Is it time for me to sell?

Asked by John, 07068 Mon Aug 1, 2011

I came on this site to see how many homes have been put up for sale in my area, it looks like someone has contacted you about the roseland sports complex. We now seem to have quite a few homes up for sale. Several homes already on the market have lost bids due to the disclosure of the prosed business. I am further away from the site, still in the same complex. Would you reccomend selling now or waiting until after we see what happens. In my opinion it looks like it will go through without the lights. If I decide to move now will I be putting myself up to compettion or a price war? Will the longer I wait bring the price of my home lower?

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18
Debra (Debbi…, Agent, Livingston, NJ
Mon Aug 1, 2011
BEST ANSWER
H John
I have noticed a bit more movement, overalll in town, in the past month, however, the inventory totals have remained fairly constant over the past few months.

July, 2011 = as of today, in regard to active listings - 37 single family homes/25 condos..............(June 2010 had only 29 single family homes on market)
June, 2011 = 43 single family homes/24 condos
May, 2011 = 44 single family homes/18 condos
April, 2011 = 33 single family homes/24 condos

My office maintains monthly absorption charts, and I'd be happy to share Roseland's with you - (this is data that includes the number of homes activce, under contract, pending, median prices and median days on market).

I know your complex quite well - since the day it was first built. I know a number of your neighbors, and have listed and sold homes there.

The overall issue is, townhome prices are down in ALL communities.
Some who purchased, fo example, the Dogwood model , paid close to, or over, $900,000 by the time they got through with numeorus upgrades.....those prices considerably lowertoday, and it has nothing to do with the sports complex.
I, personally, think your complex has the nicest floorplans in town- (and, no noise from 280 is one major plus).
Your square footage in all 4 models exceeds most of the models in the other 3 complexes in town.

Sometimes the anticipation of something is worse than the reality.

In regard to whether you should sell now, or wait...........I'd say don't just sell because you are fearful of the sports complex. It is what it is.....the knowledge about it is already out there........
If you don't really want to move now.....then don't!

I'd be happy to discss this in more detail.........I have a vested interest in the town, so feel free to reach out to me at your convenience.

Best wishes

Debbie Rose
Prudential NJ Properties
email: Debbie.Rose@PrudentialNewJersey.com
0 votes
Kyle Kovats, Agent, Livingston, NJ
Thu Nov 21, 2013
In an appreciating market like the one we are in right now a lot of people think they should hold on until their home hits peak value and then sell but there's really two ways to look at this. If you wait to sell, yes your home will appreciate in value but so will your next home so that all kind of evens out. But what you have to take into consideration, especially in this market is that interest rates are still INSANELY low by historical standards. So if you sell today and get a great interest rate on a mortgage you actually save more money in the long run and will be able to afford "more house" due to low rates.
0 votes
Gerard Carney, Agent, Spring Hill, FL
Wed Aug 3, 2011
It is time to sell when you need to sell. My advice is wait out a sale for another 18-24 months and let the market become more stable with less foreclosures and short sales competing with you property. But if you need out now then just make sure the home looks good and the price is right!
0 votes
Cynthia Freu…, Agent, Warren, NJ
Wed Aug 3, 2011
John,

Call me old-fashioned, but I still think a family's primary residence is their HOME not their business.
If your family is no longer comfortable in their home, it is time to move.
Buy the nicest house that fits your budget. And plan your budget wisely.
And live their in comfort with your family.

Real estate investments are wonderful, and I firmly believe a lot of money can be made investing in Real Estate, in any market. But where you live is your home. Make your family comfortable in theor home. The return on that is priceless.
0 votes
John, Home Owner, 07068
Tue Aug 2, 2011
thank you again gene.. i hope they do have to replace them... they removed around 100 trees and were only fined for 15 or 18..... the picture on the progress this week clearly shows that there was more than 50 in that pile alone...unfortunately the meeting was heated because half of the people who were supposed to be notified with in 200' were not. They missed the first meeting because of this and only found out about what was going on a couple of days before that 2nd meeting. The result is an angry homeowners trying to protect the one investment most people have... their home... Dont forget this effects all the homes that back up to the field on Davenport too.
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Gene Tedesco, Agent, Randolph, NJ
Tue Aug 2, 2011
John

I just heard that sda was fined for cutting down the trees without permission. It is possible they might have to replace the ones they cut down but i am just guessing.

