Should you stick to your listing price? It depends. That's one of the problems in real estate.  There is rarely a "cut and dry" answer to any question.  Answers are more like, "if this...then that...but..." However, we'll just talk about prices, rather than condition, location, and all those "other" variables.  There are enough variables just dealing with price. So, during the first weeks the house was listed, was there plenty of agent and buyer activity, but no offers?  If so, there is probably no need to immediately drop your price unless you have some special motivation to sell quickly. If no one is coming around, though...this may indicate a problem with your price.  The first thing you need to consider is whether there is a reason to think you are overpriced. Some homeowners do mis... 10/25/2009

ADDRESS                   LIST PRICE                SALES PRICE            CLOSED DATE__ 49 Smitfield Ct.         $236,000                      $231,500                 10/16/2009 37 Woodward Ln       $304,900                    $300,000                    10/13/2009 36 Hill Top                 $450,000                     $440.000                 10/14/2009 51 E. Oak St.             $465,000                     $457,500                  10/20/2009 25 Dryden Rd.            $574,500                     $550,000                  10/16/2009 130 Culberson         $1,100,000                   $912,000                    10/22/2009 71 Autumn Dr.          $1,135,000                   $1,129,325                 10/16/2009 30 Royal Oak Dr.      $1,999,000                   $1,875,000            ... 10/25/2009

THE housing market in New Jersey has been on a little roll toward recovery - the number of sales has risen and the number of houses on the market has fallen for four straight months - even though activity cooled slightly in August for the country at large. But what does that mean for home prices? A halt in the decline? Even, possibly, a start in the other direction? "In some neighborhoods, I have to say yes, prices are starting to go up," said Karen Eastman Bigos, a partner in the Towne Realty Group, based in Short Hills, one of the highest-priced markets in northern New Jersey. On the other hand, she and others say, brokers continue to encounter sellers who are "stuck in 2006." Some people hear news reports about the improvement in conditions nationally, and insist on pricing their ho... 10/25/2009

Basking Ridge Market Activity - Absorption Rate It's Friday!  I will be posting what's under contract and what's new to the market, but first I wanted to share my most recent analysis of market absorption.  Current inventory in Basking Ridge has dipped below 200 properties.  There are currently 194 available listings (14 are noted as being in attorney review).  Market absorption is defined as the rate at which current inventory will be sold based on the number of buyers in the last thirty days.  A normal market (favoring neither buyers nor sellers) is between 5 and 6 months.  A buyers market is anything over 6 months of inventory and a sellers market is anything under 5 months of inventory.  I looked at Basking Ridge overall, Basking Ridge town houses over all and Basking Ridge town hou... 10/02/2009

09/19/2009 - 09/26/2009 The following 6 properties went under contract this past week in Basking Ridge: 3152 Valley Road, Single Family Home, listed for $489,00016 Cannon Court, Hamilton Ridge Townhouse, listed for $525,499118 S. Fairview Drive, Single Family Home, listed for $679,00010 Fieldstone Drive, Single Family Home, listed for $799,900150 Bernard Drive, Single Family Home, listed for $1,078,50030 Royal Oak Drive, Single Family Home, listed for $1,999,000 There are an additional 12 properties that are working through attorney review which means they have accepted offers and lawyers are working through the contract details.  There are only 199 properties currently for sale in Basking Ridge - this is the first time we have dipped below 200 in quite some time! Please contact me if y... 09/26/2009

New Price New Price New Price New Price New Price New Price New Price New PriceNew Price New Price 92 Dorchester Drive This property has so much to offer; two bedrooms AND a loft.  This is the best value for the money when compared with other two bedroom units and looking at the available square footage.  The multi-room finished basement offers space for an office.  This location on Dorchester Drive is perfect as there is lots of extra parking and the back yard is very private and more "yard-like" than some of the other Hamilton locations.  Contact me for an appointment today or come to the open house this Sunday, 9/27, between 1:00 and 5:00. To search homes for sale in Basking Ridge, click here and get access to homes for sale in all areas covered by the Garden State MLS. 09/23/2009

You are invited to a homebuyer seminar You are invited to a free Home Buyer Seminar this Saturday, September 26th at 11:30 in my office at 22 Henry Street in Basking Ridge. I will be there along with other real estate professionals, including my broker, our mortgage representative, a real estate attorney and a certified public accountant.  We'll address local market conditions and buyer incentives, including the Federal Tax Credit as well as current mortgage products.  We will also be spending some time on short sales and foreclosures and we will be available to answer any questions you may have. First time buyers hoping to secure the tax credit - please be aware that you need to get started soon in order to meet the closing deadline.  It takes time to find, negotiate and move your tran... 09/21/2009

