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What Roberta Thinks...Excerpts from her weekly e-newsletter...Psyching Out The Players in Today's Market...March 12, 2010

In just the last few weeks, the perceptible uptick in home sales locally prompts a new question: Is it still a buyer's market where bargains are to be had and sellers must practice humility at the bargaining table -- or is is some other animal, if not a return to seller's market, in some local markets?
 
Agents have been counseling sellers over the last 2 years to tred lightly during attorney review and inspection periods. Be nice. Be empathetic. You buyer is scared and may run away. A bird in the hand...
 
Now, with a rising tide of buyers suddenly again going after what they want (usually, the perfect house priced on the modest side), to keep deals together, especially in our Essex County, NJ train towns, should sellers stop holding their breaths and begin acting from a place of strength?
 
 Conversely, should buyers who paid $20,000 or much more over the asking price, expect to get what they want because, hey, they actually stepped up to the plate?
 
I've been mulling over this, because there have been enough over-asking bidding situations recently to wonder how buyers and sellers should properly act to get the deal done. Indeed, we're seeing some interesting demands from both sides that make even getting through the attorney review period questionable -- including burdening the buyer who paid tens of thousands over asking price with responsibility for bringing more cash to the table at closing if the bank appraisal falls short of the selling price.
 
We're seeing sellers much more impatient to end attorney review (a mandated 3 days unless extended by both parties) while buyers slow it down to consider surveys and back  paperwork up front rather than during the inspection review period, where there's more time for analysis. We're seeing buyers looking to extend indemnification against non-performance up to closing day. We're also seeing inspection reports where it's hard for the layman to separate general maintenance advice from specific discovery. And when this happens, who can define what's really wrong with a specific house?
 
Finally, we're seeing more general suspicion between buyer and seller. Every action of one begets the other's mistrust. If a seller chooses to fix an inspection problem rather than extend a closing credit, the buyer is liable to be skeptical that it was really fixed. If a buyer doesn't quickly respond with specifics on an inspection and estimates to back up an remediation request, an impatient seller is abt to do less. If one party to the deal is incommunicado at the wrong time, whether it be work or family related, it's not going to be good at all! We're seeing it all.


In short, apprehension on both sides marks the moment, often followed by disappointment, even when the deal isn't really at risk. I believe, at this point in a changing market, adjustment is just taking time and we WILL find a collective moment where satisfaction comes back into the process. So much goes into the orchestration of each marker leading to a successful deal that, dear buyers and sellers, make sure you have the will and the way -- and the professional support you need. So, make your support team an expert one that will take you to your goal. We love to help make things right in our transactions. That's what motivates us.


What Roberta Thinks...Excerpts from her weekly e-newsletter...Remembering "As Is"...March 3, 2010

When we bought our first Montclair home in the Eighties after more than a decade in rentals, my husband and I knew it we were purchasing it basically “as is.” And, in those days, home inspections took 15 minutes!  We were sensible enough to know we weren't purchasing a palace -- there weren't even any cabinet doors in the kitchen -- but at closing, we were basically paupers, flying blind.

What we got within 5 minutes of moving in was a broken pipe under the kitchen sink, followed by bathroom, and basement leaks in successive months. Our plumber joked that we should put him on retainer. Not to mention the water seeping into the basement and a flooded backyard every time it rained, as well an underwhelming furnace output that indicated the previous owners hadn’t installed a machine powerful enough to heat the house. (That lemon would finally break on a frigid winter holiday weekend!)

 So you get the idea. We quickly learned that closing on a house is just the first step toward home ownership -- and by that I mean owning up to the problems and fixing them.
I always tell buyers to assume they’ll be fixing something every year, so plan on a $5000 - $8000 reserve. If you’re lucky to avoid a big ticket item in a given year, don’t blow the budget on a new TV; next year, it might be one of those biggies, like French drains and sump pump, water main replacement to the street, or a new roof. Homeowners should have a minimum 1% of the purchase price of their home in savings for improvements and surprise expenses, experts say.

That cushion often isn’t easy for first-time home buyers in the current market. Lured by affordable prices, low interest rates and the federal tax credit that runs through April 30 —especially after they’ve scrimped and saved for their down payment and closing costs -- saving for house repairs seems out of the question. But it 's worth thinking about what you'll do after become a homeowner if something goes wrong.

Has the Market Bottomed Out?

I‘ve experienced more than a few sharp intakes of breath lately as certain, unfortunate homes, now in pre- or outright foreclosure, have been priced so low as to be the most shocking examples of a market gone South. In the so-called “shadow market,” these homes are going to be with us
at least through 2010, we’re told, especially as homeowners who may be capable of paying their mortgages but prefer not to (so-called “strategic defaulters”) throw in the towel along with others who just can’t afford to be homeowners. Far from move-in, but in some cases, really good buys, these homes definitely cloud and confuse the housing landscape and convince some buyers that even perfectly nice homes “just aren’t worth it.”
But we are seeing, so far in 2010, in many towns in Essex County, NJ, the bargain homes are no longer dominating the landscape. In the “real” world of home sales, buyers are out in force, prices have mostly stabilized, and inventory is not bloated as it seemed to be six months ago. Smart Money Magazine quoted JP Morgan economist Abiel Reinhart’s message recently that “The majority of price adjustment has probably already occurred.” We Realtors, observing the number of multiple offers on houses in Montclair, Glen Ridge, Maplewood, South Orange, West Orange, and Bloomfield, among others, are quietly giving the message to sellers that it just might be time to list.
However, the listing prices of a few years ago just aren't achievable in most cases. Once that is understood, it's easier to price right and sell right.

We see that is the case after a just a few days on the market, when one house is left behind, and the other sells immediately. If you are thinking of selling after purchasing in 2005 - 2009, it will be extremely hard to recoup all you spent and all you have put into it. That is the reality. So, if it is too real, don't sell now. But I would do the numbers on how much you'll be paying over the time you stay here in taxes, repairs, and other expenses built into living in a house. Does it add up to more than you'd lose by selling now? That's the $64,000 question!
Sellers must also keep in mind that it’s still a buyer’s market more than it’s not, so Smart Money’s article about being smart about selling is worth digesting here:
http://www.smartmoney.com/personal-finance/real-estate/10-common-mistakes-home-sellers-make/

Great Statistics - Listen to Your Agent!: Compared to sellers who did not take their agent's original pricing recommendation, sellers who listed their home at the price original recommended by their agent sold it 38 days faster for 2.25 percent higher and with 1 less price reduction.

What Roberta Thinks...Excerpts from her weekly e-newsletter...
Boxing Gloves, Anyone?...Feb. 5, 2010

It's frosty outside but some intrepid buyers definitely have their gloves on. Despite all you've heard about lingering listings, what we're finding with well-priced homes new to market is the return of the bidding war.In the last few weeks, several Montclair and Glen Ridge, NJ homes have been thick in the how-high-can-it-go syndrome.
How can that be, you ask? Well, lack of inventory in places where people want to live makes buyers a little crazy for what they want. And now that there's a perception of increased affordability, some buyers are thinking that overbidding isn't that crazy.
This week, one house saw the bidding war continue well into the attorney review period. Properties with fairly insane taxes that not long ago were begging for attention, now even seem more appealing if the price has been adjusted to acknowledge the tax burden.
But the catch here is that the house in question must be very, very attractive, in just the right location, and the price very, very right. When it isn't, it doesn't matter what the house has -- granite, stainless, marble, the works -- it won't sell like those others.
So, over the next weeks and months, we'll let you know if this trend is a fluke or whether the pleasures of living in Essex County, NJ, so close to the City and in a sophisticated environment, will help lead the state out of its very real housing doldrums.
We think that the more you know, the better you'll be able to navigate your buying and selling opportunities in the future, whether you personally choose to bid over on a house you fall in love with. We also love to help people identify houses nobody else wants, so there are ways and always have been to avoid the bidding frenzy altogether.

And if think your house may come on the market in the next year and you're worried it won't get top dollar, call us and we'll help you devise a plan to change that.

We're On the Move

If you haven't yet heard the news, the Baldwin Dream Team will be part of a new Montclair brokerage. We've joined other top producers in town to form a new Keller Williams Market Center. Now the 3rd largestreal estate company in the country, KW looked right to us with its foundation in integrity and emphasis on educating agents to the highest level. Look for our bright red signs around town. Here's the link to the recent announcement piece on Baristanet.com:
http://www.baristanet.com/realestate/2010/01/montclair_realtors_move_to_new.php



What Roberta Thinks...Excerpts from her weekly e-newsletter...Reflections on a Difficult '09...And One Little Resolution
for '10...December 26, 2009

Thanks to all who emailed and chatted with us online this past year about real estate issues large and small; those who recognized us at the mall from our HGTV's Bought & Sold appearances and said "Hi, we loved the show"'; and, especially, those who reached out to buy and sell using The Baldwin Dream Team. It was a hard year for both homeowners and househunters and we hope we made your journeys a bit less stressful. We appreciate each and everyone of you.  - Roberta & The Team.

Icing-on-the-Cake Renovations Take a Hit

During the old high market, I never ceased to be in awe of buyers who closed on their new homes and then began ripping out and replacing just about everything to create the perfect environment for their lifestyle - sometimes at huge expense. They were largely undaunted by worries that the sum of these improvements might take a while to enhance the home's value in the marketplace.

Through time, not all home improvements have made sense -- we all see that now. The best upgrades had utilitarian as well as design value, the worst fulfilled that short-term desire for an icing-on-the-cake lifestyle. Like custom cabinets vs. semi-custom; whole house A/C vs. window units; finished basements vs. not-so-finished -- but still cute, still liveable.

Custom cabs make no sense if the rest of the house isn't up to custom standards -- if you're still walking on old, curled linoleum or staring up at florescent lights from 1965; A/C is a luxury in a house with an old roof and peeling shingles, for buyers will discount the aberrant upgrade and focus on the have-not part of the home in this, our new, frugal buying environment. Finished basements for more family space-- hey, who wouldn't want that? But what's so bad if it hasn't got wall-to-wall carpeting or the pipes are visible? What about just replacing that horrible commode and putting in a new one for $100? Forget the high-end tumbled marble down there.

And so here we are at the end of a brutal 2009 real estate market, faced with the official yearly Remodeling Magazine cost vs. value report on home improvements -- and it's a lesson to us all. According to Realtor.com today, "the majority of the 10 remodeling projects with the best return on investment nationally are a testament to pragmatism. Six of the 10 projects, using a variety of materials, involve home maintenance that costs less than $14,000."

For the eye-opening specifics, go to http://http://www.remodeling.hw.net/table-of-contents/Remodeling%20Magazine/2009/November.aspx -- and note that "curb appeal is king" and that those musty old attics in vintage homes are now ripe for return-on-investment.
There will still be those who jump head first into home ownership with the dream of perfection -- and, if they have the money, who can stop them? -- but my fervent New Year's hope is that my buyers will find ways to enjoy what they have and to work toward perfection with caution and humility. For, as some have found the hard way, new kitchens and baths do not necessarily happiness -- or profit -- make.
 
First-Timers, You Are Loved

The 2009 Profile of New Jersey Home Buyers and Sellers shows that first-time buyers account for a larger portion – 52 percnt up from 49 percent in ’08 and 36 percent in ’07 -- of the housing market. The federal home buyer tax credit has played a huge role in getting first-timers to the table. When asked about the primary reason for the timing of their home purchase, 46 percent of first-time buyers said it was just the right time to buy. Indeed, from our vantage point, first-timers are at once eager but, in many cases, a bit unrealistic about what their money can buy in NJ. They've heard about the bargains but aren't seeing enough of them in the most desirable areas/ And why's that? There's still not enough inventory in many towns to have created the dire-scenario price declines highlighted in the media.
Integrity on the March

Starting Jan 1, 2010, new Real Estate Settlement Procedures Act (RESPA) rules are scheduled to take full effect. Loan originators must provide borrowers with a standard, revised Good Faith Estimate (GFE) that clearly discloses key loan terms and closing costs. Closing agents (attorneys or title companies) must provide borrowers with a new HUD-1 settlement statement. The U.S. Department of Housing and Urban Development (HUD) has published a new booklet, Shopping for Your Home Loan: HUD's Settlement Cost Booklet, designed to help consumers comparison-shop for a mortgage. Much of the booklet is devoted to the new standardized GFE and HUD-1 settlement statement forms. Find it at: http://portal.hud.gov/portal/page/portal/HUD/documents/Settlement%20Booklet%20December%2015%20REVISED.pdf

A Final Word To Sellers

Everybody wants to know what 2010 will be like. Realtors locally have been fielding calls all month from sellers wondering if the market has finally turned...up. Chief economist for Moody's Economy.com, Mark Zandi, believes some parts of the country may experience another 5 to 10 percent drop, or more, because of a still-cascading foreclosure situation.

However, here in NJ, Jeffrey Otteau, who keeps track of sales in every county in the state, says "it gets better from here" and "some markets will be experiencing modest, gentle price increases.”  He predicts no change in 2010 prices and a slight, upward climb of 3 percent in 2011.

We in Essex County, NJ have to remember, though, that some of our best buyers are residents of Hudson County, where overbuilding has caused a tremendous glut and sales lag.

So, for those here in the Montclair-Maplewood nexus who have to sell -- either to reach for a bigger property that's a bargain right now; or to relocate for job or family needs -- simply price right for this market and you will actually be able to move. (That goes for the sellers in Hudson, too!)
 
For those who don't have to sell...just don't! Don't clog the market, don't test the waters, don't make yourself crazy. Just sit it out, enjoy your house. Perk it up where you can. Time will be your friend.

What Roberta Thinks...Excerpts from her weekly e-newsletter...Getting Smart About Home Ownership...Nov. 20, 2009

Welcome, Houselogic!

One of the most interesting new interactive real estate websites is the new www.houselogic.com.  It’s not just another look-up-the-value-of-your-home sites with a million agents blogging in the margins. Launched by the National Assn. of Realtors, it's designed to "help you make smart and timely decisions about your home." Hmmm. If ever we needed that, it's now.

Well-designed and appealing to look at, chock full of  tips and advice on home maintenance and improvement, houselogic also delves into ancillary topics such as tax preparation, tech and homebuilding sector news, and up--to-date info on recent legislative policy that affects homeownership.
In the "Engage" section, you can click on empowerment ideas: 7 Tips for Writing Letters that Change Your Home Town" or "Stop Speeders in Your Neighborhood." In the "Mantain" pulldown, there's the Home Project Finder that tests your energy level and time availability before you start a project. All in all, very worthwhile.

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(It's Always) Time to De-Clutter

If you're thinking of selling or buying or both, where you live now is the subject here. You can't move without organizing yourself and, with the holidays just ahead, it may be the perfect time to think about starting that nearly always onerous taxk. But it's also the first step on the road to somewhere else, so how about buying some boxes and a enough garbage bags to get started? If you're just not making headway, call us for a consultation on how to create a timetable for your move.

Just Sweaters

Nine years ago, I launched a holiday project locally in Essex County, NJ, collecting and recycling gently used sweaters . While I'm no longer at the helm of this Realtor-driven charity, I remain involved. If you're local to North or Central NJ,  I'm looking for sweaters (or sweatshirts) of any size, for any age. They must be clean!. Email me at RobertaBaldwinTeam@gmail.com if you need a pickup. The sweaters are handed out in Newark over the holiday season.

Last Word About the Condo Crawl

I'm sure you've heard, but our our first annual Condo Crawl, held Nov. 1 in Montclair, Glen Ridge, Bloomfield and Verona, really rocked. With marketing support from www.Baristanet.com, our trusty local editorial blog, and a shout-out from the Star Ledger's Homefinder Section, the 3-hour open-house marathon brought together lots of agents and brought out lots of potential buyers.

If you missed the hubbub, check out the very nice piece by Antoinette Martin in last Sunday's New York Times, at  www.nytimes.com/2009/11/15/realestate/15njzo.html
Oh, and the adorable Crawl sign, designed by Montclair's own marketing wizard, Sarah Damaskos, was a real hit.

You can still check out some of the appealing condos that were part of the crawl at www.Baristanet.com/crawl

Contact us anytime for insight into the market for selling and buying in 2010. We love referrals, so keep us in mind for your friends, neighbors and family.


What Roberta Thinks...Excerpts from her weekly e-newsletter...Thank You, But No Hurry, No Rush...Nov. 20, 2009

The No Urgency Conundrum
 
There are hundreds of thousands of realtors blogging these days and I happened to trip over a piece by Denver agent Dan Polimini, about buyers who decide not to decide.

I wholeheartedly agree. Without expressing urgency, without recognizing the need to act, the timetable for a move could be almost forever.
 
Says Dan: "You see in today’s environment that there are people who want to buy and can buy, but they are paralyzed by indecision and fear. Mostly, fear of the unknown. Did they buy too soon, did they pay too much, did they get a good deal, was there a better home for less money on the market, and will the value of the home drop after they buy it? Sometimes, when buyers get out of my car and get into their car, you can almost hear the sigh of relief. It's as if the husband looks at the wife and she leans over to say, 'Thank god we didn’t have to make a decision today.” This begs the question, 'Why are they looking in the first place if they don't want to make a decision?' The answer circles back around to fear. They’re afraid that they'll miss out, miss the bottom of the market, and miss out on an opportunity."
 
To connect up to Dan's thoughtful analysis of the 2009 Buyer Withdrawal Problem, as I'll call it, last weekend I launched the first ever (and possibly now annual) Condo Crawl in our area. Dozens of agents from different companies opened their listings so those without urgency could start working on what's out there and, perhaps' feel more comfortable with the process.
 
It really worked, at least on the short term. When I asked participating agents for feedback, they all spoke of the free flow of conversation that characterized the afternoon, how willing people were to talk about who they were and what they wanted. This is a major change from open houses over the last year, where many people refused to identify themselves or make any human connection.
 
One skeptical buyer I talked to at the crawl said he was "still waiting for the market to bottom out." That begs another question: Isn't it low enough right now?
 
A few days ago, a very cute Maplewood home came on the market for $499,000. A few years ago, the owners purchased it for $600,000. Going lower means also more pain in more places. I am wondering, can't buyers just be happy with the affordability factor we now have in NJ - the highest in years, at 109% -  from 81 percent a few years ago. Market stabilization is evident in many NJ towns right now, so buyers who would like to move, might ponder whether another 6-month wait is really the right thing to do.
 
The fall Otteau Valuation Report, famous in this state for smart thinking, reports that there has been a depreciation slowup in the second half of 2009, from a 1 percent drop per month in home prices over the first half of the year, to a half-percent. "The worst is behind us," said Jeffrey Otteau, speaking to thousands of NJ real estate agents a few weeks ago.
 
