather than just hear it. Westgate is an excellent community and a very good investment.

Kate Reilly Lund
ReMax Diamond Realtors
732-319-0027
... more
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Thu Mar 22, 2012
Dusty Harris answered:
We purchased our home in june of 2010. it was a hud forclosure bank owned. had a house inspection done and everything passed. i had sign a paper stating that we was not supposed to rely on that inspection i needed to get my own. my husband looked over the house and we purchased it without inspection. The inspection did not cover the septic, just the house itself. in the listing it said septic. I just found out a couple of days ago that my house has a cesspool also. NO SEPTIC! Can i sue to seller and have them put in a septic or ami going to have to bend over and takeit. this was our firt home purchase and obviosly our realtor was an idiot, because he missinformed us on many other topics. ... more
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Tue Aug 17, 2010
Mary Petti answered:
R2010

I was first to answer. Have you spoken to any Realtors yet about potentially listing your home? As you can see from my previous post, there is a wide range of sales prices just in the past 60 days. Really depends on so many factors.
Give me a call and I will be happy to speak to you. 908-675-0167

Mary Petti
The Strength of Prudential with the Personal Touch
... more
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Thu Sep 24, 2009
Mary Petti answered:
Hi Maria and Rainman,


As of today (9/24/09) there are 5 active listings on Westgate Drive ranging from $315,000 to $369,900

In the last 3 months there were 9 closings on Westgate Drive ranging from $355,000 to $305,000, Just an FYI, the $355,000 sale closed on September 17, 2009 (units was completely remodeled). The next oldest closing was on September 11, 2009 for $308,000, so you can see the prices fluctuate greatly depending on upgrades, location, end unit versus interior unit, proximity to trains etc.

Here's the link to a grid format of the listings.

http://msx.mlxchange.com/Pub/EmailView.asp?r=1205299611&s=MSX&t=MSX
... more
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Wed Jan 7, 2009
Jennifer Moran Foland answered:
My best advice to you is to stage your property. Hire a consultant preferably one that is experienced in Feng Shui. There is an art to presenting your house and you want to capture the buyer's attention the minute they pull up to your house.
Jennifer
Las Vegas REALTOR
... more
0 votes 48 answers Share Flag
Fri Aug 8, 2008
James Joseph answered:
Hi Martha,
Great Q's!
Yes a conditional commitment is similar to a "pre-qual" You still do not have a hard deal because there are contingencies still involved.
You need to get a time committment as to when to expect these conditions will be met that is acceptable to you.
All the best,
James Joseph
... more
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Wed Jul 2, 2008
Mary Petti answered:
Honestly Rich, it really depends on a few things. Do you want to sell or do you need to sell? Are you looking to test the market, or are you willing to price the property correctly from the start so it sells? I always tell people that unless you are mortgaged to the hilt, if you have been in a home a good length of time, you will always MAKE money, it may just be a bit less now than it was a few years ago. A properly price house will more than likely sell. Case in point: My first house in Edison was purchased for $105K. I sold it in 1996 for $212K. In 1993-94 the same house (it was in a development) was selling for $255K. Did I LOSE 43 thousand? No, I still made $105 thousand, I never HAD the other 43 thousand to begin with.

The comps I gave you in my last post were a small sampling of the homes available in North Edison. As a Realtor I would still have to see the house, to determine how it compares to the other competition currently available to give a professional opinion of price. In all of North Edison there are currently 15 homes with 4br 2.5 ba, 2 car garages and a basement. From what you described, the house was probably built before 1990. There are 8 homes of the 15 built before 1990. (MANY buyers in this area want only "newer" homes, under 20 years) Only 1 is priced at over $800K, all the rest are mid 600's to lower 500's.

Here is the link to the properties:
http://msx.mlxchange.com/Pub/EmailView.asp?r=293998203&s=MSX&t=MSX

Take a look at the pictures (if you click the main picture, a new window will open and you can scroll through all pictures) , and using a "buyers eye" , truthfully compare your home to them to get an idea of what you competition would be.

As for factoring in the commission into the asking price, that's usually not a good idea. Would it really make sense to price it to high to start then wait a month or more (of showings, keeping the house clean, etc) then lowering the price and having it get stale on the market just to save a few dollars on commission? Remember it's all relative, the lower the sale price the lower the commission. A home selling at $620K at 5% is $31,000 in commission. A home selling at $580K at 5% the commission is $29,000. That's only a $2000 difference you either save (selling at $580) or pay out (selling at $620).

Also, no one can predict what the market will be in Edison (let alone anywhere else) in another year. If you need to sell, then there is no time like the present. Mortgage rates are still low enough that buyers are definitely out there.

As I said, I would be more than happy to sit down with you and go over the ins and outs of selling your home, with no obligation.
... more
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Mon Apr 7, 2008
Pollak answered:
LOCATION BEING PREMIUM LOT, BACKS UP TO WOODS, upgrades, finished basement completed with new french drains, sump pump, will make all the difference in your new home. see pictures of 296 westgate drive on line; nj.com STAR LEDGER REAL ESTATE ZIP CODE 08820 ... more
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Sun Feb 10, 2008
Dr Cheng answered:
Another way to look at this is called P/T ratio. You pick up dozens of current listing in your neighborhood and calculate the P/T ratio; i.e. the listing price and the property tax to obtain P/T ratio. Use that P/T ratio to multiply your own property tax to get a fair market price, in the township appraisal sense.