9/12-9/18/09 The following 7 properties went under contract this past week in Basking Ridge - that's three more than the week before!  Maybe my prediction will prove true! 156 Irving Place, Society Hill Condo, listed for $241,000186 English Place, Society Hill Condo, listed for $259,0002406 Privet Way, The Cedars Condo, listed for $269,000406 Penns Way, Society Hill Townhouse, listed for $365,900 (my sale!)324 Alexandria Way, Spring Ridge Duplex, listed for $479,90025 Dryden Road, Single Family Home, listed for $574,500130 Culberson Road, Single Family Home, listed for $1,100,000 There are an additional 12 properties that are working through attorney review which means they have accepted offers and lawyers are working through the contract details. Please contact me if you would like mor... 09/19/2009

The economy continues to show signs of stabilization. In fact, Federal Reserve Chairman Ben Bernanke announced this week that the recession is probably over and that the economy is likely growing at this point. Famed investor Buffet also said the economy appears to have leveled off. In addition, the number of newly laid off workers applying for unemployment benefits has declined in three of the last four weeks. Consumers also seem to be more comfortable spending money. The government reported that retail sales rose 2.7 percent in August, the most in more than three years. The positive news also extends to the real estate industry: Rates on 30-year fixed mortgages are at their lowest level since the end of May, making homes more affordable. Housing construction rose in August to the high... 09/18/2009

Commercial and investment property owners who are facing problems refinancing mortgages because of credit market conditions and declining lease revenues may have just gotten some important help from the IRS. New Jersey Estates/Real Estate Group Paul Stillwaggon September 2009 LINKING THE LATEST TECHNOLOGYTO OLD FASHIONED SERVICE Copyright © 2009 Realty TimesAll Rights Reserved In a policy change outlined last week, the IRS said it is aware that the global capital squeeze is hurting investors who own income real estate and are finding it difficult to stay current on loan payments. To help ease the burden, the IRS said it would relax current tax guidelines on commercial mortgage bond securitizations to allow more modifications of loan terms. Commercial real estate, including multifamily a... 09/17/2009

"Fierce competition among home builders has led to a market where only the strongest companies have survived," said Paula Sonkin, vice president of the real estate and construction industries practice at J.D. Power and Associates. "This is great news for new-home buyers-particularly first-time buyers-since builders are offering unprecedented high levels of quality, value and service at relatively low prices." New-home quality increased notably to an average of 825 index points in 2009 from 799 in 2008. The rate of customer-reported problems has decreased in 2009 to an average of 9.55 problems per home, from 11.51 problems per home in 2008. Problem rates have declined in each of the 23 markets that were also included in the study in 2008. Overall, the most commonly reported quality probl... 09/16/2009

Welcome back to School!  September is always a very busy time of the year - but in the Real Estate World, it really takes a few weeks to ramp up again from the slow summer months. The following 4 properties went under contract this past week in Basking Ridge. Again, I'm not surprised that there hasn't been more activity given the time of the year.  I do predict a little bit of an upswing this month; we'll see if I'm on target. 119 Potomac Drive, Spring Ridge Condo, $249,000, DOM 54287 Penns Way, Society Hill Townhouse, $298,900,DOM 35575 Dorchester Drive, Hamilton Crest Townhouse, $539,000, DOM 1393 Heritage Court, Single Family Home, $1,399,000, DOM 30 (was a relist) There are an additional 11 properties that are working through attorney review. Please contact me if you would like more... 09/14/2009

The Hills communities in Basking Ridge (and Bedminster) are located at the crossroads of Route 287, Route 78, and Route 202-206 in spectacular Somerset County, New Jersey.  Situated at the southeast corner of Bernards Township and officially considered Liberty Corner, The Hills offers a wide range of living options including single family homes and townhouses at several price points (condos are in Bedminster). It is a beautiful and fun-filled place to live offering terrific recreational amenities including a clubhouse, pools, tennis courts, basketball, walking paths, playgrounds, a gym and shopping located right in the community! Community features: Beacon Crest - Allen Rd. to Beacon Crest Dr. - Single Family homes priced from the high $900,000's to just over $1,000,000. Beacon Manor - ... 09/09/2009

8/29/09-9/4/09 The following 4 properties went under contract this past week in Basking Ridge. A little bit of a dip which makes complete sense given the end of the summer season! 37 Woodward Lane, Sociey Hill Townhouse, $304,900, DOM 567 Tysley Street, Single Family Home, SHORT SALE, $439,000, DOM 21236 Hill Top Road, Single Family Home, $450,000, DOM 141 Richmond Drive, Patriot Mews Townhouse, $675,000, DOM 196 There are an additional 15 properties that are working through attorney review. Please contact me if you would like more information about any of these Basking Ridge homes or visit my Basking Ridge real estate website for more information on what has sold each month over the past year. New to the Basking Ridge market are the following 10 properties: 107 Potomac Drive, $219,900,... 09/04/2009