More than any other factor, the failure of sellers to price 'right' causes a diminishment of buyer urgency. When sellers 'wait it out,' they ultimately forfeit price control and the result is a lower sale price. And when sellers wait it out, they may well wait too long. If you’re one of those who fervently believed the market would go your way, it has! Sometimes, though waiting isn't just about better prices, it's a convenient way not to have to prioritize your needs.

Even in this year’s magical conjunction of low interest rates and low prices, some buyers continue to search for perfection that most likely does not exist. So, I say to those of you who await that extra something besides terrific price, interest rate, updated kitchen and baths, good yard and fabulous schools – this may be as good as it gets!


Indeed, many economists and market analysts agree with Jeff Otteau that we are AT the bottom. The federal tax credit for first time buyers was a huge success. The extension now in place will be good for business, no doubt.
 
Exact Proportions of the Fed Tax Credit Extension
 
The $8,000 homebuyer tax credit for first-time buyers has been extended through April 30, 10, and buyers will have an additional two months, until the end of June, to close. First-time buyers who are in the process of making a purchase will no longer need to worry about qualifying for the $8,000 credit if they close after the November 30 deadline. The new legislation increases the income limit for couples with income up to $225,000, a nearly $55,000 increase above the level in existing law and  it also extends the tax credit to homeowners who have lived in a house for five years or more. They will be eligible for a $6,000 credit if they sell and buy, starting Dec. 1, with no retroactivity. Second homes and investment properties, are not eligible. Also, an anti-fraud caveat is in effect for the credit this time around: Purchasers must attach documentation of purchase to tax return.
 
December is usually a slow real estate month, but if urgency develops, how terrific would that be for sellers waiting for buyers, any buyers, to help them move on.

 
Scrub-A-Dub-Dub
 
In a new poll of real estate agents published by HomeGain.com, decluttering is the single most important thing a seller can do to get top dollar. Other winning tactics:
Paint with warm colors; modernize your kitchen by adding new appliances, removing child-proof clasps, adding new hardware, cleaning up countertops; lighten up rooms with better wattage, fewer curtains and dark shades; make sure your floors – rugs, linoleum or hardwood are clean and bright; landscape around your front door; perk up bathrooms with new tile, fixtures, shower curtains – and mask odors, wherever they are!



What Roberta Thinks...Excerpts from her weekly e-newsletter...Keeping Up With Federal Guideline Changes...Oct. 5, 2009

The Good Starter Stuff & Lots of It!

This week, we'll focus on the affordable. No mansions or penthouses, please! Just the good starter stuff that's nice to live in, condos and smaller houses that we can put our personal stamp on and be proud of. With interest rates remaining at record lows and affordability better than in years, the options are excellent.

We've seen first-time/affordability seekers who couldn't find the right place in time to use the credit -- due to expire at the end of the month -- just back off over the last few weeks.

Good news today, though, for those who were eligible but didn't want to be rushed. On the wings of growing bipartisan support for extending the credit, President Obama said today he would like to see the credit extended. TV commentator and former real estate tycoon broker Barbara Corcoran of the "Today" show said she "fully expected" the credit to be with us for a while. Fingers crossed.

Meanwhile, More Rules and Regs

While FHA mortgages have been so popular with first-time buyers looking for low downpayment options -- and up to 40 percent of ALL recent mortgages have had the FHA imprimatur attached -- more stringent FHA guidelines are on the way that will surely affect the condo market.

So-called FHA “spot approvals” of individual units in condo associations that have not previously sought FHA approval are going the way of the do-do bird. That will mean a palpable slowup in the buying process because condo associations as a whole will have to have the FHA warranty in place in advance.  Associations that wew certified in the past will need recertification by 2011.

If you're living in a condo right now, it behooves you to ask your association board where they stand in this matter. Because when you want to sell, without FHA approval in hand, you'll be looking at a much-reduced buyer pool -- from 25 to 40 percent fewer buyers. Experts say the sooner a condo association applies to the FHA the better, as an avalanche is expected once the guidelines go into effect Nov. 2, 2009.

 Other new guidelines from the FHA that buyer and seller should keep in mind:

--Condo communities that are comprised of more than 50 percent rentals will not qualify for FHA loans.

-- With new construction, no FHA mortgages may be applied for until more than 50 percent of the units are sold.

--No more than 25 percent of the condominium community may be used for commercial purposes.

--No more than 15 percent of the units can be more than 30 days in arears with maintenance fees.

When purchasing a home or condo that may be in line for federal guideline alterations, remember to ask a lot of questions!


What Roberta Thinks...Excerpts from her weekly e-newsletter...Looking for the Light...Sept. 28, 2009

The Money Pit Blues

How much have I lost? It's the question we get every day when presenting market analyses to homeowners in the Essex County area. Most are afraid to hear the answer and hope that recent upgrades they've made will offset the decline. But that isn't always the case, as the numbers are grim but improving: Home prices in the US rose a little bit -- 0.3% on a seasonally-adjusted basis from June 2009 to July 2009 -- according to the Federal Housing Finance Agency’s monthly House Price Index. Yet for the 12 months ending in July, U.S. prices fell 4.2%. The U.S. index is 10.5% below its April 2007 peak -- the most telling statistic we can find and one that is a good guideline for homeowners adjusting their expectations if they have to sell right now.

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What It Takes!

So what does it take to make money or even break even in today's market: A pristine house at a good location, in a community with well-ranked schools and a swift commute to the city, and, hmmm, with a flat, fenced backyard, central-air, new kitchen and baths, finished basement, nice landscaping, good taste and no junk anywhere...oh, my, it's so hard to get all of these elements in one house! I'm only half joking when I say that the bar has been set higher and higher. More than ever, it's important to plan for the sale well in advance, figure out what's important in your neighborhood market, how much money you have to spruce up, so bring in a good Realtor  with experience to help you do this right. The service costs nothing --- the rewards are obvious. Call The Baldwin Dream Team anytime.

What Roberta Thinks...Excerpts from her weekly e-newsletter
...Picking the Right House, Tax Credit or No Tax Credit...Sept. 17, 2009

The countdown for the $8000 federal tax credit for buyers who qualify, is in progress. Just a reminder to those who want to exercise this valuable credit that it takes time to buy anything these days, so don't rush into the wrong thing or just find yourself out of time. The credit ceases at midnight, Nov. 30.

For those who don't qualify, house-hunting is looking pretty good, nonetheless. Prime inventory is arriving, finally, to balance out the overpriced listings and sad pre-foreclosures that sat most or all of the summer without being taken. Many would-besellers just held off til now, hoping the economy would quicken even a little. Indeed, we are suddenly seeing some houses sell with multiple offers, or even one good one, in a weekend or two, proving, at the very least, that some buyers feel better about the process than earlier this year -- and some sellers are hearing offers that don't make them miserable.

If you are a buyer, it still comes down to finding something you really love enough to live in. Last week, I showed a very nice client of mine a half-dozen houses. One, in particular, made her stop for a second and consider whether to make an offer. We actually began and ended our appointment with this house, which was very sweet and well-priced. An unadorned Victorian, it had been decorated with an stark Mid-Century Modern look. On the edge of a golf course, it also had a lovely, scenic view.

As she told me later, my client actually went back a third time to see the house at the afternoon public open house that day. It was then that she got made a list of the pros and cons and ended up with more cons than pros. We agreed this wasn't "THE" house, because it lacked certain gotta haves for her, including a fireplace, garage and a front coat closet. Getting that close to making an offer is a good thing for an untested buyer who stays rational. It helps crystalize what's really important. I'm sure we'll find just the right home sometime soon, with both a fireplace and a coat closet, but maybe not a garage!
Managing expectations is a big part of my job, no matter what the price range of the client. You can't have everything you want in life, and you usually can't have it in a single property, either!

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And remember that if you're thinking of selling, a tidy and visually attractive house is an imperative if you want to get top dollar. Let us help you find the way to that special "look" that will give people pause.

We're The Baldwin Dream Team at Keller Williams Towne Square -- Roberta, Tamima, Nancy, Sidney and Nick -- and we're tickled to be 2009 year-to-date leaders in closed transactions for all Garden State MLS members. We're also proud to help you get ready to buy or sell, now or when the time is right.

What Roberta Thinks...Excerpts from her weekly e-newsletter...Close to Home...June 1, 2009

Facing Reality

Just yesterday, I listed the condo we bought 3 years ago for my son to live in. We paid $180,000 for a cute 1-be droom with new kitchen, new tiled bathroom, new windows, refinished hardwood floors, and 1 parking space.

It was never meant to be a hugely successful investment property, but I figured we'd break even on it, at worst! Well, we just listed it for $165,000 and figure we'll end up lower than that, at just about 10 percent less than the 2006 price -- in line with price adjustments we're seeing sellers have to make every day now.
I accept the reality that almost all real estate is down and that it includes our little condo, as nice as it is. And, oh, by the way, last week we had the whole place painted pretty designer colors, added crown molding, and replaced an aging in-wall air conditioner, thereby increasing my unretrievable investment nut by $2000 in order to sell faster.

It was back in 2007 that we all first heard of the initial price declines in unlucky areas of the country, a trend exacerbated by the collapse of the housing bubble in the sub-prime mortgage fiasco of 2008. By first quarter 2009, with Manhattan housing sale having plummeted by 49 percent in wake of massive layoffs in finance, advertising, publishing, legal and retail -- professions that fuel our buyer pool in Essex County, NJ -- our heady culture of packed open houses and weekly bidding wars was replaced by a empty opens, fewer buyers and longer-days on-market for even the very nicest homes.

Now, in most towns in Essex County, what I will call the sludge facto r has set in. Buyers perceive little or no "value" in houses fresh on the market. Every day agents hear the feedback: "He liked it but didn't think it was worth it." "She loved it, but wouldn't pay more than
(pick a number way South of the asking price!)." Or..."They're just not in a hurry."

Even if they adore something, today's buyers are just saying no.
So, while some houses are being shown as much as they ever were -- 40, 50 times -- return visits are more unusual. If you're in no rush to buy, why revisit anything? Without a thrilling market adjustment (like the Badgely Mischka coat I found on the sale rack at Annie Sez, reduced from almost $900 to $44) they’ll just wait. The urgency is gone to be swift and efficient in one's house search because a baby's on the way. There's always next month, next season, next year, after baby's here.

Indeed, the lesson is that we, too, are experiencing what is happening even in the most lovely places in the US. This, from a Chapel Hill, NC observer writing on a blog just a few days ago: "In my area, which thought it was ‘immune’ to price declines -- they have suddenly exploded. A huge amount of unsold inventory...is causing sellers into a sudden race to get out now. The spring sales were a washout and sellers are starting to panic."

In turn, sellers are just plain angry, not to mention incredulous. Some say they will pull their listings and wait a year to try again. Maybe that will help. Who can say? But it certainly would be healthy sign if more first-time buyers were enthusiastic about the $8000 tax credit now being offered. It's a great incentive that, so far, isn't motivating enough. But one of my Manhattan Realtor friends says he feels a bit of an uptick the last week or two and we are seeing a slight rise in buyer motivation here, too.
I'll let you know what happens with my condo!

Good News for Commuters

The Secaucus Junction Park & Ride is on its way, compliments of Edison Fast Park. It's a great option that should perk up sales neighborhoods in Essex, Hudson, Union and Bergen Counties that heretofore couldn't compete with the train towns. Opening June 1 (take the NJ Turnpike to Exist 15X), you can park for $10 on weekdays for up to 24 hours; nights and weekends for $5. There will be 251 trains a day to catch into the City. For more info: parkfast.com or 888-parkfast.
Bloomfield, NJ Gets Its Due
Some years ago, New York Magazine touted Bloomfield as a haven for first-time homebuyers. Now, The New York Times is on board as an official Bloomfield booster. If you missed today's very positive piece on the town, please go to www.nytimes.com/2009/05/24/realestate/24living.html
The article should have menti oned Bloomfield's excellent Brookdale and Oakview primary schools. Check out GreatSchools.net to see that they rank highly in comparison with schools in other area districts.

What Roberta Thinks...Excerpts from her weekly e-newsletter...Compromise, Anyone?...May 3, 2009

Give a Little, Take a Little!

I'm pondering the great American housing crisis just about 24 hours a day and explaining it about 36 hours a day. Really!

As you well know, the crisis that started with the sub-prime mortgage fiasco, quickly mutated.

Veteran home sellers and buyers without pressing financial problems found themselves rethinking every aspect of home ownership.

--Buyers of the first-time variety -- comprising nearly 40 percent of the US housing market --– who used to yearn for a home of their own, now quivered and retreated.

--Sellers, aware the market had faltered, weighed whether to sell fast or wait it out through -some indeterminate time, while carrying high taxes and other financial homeowner baggage.

--Buyers who patiently waited out the now-defunct "seller's market," found psychologically that they still couldn't buy because what if the market went even lower?

--Sellers who expected their recent home improvements would lift the value of their properties -- even as other owners saw depreciation -- were floored to see it wasn't so and either decided not to sell or priced too high to foster marketplace credibility.

--Buyers refused to compromise on their image of the ideal home even as they saw erosion of their ability to buy --and banks'willingness to lend to the highest limits. Their lists of gotta-haves expanded even as their pocketbooks contracted.

--Sellers who bought new homes at rock bottom prices still found it next to impossible psychologically to reduce the price of their own homes, because somehow that wasn't fair.

--Buyers who recently needed to buy ASAP, suddenly were willing to sit in tiny apartments or condos filled with baby stuff, worried that anything they bought would be a joke, a fraud, a mistake -- just like what happened to all those dumb buyers of the previous decade. We are not in a hurry, we have no urgency. Meanwhile, we'll look at dozens of homes, just in case.

--Sellers who asked why their houses weren't selling, found it next to impossible to process statistics showing serious declines in buyer traffic. It was all too much, believing that the buyer pool had been so affected by job loss, inability to sell their own place in Manhattan and elsewhere in the country from which they once swarmed in droves -- came, saw, and purchased overnight.

Finally, buyers and sellers listened patiently to their real estate agent’s analysis about why things weren't working the way they used to
Perhaps they knew in their hearts it was true; but these good people felt sufficiently detached from the conclusion that in a changed world, the half-full glass was the place from which they needed to make their decisions, that they couldn't accept or act on it. If, in Manhattan, first quarter of 2009, condo and co-op sales dropped 49 percent, then so, too, has the main conduit for our homes in Essex County, NJ. Sense is hard to make when you're hurting, angry, pissed-off, and worse!

Okay, guys, but that’s where it is now, for all of us. Forget the stories of the one house of the week that had multiple offers and sold over asking. Flukes will occur, just as they did in the high market. Back then, we called them "aberrant sales" when they sold $200,000 over asking -- and we should today, as well.

Are there glimmers of light? Perhaps. Consumer spending is rising modestly. The word "stabilization" has been trotted out this week by Moody’s, the investment rating service. A well-regarded economic think tank weighed in this week that the country’s economy will bottom out this summer, while Jeffrey Otteau, NJ’s king of housing-trends research, said recently that "the party for buyers" would be over by the end of 2009.

Mutual compromise between today's buyers and sellers -- each coming part of the way to a viable middle ground where deals can be made now, that would really get the party going.

Finding the Good Stuff

Homeowners who need to move are working on their houses. I am incredibly proud of some of the home transformations we've worked on this spring with clients. Getting the clutter out is #1. Deciding on the handful of changes that will make a house more marketable is #2 -- like removing wall-to-wall rug and doing floors, applying fresh paint, cleaning up the yard, clearing and painting the basement -- these are among the least expensive fix-ups. They will be reflected in better on-line photos, which lead to more buyer curiosity, and showings. Note: If your home is now listed, take a look at the photos your agent has uploaded onto the MLS, from which they move to Realtor.com and other sites. Dirty dishes on the counter; unmade beds; dark, murky shots that could easily have been lightened: If your home looks terrible for the world to see, you need to address that!


What Roberta Thinks...Excerpts from her weekly e-newsletter...Offers, Anyone?... April 17, 2009.



Why Don't They Just Make An Offer?

Sellers all over the world are waiting for offers right now. Some refuse to lower their prices, preferring to wait for a buyer to engage them in negotiation. These sellers are afraid to reduce because they think any offer that comes in will be necessarily lower than their new price. Okay, waiting’s one way to do it. But is it the most effective -- or does that price buffer just add to days-on-market, which are not a listing's best friend?

Most agents would say that a better way is to reposition at a level that actually brings in a like-minded offer. Once value is announced, it will be acknowledged with quicker and better offers. So, those of you who are thinking of selling need to think carefully and clearly about how to position your home when inventory is up and buyer confidence down. And, no, it's not your fault if your house isn't performing the way you thought it would!

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What Roberta Thinks...Excerpts from her weekly e-newsletter...April 6, 2009.


The Birds Are Tweeting, But Are We?

Every spring, there's the expectation of warmth and flowers and renewal. This year, with more uncertainty around us, it will be harder to smell those flowers and appreciate the season we've all been waiting for.

Media reports tell us we may just have turned the corner on housing sales, that more people are out there making like they're going to buy or, possibly, actually doing so. Meanwhile, current homeowners are running to catch the wave of low interest rates as they refinance.

In my estimation, too many first-time homebuyers still haven't figured out that this historic moment, when interest rates AND housing prices have dropped, in unison, for the first time ever. Many of you are still contemplating renting or asking about renting with an option to purchase, a complicated and not-necessarily-surefire way to tackle home ownership. It delays the actual process and, in that delay, those low interest rates could just disappear.

I've also noticed that current homeowners who want to upsize or downsize have less fear of the process because they've already been through it. What faces them, though, is the difficulty of selling what they own in order to get something else that they want. Excruciating! Some homeowners are opting to look and find anyway and then to offer a contingency with their offer that allows them to sell their own home. Like lease/option, it's cumbersome and creates uncertainty. Did you actually buy the house or is someone without a contingency going to drop in and ruin your party?

All the problems associated with buying and selling are enough to make the heartiest buyer and seller feeling winded. We're here to help you navigate the process, from pricing the home, recommending what to fix and finish to make it shine, then to get it out there FOR THE RIGHT PRICE.

I met recently with homeowners whose house hasn't sold in almost 2 years. They told me they now recognize that they have been chasing the market since before the market was a problem. Meanwhile, their taxes soared and their home fell in value to its not-so-sweet current value. Still, they wondered outloud to me whether to hold onto it. Frankly, I couldn't fathom what reason have to do so, since they don't even live there anymore. But the current market is making people just feel bad and sometimes, the house becomes the only thing left to keep...until that fair day when prices jump back up.