Since property tax based on township's professional appraisal, it is pretty fair and accurate, and listing prices are based on listing agent's market analysis, they are also independent and professional. So that P/T ratio tells you alot.

So, if you are a buyer, looking for great deal, you want to find the smallest P/T ratio property. It often reveal the property owner is under very weak energy level, Chinese Feng Suei wise, and could not defend the home value from the listing agent. (yes, listing agent is often the first person to slash your price...) So, with P/T ratio, you, as a buyer, can uncover the steal immediately.

So, if you do systemmetic P/T ratio calculation, you will find many realtors are big slashers; they seem to sell better by able to slashing more. On the other hand, if you are seller, you want to compare the P/T ratio of general and that of the agents you interview. Ask them to provide their listing for past 12 months, and you can calculate their P/T ratio to tell if they shall slash you a lot.
... more
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Sun Feb 10, 2008
Dr Cheng answered:
This sounds very good since the national average is 9.3 months.

Edison has 3 zip codes, and 08820 is one at North Edison with J P Stevens High School that won #1 in NJ Science League Chemistry Competition over hundreds of all other NJ high schools in 2007. So, many families with kids going to high school want to move in.

Also, Edison is top 3 safest town in NJ, many people relocate from out of state looking to move here.

Now, here are some split of the strategy. If you are looking to move up to bigger home, and your current one is under $450k then you can be sure to sell faster since first time buyers would be able to afford due to the $417,000 jumbo loan limit. And, Edison has lots of apartments and mostly "rented out". So, you can easily to get out 1,000 flyers, say, call Jose 732 979-9100 (cell) to do it for you at 25% of the post office mail cost, and invite them to see your home at open house. I would NOT be surprised if you sell it right at that first open house.

However, if your home is more than that, you need to have move up buyer who sold their condo/townhouse to come to buy yours, so you need to monitor the activities of condo/townhouses to determine where to get out 1,000 flyers.

The asking price is hard to decide, for sale by owner often ask higher, so you may invite 3 to 5 realtors to do market analysis and give you their number, pick the HIGHEST one. Why? normally listing agents will come to slash your price, the more they slash, the less confident they have with the market, so why use their service? The one estimate the highest often has more marketing power. Doing marketing or not makes big difference.

But the real tip is here. Give 6% commission, rather than 5% so that 5,000+ realtors will get excited to bring buyers to you, if any. Do NOT give half and half commission to both listing agent and selling agent. Give listing agent 2% and selling agent 4%. This makes big difference. If listing agent disagree, then you know the listing agent does not have buyer. Why? otherwise, listing agent can bring in buyer still get all 6%.

And place a clause that if YOU bring in a buyer, you will have the control of that 4%, but still give listing agent 2% to do paper work ... etc. Doing so, you shall be very aggressively working with your listing agent to sell the house rather than push everything over. Also, if the buyers come to you, you have the power to pass that 4% to the buyer.

Then you placed an ads in free website such as sulekha.com or craigslist with nice photos and info your listing agent professionally prepare for you. You will tell your listing agent that all you need is ONE buyer, so if you got dozens of unmatched you home, you shall pass all to your listing agent; s/he shall be very happy. Again, keep in mind, it is a team work, and team work often outperform.

Then, you work with your listing agent to obtain "real time" info of similar price range home sold in town or neighbor towns and post on free websites like sulekha.com or craigslist so that prospective buyers can get a sense of fair market price and not to worry overpay and shall make quick decision.

Hold open house every two weeks and get out 1,000 invitation flyers to prospective buyer communities. Why? every 1st and 15th apartment sent out "lease expiration notice", many tenants will become buyers due to the fact rent hike, but they have to find, buy and move within 60 days, or they may be forced to renew and rent for another year. So, your flyers come to invite them to your open house will be very welcome.

Do NOT count on listing agent to do open house for you, why? because each listing agent often has many listing, and it is unlikely for them to hold open house frequently enough for you. e.g. if the agent has 6 listing, it may take 6 weeks to be your next open house term. Suppose it takes 4 open houses to sell the property, you can do it and sell it in 4 weekend, whereas, it may take 24 weeks for listing agent to eventually hold 4 open houses for you to sell it, that's 6 months.

So, why you need listing agent? why not for sale by owner? Listing agent to set the "fair market price" for you and for the public, based on which buyers can negotiate with you. Also, listing agent help you to reach 5000+ other realtors. Listing agent also help you to "defend" your price.

If you are in town and will share the open house responsibility, I suggest that you use "out of town" listing agent, prefer the agent you are buying a bigger home with to align the schedule and moving, but you need to prepare answer all the questions, out of town realtor may not know that much. Otherwise, you may better use the realtor know your town very well.

I have found many out of town realtors came to Edison to "grab" move up buyers and listing their condos/townhouses, say, from Westfield, Princeton, Warren, Holmdel ...etc. They know little about Edison schools, train, shuttle, asian food market ...etc.
... more
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