I have been analyzing the Basking Ridge market for a listing appointment that my partner and I are going on this evening.  Look what I found: Market Absorption = Available Homes/UC Homes (last 30 days) in a given town or price range ==================================================== As of today, there are 205 homes available in Basking Ridge Since 07/31/2009, 40 homes have gone under contract Township Market Absorption = 5.12 months ==================================================== There are 34 homes available between $600,000 and $800,000  Since 07/31/2009, 10 homes have gone under contract in that price range  Price Range Market Absorption = 3.4 months Visit my Basking Ridge website for information on what has sold and what is still available in Basking Ridge or surrounding areas... 08/31/2009

8/22/09-8/28/09 The following 9 properties went under contract this past week in Basking Ridge. The market is holding steady - there were also 9 contract sales the week before this one! 49 Smithfield Court, Spring Ridge Condo, $236,000, DOM 21215 Alexandria Way, Spring Ridge Condo, $259,500, DOM 10372 Commonwealth Drive, Spring Ridge Condo, $284,000, DOM 2372 Jamestown Road, Spring Ridge Condo, $285,000, DOM 4311 Dayton Street, Single Family Home, $369,000, DOM 10223 Lindburgh Lane, Single Family Home, $439,900, DOM 3112 Hancock, Patriot Hill Townhouse, $659,000, DOM 7015 Lenape Court, Single Family Home, $734,900, DOM 8471 Autumn Drive, Single Family Home, $1,135,000, DOM 16 There are an additional 15 properties that are working through attorney review. Please contact me if you would l... 08/29/2009

The simple fact that the internet is a part of the returning real estate market is not big news, but with so much information coming out so fast, understanding it can be difficult. This article is the second in a series of six that decodes the basics, and even some mild intricacies, of the world of electronic marketing and will show you how to compete and succeed in an area of marketing where you might have previously feared to tread. In this part we will discuss blogging in the general sense of the word and what the advantages and disadvantages of blogging are. New Jersey Estates/Real Estate Group Paul Stillwaggon August 2009 LINKING THE LATEST TECHNOLOGYTO OLD FASHIONED SERVICE Copyright © 2009 Realty TimesAll Rights Reserved. Basics first: What is blogging? The word blog comes from a... 08/26/2009

8/15/09-8/21/09 The following 9 properties went under contract this past week in Basking Ridge (this is almost DOUBLE the number of properties from the week before!): 149 Potomac Drive listed for $212,500, DOM 38121 Alexandria Way listed for $239,000, DOM 139261 Penns Way listed for $325,000, DOM 1967 Countryside Drive listed for $349,900, DOM, 1351 E. Oak Street listed for $465,000, DOM 1024 Princeton Court listed for $747,000, DOM 1276 Honeyman Road listed for $765,000, DOM 2011 Linden Drive listed for $798,000, DOM 6720 Shannon Hill Road listed for $965,000, DOM 47 There are an additional 18 properties that are working through attorney review. Please contact me if you would like more information about any of these Basking Ridge homes or visit my Basking Ridge real estate website for ... 08/24/2009

I just returned from a wonderful vacation week at the Jersey Shore.  The weather couldn't have been better - it didn't start to rain until we were leaving the island! Anyway, I am not ready to return to work - but having neglected my blog for over a week, I thought I would pop on and post about a price reduction at one of my listings: www.160MountAiryRoad.com was reduced to $317,500 while I was away.  If ever there was a better time to take advantage of the First Time Home Buyer tax credit - this is the property with which to do it! Other activity on my listings while I was away - www.309EnglishPlace.com has gone under contract and www.787OldFarmRoad.com has worked through the inspection issues and is almost ready to close! Contact me for more information on any Basking Ridge properties... 08/22/2009

8/8/09-8/14/09 The following 5 properties went under contract this past week in Basking Ridge: 197 Alexandria Way listed for $269,000, DOM 69226 Lyons Road listed for $639,000, DOM 4228 Gold Blvd listed for $719,000, DOM 52111 Woods End listed for $949,000, DOM 152148 Childs Road listed for $1,725,000, DOM 211 There are an additional 19 properties that are working through attorney review. Please contact me if you would like more information about any of these Basking Ridge homes or visit my Basking Ridge real estate website for more information on what has sold each month over the past year. New to the Basking Ridge market are the following 11 properties (note that many of these have been available for quite some time but have been relisted): 453 Penns Way listed For $325,00051 E Oak St... 08/14/2009