According to Jeffrey Otteau, whose Otteau Report analyzes quarterly the health of the NJ housing market, the market will bottom out by the end of the year and then take several more to creep back up. The thing is that houses are living, breathing organisms. If you're not up to keeping yours up, if you've stopped painting and fixing and keeping up with the times, then selling is a better choice now than dragging along the place until it needs everything and hasn't a prayer of competing for top dollar -- whatever that will be down the pike.

It's really important to reach out to a real estate professional to discuss your situation. Seller, buyer, or both...let us know what you need. We're The Baldwin Dream Team at RE./MAX Village Square, RE/MAX's #1 Essex County Team for 2008.


What Roberta Thinks...Excerpts from her weekly e-newsletter...
Fix It Up!...March 20, 2009

Dirty grout. Broken tiles. Ripply roof. Scuffy floors. Chipped cabinets. Scraggly radiators. Faded countertops. Outdated colors. Appalling old wallpaper. Peeling ceilings. Jumbly closets. Rumply bedding. Dingy curtains. Overgrown landscaping. Scary basements. MOLD! Etc.

In other people's houses, ugh! That's what typical buyers today think when they're viewing homes. If owners don't care enough to prepare for a sale, then buyers don't care enough to buy. Of course, sellers with financial issues may not be able to compete in the Pristine House Test, but those who can and don't...this market will leave you behind!

Clients of mine texted me this weekend with a no-go after I took them to a house in their modest price range, that I thought was promising. Great space, yes, but the cramped bathrooms that were very old, an "updated" kitchen had been faked, so to speak, with hugely expensive appliance upgrades and an upper tier of newer windowed cabs, but the rest just odd -- turquoise walls, blue and yellow linoleum tile, some ricketty older cabinets left in place -- you get the idea, hodge-podge lodge. Even at its new price, down $30,000 from last week, adding in 2.5 bath redos an a half a kitchen, not to mention floors that needed refinishing and a roof on the older side, this was just no bargain, I had to agree. Promising, yes, but, as my client added, "probably a money pit." How caution has entered our housing vocabulary!

When I was previewing the property, the owner took me aside to say he knows today's buyers want new, but that he felt compelled to preserve the "integrity" of the 75-year old home. Quaint idea, but so outdated! Some things, like Fifties pink bathrooms, just don't stand the test of time, no matter how well-preserved the tiles are!

So, if you're planning to sell in this complicated market, where buyers are demanding more for less, think seriously about doing the tune-ups that will make a difference. If you don't know what those should be, get someone in who does. Money wasted on ill-advised, tasteless changes, is just... money wasted. And deal missed.



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We're In The Moment

     The intersection of very low interest rates and falling prices has created a 'moment' in real estate history unlike any other. In the past year, home affordability in NJ has increased 100 percent, according to the Otteau quarterly report, released the other day. With price adjustments and these low rates, the moment is now for buyers, even though many don't know it or won't admit it. Those waiting for further price declines -- may find them as the year progresses -- but there's no telling if interest rates will remain historically low.

      Understand that a 1 percent rise in the interest rate raises the price you are paying for a home on the average of $9,000. With that in mind, it may be that NOW is the time to look and to purchase. Scary, yes. But smart. 
 

What Roberta Thinks...Excerpts from her weekly e-newsletter
...Who Do You Trust? ...March 13, 2009

On various socially-oriented portals such as this, Realtors vie for business by trying to be the first to answer questions posed by buyers and sellers. Others host Sunday open houses where they can chat in person with prospective customers and convey the knowledge and enthusiasm that may lead to business. Those are but two ways that agents and the public interact in a world full of choices.

As we all hunker down in this distressing economic climate and reach out for the familiar, the buyers and sellers among us are thinking more deeply about who they know and trust. We've all got the Bernie Madoff blues. Collectivelly, we're looking for people who won't deceive us, but will tell it like it is.

The lesson of the Madoff fiasco for those who lost their life savings is that what they were asking for -- money growing on trees -- was too good to be true. Many have even said so. But they did not think through the thought and were shocked when reality set in.

I read an interesting article recently in which Mark Lesswing, chief technology officer for The National Assn. of Realtors, predicts housing consumers will increasingly identify trust as a primary goal in their relationship with an agent -- reflecting what is happening in the world at large. "Households [already] keep lists of vendors they prefer to work with...compiled through direct experience or as referrals from friends," he says and also predicts that gettting on the consumer's "good list," will prove key to a meaningful relationship. Vendor Relationship Management  (VRM) is a two-way street well worth walking. 

As a Realtor, I'm entrusted with advising sellers about preparing and pricing a home. I -- and I'm also speaking for my team of great agents -- adhere to the belief that honesty and truth are the best tonic to what ails us right now, in real estate and elsewhere. For our Team, the primary goal of VRM is to have the right mix of information and empathy to fit every client need and to filter it through the here and now.

Whom to choose when you are selling? You, Mr. Seller, have a number in your head and you say you need to get it. But is it real? Should you list with the Realtor who promises what is just not promisable, given market changes and buyer caution -- and reward him because he "loves the house" or "understands the house" -- concepts mostly based on estimating the highest listing price? Or, do you open yourself up to market trends and substitute the "need to get" number in order to get the real one without resorting to the lamentable position of chasing the market?


What Roberta Thinks...Excerpts from her weekly e-newsletter...
The Good Weather/Good Buyer Connection...February 23, 2009

It's another glum winter day and hard to imagine spring will ever come. But if you're you're even vaguely thinking of selling when it's warmer, now's the time to declutter, touch up, paint, replace, fix, and fluff. All of that takes time and, if it entails going through a life's accumulation, you will be hard pressed to make the spring market deadline if you don't start now.

Prices are flagging, yes, but the energy created by sunny and not-too-hot weather is always good for real estate. My suggestion is to create a sane gameplan, pack 2-3 boxes a night, place them neatly in a corner of your basement or attic, separate must-haves from someone-else-should have stuff, and create momentum. Worried you can't do it yourself? We'll be happy to show you how to make it happen for Spring 2009.

                                                     *********

But the Kids Want the House!

"Is this the year to ask the kids to buy you out, or to sell the mountain retreat outright -- suddenly a financial luxury/burden you no longer need -- and hunker down for another tight financial year?" It's a serious question posed this week at the Inman.com website and one many are asking right now, especially as hungry municipalities attempt to figure out how to balance budgets as property values decrease, homeowners vie for tax appeals and municipal services spiral ever upward.
For those who have held off selling primary or secondary homes because their kids wanted to keep them in the family, it's pretty much bad news, especially if mom and dad took out home equity lines to keep the property humming. Frequently, now, I talk with homeowners who, not so long ago, were finished with mortgages only to find bank loans just too seductive. And, so, debt accrues over this and that -- new bathroom and kitchen, vacations, flat-screen TVs -- and the equity line not only never goes away, it's the bull in the china shop. Selling is a sobering thought. But so is keeping the house.
More often than not these days, Realtors are the first line of inquiry about how to make the numbers work, either to stay or to sell. At risk of seeming unsentimental, I personally wouldn't hold onto my home because my kids "want it," some time in the future. And, in fact, they do, they love our home (and why shouldn't they?) but I'm guessing the adventure of going their own way will eventually win out and they'll forget they ever wanted to inherit the homestead.

Whatever you decide, give yourself the luxury of looking at alternatives!
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Short Sale Etiquette

I've been writing and blogging a lot recently on short sales, foreclosures, and the general misery of working with recalcitrant banks that just don't want to fix things the way you and I are would expect. It's less a 'get it done' than a stubborn wait-and-see philosophy with excruciating consequences -- 6 million homes in foreclosure or at forclosure risk. Some of these homeowners are now promised relief by the Obama package passed today. If you're already in the abyss and haven't gotten very far with those euphemistically titled 'Home Preservation' departments of the nation's banks, click here to read a timely article about short sale and loan modification etiquette. Just go to http://rismedia.com/2009-02-17/teaming-up-with-your-lender-for-a-loan-modification/

For a lucid r eview of the new Obama housing plan as the president described it in an Arizona speech today,  here's blogger Katie Wickham's report on Trulia.com: http://www.trulia.com/blog/katie/2009/02/obama_housing_plan_live_
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For Sale or Not For Sale, That is the Question

Note to Mr. and Mrs. Homeowner: If you have a For Sale sign on the lawn, if your house is in the MLS, please let us show it. Seems like every other house these days has showing instruction issues and limitations. If you've going to the trouble of putting your house on the market, insist on having an electronic lockbox on the door; put the dogs in a safe place, tidy up in the morning, then let nature take its course. Listing agents who want to protect you from yourself will volunteer to be there to show the house personally. It's not easy to do; they are usually out showing other houses themselves or have forgotten to turn on their cell phones while live buyers who choose to view your house can't get in. They may actually want to buy it -- but on their timetable, not yours! Please open your doors to them!

Our Featured Listings

Questions on towns, schools, commutes? We have the answers. We're The Baldwin Dream Team at Keller Williams Towne Square -- Roberta Baldwin, Tamima Friedman, Nancy Chu, Sidney Simon, Nick Baldwin and Sam Anderson. Yesterday we were officially named the #2 RE/MAX Team in all of NJ for 2008 -- and Essex County's #1 Team.

Thanks to all our customers who made us proud!

What Roberta Thinks...Excerpts from her weekly e-newsletter...All About The Homebuyers Tax Credit...Feb. 11, 2009

It's more than likely that if you're receiving this NJDreamHouses.com newsletter, you have some interest in the future health of real estate in this country.

The US Senate has just voted in favor of a tax credit to stimulate home buyers in a sluggish market where people don't think prices are low enough. It's a 10% tax credit with a ceiling of $15,000 for all home buyers and it doesn't have to be repaid over time. A conference committee will work out the differences between the Senate and House versions in days to come. Hopefully, the result will be a tax credit that empowers homebuyers to go out and get the job done.

Unlike the old law, the $35.5 billion Senate provision isn't restricted to first-time homebuyers. It also ends homebuyers' ability to claim the full credit if it exceeds the amount they owe in taxes. Also, it isn't refundable, which means house purchasers who owe less than $15,000 in federal income tax won't get the full benefit in a single year.

Through the Treasury Department and legislation, there are other proposals (hooray!) for streamlining short sales and preventing foreclosures, as well as efforts to keep the increased conventional loan limits temporarily in place during 2008. All these Housing Stimulus provisions would have a beneficial impact on our current market. How much, of course, we do not know.

Aside from the tax credit impacting on the many bank approved and bank-owned properties on the market, it is expected to help break the log-jam preventing those who can buy, especially in the "trade-up" market, from making deals. When they do, excess inventory will certainly diminish. All we need now is for lenders to loosen up a bit, as well, so that a motivated buyer with good credit and income can move forward in a timely fashion!

If you're one of those buyers and need mortgage advice to get you going, we're happy to refer you to some hard-working mortgage reps. If you're a seller, we're happy to assess your specific situation, offer staging opportunities and make the process as smooth as possible in a complicated environment.


What Roberta Thinks...Excerpts from her weekly e-newsletter...Big Questions...

How's the market? These days, we Realtors can't go anywhere without people asking. As they should. Out here in the suburbs, with so many home and condo owners, we all want to know how we’re doing. Odd thing is, although most people realize things have been better -- how can they not, given the daily dose of slip-sliding statistics showing depreciation? -- those who are thinking of selling often are resistant to how the real world impacts on their particular home's value. Proud as we all our of what we’ve made of our little castles, it's just tough to hear the numbers. There are alternatives, of course --  putting off a sale a few years or more; renting -- but if a new job calls or taxes are just too big to put up with even one more year --  then selling works better than the other partial solutions.


Selling now will not be the heady experience it was
before. Crunching and re-crunching numbers, getting philosophical
trying out the phrase, 'it's only money' that is what we're focusing on right now.


Sellers: Don't let a disservice be done to you by falling for a crazy, inflated listing price when it's not relevant to where we are now in the economy. One thing you should ask, when you interview Realtors, is if they've compared square footage on the houses they've presented as "comps" with your own. In the good old days, space, itself, wasn’t always as important as the way a place looked. New kitchens and baths often trumped size. Now, it's not so clear. Space is a more important element in the mix that must be considered as you arrive at the right listing price for your home. Later on, your buyer's lender will definitely use square footage to assess value, so you should, too.

 

Real Numbers


March is upon us, but sales figures for January 2009 are just out from the National Assoc. of Realtors. Resale homes sales nationally dropped 5.6 percent, to a 12-year low -- year to date, the slide was was 8.6 percent. For sellers, what this means is there are fewer buyers out there. If you want to sell quickly and efficiently, you need to reach out. By that, I mean you need to price accurately and try to make the deal as easy for the precious buyers you have as possible. You don't want to lose one who loves your home over silly home inspection items!


Buyer Thoughts


A recent report on today's home buyers from the Gerson Lehman Group states that there will be seismic changes in buyer mentality for years to come, that 'small expectations' will be increasingly the norm as buyers discover whether or not they will qualify for under more stringent loan guidelines, whether they can save enough for a down payment, and whether they can accept the reality that home equity will grow at a much slower rate than we're used to. Maybe I'm old fashioned, but, hey, haven't I been saying in this newsletter for years that the true worth of home is living in it, not off it?  

TV Bulletin

Fanfare, please! "Bought & Sold," the HGTV show, returns with new episodes Monday, March 2 at 10:30 pm. I'm on the show again as a regular, along with my team Baldwin Dream Team members, although we're not featured in the opening episode. If you have a moment, check out the the new episodes sometime over the next 3 months. We have Facebook fanpage, so please visit us there.



What Roberta Thinks...Excerpts from her weekly e-newsletter...Feb. 18, 2009...The Good Weather/Good Buyer Connection...


It's another glum winter day and hard to imagine spring will ever come. But if you're you're even vaguely thinking of selling when it's warmer, now's the time to declutter, touch up, paint, replace, fix, and fluff. All of that takes time and, if it entails going through a life's accumulation, you will be hard pressed to make the spring market deadline if you don't start now. 

Prices are flagging, yes, but the energy created by sunny and not-too-hot weather is always good for real estate. My suggestion is to create a sane gameplan, pack 2-3 boxes a night, place them neatly in a corner of your basement or attic, separate must-haves from someone-else-should have stuff, and create momentum. Worried you can't do it yourself? We'll be happy to show you how to make it happen for Spring 2009.

                                                     *********
But the Kids Want the House!

"Is this the year to ask the kids to buy you out, or to sell the mountain retreat outright -- suddenly a financial luxury/burden you no longer need -- and hunker down for another tight financial year?" It's a serious question posed this week at the Inman.com website and one many are asking right now, especially as hungry municipalities attempt to figure out how to balance budgets as property values decrease, homeowners vie for tax appeals and municipal services spiral ever upward.

For those who have held off selling primary or secondary homes because their kids wanted to keep them in the family, it's pretty much bad news, especially if mom and dad took out home equity lines to keep the property humming. Frequently, now, I talk with homeowners who, not so long ago, were finished with mortgages only to find bank loans just too seductive. And, so, debt accrues over this and that -- new bathroom and kitchen, vacations, flat-screen TVs -- and the equity line not only never goes away, it's the bull in the china shop. Selling is a sobering thought. But so is keeping the house.

More often than not these days, Realtors are the first line of inquiry about how to make the numbers work, either to stay or to sell. At risk of seeming unsentimental, I personally wouldn't hold onto my home because my kids "want it," some time in the future. And, in fact, they do, they love our home (and why shouldn't they?) but I'm guessing the adventure of going their own way will eventually win out and they'll forget they ever wanted to inherit the homestead.

Whatever you decide, give yourself the luxury of looking at alternatives!

**********

Short Sale Etiquette

I've been writing and blogging a lot recently on short sales, foreclosures, and the general misery of working with recalcitrant banks that just don't want to fix things the way you and I are would expect. It's less a 'get it done' than a stubborn wait-and-see philosophy with excruciating consequences -- 6 million homes in foreclosure or at forclosure risk. Some of these homeowners are now promised relief by the Obama package passed today. If you're already in the abyss and haven't gotten very far with those euphemistically titled 'Home Preservation' departments of the nation's banks, click here to read a timely article about short sale and loan modification etiquette. Just go to
http://rismedia.com/2009-02-17/teaming-up-with-your-lender-for-a-loan-modification/

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For Sale or Not For Sale, That is the Question

Note to Mr. and Mrs. Homeowner: If you have a For Sale sign on the lawn, if your house is in the MLS, please let us show it. Seems like every other house these days has showing instruction issues and limitations. If you've going to the trouble of putting your house on the market, insist on having an electronic lockbox on the door; put the dogs in a safe place, tidy up in the morning, then let nature take its course. Listing agents who want to protect you from yourself will volunteer to be there to show the house personally. It's not easy to do; they are usually out showing other houses themselves or have forgotten to turn on their cell phones while live buyers who choose to view your house can't get in. They may actually want to buy it -- but on their timetable, not yours! Please open your doors to them!

Listings Around the Towns...And Answers to Your Questions

Curious about towns, schools, commutes? We have the answers. We're The Baldwin Dream Team at Keller Williams Towne Square -- Roberta Baldwin, Tamima Friedman, Nancy Chu, Sidney Simon, Nick Baldwin and Sam Anderson. Yesterday we were officially named the #2 RE/MAX Team in all of NJ for 2008 -- and Essex County's #1 RE/MAX Team.

Thanks to all our customers who made us proud!


What Roberta Thinks...Excerpts from her weekly e-newsletter...January 28, 2009...

Those "Historically Low" Interest Rates...

Interest rates popped back up by a quarter point or so this week, but are still hovering around the low fives. Many homeowners are refinancing, as they should be. Homebuyers who were pre-approved last year and are still looking, should definitely revisit the numbers to see if they can buy up a bit more. They may be surprised what even a half-point's savings can do.

Some tips for buyers bent on catching the wave:

-- Don't dawdle! Found a home? Get your paperwork into the bank ASAP. More time is needed on the average loan for processing, underwriting, and approval, so don’t be bashful about requesting a longer-than-usual lock-in so you won't lose your historically-low rate if the process drags on.

-- Don't ask for too much -- don’t try to squeeze the last drop out of these historically low rates; if you wait, they just might jump up further, rather than down.

-- Consider paying points or partial points to obtain the best rate because Fannie Mae and Freddie Mac have recently instituted what they are calling "risk-based pricing adjustments." This means that even buyers with low-risk credit scores and superior loan-to-value ratios may not be considered for the lowest rates.