Also the town zoning meeting got pretty heated and the police were called in. If you do go to the next meeting try to go with neighbors and plan out who will speak for the group instead of everyone yelling might look more organized that way as opposed to an angry mob approach.

Again good luck
0 votes
John, Home Owner, 07068
Tue Aug 2, 2011
The owner is SDA sports domain academy. They actually copyrited the name already and put up a website that was taking memberships for aug. All this and more before zoning approval.
0 votes
Sharon and K…, Agent, Livingston, NJ
Tue Aug 2, 2011
John,

I was thinking yesterday about your concern and since I know that there are many families that live in your community, the new complex may not be as bad as the community thinks. I would be much more concerned with a high tention power line tower or an industrial wearhouse.

I think that if you are ready to move than it's ok you should make the move. If you are not ready, stay and wait to see what will happen. I agree with Debbie that this probably not going to be as much of a big deal as it seems right now.

In any event, lots of luck and maybe you can make some good use of the sports complex too.

Karen Abramson
Keller Williams Suburban Realty.
0 votes
Debra (Debbi…, Agent, Livingston, NJ
Mon Aug 1, 2011
Ahhhh - they removed more trees than they were supposed to remove? A 75' buffer would have been fine.......I will drive down there later or tomorrow, and take another look.I didn't think it would be visible from Hyer Farm.

I certainly understand your concern, but ......you are in a very desirable complex - nicest one (in my opinion) in the area, so people will still look to move there sports compkex or no sports complex.
My personal feeling is that the negative impact of the new complex won't be as great on a townhome as it would be on a single family home, since the rear yard isn't yours anyway, nor, other than grilling or stting on the deck, do "townhome" people spend much time outside.
Who is the owner and/or management company for the new complex?
0 votes
John, Home Owner, 07068
Mon Aug 1, 2011
Thank you for all your advice. Unfortuately we are still torn. Debbie the trees removed were over 100 they start at the entrance off harrison down hyer farm up schwienberg all through artho. There should have been a 75' buffer but sda removed the trees to account for a 30' buffer. You can see the fields right on hyer farm.
0 votes
Gene Tedesco, Agent, Randolph, NJ
Mon Aug 1, 2011
While i sense a bit of sarcasm in Dan's response there is always that possibility. You can choose to sell now and get current value or you can wait til next year when you will probably know if the complexwill be built and risk less money or maybe it gets denied and you make a little more. Either way the market is not going to fluctuate witb such drastic changes one way or the other. Statistically prices are expected to remain flat with a gradual increase of approx 1% a year according to some researchers. So if you get $500,000 today or 505,000 next year will it really make that much of a difference?

You should decide the true reasons for wanting to move and don't let a few dollars be the determining factor.

My professional opinion is to interview a few different realtors get their views and then decide what you want to do. This is a great forum but nothing beats a face to face meeting with a local realtor.

Whatever you decide i hope this information has been helpful and wish you good luck with your decision.

Gene
0 votes
Dan, Home Buyer, Alabama
Mon Aug 1, 2011
stay put unless you have a need to sell now."

agreed. You can always sell at much lower prices in 2012.
0 votes
Debra (Debbi…, Agent, Livingston, NJ
Mon Aug 1, 2011
John just as a follow up question to you....the othe day, I took a ride into the proposed sports complex site,drove into the back of the complex and tried to see if I could see the backyards of units in your complex......with the leaves still in full bloom, I couldn't see anything.......what is the propoed buffer zone = how many feet between the property lines?

Eliminating the lights will certainly be a big plus.
Personally, I wouldn't panic - stay put unless you have a need to sell now.
0 votes
Jeanne Feeni…, Agent, Basking Ridge, NJ
Mon Aug 1, 2011
Time is not the friend of sellers in this market - and with the possible negative impact of a development project, you may want to consider getting started. If you are ready, and have a game plan to where you want to go next, I'd get on with it.