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Where Are We Now?

This is the time of year when Realtors do pricings -- market analyses for people who might want to sell sometime soon. Many have had agents in before and a lot of comparing goes on. This week, I visited a family that earlier heard the word "million" attached to their now-empty property, but that was a long year ago.

So where are they now? They are where we are we all now -- available at a reduced price. According to yesterday's WSJ front-pager, "Price Cuts Spur Home Sales," NYC-area median sales prices are down 6.2 percent in the NYC area from a year ago. Homeowners in particular who purchased anytime in the two to five years ago are not happy.

 
If they poured money into renovations, there's even more pain. Since real estate is cyclical, eventually these investments will right themselves as they have in the past. In the near term, though, selling will be a painful experience.

The one glimmer of hope? It's if the homeowner is buying something else, because profit forgone on one's current home can be balanced by money saved/recouped on a purchase -- depending, of course, on region, price, financing and other specifics.

Read WSJ article: http://online.wsj.com/article/SB123298209359015631.html

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What To Do If You're Struggling

For those homeowners no longer able to pay their mortgages and taxes, living in a property under short-sale or foreclosure status is a pretty miserable thing. Some 2.7 million homes have already been foreclosed upon; some 2 million more are on the way, if help isn’t forthcoming from the government and lenders don’t find ways to process these transactions and provide closure for beleaguered homeowners and stimulate consumer demand, we as a nation will suffer the indignities for some time to come. Homeowners at risk shouldn’t wait til the last moment or use charge cards to pay the mortgage. Ask for help, advice, support.

Please go to frontdoor.com’s "Top Ten Things to Expect in the Housing Market in 2009" for more on the foreclosure problem and other issues and trends you need to know about. The link is: http://www.frontdoor.com/Buy/Top-10-Things-to-Expect-in-the-Housing-Market-in-2009/2707

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Our Featured Listings

After all the gloom and doom, we do sense an up-tick in your interest in the local housing market this young year. Responses to our newsletters and featured listings are way, way up and we’re seeing many of you out again looking, even under frigid weather conditions. So, here we go again, with our featured listings of the week, our way of helping to make your job as buyers and sellers a bit easier. If you don’t see what you need, just contact us for a tailor-made list of the right stuff. We can also put you on a "daily drip" of properties to wake up to! Sellers, we can do a market analysis for you, too, providing up-to-date statistics and overview, communicated realistically in this complicated market.

Best wishes from The Baldwin Dream Team @ Keller Williams Towne Square, now RE/MAX’s #1 team in Essex County for 2008; #2 Statewide (2008) and in the Top 50 nationwide for the just-finished year. Our expertise is proven! We hope to help you in 2009 buy or sell with ease and confidence.

Oh, and catch me Monday, Feb. 2, on CBS's Early Show, in the 7 to 8 am block (or go to the CBS.com website sometime afterward to find the piece). I’ll be talking about property taxes. One of my points, if it gets on the air: If you are thinking of selling and your taxes are out of whack for your neighborhood, undertake a tax appeal before you list your home!




What Roberta Thinks...Excerpts from her weekly e-newsletter...January 20, 2009...Inauguration Day 2009 and the Whole Ball of Wax...

Since my final NJDreamHouses.com e-newsletter for 2008, I've been collecting and analyzing articles about the issues of the day, preparing in my mind how to synthetize them to kick off the new real estate year with you, dear reader. It's proven harder than I thought. After years of musing about the insistent, irresistible, confounded bubble, last year was mostly about where it went. This year, we're down to survival tactics that will help us bridge the gulf from what one economist way back in 2001 labeled "irrational exhuberance" to today's confusing economic realities. Heads are full of the all-too-rational mindset we need as a defense about what went wrong with our collective real estate obsession. Inauguration day seems the perfect time to express both concern for where we are and hope for the future.

So, let me try, from the perspective of a professional real estate person talking to and giving support to people across the buying and selling spectrum, from hungry buyers who know the time is right to get a bargain and to beleaguered and battered sellers who have spent too much on their living quarters and now need to get it back, against all odds.

This week's Sunday New York Times real estate section voiced a clarion call -- For the Brave, the Moment Is Now -- to those first-time buyers previously frightened off but now returning with a new mantra made up of a specific chain of words and thoughts that will net them bargain living space -- price, negotiation, leverage, deal. With a new buyer urgency to get it for less, even rentals are up for grabs.

That’s the way it is. Mostly.The 'other side' isn't so lovely. For all the happy occasions that figure into real estate transactions -- college graduation; marriage; babies; relocation; positive cash flow -- there are the flip side sad ones --  among them, divorce, job loss, illness. Whereas the major counseling we Realtors used to do was so often was about how much more over the last neighbor's sale a homeowner would net, today we primarily analyze what people in trying financial circumstances won't be able to financially retrieve from their home experience if they must sell now.

Listening has become an essential tool. Analyzing the big picture has become a necessity. Suggesting everything from refinancing to just staying put in order to find a homeowner without better solutions a place to breathe easier.

One family I visited face job loss. Should they do their very old kitchen in hopes that it will make their place a better sell? In another home, splitting up has disrupted the lifeplan that someday would have made their recent purchase and renovation of a home a much better financial decision. At a third stop, the question was how to escape foreclosure; luckily some of those newely eager buyers The Times is talking about, stepped in to  help do just that.

There is no doubt in my mind that expert analysis and follow-through for each buyer and seller we have -- no matter the circumstance -- is how we in the real estate business can help you best traverse the change in market values. If our challenge is connect a buyer who yearns for the very best school system, but can't readily afford it, we'll find a way. We will also counsel, in a "no bull" fashion, the seller in a tight spot. Great negotiation can make the difference there, as well as home preparation -- decluttering, staging. Whatever we have to do! Whatever you have to do.

Honesty's the thing. We’ll be talking about it alot this year. Hop on board with us. Let's concentrate on what matters. Buyers, please review our weekly featured listings and let us know if you're one of the "Brave." Sellers, contact us for guidance, no matter your situation.

Til then, our very best wishes to all of you this inauguration day from The Baldwin Dream Team at Keller Williams Towne Square:  Roberta Baldwin, Tamima Friedman, Nancy Chu, Sidney Simon, Nick Baldwin & Sam Anderson. "Given the crisis that we're in and the hardships that so many people are going through, we can't allow any idle hands," Mr. Obama said yesterday, taking a break from painting a dormitory at Sasha Bruce House, a shelter for homeless teens. "Everybody's got to be involved. Everybody's going to have to pitch in, and I think the American people are ready for that." Yes!


What Roberta Thinks...Excerpts from her weekly e-newsletter...Dec. 10, 2008...Buyers and Carrots

All expense paid trip to Europe for the buyers, compliments of your local Realtor. New pool, patio and professional grill as a homeowner incentive. Why not throw in a Porsche Boxer or a Prius, or a stock the house with new furniture?

I don’t know, are these sweeteners recently chronicled in the Wall Street Journal, just a little crazy – as well as a telling message to buyers that today’s homeowners are truly desperate people?

I’d rather counsel that if you need to sell, position your home so that it (and not the Porsche) looks exciting. You can’t live in a Porsche. Still, not everybody thinks that way.

At the A & P today I bumped into a friend to whom I gave detailed advice earlier this year as he readied his house for sale; then, as a courtesy, took photos of his handiwork and loaded them onto Craigslist. Nonetheless, he chose a discount broker who’s paying out the lowest commission in town to represent the house. My friend told me he wasn’t at all worried that the house would actually sell at his absurd asking price -- more than $100,000 above where it should be. But he figured he’d give that agent a 2-month listing "to see what she could do." The answer -- a resounding "nothing." Now he’s waiting for interest rates to fall to 4 percent, which he thinks will somehow affect the home’s value, upward. I couldn’t help saying, "what’s the point?" His response, "Well I knew you’d never take a listing like this."

Some truly odd thoughts are going through sellers’ minds while waiting for the nation’s buyers to do something. Will rock-bottom interest rates help spur the paralyzed buyer pool? Possibly. Job security would also help, as would price adjustments to reflect market realities. Without realistic pricing, the sludge factor infiltrating the housing market will only worsen.

Luckily, with our proximity to NYC and our overall ‘urban vitality,’ housing prices here haven’t plummeted as badly as other parts of the country. There are even occasional bidding wars. But sobering changes have occurred as houses needing updates languish, ever-increasing taxes become the Achilles heel for otherwise perfectly wonderful properties, and location issues such as busy streets become obstacles to top dollar once again where only a short time ago they were overlooked.

Pricing with eyes open is the best strategy if you really want to sell. Otherwise, do what my discombobulated seller friend told me as we parted ways: "I’m probably just going to keep it ‘til the market goes up again." I wished him well. He was right,  though: I never would have taken the listing at his ridiculous price. Again, I’ll say, "What’s the point?"

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Golden Age?

If any of you missed the terrific New York Times piece the other day, "It May Be Time To Think About Buying A House," please check it out. Characterized as a "golden age" for first-time homebuyers, today's wacky market may turn out to be the best we've had, but all the bad news we keep hearing from all sectors is keeping many buyers from stepping forward. This informative article can be accessed at
http://www.nytimes.com/2008/12/06/business/yourmoney/06money.html?em

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What Roberta Thinks...Excerpts from her weekly e-newsletter...December 1, 2008...What's in a Bargain?...

Interest rates this week are at historic lows -- again. That's good to know if you're contemplating a purchase, because coupled with falling prices in many areas, real bargains are achievable now -- though many buyers we talk to don't see it that way yet. We've all become such slaves to bargains that our expectations in what essentially is a still-strong Essex County market aren't being fulfilled fast enough.

So, is the housing market really just like retail, where sale prices are now up to 70 and 80 percent off suggested list on a regular basis? If giant flat-screen TV prices dropped by half in some stores on Black Friday, should houses do the same? That would mean an $800,000 home for the weekend should be "worth" only $400,000 -- a possible solution to buyer paralysis but one that will not make us whole again.

If  today's buyers -- and I know many who read these words are, indeed, buyers -- are waiting for the kill, at this point it will be at some other human being's expense, not to mention the overall health of an economy that experts today said is officially in recession. Sure, getting a good deal has always been important. Even in the high market, some homes didn't sell through the roof and those unwilling to indulge in bidding-war kookiness, who bought those houses, turned out to be real winners through time.

But I do believe that a bit of reflection should be part of the process by which buyers decide that a property is worth purchasing. Will I love living there? Does the location work for me? Will the kids have a place to play and a great school to attend? Is the commute acceptable? Is it the right time to buy? Will my life be a happy one living here???

Price nearly always plays a huge part in our decision to buy a particular house or condo. Fulfillment of purpose should, too.

The Baldwin Team is happy to help you sort through the confusion so you can make a balanced decision on a property and move forward when you're ready.

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Recovery Process

While some press on singlemindedly for ever-low prices to make up for years of ever-increasing ones, most people see economic recovery as one of the most important issues of our time and that recovery is tied to housing health. We're all in it together. Yet, as Inman.com, the real estate new website asked, "Indeed, what represents a recovery? Is it the end of falling prices, stabilizing sales volumes or a return to the go-go days?" In Inman's new reader survey, reported today, 559 people (primarily in the real estate industry) had this to say about a market turnaround: Half do not expect a housing market recover until 2010; 40 percent expect it in 2001; only 10 percent predict a 2009 recovery.

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Our Featured Listings

And now, our featured properties of the week. Let us know if you're starting your starting your search and need an area tour; or to receive a "daily drip" of new listings crafted to your specific needs; or just want to get your feet wet out there by viewing some homes.

If you're thinking of selling next year, it's time to think about what you can do to maximize the sale. Homes that present well and are priced well still sell fastest.

The Baldwin Dream Team -- Roberta, Tamima, Nancy, Sidney, Nick and Sam -- wish you a good week.

Oh, and check out our complete list of Essex County (and beyond) rentals at

http://www.sellahousenj.com/bin/web/real_estate/AR247218/RENTALS/Montclair/1225922560.html


What Roberta Thinks...Excerpts from her weekly e-newsletter...Nov. 14, 2008...Your Closing Costs Contained -- Hooray!

Closing costs for buyers are all those fees that need to be paid before the house is theirs and usually add up to thousands. What really gets people mad is when last-minute charges appear in conjunction with the mortgage process. The problem is so widespread that federal regulatory changes are in the works that will require lenders to conform to the cost estimates they provide brorrowers up front and to disclose to them on a new, standardized form. Creating a uniform system, according to the Dept. of Housing and Urban Development, will allow buyers to compare loan options and should save them on the average of $700 per transaction. Look forward to these changes in 2010.
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Hanging in There

Some people won't have trouble weathering the uncertain housing market. But for those who may, words of wisdom: Review the options before you really need to. Seek advice. Have a plan or plans ready if you need to take action. Take stock of your house or condo now -- fix what needs fixing and paint what needs painting. Declutter as you go. Will refinancing your mortgage possibly help reduce your burden? If not, consider whether getting your house on the market before the worst happens may be a blessing in disguise so, if faced with a change of circumstances, you're not up against the clock with respect to your living situation.

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It's Time to Light The Fire

Until about 5 minutes ago, I never heard of a website called www.HowToDoThings.com. It suddenly sounds like a great place to go now that we're all trying to get things done without spending a fortune, from learning how to read music to...and this is today's lesson...How To Keep Your Fireplace Clean.

At least half of the homeowners I meet say they haven't cleaned their fireplace(s) in years. Why is a clean, well-maintained chimney so crucial? According to this informative website, "The flue inside your chimney suffers a gradual build-up of creosote (hard-layered residue from the wood-smoke), which can catch fire. Periodic chimney-cleaning is necessary in order to avoid such a catastrophe."

Experts say it's important to have a professional chimney cleaning every year, but if you're not up to that, these tips will prove even more important to the ongoing health of your chimney.

Here's where the do-it-yourself maintenance comes in:

-Make sure there's a draft up the chimney when you use the fireplace, so keep an adjacent window open a bit.

-Use a screen to help ventilate and encourage airflow through the flue rather than enclosing the fire behind glass doors..

--Invest in dry hardwood logs, which have a better burn than other options.

-Remove left-over ash (wearing a mask!), but wait 3 days after you've had a fire to do this because burning embers can last that long.

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Our Featured Listings

NJDreamHouses.com has dozens of current listings available with a click of your mouse to look at right now. Every week we highlight some of them. Among our ongoing favorites is The Thread in Union City.

If you haven't seen our listings at The Thread, the terrific, new highrise with thrilling Manhattan views and located just minutes from Manhattan, let us know. The building has a terrific 5-year ftax abatement so girst year taxes will be just over $1000 for the least expensive units! The building has superior amenities, including children's play area and dog run. The penthouses aren't available yet, but they're quite something, with private terraces and then another huge, open terrace that would be just about the best place ever to entertain in good weather!


What Roberta Thinks...Excerpts from her weekly e-newsletter...Nov. 5, 2008...My Home is the Best...

In its Quarter 3 Homeowner Confidence Survey, based on information gleaned from American homeowners -- just as the financial markets were imploding -- real estate portal Zillow.com estimated that nearly Ÿ of America's homes decreased in value during the past year, but only about half of those surveyed thought THEIR home had lost value!  That accounts for many sellers' resistance to reducing the price of their home when it doesn't sell, instead saying they'll be happy to wait for that one buyer who will give them their possibly outmoded price.

The Zillow study also revealed that some 61 percent of homeowners feel certain their home will stabilize or grow -- but nearly the same number said other houses in their area would surely decrease in value.  This so-called "misperception inde"  has fallen quite a bit, though, over the past few months of relentless bad news in the housing sector. This differential between those who believe their homes have increased in value is now down by half from the last Zillow survey, last summer. From a REALTORÂź perspective, it should be somewhat easier for us to guide people to the right price -- the number that will sell a house that needs to be sold. Sometimes a seller needs to try out the unrealistic price for a time. That's okay. When the sensible reduction comes 2-4 weeks after trying out the fantasy price, buyers will take notice and react, hopefully with more showings and an offer or two. Being spot-on and receptive to market changed the day you list your house, when the buyer pool is most eager, is, by far, the better way to generate buyer interest.

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Gasping for Breath

The phrase "underwater" means you owe your lender more than your property's worth. Lots of people are underwater right now. Brings me back to the early Nineties, when it happened to my family. We'd paid $210,500 for our sweet but outdated Upper Montclair Victorian home in the high-flying mid-eighties, done some upgrades, (the house needed EVERYTHING!) only to find, after we'd ordered new kitchen cabinets, that it was worth around $200,000 and dropping -- as two mean-spirited appraisals for the home equity line we needed pointed out. Uh oh! In desperation, because we'd booked the contractor and the cabinets were arriving any day, we did the kitchen anyway, using our precious savings. Then, we waited out the slump. Seven years and other improvements later, we sold it for $130,000 more than we paid for it, for a pure profit of about $80,000. You may have heard the phrase: Real Estate is cyclical. That's what it means.

Interestingly, given the home-sale statistics and the fact that more than 25 percent of current homebuyers are putting their searches on hold, more than 90 percent of Americans thought homeownership still their best-long-term investment, according to a Realogy Corp. survey done the last week in October. 

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American Dream, Where Are You?

If you're wondering about 'The American Dream,' it's still alive and well. A September J. Walter Thompson Intelligence "American Dream in the Balance" survey found homeownership ranked as one of the most important elements in achieving the Dream, although it was lower on respondent's lists than personal independence, financial security, happiness, "fulfilling my potential" and freedom of speech.

JWT's introduction to its survey questionnaire so accurately summed up some of the basic concepts that motivate Americans and provide a bedrock for the resilience with which we're defined as a culture, that I'll leave you with them: "The fact is, there is no single version of the American Dream. Rather, there are infinite permutations that draw on many threads: freedom, democracy, self-determination, self-reliance, hard work, talent, hard work, enterprise, escape from the past, belief in the future, family values, meritocracy, second chances, and above all, possibility."


What Roberta Thinks...Excerpts from her weekly e-newsletter...October 25, 2008...Finding the Good...

No doubt there's a certain irony in discussing the upside of a down market, but here I go, always the booster for our Essex County, NJ area. In the Housing Market Report Card issued this week by NJ's Otteau Valuation Group, chronicler of statewide buying & selling activity, we in Essex County remain among the strongest real estate markets here. What makes this county more resilient than many others is its "inner ring" geographical position -- so near NYC --and its intersection with two prime rail corridors, the Montclair and Morris & Essex Manhttan-Direct lines.

The rail-corridor towns have, through thick and thin, continued to outperform outlying suburbs that depend on bus or auto transportation and most of of the Top 10 NJ housing markets have railroad stations or very good buses and/or jitneys to trains. This is vital information when you are buying a home in these uncertain times because transportation options will play a role in the length of time it takes when you eventually sell.

More on the bright spots as Otteau sees them today: The current, Top 10 NJ housing markets, all in north and north-central NJ, are as follows:

1. Glen Ridge (Essex)

2. Millburn/Short Hills (Essex)

3. Fanwood (Union)

4. Midland Park (Bergen)

5. North Caldwell (Essex)

6. West Caldwell (Essex)

7. Maplewood (Essex)

8. Montclair (Essex)

9. New Providence (Union)

10. Ridgewood (Bergen)

The supply of available homes in these towns is 2 - 5 months; in towns at the bottom of the list, the housing supply is 3-5 years deep! I'm guessing Montclair would be higher up on the list were it not for a large number (relative to total single-family housing inventory) of new but slower-selling condominium units, some still in the development stage but already marketed on the MLS.

Long term, according to the Otteau Report, the challenges for the NJ housing market are tied to the state's super-high tax structure, both business and personal; alarming job flight to lower-cost markets as jobs dry up here and are not replaced; and a standard-of-living decline for younger wage earners, who trail their parents' income and wealth and will find it much harder to buy a home. Of course, NJ has its share of foreclosures these days, and these distressed home will need to be reckoned with to insure the long-term health of our real estate market.

Love That 'Walkable Suburban'

But to get back to our bright spot in Essex County: The Otteau Report says the "shift from drivable suburban to walkable suburban" goes to our strengths in villages like Montclair, Maplewood, South Orange, Millburn/Short Hills, Verona, Bloomfield and The Caldwells, all of which have significant local areas for foot traffic, where shops and family life coalesce in a non-mall-type fashion. Bloomfield with its 2 mid-town direct train stations, by the way, is cited by Otteau as one of the best towns for investment real estate in NJ today.

In fact, according to the Otteau Report, 80 percent of today's NJ homebuyers "want urban"; 75 percent "want walk-to-work"; and 55 percent want "want public transportation." There's now a place to find out how walkable a town is -- take a look at www.walkscore.com. Montclair, defined as a "walker's paradise," gets a joyful 97 percent rating, out of 100. Other scores: South Orange (83); Nutley (78); Caldwell (74); Maplewood (72) The program rates highly walkable Millburn/Short Hills incorrectly, at the moment. In nearby Union County, pretty, town-centered Summit scores an 88!

We're thankful for the strengths of our local towns, now especially. Home prices are expected to continue to decline into 2009, with credit availability a problem for some eager but financially unsupported buyers. Yet, as life goes on and personal circumstances change, there will be people buying and selling houses. The job of today's REALTOR has entered a period of complexity, where we're often counseling sellers on considerably more than how to rearrange their living room. Buying and selling, more now than ever, is a team effort for all involved. Frankness, empathy and understanding are essential. We on The Baldwin Dream Team are deeply committed to the highest standard of support with those we work with. You may call us anytime to discuss your needs and concerns in the strictest confidence.

Our Homes of the Week...

Let me focus on some great new condos at The Thread in Union City. If you're thinking of downsizing and can't afford NYC prices, you're breath will be taken away by these beautifully designed units, many with panoramic views of the City, with buses outside the door to get you there and Hoboken PATH very close by.

Sellers...if you are planning to sell in the spring, NOW -- yes, before Thanksgiving -- is the time to start the process...make your home one that sells quickly and for top dollar! Call us to find out how.

Best wishes to all of our website friends from The Baldwin Dream Team @ Keller Williams Towne Square. With your help and support, we've become the No. 1 RE/MAX team in Essex County NJ and the No. 2 team, NJ Statewide. Our thanks!


What Roberta Thinks...Excerpts from her weekly e-newsletter...October 17, 2008...Reading the Riot Act

Unless you've been camping in the wilderness the last several weeks, you;re a expert on bank and investment company failures, credit crunches, and federal bailouts.

Down here in the REALTOR trenches, we're having to deliver news people don't want to hear. It's fast become the professional real estate mantra when working with sellers, to bring up unpleasant topics at the beginning of the relationship. We need to make sure sellers realize that lack of buyer interest, extended days on market and, in some cases, inability to get the home or condo even a second showing is part of the overall change in consumer confidence that affects nearly all new listings. There may be some exceptions --- properties that are so perfect AND so well-priced that they sell amazingly fast -- but they are just that...exceptions.

Real estate professionals across the country are swapping stories and business concepts by the truckload. Here's a short list of areas of consensus that may help those of you who are selling right now understand where our heads are:

1. Wrong Pricing. If there are 100 homes on the market in your price range and only 10 are going under contract per month, that means 90 aren't -- representing enough inventory (not counting anything new that comes on) for a full 9 more months. Do you want to wait that long? You need to know right now why those 10 homes sold and your didn't. If you still think your house is "better" than all the ones that sold...then you're not grasping market realities.

2. Print Advertising. It's dead. Nobody has the time or inclination to read the classified section, let along call the number in the ad. Almost 90 percent of all buyers find their houses on the web. All they have to do then is click through to the listing agents to make appointments. Yet so many sellers, when presented with excellent internet marketing options, still believe only print ads will sell their homes. Glossy, upscale mags; display ads in newspapers? They're no longer an effective means of marketing the individual home.

3. Open Houses. In good times, open houses account for about 1 percent of all home sale. Today...even less. What once was a Sunday sport for many people, just isn't fun anymore. Remember that bona fide buyers who want to buy now will seek out a Realtor to help them look for a home. Serial "lookers" aren't what you need.

4. Pretty houses, inside and out, sell faster. It's all about showcasing your home in the best light. It won't sell your house faster if the price is wrong, but if the price is right and the house looks great, you'll benefit from the process of de-cluttering and sprucing up.

5. Serious or Not? It's been said that if all the people who say they don't have to sell would take their overpriced homes on the market, the downturn would end. Indeed, if you're a seller who's "not in a hurry," you're simply not going to be in the today's game, which is negotiate, negotiate, negotiate.

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Ask Trulia

Trulia.com the real estate search and marketing site, now offers a special "microsite" feature with information and perspectives about the current housing market crisis. Go to "Surviving the Housing Market Crisis" for blog posts and questions posted at the site related to the market downturn topics at the site range global to particular.

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Predicting The Bottom?

Prices in some towns have fallen quite a bit. Others are holding. Some buyers are waiting for the bottom. Most likely, if we will ever know when that is, we'll only know it when it's gone.

Yet buying goes on. It's about life change. College graduation, relationships, marriage, growing children, job change, divorce, later-life downsizing -- these milestones represent the major motivations for buying in our culture, just as they always have been.
So, we'll continue to send you listings and talk about real estate. If you're not in the market but appreciate a good home, thank you for reading and appreciating. If you ARE in the new, changed game, we're happy to help.



What Roberta Thinks...Excerpts from her weekly e-newsletter...Sept. 27, 2008...Not a Fun Time...

The economic events of the last few days are exactly what the faltering home market did not need. Consumer confidence is paramount in big-ticket purchases and homes are about the biggest purchases we'll ever make. The huge run on personal savings at Washington Mutual over the last several days exemplifies the average America's horror at what the banking industry has wrought and how little confidence they have that it will fix itself.

Yet this week, despite ominous and sad developments, we sold several homes, defying those who believe nobody would be doing that right now. Many of our current clients are also quite surprised when, after personal deliberations, properties they choose to revisit (and figure nobody wants) are under contract.

For some, this is absolutely the wrong time to buy. We're hearing many young people say they'd rather rent a bit longer and continue to save toward their dream house of the future. Others say they're just not sure about their jobs and that's another excellent reason to step back. For those who feel the market will continue its downward spiral leading to lower prices, holding off is definitely a plan they have to see through.

So who are these buyers, these brave souls who seem to be bucking the tide?: People who have to move because they are relocating for a new job; because they are busting out of a small space; because they are looking for better schools; because they need less house. In fact, it's all the same scenarios as before, because life does go on.

This week, one of our clients realized her lifelong dream of home ownership. She has been working overtime for years to make it happen and spend several months this year looking for an affordable home that made her happy. It wasn't fancy, but it was comfy and appealing to her and well worth the wait and the long hours she'd put in. Another, just returned from out-of-state, swooped in and bought asap, in one day; a third didn't look back while swapping a nice NYC co-op for a big Montclair house, just in time to start a family.

Primary, on all their minds, in their different price ranges, is financial modesty. No over-paying, no grandstanding. The market has spoken and those who still hear the call to home ownership just know better, now.

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No More Mowing?

The lure of a lovely yard can't be overstated, but am I hearing a bit of rebellion against mowing and landscaping these days? With many more suburban condos and townhouses available than 10 years ago, with ever more sensational options attached, making the choice not to worry about what's outside your four walls is definitely more popular and not just with the younger set whom you'd expect to do the condo thing first.

On our website this week for the first time, in the Buyers pulldown menu on our Homepage, is our feature called "Visit The Thread in Union City." The Thread ("live seamlessly," the appropriate tagline for a building in an area once known for textile manufacturing) is impossible to miss as you're whizzing by on Rt. 3 on the approach to the Lincoln Tunnel. The building has 151 trendy apartments, including 10 penthouses. Many of the units have exquisite views of NYC . There's an on-site health club, children's room, garage and gardens, with NYC transportation outside the door. If you're ready for an almost-in-Manhattan experience, it's definitely worth a look. Call us if you'd like to do that. Prices start at under $400,000 for one-bedroom units and rise to the eights for the penthouses with panoramic City views.

Know that we're always available to chat about towns, schools, commutes and how to sell for top dollar, even in a down market. Best wishes from all of us on The Baldwin Dream Team at Keller Williams Towne Square.



What Roberta Thinks...Excerpts from her weekly e-newsletter...Sept. 18, 2008...
Stop, Look, Listen

In the days of rolling real estate, when everything came and went in a flash, regardless of location, size or condition, it was almost dangerous to think too much when you were buying a home. Hesitate and you lost the house.

Impulsivity has now been replaced by caution -- in the extreme. "Not in a rush", "no hurry," "don't have to move," "don't see value" -- in so many words, many buyers are into saying 'no thank you' while continuing to look on a weekly basis. Their strategy: Wait as long as you can, hold your breath, dream a dream of bargains.

But we're not living in Florida or California or Las Vegas -- three of the most turgid housing markets in the country right now. We're in Essex County, NJ, just a few miles from New York City. Our natural flow of buyers comes primarily from the Five Boroughs and other large metropolitan areas of the country. While property values have, of course, depreciated somewhat here, the best and the brightest listings still go relatively swiftly when priced just right.

This month, with the arrival of the fall market, buyers in the no-rush/no-hurry mode, after viewing properties during the summer months without committing, can't help noticing many of their favorite properties now under contract, without the price drops they imagined.

Any buyer who sees 20-30-40 properties should be pretty well educated to the market. If you've sampled a lot but still have trouble commiting, the question to ask yourself should be a simple why? If the answer is because you're scared, researching recent "comps," neighborhoods, school performance, and transportation options should help define value and give you the assurance you need to make an offer -- if you really do want to buy. If you're just too gripped to right now, perhaps a vacation from the hunt is in order. And, if you're truly in no hurry and are just waiting for the bottom of the market, remember that you may miss it altogether because the only way you can judge for sure where the bottom is, is when the statistical curve goes up again.

Remember that well-priced homes with tasteful upgrades will sell in any market faster than other homes.

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Pausing for a Moment

The events of the last several weeks on Wall Street and in Detroit, are scary, indeed, and our hearts go out to all the hard-working people caught in circumstances beyond their control as the meltdown in the financial sector intensifies. GMAC's retrenchment and GM's survival worries, the tumble of Countrywide into Bank of America's hands, the decline of Bear Stearns, Fannie Mae and Freddie Mac, and this week, the loss of Lehman Brothers and bailout of AIG, with Washington Mutual predicted next to go and questions today arising about Morgan Stanley -- all are agita-making events that ripple far beyond The Street. Inman News today points out that one positive result of the turmoil has been the swift reduction in interest rates -- dipping below 6% last week -- lower than we've seen since May -- with further declines predicted by experts. That will certainly help the bottom lines of today's cautious buyers and homeowners who wish to refinance and trim their bottom line. Finally, if you're thinking of selling, we're happy to help you position your property for maximum results in an uncertain atmosphere.

With 2 million people in the dark still and thousands left homeless by Hurricane Ike, those of us with roofs over our heads are the lucky ones.
 


What Roberta Thinks...Excerpts from her weekly e-newsletter...Sept. 9, 2008...Fannie and Freddie to the Quiet Corner, Please!

Fannie Mae and Freddie Mac have a strict new babysitter and this is good news for homebuyers and homeowners. For buyers, Federal takeover of these two former titans of the mortgage business signaled a drop in interest rates, with hopefully more to come; for sellers, it's a relief that some very unruly children are being better disciplined and that that the current real estate slump is one step closer bottoming out.

As explained in the New York Times yesterday, the takeovers should lead to more "mortgage affordability" and further reduction of rates, although probably not a huge amount. Said one expert, "in theory, at least, credit score requirements, loan-size-to-home-value ratios and down payment requirements could come up for review."

For sellers experiencing difficulty with mortgage payments, the government's response to the seizure in July of the IndyMac bank recently lead to cheaper fixed-rate loan options for some precarious borrowers. That may happen again.

So, we'll see! In the meantime, no wonder buyers feel off their game. One whom I talked to recently, who had made an offer on a modest house and then pulled back, said that every time he got into the car and turned on the radio, all he heard was housing news that made him increasingly sick with worry. "I keep thinking to myself, what if I end up in foreclosure?", he told me.

Yet he knew he had to live some place and temporary lodging in an area hotel gets old very fast! If you ARE bravely buying right now, the key is to know exactly what you can afford without stretching: The days of cavalier over-reaching are over. I'm actually empowered when prospective buyers tell me they could afford more but would rather not. And so are they.

Good REALTORS work within the scenario provided by the client. It's healthy for both parties, for knowing one's limits makes the task at hand a lot clearer. We're starting to ask our clients to make a list of what they reallty want in a house and what they can live without. Living without perfection can mean moving you right into a very nice house right now. Demanding perfection, attained perhaps only at your highest number -- the number you're no longer reaching for with comfort -- is going to keep you on the sidelines, unable to make a wise and timely decision.

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Maximizing Value

Sellers: What do you need to do in today's market to get top dollar for your home? Clear out the clutter. Freshen up by painting walls and giving tired wood floors a new gleam. Cart away old rugs. Eliminate persistent odors. Repair garage and house sags. Fix roof and plumbing leaks. Remove basement or attic asbestos -- signs of mold, too. And, last but not least, have your home staged by a professional to give it dramatic depth.This scenario can enhance your bottom line.

Let us know if you need our consultation on these matters. We'll hold your hand through the pre-lising process and then give your home a first-class send-off as it enters the marketplace.

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Our Featured Homes

And now, our featured homes of the week. Take a look at some of the new and nearly new listings in Essex County's terrific towns. If you're just browsing and need more concrete info on towns, schools and commutes, give us a holler.

Best wishes from The Baldwin Dream Team at Keller Williams Towne Square -- Roberta, Tamima, Nancy, Sidney, Nick and Sam. If your in the Montclair area, take a look at the feature on the Team in this week's Montclair Times, on local newsstands today!

 



What Roberta Thinks...

Excerpts from her weekly e-newsletter...August 15, 2008...Dog Days Round-Up...

It’s August and thank heaven for the Olympics, a golden opportunity to slow down and enjoy other people's hard work! However, if you can steal a minute away from the tube, here’s a mid-August roundup of housing news and views. Oh, and remember September is just around the corner, the beginning of the fall real estate season, when there's fresh inventory for buyers and the best chance 'til next spring for sellers to make a deal:

From the Wall Street Journal, Aug. 13, 2008 -- "Former Federal Reserve Chair Alan Greenspan says he expects U.S. home prices to stabilize in the first half of 2009.

"'Stable home prices will clarify the level of equity in homes, the ultimate collateral support for much of the financial world's mortgage-backed securities. We won't really know the market value of the asset side of the banking system's balance sheet – and hence banks' capital – until then,' he said."


From Inman.com, Aug. 14, 2008: "Nearly one in five homes for sale in the United States are properties repossessed by lenders, data aggregator RealtyTrac reported today, as foreclosure-related filings rose 8 percent from June to July, and 55 percent from a year ago.

"Foreclosure-related filings -- which include default notices, auction sale notices and bank repossessions -- rose to 272,171 in July, or one filing for every 464 U.S. homes." From NJAR.com, August 14, 2008: "The Federal Open Market Committee of the Federal Reserve System voted on August 5, 2008 to leave interest rates unchanged. The federal funds rate, which affects the cost of an array of consumer-credit purchases, including mortgages and car loans, will remain at 2 percent. In a statement issued about the vote, the committee noted that "labor markets have softened further and financial markets remain under considerable stress.

"In related economic news, the NATIONAL ASSOCIATION OF REALTORSÂź (NAR) released its index of pending home sales for June. According to NAR, pending home sales climbed 5.3 percent after a revised 4.9 percent decline in May."

From Inman.com, Aug. 14, 2008
: "
A record three in four banks tightened standards for prime mortgages during the second quarter, according to a Federal Reserve survey of bank loan officers, and 30 percent said demand for such loans was lower. Of the 32 lenders still writing non-traditional mortgages like interest-only loans, 85 percent said they'd tightened standards and 45 percent said demand for such loans had fallen. Six of seven remaining lenders originating sub-prime loans said they'd tightened standards in the last three months, but only two said demand had fallen."

From The Star Ledger, Aug. 13, 2008: "As home prices keep falling, more and more homeowners are finding themselves 'underwater' -- meaning their properties are now worth less than what they owe on their mortgages, according to a report issued yesterday by Zillow.com...

"In the second quarter, home prices nationwide fell 9.9 percent from the same period a year earlier, and nearly one-third -- or 29 percent -- of owners who purchased their homes during the past five years now have negative equity, Zillow.com reported. For those homeowners who bought during the height of the housing boom in 2006, 45 percent of them are underwater on their mortgages, the report said."

From The Los Angeles Times, Aug. 3, 2008
: "'Houses are lifestyle assets, not investments,' said Brent Kessel, a Pacific Palisades financial planner. Kessel believes that those waiting for a market bottom may be approaching homeownership the wrong way. As long as one stays within one's means, the financial risks of homeownership diminish over time. 'Make a purchase decision based on your lifestyle, not the market,'" he advises.