Market dynamics vary at different times of year - but homes sell throughout the year. The most important thing you can do is price correctly and maximize exposure. BUT, make no mistake, nothing will cure a pricing problem - except for a price correction - inplemented very quickly.

Best,
Jeanne Feenick
Unwavering Commitment to Servivce
Web Reference:  http://www.feenick.com
0 votes
Sharon and K…, Agent, Livingston, NJ
Mon Aug 1, 2011
Dear John,

You have posed a very difficult question that is going to be hard for anyone to answer. After all, we don't have a crystal ball that shows us what if.... From my expert opnion, there are many reasons to make a move. There is nothing wrong with your thinking that the new sports complex may impact the values of the properties around it. With that said, no one will know if and how much the impact will be until its up and running which may take some time.

If you and your family were contemplating a move anyway (without consideration to the new complex) than now is as good a time to sell as any other time. In Real Estate there is always competition. Our team beleieves that competition is a great thing! We just make sure to set our sellers apart by using our unique systems.

If you are sure that you want to move then you should act now since there are many buyers out there that waited till the last minute to buy in the summer market. We would love to have a chance to be interviewed by you and prepare market analysis for your home. All we need is 20 minutes of your time.

If you are not sure, than wait. Obviously if there will be impact on the community selling now will probably yield you a higher net return.

Did you take the time to think where will you go next if you will sell this place? That's something else to take in mind.

Again, it would be our pleasure helping you in anyway possible should you make a decision to make the move. You may call us to our cell phones or email us at SharonandKaren@kw.com

Good luck with any decision you make.
Sharon Avram and Karen Abarmson
Keller williams Suburban Realty
Sharon Cell 201.738.3158
Karen Cell 917.294.0356
0 votes
Cynthia Freu…, Agent, Warren, NJ
Mon Aug 1, 2011
Selling your primary residence should be more of a family based decision. Not so much a business decision.
If it were just an investment property, then it is 100% business.
If you and your family are ready to move, then you should.
Get a GOOD CMA done. Find out what you can really expect to get for your current home. Then go to a mortgage rep, and get a GOOD pre-qual done with the expected proceeds from the sale of your current home factored in. See where that brings you, and decide from there.
It is where you live. It should be based on quality of life.
0 votes
Gene Tedesco, Agent, Randolph, NJ
Mon Aug 1, 2011
John,

As a Realtor in the area and someone who grew up in Roseland I can tell you that currently there are 25 townhomes for sale in Roseland. 15 of them are in your complex and I am quite familiar with the sports complex issue as a few residents have contacted me regarding this. It is everyones understanding that the complex has not been approved yet but some people think it's only a formality until the council approves it so if you want to fight it you need to attend the town meetings and get as many neighbors to join you as well.

As far as the value of your home selling now vs. waiting no one can tell you definatively what will happen. You are competing against the new development homes as well as any resale units in that complex not just the possibility of the sports complex, not to mention the other 10 units in town.


If you are interested in seeing what the units are selling for in town and getting a better idea of what your competition is now then your best bet is to contact a realtor and ask questions. There is never an obligation to use our services. If you'd like more information feel free to contact me any time.

Thank You,

GeneTedesco
Re/Max Home Connection
201-341-0307 cell
973-575-6005 office
Web Reference:  http://www.genetedesco.com
0 votes
Sally Grenier, Agent, Boulder, CO
Mon Aug 1, 2011
WIthout knowing specifics about your property, it's hard to say. Additionally, what is your motivation for selling? Do you want to sell? Do you need to sell? No one has a crystal ball as to what will happen if you sell now, or decide to wait.

Your best bet is to contact a local Realtor (or several) who can do a CMA for you (comparative market analysis). They can also talk with you about your reasons for selling, and if now is a good time for you or not.
Web Reference:  http://www.sallygrenier.com
0 votes
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