Also from that article: "Whether you decide to buy a house now or wait awhile, real estate experts say you should keep in mind the following:

"* Don't count on price appreciation. "If you can't afford a house now, don't presume you'll be able to tap an increase in your home equity to refinance it -- that's a mistake made by many people who are now in foreclosure. Likewise, don't divert retirement savings to buy more house than you can afford, expecting to make up the shortfall later through a jump in home values.

"* Don't expect a house to make you financially stable. "Experts advise home buyers to have a steady and reliable income stream; don't buy in the belief that simply owning a home will provide financial stability.

"* Don't buy if you think you may be moving soon. If you're not sure how long you are going to live in a house, move slowly. If you are forced to sell after a short time, any price appreciation may be outweighed by closing costs and agent commissions -- and prices could decline."

And, from NJAR.com this week, a pep talk: "Read the

seven key facts about New Jersey real estate buyers and sellers should consider when thinking about a real estate transaction. NJARÂź is encouraging New Jersey residents to Get the REAL StorySM on real estate in New Jersey with a public education campaign that features an informational website, www.REALstoryNJ.com, designed to assist potential buyers and sellers in learning about New Jersey's real estate market."

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As always, here are our feature listings of the week. We've got houses, penthouses, condos, rentals -- you name it -- for any style and pocketbook. Don't see what works for you? Just email us. Let us know if we can help with your search or help you get your current home ready to roll in the fall market. Right now, we're helping several families de-clutter and organize for the day the sign goes out on the front lawn. It's a process, definitely, and you shouldn't wait 'til that last moment.

Best wishes and stay cool from The Baldwin Dream Team at Keller Williams Towne Square -- Roberta, Tamima, Nancy, Sidney, Nick, and Sam.


What Roberta Thinks...Excerpts from her weekly e-newsletter...July 30, 2008...Big Question, Big Answer...

Question: What Do Buyers Want?

Answer: More and more.
Lower purchase prices are, of course, are No.1 on the list. But other "gotta haves" are abt to rise from the ether to muddle a perfectly good transaction.

In one recent local deal, after the buyers were told a fancy appliance needed realignment to meet safety standards, they asked for a whole new kitchen. Granted, the existing kitchen was ancient and the stove had been incorrectly installed, but wholesale upgrades aren't within the usual scope of seller concessions and, of course, the deal whithered on the vine, neither party willing to compromise.

However, if you're a seller with a very old furnace or hot water heater, for instance, you're particularly vulnerable at home inspection time these days, even if these systems are still working. Ditto aging roof and wobbly garage. If you do not disclose at the time of listing something's really old and sold "as is," it may come back to haunt you. If you have an old Federal Pacific electric box in the basement, for instance (and huge numbers of people in NJ do) it's probably time to upgrade. These boxes have been cursed for decades, when some of them caught on fire. The problem was corrected, but the company went under and every remaining FP box remains a question mark.

Other issues that sellers can work on before they sell and then breathe easier -- squirrels scampering through the attic; aging underground oil tanks; asbestos in basement and attic; rotted window framing; ancient knob and tube wiring, and buckling retaining walls. The familiar "let the buyer take care of it" refrain can be deadly to a deal because by the time these home inspection issues arise, sellers tend to dig in their heels while buyers expect everything to be perfect.

That's why it's so important to get your real estate agent into your house well before you plan to sell. The punch list we develop for our sellers gives them time to obtain estimates and correct issues in an organized fashion, without rushing, paying too much or getting steamed up.

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Another Few Words About Foreclosures!

Many beleaguered sellers are trying re-negotiate their mortgage loans directly with their lenders. Others rely on their attorneys or real eatate agents to make corrective measures, but it's very hard to do. Lenders are shuffling huge amounts of paperwork and, bogged down with slow-as-molasses systems for reviewing delinquent mortgages, they end up charging morgagees for who knows what..

A paragraph in a recent New York Times foreclosure article caught my eye and I pass on the information here: If you know somebody who has fallen behind with mortgage payments, please let them know that they should visit HUD website and find the "Sample Written Complaint Letter,"
(http://www.hud.gov/offices/hsg/sfh/res/reslettr.cfm) which can help state the particular mortgage problem so when the lender is contacted, the information is easily understood. The article also urged homeowners looking for loan modifications to demand that their lender justify all fees and amounts owed. Government investigations of lenders' charges against delinquent mortgagees are already in progress, but that doesn't mean a lender will justify charges without being asked.

Oh, and remember if you're interested in buying a short sale or foreclosure --- it can take weeks or months to have a deal accepted. I've found that most buyers just don't realize how long it does take and they get increasingly mad as the process mostly stalls. If you've got the time, you may get a bargain. Otherwise, you'll just be annoyed!

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On the Upside...

We are still selling homes! How about that! At the right price, houses sell. At the wrong price (too high!), they sit. Some sellers say are just waiting for the one right person to sweep in and make it right. That's not how real estate usually works and, especially now, buyers are not sweeping in when they're not feeling it's a good buy.

If you're thinking of selling in the fall, make sure you're aware of the most recent sales in your neighborhood. Looking at old solds from six months or a year or more back just won't tell you what you need to know about current values. Also, don't try to compare your home to a larger one with an extra bath and bedroom:Size counts. Location counts.




What Roberta Thinks...Excerpts from her weekly e-newsletter...July 11, 2008...Welcome to Mid-Summer Madness

It's mid-July and the local real estate scene seems to be heating up a bit. Sellers with properties that haven't sold over the past months are reflecting on market changes and the smart ones are redefining what they need to do to sell effectively. The idea that there's one perfect buyer out there who will pay more than current market value for a house is highly unlikely these days. There are too many options, too many short sales and foreclosures clogging the market to make the high-priced, underwhelming home a gotta-have for the average buyer,

Houses sell quickest when they are dead-on pricewise. Miraculously, we're also seeing multiple offer situations that can vault a house up by tens of thousands of dollars (yes, we are!), when the price is so pro-active that buyers can't wait to participate.

Of course, this is also vacation time and buyers are wedging in home viewings between trips to the beach and beyond. This morning, the first time on the market for one of our listings, nine people swooped in to see it before going off for the weekend. Also, at this time of year, there are lots of mid-week showings going on.

If you're thinking of buying and figuring that fall is the time, remember that we're here now and happy to provide area tours and information to make your search worthwhile. Maybe you want to get your feet wet! If you are a seller thinking of a fall sale, remember that we're available to offer tips on de-cluttering, paint colors, and large and small home improvements that will mean the difference between a so-so presentation and a great one.

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Short Sale Freak Outs

That's how I would characterize the typical buyer's response to the endless waiting for a lender to okay a short sale -- a home selling for less than what is owed. It can take eons. Today, we learned that the lender involved with one of our listings waited a month to assign it to an employee and that it will take another month for that employee to even get to it.

The Star-Ledger newspaper recently reporteed that up to 40 percent of all sales in the next few years will be short sales, so buyers will have to get used to deferring instant gratification to get the property they want...not to mention that most of these homes are being sold totally "as is, with the buyer assuming responsibility for all certifications necessary to close."  You've got the be brave!

Also, keep in mind that if you run after the bargains associated with short sales, you'll have to dedicate much more time to your search. And, if your offer is rejected after months of waiting, that you'll have to start all over again.



What Roberta Thinks...Excerpts from her weekly e-newsletter...July 2, 2008...One Less Hot Dog, One More Bargain...

Holiday weekends! Most Realtors would say they're virtually dead. But I always tells buyers willing to forgo fun at the pool and barbecue, that with reduced buyer competition, holidays, in fact, are a sensational time to buy. The stalwarts out there looking will find on some particularly good buys.

So, here they are, our gallery of starter homes and condos (most under $550,000) in various local Essex County communities this week.  Let us know if you'd like to see any of them either over the weekend or sometime soon. Don't see what you're looking for? We have many more options and will be happy to tailor a daily, personal search to suit your needs.

If you're curious to see if you can afford one of these properties and want to do the numbers, feel free to contact some of our favorite mortgage reps:

Carl Nielsen, King Mortgage, 973-785-9400

Shane Force, Countrywide Mortgage, 973-463-7205

David Rubenstein, Flagstar Mortgage, 201-221-0116

Joann Cabe, Wells Fargo Home Mortgage, 973-744-3457


Have a great July 4th weekend from The Baldwin Dream Team @ Keller Williams Towne Square -- Roberta, Tamima, Nancy, Sidney, Nick and Sam -- and be safe!


What Roberta Thinks...Excerpts from her weekly e-newsletter...June 27, 2008...Foreclosures, Anyone?

At the risk of sounding like Scrooge, here's my view of the burgeoning real estate "bargain" market, where thousands of sad home await redemption through short sales and foreclosures.

Everybody's asking about these mythical bargains. Don't -- unless you're willing to be patient. Very patient. Lenders seem paralyzed by having to off-load thousands upon thousands of orphaned properties. The bureauocracy at many lending institutions is so thick that each and every property must move through glacial approval levels, any one of them capable of derailing a perfectly good offer. Some offers get lost all together. Many remain on the table so long, unattended, that buyers with their fingers on the local pulse see that a perceived bargain of recent past is no longer that and want their offer adjusted down and then it's a start-at-the-beginning-again proposition. Others with offers in endless limbo, living in month-to-month rentals or leases about to lapse, just can't wait any longer for lender response though they desperately want to.

Meanwhile, agents tending these deals on the listing side find themselves in an excruciating position. Hired either by the soon-to-be-foreclosed (and essentially powerless) homeowner or by the lender, they are generally out of the information loop and although they'd like to have daily updates for customers, there is no such thing.

On the lender side, add 3-4 weeks per appraisal to the wait time for either countering  approving or rejecting an offer. (It's amazing that, as markets falter, some of these catch-up appraisals come in even hundreds of thousands MORE than they were months ago! What are they thinking? There's one in Montclair now, previously on the market for $550,000 and unsold for 410 days;  now re-appraised and relisted for $903,900.)

Even when a lender's home preservation department okays an offer, it sometimes comes back jumbled up. One example is a verbally accepted offer for $650,000 -- all cash, mind you -- that was accepted at $680,000. 

But the waiting is the worst, eliciting anger and mystification among buyers who can't figure out why it takes so long. One reason lately proffered is that lenders are just not that motivated to sell at discount because THEY DON'T REALLY OWN THE PROPERTIES -- Wall Street owns the notes, having purchase them by the truckload during the recent high market. Until holders of all those tarnished mortgages push harder to get the pipeline going, the glut will likely continue.

Another reason is that lenders just aren't set up to practice daily real estate and as long as they insist on calling the shots from other states and business universes, the glut of short sales, auctions and foreclosure properties will continue to clog the market, affect the market value of neighborhood properties that aren't in bank jeopardy, annoy buyers, and confound real estate agents who just want to do their jobs. One of our clients wrote us this week to say her experience -- with still no end in sight -- has been "ludicrous." We agree.

Buyers: Know what you're getting into when you take the bank-approval route to home ownership!

What Roberta Thinks...Excerpts from her weekly e-newsletter...June 20, 2008...
The Optimal Selling Season?


What's the best time to sell? It's an often-asked question as sellers mull their timetables. The answer is in the eye of the beholder. Of course, the bright, sunny spring months before summer's heat are really appealing to buyers, but so much more comes into play. June-July are also viable because some buyers still need to relocate for the opening of school.

Then, there's early fall, before the ice and snow and all the pre-occupying holidays, for buyers who put off the inevitable during the summer. And, once we're done with New Year's, and even with snow in the forecast, January and February are fine months to sell if you can successfully hammer a sign into your frozen front yard. And for sellers vacationing in the sun at that time of year, it's so convenient to put your house up when it's always neat as a pin.

So, the answer really is: Anytime -- if your property is presented just right. Uncluttered. Fresh. Clean. Updated. Wonderful. And priced to sell.

In other words, you could list your house on the most beautiful spring day, with tulips popping and the lawn a verdant green, but if you're not ready to sell, if you haven't done your seller homework, it might as well be a cold, snowy Dec. 15.

Today's buyers are extremely conscious about how homes are presented. Shows on HGTV have raised the bar and it's now quite common for buyers to comment on the quality of the presentation and judge homes by how well sellers have understood the demands of the marketplace.

Many of us in real estate now stage our listings. Today I was in a local antique shop and the owner said her biggest business right now is renting classic furniture for home-staging. Giving a house the right look can add thousands to a seller's bottom line.


What Roberta Thinks...Excerpts from her weekly e-newsletter...2008 NAR Buyer Profile...June 15, 2008

It's time for the National Association of Realtors Survey of Home Buyers & Home Sellers, published yearly for the last dozen years based on responses this year of some 10,000 Americans. A quick rundown of some of this year's interesting statistics:

+ First-time buyers account for 39% of all home purchases.

+ 70% of these first-timers desired to own real estate and establish a household in their own home.

+ 75% rented before buying.

+ 18% lived with their parents (thanks Mom and Dad!).

+ 51% were married couples wuth average income of $68K.

+ 11% were unmarried couples with average income of $68K.

+ 25% were single females with average income of $44K.

+ 11% were single males with average income of $52K.

+ 51% were in the 24-35 age range

+ 21% were in the 35-44 age range

So, even as the market continues to be uneven, first-timers provide a huge support system for the national real estate marketplace. Of course, first-timers are also the most nervous buyers and that is where real estate agents enter the equation. It's our job to explain, educate and lead the way to a successful purchase. If you are one of those first-timers and you are NOT getting the quality support to which you are entitled, please know that it exists and that you deserve to have answers to all of your questions as you embark on what probably will be  the most momentous "deal" of your life.

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Repelling Credit Woes

From www.Credit.com, a word about divorce and homeownership. I mention this because lately we've heard from more distressed post-divorce renters and buyers lately than ever before. Many just didn't know that they would also lose their houses as their relationships crumbled. Assumed protections did not hold; after such an experience, finding a place to live can be terribly difficult.

Credit.come explains that "divorce decrees do not supersede the original contracts with your lenders. That means that just because the court orders one of you to pay a loan obligation, it doesn’t release the other spouse from liability on the account if it was originally opened as a joint or co-signed account. The lender doesn’t recognize that order as an amendment to the contract that both spouses signed. Both parties are still as equally liable as when the account was opened."

And more: "Since both parties are liable, it’s likely that the account is being reported on both individual’s credit reports. And, if the account goes delinquent, regardless of the reason, the delinquencies will be reported on both spouse’s credit reports. This will severely damage the credit reports and credit scores for up to 7 years. The biggest travesty in all of this is that it didn’t need to happen. And, it wasn’t expected. So much time and money is spent preparing for and carrying out the divorce and so little attention is paid to the most lingering effects of a divorce: the damage to credit reports."

The message to those who may find themselves reorganizing their private lives is to  refinance any joint installment loans - both home and auto -- into one person’s name. If you don't have the means to what amounts to buying out your significant other, then sell, sell, sell before the crisis hits.  "It’s easier to divide cash than it is to divide a house," concludes Credit.com. Also, remember to close jointly-held credit cards.

For further suggestions from Credit.com about how to re-build your credit, please consult the site's August newsletter.

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FHA Loans & Credit Weakness

FHALoanAdvice.com has related information about obtaining an FHA loan despite previous credit weakness that is even more timely now that FHA loan limits have been raised and are more applicable to the higher-end sales we have in Essex County, NJ. Please, when you are looking for a house, be frank with your agent and your lender about past problems, so a strategy like the one below can be crafted in your favor!

"The key to getting a borrower who has had credit problems approved for an FHA loan is to have a documented reason for the credit problems, some evidence that the problem has been solved, and a plan for making sure the problem doesn’t reoccur. The more recent the credit problem, the better the excuse must be." The letter, according to FHALoanAdvice.com is that the borrower "compose their explanation letter from the point of view of the problems that led to the divorce being their excuse, with the divorce being the solution to the problem, you have vastly increased the chances for loan approval. As difficult as it is, the borrower absolutely must explain the painful details of why they had to divorce their former spouse without leaving much out. This is the only way the underwriter is going to be able to look at the problem as having been beyond the borrowers’ control, and as a problem that has been solved."

Interesting and, I hope, helpful!

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About Our Featured Listings

         
Just this weekend, I took out some typically nervous first-time homebuyers who have spending most of their time looking at online listings and finding them imperfect. I insisted they finally go out and actually look at some houses and they were pleasantly surprised. The featured listings on this site, each with it's own pluses and minuses, to be sure, depending on your priorities, are but pretty wonderful, nonetheless. So browse a bit and, if you've got the gumption, please call us for a real live look. The Baldwin Team is working this summer, most definitely! We're happy to get you going and into the right house for your tastes and pocketbook in one of the many great towns here in Essex County, NJ. Don't see what you're looking for, then just call us for a tailored daily list of homes on the market now.

Sellers...it's almost September, when there's a healthy 2-month window of opportunity to get your home on the market and sold before the weather turns nasty. So, if you need advice on how to get ready, let us know. We can help!

Best wishes from The Baldwin Dream Team at Keller Williams Towne Square -- Roberta, Tamima, Nancy, Sidney, Nick and Sam.


What Roberta Thinks...Excerpts from her weekly e-newsletter...The Market, The Market...May 17, 2008

The headline is positively joyful: "New Jersey Defies National Housing Trends:
Home Sales Up 4 Percent." It's the spin that the New Jersey Association of Realtors this past week put on new statistics from the National Association of Realtors. (Note: these numbers do not include sales-price declines.)

Meanwhile the headline on the lead story in the New Jersey section of the Sunday New York Times this week isn’t so upbeat: "A Buyer’s Market, A Seller’s Pain." It’s a mournful account of one bank appraiser’s daily excursions around the state, where, according to the reporter, for houses in even the most upscale towns, "on the section of the appraisal form that described the condition of the local housing market, he would check the box for ‘declining.’"

This is where most sellers see red. If they live in a thriving location, even if they’ve seen their neighbor’s property recently sell for somewhat less than a dream price, they don’t agree that "declining" is the appropriate word for the languor that has overcome the market. Those who live in the "train towns" are especially confused as they see the steady stream of willing buyers from Manhattan and observe those one-weekend market phenoms, the houses that sell in an instant for over the asking price.

Yes, sales volume in NJ for one-family homes, condos and co-ops did rise in the first quarter of 2008 – as compared to a year ago – although not in every area. In and around Atlantic City, sales volume was up 4.8 percent, while in Northern NJ (which gets lumped with Long Island in NAR’s study), sales volume went down 3.9 percent; ditto in the Newark-NY State-PA area declined 3.4 percent and the Wayne, NJ-PA-Westchester cluster, also down 5.7 percent.Overall, though, NJ was one of only 3 states (the others, Illinois and Alaska!) where more homes sold in 2008 than last year.

When compared to the extreme double-digit sales volume declines of states like California, Arizona and Maryland, as well as D.C., it seems like tremendously good news.

But  even these rosy numbers, along with the actual sales-price adjustment statistics noted in the most recent NJ statewide Otteau Report,  banks are seeing a "declining market" and until that market turns around, appraisers will be out there reminding sellers that their properties are not worth what they were. Meanwhile, buyers sensing change, are demanding negotiation into financial comfort zones new to both Realtors and sellers.

Real estate has always been about give and take between parties. It still is. Those who don't have to sell, perhaps should not. Those who need to or want to, will be dealing with that new reality, hard as it is.

NOTE: I'm attaching this addendum today, June 15, 2008, just after the NAR announced it dispensed eroneous information about NJ's first-quarter sales. The true statistic for Jan. - March 2008 is that NJ sales are down 30 percent -- not up at all! I'm glad I called it a "spin," because it does seem like one now!


Out with Clutter!

FYI, the Times piece also reported that, "In a soft market
sellers can improve their prospects by dressing up their homes." Clutter must go! It says it in The Times! We on The Baldwin Dream Team often work with sellers for weeks, months (yes, and sometimes even years) on making their homes market ready. It can be a complicated process of getting a bin and throwing out old stuff, clearing attic, basement and garage, and then building up another, more attractive look. It’s also about fixing things -- upgrading old electric service, removing asbestos; painting; removing old rugs and refinishing floors. Finally, it's about presenting the new old house. All this is called "staging." In the old days, sellers felt it best to ‘let the buyer make changes’; today, it’s knowing what buyers want and doing it beforehand.

Oh, and if you...

Need an area tour, info on schools and commutes? The Baldwin Dream Team at Keller Williams Towne Square is here for you. In a complicated market, you deserve the best advice and service.


What Roberta Thinks...Excerpts from her weekly e-newsletter...Buyers, Are You Having Fun Yet?...May 10, 2008

We've all been hearing alot about the new "Buyers' Market." It's the the market where buyers finally get a chance to have fun with their offers and bid low enough to make themselves forget about the old, cruel seller's market where bidding wars reigned supreme and buyers had no power. So, you'd think that would make for happy, ebuillient buyers who feel just great about the new real estate scene.

In fact, this is not the case! In Roberta's informal poll this week of local attorneys and real estate agents, the overwhelming response has been that buyers are angry and depressed and confused. In the old sellers'-market days, they didn't have time for wallowing. They had to act fast and with assurance to find a place to live. Now, though, with many houses just sitting there, buyers have the opportunity to come in low and save money. But they don't seem at all happy with the results. In fact, they are downright peeved.

They don't believe prices are low enough. Trying to answer the perennial question, "Have I paid too much?" today's buyers are so skittish and cautious that they often frighten themselves out of making an offer or sticking with it. One agent told me the other day that she gave her buyers 24 hours (more) to make their decision. They'd been on the fence over two houses for almost two weeks. Neither house had sold, but she suspected they would before her gripped clients could act. Even when statistics demononstrate that buyers have saved money, they tend to doubt it. One of our clients asked for 4 years of "solds" to prove she had wrangled the lowest price in the neighborhood. With those stats in hand, she pulled out of her deal, convince that by September, she'd break more records. Others are consumed by flaws in a home that they would have overlooked before and, on top of an edgy price, demand they be repaired for the deal to go through. Where an old but non-leaking roof would have been a non-issue before, now it's a deal breaker. Ditto a furnace near the end of its useful life. (Word to homeowners: fix, fix, fix if you want to sell, sell, sell.)

This is not to say that everybody's not buying. In fact, large pockets of Essex County are still going strong. But first-time buyers -- who are always scared and nervous (and why shouldn't they be? It is hard work to buy a house) -- have been so intimidated by the headlines and general economic malaise that they're not longer lining up for the privilege of home ownership with the same sense of adventure. Experienced buyers, too, are questioning every step of the process, as well. To quote a headline in today's (Saturday's) Wall Street Journal, "Optimism Suffers Setback."

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The Foreclosure Lure

It's on everybody's tip of the tongue lately...do you have any foreclosures? Yes, we all have them. But, the big questions is -- are they for you? Foreclosures are totally "as is" houses, in most situations, homes that have failed to sell on the regular market before their owners gave up, banks took over, sent the houses to auction -- where they often don't sell -- then repositioned them on the open market.

In the old days, foreclosures were usually huge bargains, at least in price. Today, it's amazing how high the prices are on many foreclosures that lack even the most basic amenities. While the owner bank may engage in monetary wishful thinking, other banks are calling some of these properties uninhabitable or ranking them in the "fair" range, which really means not good enough to underwrite.

Not to mention that one of the reasons that "regular,"privately-owned houses that aren't in one degree or another of a sticky economic situation are sitting on the market without showings these days is because of all the short sales (pre-foreclosures) and foreclosure homes that buyers are pursuing.

Indeed, in a new online Harris survey for the web portal Trulia, more than 50 percent of Americans said they'd buy a foreclosure, even while understanding that many of these homes need lots and lots of work. Perceived as bargains, 69 percent of potential buyers nonetheless realize there are negative aspects to purchasing foreclosures. Only 23 precent think the process of buying such homes is risky business. They must be the ones who've tried. It can be a drawn-out process without much feedback while a bank is considering offers and, if anything's wrong with the house...nobody really cares. And, if your lender, doesn't think the house is worth the money, your mortgage will likely be rejected. We know. We've seen this happen lately! For instance, while more people are seeking low-downpayment FHA mortgages recently, the FHA is stringent about a home's condition and will reject the purchase if it needs too much work.

So, make sure when you're looking at short sales and foreclosures, that you're comparing them with other homes being sold that do not need bank approval -- and where you can negotiate home inspection issues and, most importantly, where you will be able to get a mortgage.

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Why Staging?

It's official now. Sellers who don't throw out junk, who don't rip up old rugs, who cling to their olive-colored fridge and who think buyers want the choice of whether to update and how, are discovering it isn't true. As one real estate blogger wrote recently, and I concur: "Staging has become a leading-edge marketing tool...To sidestep the importance of staging your home is intentionally wasting time, adding stress and potentially more days to your MLS listing." So, give The Baldwin Dream Team a call and we'll help you figure out how to present your home to the best of its ability. You can't afford not to!

And now, our featured homes of the week. Let us know if you'd like to take a look at any of these great properties and others like them in your price range. Take a look at our most adorable Llewellyn Park Craftsman Cottage ($599,900) and elegant manse on gorgeous acreage ($3,695,000) in this beloved gated community.

Our Montclair listings are particularly wonderful this week -- the sensational, new luxury home from Steppingstone Properties set against the Eagle Rock Reservation in the town's grand Estate Section ($2,995,000); the wonderfully refreshed, 6-bedroom, parkside UM Craftsman ($819,000); and the updated, cute-as-a-button colonial ($531,500) on a charming, winding UM dead-end road (($531,500.) In Brookdale, there's our fab Tudor colonial ($459,900) with a really spacious layout; and, in Bloomfield's historic section, a terrific, income-producing multi ($429,900); Also, check out our prime West Orange split, new today at $369,000 (photos to come)! Don't see anything here that's right for you -- just let us know your price range and we'll get you started on the journey to finding your dream house or condo. Yes, we're optimists, still!

Happy Mother's Day to all our friends, from award-winning The Baldwin Dream Team @ Keller Williams Towne Square -- Roberta, Tamima, Nancy, Sidney, Nick and Sam.


What Roberta Thinks...Excerpts from her weekly e-newsletter...May Flowers?...May 1, 2008

For sellers, May is the Month. Flowering trees, green lawns, pleasant temperatures bring suddenly a tumble of new listings. In the train towns of Essex County, NJ, where property values have held up rather well despite declines around us, the sheer beauty of towns like Montclair, Glen Ridge, Maplewood, South Orange, Millburn/Short Hills, West Orange, Essex Fells and The Caldwells  fairly beckons buyers who need access to the City.

According to the Otteau Group's spring newsletter, "expect the Spring selling season to be 'late & brief' with only a modest increase in sales activity." We're in it now and for those sellers who price just right, the result will be quick sales, because there ARE buyers out there. However, without "right pricing," expect what Otteau calls a "2nd half of the year [that] will pose significant challenges for home sellers as prices continue to drift downward."

When nobody comes to the door to see a house, over weeks and weeks, the reasonable assessment might be that the price is too high, not that the house is just too wonderful to sell. Yet sellers' dreams persist even as buyers fade away. While some agents are now offering "contracts" from signing day forward to reduce a home every so often if no offers materialize, getting sellers to budge on price remains difficult.

The latest Standard & Poor's/Case-Shiller Index of home sale trends in 20 major metropolitan markets shows annual declines in 19 of them (poor Las Vegas and Miami suffering most). In the NYC metro area, it's down a not-so-terrible 6.6 overall. It's easy math to take your neighbor's recent fabulous sale and apply the reduction to see what a fair price would be for your house, if you're lucky and the sun stays strong.

Trying Out The Low Ball

From the buyer side, it's easy to find a nice house these days, to question its value and then swoop in with a low-ball offer. We've found that most buyers need to do this now, but the negotiated outcome often still favors tenacious sellers. And, where we live, in such close proximity to the City, the value of a great commute cannot be overstated.

Let me also mention the effect that short sales and foreclosures are having on the marketplace. With short sales, banks agree to take less than the amount owed by a struggling homeowner. These opportunities are attracting buyers by the droves (and deflecting interest from regular home sales), but beware of the difficulties of involvement in these transactions -- long waits for answers, banks' demands for quick closings, and general lack of information as banks crunch their numbers. Foreclosures often move faster, but you've got to be ready to dance if the bank says dance.

So, May is the month. We'll see how it goes, won't we? With lots of new inventory coming every week, buyers with good credit are in a terrific position to take advantage of consistently low interest rates. Working with a good agent, you'll also be in the best position to negotiate fairly and well. While some buyers will pounce on new and in-demand inventory, those who sift through what's already out there and not-so-fresh, should be able to find and land a buyer's-market gem.

The Baldwin Dream Team is happy to answer questions about towns, schools, commutes, shopping and our favorite subject, property values -- so try us by email or phone! Sellers...if spring's passed you by, it's not too early to start thinking about the fall market. We'll help you get sorted out and ready for September!

What Roberta Thinks...Excerpts from her weekly e-newsletter...The Fight for Top Dollar...April 3, 2008

Over the next few months, the spring selling season will wash over us, bringing new listings that will vye for the attention of a jittery buying public. At the internation RE/MAX convention a couple of weeks ago, a pominent speaker referred to these recruits and the millions of others already on the market throughout the country, as being part of "a war and a beauty contest."

During the high market, even not-so-lovely homes and condos were seen through rose-colored glasses for what they could become. Now, however, without the bells and whistles, buyers are just saying no, we'll wait for perfection. Their discomfort over busy streets, too-few baths or existing ones in original Fifties pink tile; too-small rooms for today's popular oversized furniture; damp, dark, scary basements with humongous old, tentacled, low-efficiency furnaces; falling-down garages that look more like sheds; cramped kitchens with old cabs, vintgage Formica countertops, tiny breakfast nooks and a fridge sqeezed into the mudroom -- these are examples of conditions that just don't cut it. Yards that don't look country-ish or private enough, windows that don't work, mottled, 10-year-old water stains on dim ceilings -- you name it -- are all being seen for what they are -- impediments to quick sale at top dollar.

To Re-Roof or Not to Re-Roof

An acquaintance of mine recently replaced the scruffy hardwood on his first floor (my idea!) but doesn't want to touch his peeling, unattractive roof, figuring a buyer may want to expand the home in back and putting on a new roof would be a waste. Not so. No use projecting what new owners might do sometime in the future; if they dismiss it now, then you've lost the contest, the war.

In short, today's buyers are looking for maximum curb-appeal, inside and out. Scruffy, half-dead landscaping that obscures curb appeal; backyard so dark with gnarly, dead trees that the lawn and deck are moss-covered. Faded wall-to-wall carpeting; flowery/shiny/fuzzy wallpaper and olive green appliances from the dark ages are all out, out, out. Today's buyers want bright, perky, redone homes and they don't want to do the work. Nor do they all have the funds or ability to borrow as they did in the past. So, you have to do it for them, with taste and foresight.

So, if you're planning on selling sometime soon and your house isn't "camera ready," don't assume buyers will snap at your premium price without you giving some measure of attention to the problem areas -- before you list. The Baldwin Dream Team's Dramatic Home staging service can help you pinpoint problem areas and plan for change. We're happy to visit your home and organize your thoughts and timetable for moving forward. We'll prioritize your needs so that you don't do any extra work to maximize your return. But, at the end of the day, winning the war will be about looking great.

Rent or Buy? What's the Difference?

Scenario: Buyers want to buy. They're living in a nice but cramped apartment. They have good incomes and are pre-approved for a mortgage. But they keep thinking the market will go down (even more) and so they stay put and wait for that extra price reduction that they think will make homeownership worthwhile.

May I say they're missing the point?...

I don't know how many people come to us saying their accountants have urged them to purchase a home or condo for years, but it seems like so much work and so much money out the door. I always ask them why their accountants want them to buy. Most don't really know. It's because of the tax benefits of home-owning. All you have to do is see how much of the first year's home payments are interest payments -- almost all -- and this is all tax deductable, bringing your taxable income down quite a bit. Still, this doesn't always register and, in fact, the buyer may have to wait the better part of a year to see the numbers work their wonder.

So, if you're wondering if you have the strength to purchase because you can't see the benefits, ask yourself howw much longer do you want to continue paying your landlord's mortgage.

Here are the numbers: From 1995 to 2004, according to government statistics, homeowners accumulated $184,400, on average, while renters' net worth was just over $4,000 for that 9-year stretch. Over time, then, homeowners are putting an extra $1500 in the bank every month in the good times. Of course, the market has slowed, so home and condo appreciation will not be what it was a few years ago, but the benefits of a mortgage deduction will continue to be a striking element in the lives of those who take the home-ownership leap.

It's Where We Live!

We've heard similar analysis from New Jersey's Otteau Report, a quarterly synthesis of housing sales statewide. Now, Zillow.com concludes that more expensive homes in key urban and semi-urban markets actually hold their value better than in remote suburban areas where homes tend to be less expensive. So, we're relatively lucky these days, with so many train towns in Essex County and reliable bus transportation to the City where the train doesn't exist. Many towns have jitney service to the trains, as well. It's a blessing.

Best wishes from The Baldwin Dream Team @ Keller Williams Towne Square -- now a
Top 3 RE/MAX team statewide! We're looking forward to hearing from you.

What Roberta Thinks...Excerpt from her weekly
e-newsletter...Headline Mania...March 17, 2008


Recent headlines: "Market Mayhem" : Waking Up to a Recession"  "Forclosures Jump to Record High"...

Enough to scare anybody? Or are they? In fact, buyers are swarming in some areas, determined to buy what they need to buy, despite fear in the air. This weekend, I jotted down just who's buying right now: young professionals, people having babies, growing families, upsizers, downsizers. Not much different from before, except these are the brave ones, willing to see through their deals despite doom and gloom around them, in headlines and party conversation.

The "just looking" crowd was also out over the weekend looking at open houses. We welcomed a handful into one of our open houses, most not yet at the working-with-an-agent stage, and that's fine, too. Take your time. Find the right fit!

On the sell side, we're increasingly having to tell people who bought over the last 1-4 years that profit margins for them may be slim to none after expenses, especially if they bought at a premium and immediately did major updates. For those who have owned 10, 20, 30 years, appreciation remains terrific, while off from the highs of 2005 and early 2006. But, remember, if you are selling and buying something else, especially something that's more expensive, your reduced profits on the sell side will be offset on your purchase.

We're also looking closely at seller taxes. If you're thinking of a move in the next year and you know you're taxes are high for your particular house and location, you have til April 1 to appeal those taxes. Just call your municipal office for more info on tax appeals. Successfully reducing your taxes could impact favorably on an eventual sale.

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The Wise Selling Book

It's available now, the new NATIONAL ASSOCIATION OF REALTORSÂź Guide to Home Selling, by Blanche Evans, which outlines the process of selling a home. Evans, a well-known real estate columnist, presents a variety of issues for home owners to consider and provides consumers with as complete a picture of the process so they can make the best decisions with the help of their real estate professionals.

In this weightly tome, you'll find A to Z info, including

 -- Hiring a great agent -  Making preparations to a home before listing it for sale - Home staging to maximize profits - Understanding the housing market  - Analyzing offers -  Dealing with legal issues and paperwork - Handling the closing and other final issues - etc.

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Interpreting the Latest Fed Fund Rates Reduction

The Fed is expected to cut the Fed Funds Rate by another .75%. However, as we've seen following every Fed rate cut in the recent cycle, chances are very good that Bond pricing will worsen following the cut...which results in higher rather than lower home loan rates. NJ Mortgage guy David Rubenstein explains it this way: "This happens because Fed rate cuts help to stimulate the economy, by making it less expensive to finance personal and business purchases...and this in turn fuels inflation, the arch-enemy of fixed return assets like Bonds, which home loan rates are based on." You'll notice ads in newspapers and online that suggest that a Fed Fund rate cut will lower interest rates...don't believe it. Ask your banker or email us for some referrals to the best mortgage reps we know.

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Leader of the Pack

Just behind the #1 REALTOR.com website, RE/MAX Real Estate's RE/MAX.com Web site hopped into second place among the most popular real estate industry Web sites anywhere in February 2008 , up from its fourth-place ranking in January, Web metrics company Hitwise reported Friday. HomeGain tumbled from second place in January to fifth place in February.

RE/MAX is # 1 in New Jersey

The stats are out. Did you know that RE/MAX is No. 1 in NJ statewide sales for 2007, as it was in 2006? Growing market share is an indication of success with clients, both on the buy and sell side. It's a reflection of how the thousands of RE/MAX agents conduct themselves in transactions and get things done. In both total units (about 34,000) and volume (near $12 billion) we have surpassed all others in the Top Ten: Weichert, Coldwell Banker, Centry 21, Prudential, ERA, KEller WIlliams, Exit and the now defunct Foxtons in 10th place.

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Book of Winners

And check out the great new RE/MAX success stories book, "RE/MAX Winners in Business and Life," which highlights "some of the best accounts of what it takes to be successful in almost any endeavor". Just published, it features a profile of guess who -- NJDreamHouses.com's Roberta Baldwin -- and recounts in my own words how The Baldwin Dream Team at Keller Williams Towne Square was launched.

Keep us in mind when you're doing a transaction!

Below, please find so many great local listings in various price ranges. We're happy to help with your search or help you sell your home for top dollar, even in an uncertain market.

Best wishes, as always from The Baldwin Dream Team @ Keller Williams Towne Square -- Roberta, Tamima, Nancy, Sidney, Nick and Sam.



What Roberta Thinks...Excerpt from her weekly e-newsletter...We All Live Somewhere, Don't We?...February 4, 2008

These days, if you listen with even one ear to anecdotal evidence, it seems as if nobody is buying and everybody is selling. Not true, of course. "People still need to live someplace," one analyst commented in a New York Times article last week, "and [they] move from time to time." His words may sound obvious but they’re more than that; they remind us that, despite sub-prime issues, general sluggishness of sales, and the overall fear element that buyers today carry with them, people are still buying and selling if they’re ready, willing and able.

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Location Still Rules

The other day, I was browsing through the listings in one of Essex County, NJ’s formerly-o-fire towns and it hit me that the idea that location as very important indicator of price seems to have been ignored. How can it be that homes in the most desirable, tucked-away locations and those on that are busier thoroughfares or sometimes less lovely inside, are often on the market for the same prices? In the high market, when everything sold with gusto right away, buyers often resorted to Plan B -- buying in their second or third favorite place -- and those less popular neighborhoods took on what today looks like a false cache.  If the country's well-reported housing market woes prove to be temporary, perhaps high asking and selling prices will resume everywhere. Right now, sellers need adjust to the reality that not every neighborhood has Location with a capital L. Not all agents understand neighborhood (and school) nuances, so find one who is able to get the price right for where you live or you'll be spinning your wheels.

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How Many Days on Market? That is the Question!

Most of you probably never heard the phrase market absorption rate, but it's wise to understand it now, be you buyer or seller.  Market absorption data shows you the likelihood of a house selling quickly, given what’s recently sold and what hasn’t.  During a market downturn, more listings appear and demand falls, leading to an excess of unsold properties.  In order to sell, homeowners must reduce prices or see their homes sit with showings and expire. To compute the MAR percentage, divide the number of listings that are sold in a given time period by the number of new listings that have come onto the market. If only one or two homes in a price range are under contract, three have closed and there are 30 others still unsold, then the market absorption rate is, well, not good!

As a buyer, if you know that houses in the area in which you're looking are selling slowly, right now, and there are a lot of them sitting on the market, you may well have success negotiating a great sales price. If you're looking in a market like Montclair, NJ, where some houses still sell with multiple, over-asking offers and inventory is relatively low, even a house that’s sitting longer than the average days-on-market (85 days right now for single family homes; 124 for multis) will profit from the town’s higher market absorption rate. Interesting.

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Let Us All Praise the Train Towns Near NYC!

Sunday's New York Times predicts "a harder economic hit for suburbs farther from Manhattan." Appraisal guru Jeff Otteau believes that suburban homes within an hour’s commute from New York City will experience only half the decline in prices that will affect "outer suburbs" this and next year. Essex County, NJ's location, as we've often bragged before, is just the best, with most commutes to the city under an hour.

Otteau's most salient comment, though, was aimed at sellers  'waiting' for the market to rebound and believe it will relatively quickly. "For those sellers who’ve decided to wait until spring to get what they think their house is worth, the spring they’re waiting for is a very long time off," he told the Times.

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Market Readiness Is All

So, how do you get a house ready to sell? Well, you don’t wait 'til the last moment. I often visit prospective seller’s homes weeks or months before their target market date. You'd be amazing how many small changes to living and basement spaces can really make a difference. So, devise a plan, consult professionals, and meet your target without making yourself crazy.



What Roberta Thinks...Excerpt from her weekly e-newsletter...A Wise-Buyer's Market...January 24, 2008

Thirty and 15-year fixed mortgage rates tumbled this week to their lowest rate since Spring 2004. What does this mean? For those looking for a place to live (as opposed to those who want to flip or invest), the rates are a gift when combined with the decline in housing prices in many places around the country. While there are some rate differences depending on region, check with your mortgage rep or email us for a reference if you’d like to go over your numbers.

The Foreclosure Mess -- Who's to Blame?

 
A majority of US adults in a new WSJ Online/Harris Interactive Personal Finance Poll said the government should not provide financial assistance to borrowers who can no longer afford to pay their mortgages to keep them out of foreclosure. Some 25 percent felt the government should provide financial help, while 42% disagreed (including 22% who strongly disagreed). Most among the 2,028, 18-and-over adults - more than half of whom are homeowners – felt that mortgage brokers should be better regulated.

Who’s responsible for the mortgage quagmire? Half (52%) of those polled said it was mortgage lenders and brokers; 21% fingered government regulators; 16% faulted home buyers, themselves; 11% blamed someone else. Direct lenders, nearly half (48%)  in the poll felt, are most responsible for making sure borrowers are able to pay their mortgages and should be required to modify loan terms for mortgage holders who couldn’t afford their current terms.

“Even though the sub-prime crisis directly affects only a small proportion of Americans, the damage to Americans’ trust of direct mortgage lenders is widespread and may long outlast this crisis. Direct lenders should reach out to their customers and potential customers now to begin to restore their trust,” commented Harris Interactive’s financial services Sr. VP, Peggy Lebenson.

Young & Fearless

 To paraphase an old song, t
hank heaven for first-time buyers...who are continuing to show interest in a complicated housing market. Thirty-nine percent of all 2007 home purchasers were first-timers; 68 percent of them were under 35. Almost 90 percent were under 45. Tamima Friedman, my colleague on The Baldwin Dream Team and a first-time buyer specialist, offered these thoughts about the richness of the first-timer market from the perspective of going out in a car with them and showing them what’s what: A.They’re enthusiastic, positive and grateful to get a house and for your help in educating them. B. They have nothing to sell at a time when something to sell is a liability in the marketplace. C. They're likely to move on and up, eventually, which is great for Realtors! Thanks, Tamima.

When Will the Spring Market Spring?

We're seeing the first new listings of the season.While it's not quite spring yet, the trickle of new listings is a bit of a test. In Montclair last weekend, the most desirable new listings actually had multiple offers. Clients of mine just won a home in West Orange in their second bidding situation in two weeks. As I've said so often before, well-priced, well-presented homes win the day; that are aren't, sit. If you're wondering how to make your home a more attractive competitor, call us for a no-cost consultation.

 A Word About Short Sales

We'll be seeing more and more of these properties, which are considered pre-foreclosures. At this stage, if a seller is seriously in arrears with mortgage payments, the lender must approve a sale, often "short" of what is owed. The process can be lengthy -- 30, 60, 90 or more days for a decision to be made, often on as "as is" basis. Still, if you're a buyer-in-waiting, you probably won't want to spend any money or time on inspections before you're offer is formally accepted. In one recent case, where the buyer promised to close in 30 days, the bank responded on the 29th day, demanding a closing the next and monetary penalties for every day he didn't come to the table. It was all too much for that buyer, who fled the scene. Sometimes, you can get a great deal on a short-sale property, if you have the patience and determination to wait for it. 

We're happy offer area tours, info on towns, commutes and schools. Whatever you need to give you an understanding of the New Jersey market.

Have a Happy Weekend, from The Baldwin Dream Team at Keller Williams Towne Square -- Roberta, Tamima, Nancy, Nick, Sidney & Sam -- the market leaders in Montclair and all of Essex County real estate. Thanks to all of you for your support and attention



What Roberta Thinks...Excerpt from her weekly e-newsletter...Sniff, Sniff, Stand Back and Wait...January 18, 2008

Best Time to Sell?

Through the last decade’s "high" market, we could safely say there was NO time NOT to sell. Some Decembers, even, we did record-breaking business. It's not so perfect a time, right now, although interest rates are down and in our area, inventory has actually diminished over the last couple of months and some terrific houses are selling -- dare I say?-- above asking. Houses that aren't selling are ever more negotiable, however. Buyers sniff, stand back, sniff again and again, and come in with low offers, just to prove they can. Pristine presentation and correct price-positioning are so very important.

If you need to sell soon, a smart target time to introduce your home would be March –April – May. That gives you time to obtain professional advice, clear the clutter and make necessary repairs and improvements, Early spring is also good time to trim mature landscaping so buyers can actually see your house in photos on the local MLS and on internet real estate portals everywhere. Great photos will take your 'round the world! Fresh paint, clean grout, working cabinetry, clean basements, spotless rugs if you’re not going to remove them and refinish your floors, are among the necessary presentation tasks. Need references for what you can’t do yourself? – just email us. We only refer tradesmen we’ve personally used ourselves!

Guaranteed to Expire

Arizona RE/MAX agent Paul Pastore offered up his "top ten ways any seller can practically guarantee their home will expire." Here’s an abbreviated version of Paul’s commentary in Brokeragentnews.com sprinkled with some of my own snarky comments. The list says it loud and clear: There’s no place for quirkiness in today’s marketplace and you may well see your listing expire if you’re:

1. Not serious about selling. Telling people who walk through the door that your don’t have to sell is a bummer. Discretionary sellers should wait for a less competitive market.

2. Not pricing properly. No amount of expensive ads, glossy flyers, virtual tours, agent luncheons and weekend public open houses will compensate for a wacky asking price. You're not fooling anyone.

3. Not listening to your agent and micromanaging the deal. Doctors don’t self-diagnose. If you’ve chosen a talented real estate professional, listen!. Share your concerns and timelines but leave the details to the listing professional.

4. Clinging to old furniture, rugs, and extraneous possessions. Someday orange shag carpeting, mirrored walls and Elvis paintings on black velvet will come back, just not right now.

5. Giving animals the run of the house, especially when it’s being shown. Nobody likes slobber on their slacks or seeing hairballs in the stairwell.

6. Yapping with buyers. Don’t grill them or become their best friend the moment they step into the house. They're not here to visit.

7. Selling personal items. There’s a time and place for selling your stuff and it’s not when you’re looking for a buyer. No for-sale signs on the furniture!

8. Clearing out odors! Pet odors, spice residue, diapers and kitchen waste
not nice when you're have guests.

9. Avoiding feedback. What do buyers know anyway? If they don’t appreciate your rusted old fence, backyard rock collection or Sixties paneling in the den, what does that mean?. You may just have to wait forever and a day for that one brave soul who loves what nobody else can.

10. Refusing to negotiate. If 25 people traipse through your house and do not come back, something’s very wrong. If you do get an offer
if you really want to sell
.then be a willing participant in the give and take that is real estate.

Taking the Plunge

Should we or shouldn’t we? That is the question buyers are asking these days because they fear prices will decline even more in coming months. It’s so much a function of where you’re looking. Let us explore with you what changes have already occurred in your particular market area and how you can make a deal now that will stand up, no matter what the market trends are later this year.

Understanding the Buying Process

In New Jersey real estate, by convention or law, we do things differently from many other states. We require more money down early in the deal, rather than at closing. We write a contract before making an offer, rather than after. In North/Central NJ, we generally use attorneys to move the process for ward after offer acceptance, while, in many other places, title companies provide that function. If you are a little confused about it all, we’ll be happy to send you a feature sheet on the buying process from the exclusive buyer’s kit our customers receive when they work with us.

Falling Behind

Realtors are beginning to hear from sellers who need to sell to stave off foreclosure proceedings, or so they think. We always ask: Have you contracted your mortgage company yet? I don’t know about others in my field, but my first instinct is to help sellers keep their home.

Inman.com columnist Ilyce R. Glink, writes trenchantly about this:

"Once you know that you won't have enough cash to go around, it's tempting to skip the biggest bill, which is typically your mortgage payment. But in some states, foreclosure is fast-tracked, which means you could find yourself receiving a foreclosure notice from your lender in as little as 60 days.

"So let's back up: Once you know there isn't enough money to go around, and you know you'll be missing a payment, you need to call your lender. If you've already missed a payment, and your lender has called you, you need to pick up the phone and return the call. Talking to your lender is the best way to stop foreclosure.

"Many borrowers have complained that when they call their mortgage company, no one picks up the phone. Or, they get transferred from department to department. The truth is, if you don't talk to the lender, and it doesn't get recorded in your file, it doesn't matter how often you tried to call. When it comes to foreclosure, ‘trying’ doesn't count.

"Indeed, every time you talk to an operator at a bank’s debt collection department, your conversation will be recorded in a computer file, providing a record of your interest in clearing up possibly debt."

This is great advice. Call us if you're worried, if you need to talk it through.

And Now, Our Featured Listings

As always, here are some of the best listings in the area right now. If you don't see your price range, home style or Essex County location, we can send you listings tailored to your needs. Take a look below at the sample Belleville condo at attractive Essex Park. This week, an low-low mortgage option is available for those with excellent credit, is being offered if you close by March 31. It can save you more than $10,000 in interest payments in the first two years. Email or call us (973-509-2222 x 104) for more info.

Best wishes from all of us on The Baldwin Dream Team @ Keller Williams Towne Square -- Roberta, Tamima, Nancy, Sidney, Nick and Sam

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What Roberta Thinks...Excerpts from her weekly e-newsletter...Happy 2008, Let's Buy A House, Maybe...January 5, 2008

NEW-YEAR REFLECTIONS

Real estate agents in 2007: We practiced in firestorm of dire economic predictions, relentlessly glum media coverage, and local expressions of fear and concern from the buyer and seller communities. It was a hazardous occupation, right up there in the acid-producing company of techies, doctors, and teachers. As buyers reclaimed the right to negotiate down rather than bid up, they also made offers often wildly under the asking price, compiled lists of things they wanted fixed before their home inspections, and, after the deals were done, sometimes tried to renegotiate accepted offers downward. With more to choose from in many markets, buyers also focused a relentlessly critical eye on properties that, just a year or two back had commanded sell-in-one-weekend, top dollar attention:  lack of smooth commute, quiet location, kitchen and bath updates, garage and storage space, small yards and big bedrooms were among most-cited imperfections. And with imperfections came lower offers or no offers at all.

Sellers, meanwhile, put up moats around their homes, figuratively speaking, by listing at impenetrable prices. Some took their homes off the market or rented when it became clear there would be no sale without compromised expectations. Those who recently purchased and quickly spent more on expensive home improvements, were not likely to get their money back right now or make a profit, no matter how nice the house looked.

In one national survey, the divide between buyers and sellers was said to be no more brutal than where we live in NJ. Except for those unusual properties that defied expectations and flew off the market with multiple offers still, days-on-market, always swift in the past, grew to about 3 months in popular towns like Montclair, NJ; to much more in towns without train commutes.

The Good News?

The National Association of Realtors, correctly suggests that we always go back to our professional mantra: "All real estate is local."  Indeed, seen that  way, Essex County looks rosier. With our plentiful commuter options, high-ranked school districts, diverse cuisines, children's activities and array of entertainments for grown-ups  -- and, yes, our trees and yards, the Montclair-Glen Ridge-West Orange-South Orange-Maplewood- Millburn is a winning daisy-chain. Given Essex County NJ's natural proximity to the City, we are in a good position to stay strong in this confusing market.

Neighboring Essex County towns, too -- Bloomfield, Belleville, Nutley, Verona, Cedar Grove, The Caldwells, Essex Fells, etc. -- help create this attractive, well-rounded environment for the county, with options both affordable and luxurious, depending on where you are on the buying spectrum. And all of these towns are less than 20 miles from The City.

Last weekend, in my appearance on MSNBC, I mentioned what I really believe: Sellers need more help than ever these days working through the issues that stand between them and the market. Professional real estate agents who can lay out the problems, the statistics and the opportunities, help fine-tune a home's presentation, price correctly and negotiate intelligently, will make all the difference these days on how effective the selling process is, so make sure you, as homeowner, choose wisely and well.

About The Kids:

The other day I was in Macy's. Nearby, two Gen X women exchanging thoughts about houses from adjacent cubicles. One said she was sick of renting and was going to buy a house in the next two years because "all you have to do is fix it up and make a profit." Her friend popped out of her dressing room to say she didn't think it was that easy -- hadn't she heard about all those mortgage troubles? -- but both agreed it was on their 5-year wish list.

Indeed, while their parents may have waited much longer to buy, a new, survey from Anderson Analytics, a firm focusing on the 'next generation,' found owning a home to be the #1 aspiration of nearly half of all young college women (49 percent) and men (41 percent). A car ranked second. Experts say the proliferation of TV shows on the joys of home ownership has much to do with this change  -- up more than 20 percent from just 2 years ago -- as well as these Gen Xers profound belief in the so-called American Dream -- white picket fence included, one college professor who polled his students told me recently. Those with Baby Boomer parents who have seen the appreciation of the homes they grew up in feel especially entitled to home ownership, experts say, while children of immigrants see home ownership as the ultimate achievement inherent in acquiring a good education and a job.

While on the short term, many Americans may be soured about home ownership, the survey shows there will be a societal rebound when these college kids make their way in the world and to the streets where they want to live.

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A Word About For Sale By Owner Transactions:

Given the market slow-down, sellers thinking about eliminating agents should know that for-sale-by-owner success diminishes accordingly in a low market -- and they already have this year. FSBOs, according to the NAR, are down to 12 percent from 14 percent of homes sold in the US recently, and half of all FSBLS already sell to neighbors and friends.

Why is it so hard to do sell a house yourself? One reason is that competitive pricing offered by real estate agents is a marketing tool to get the house sold as fast as possible. Homeowners selling privately often position their homes at the top (or above the top) of what the market will bear as they wait for that one person who loves it enough to pay more. With more inventory on the market in most areas, buyers don't need to pay more, so while they may cruise the FSBO market, they will probably find a better deal on a home listed with an agency.

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And A Word to the Wise: If your home is on the market right now and has been so for some time without a buyer or price reductions, it's time to think about repositioning. As soon as new inventory arrives this spring, your home, in comparison, may look dreary. If you haven't made the improvements that really wow people, then the price must go down. It's a simple as that.

What Roberta Thinks...Excerpt from her weekly e-newsletter...Someone's Buying Houses in NJ...December 3, 2007

Turnaround Time, Anybody?

It's no secret that housing inventory on the GSMLS has been creeping up over the last several months to nearly double what it was in 2005. So, it's good to see (according to my unscientific observations), that over the last several weeks inventory's diminishing again locally...one house at a time. According to the Garden State MLS, there are more than 2000 fewer homes for sale than there were in the early fall. Could it be that after a cautious autumn, buyers are creeping back? "It's just weird," said one of my sellers this week, after her home attracted five showings last week, up from one or two in the weeks before.

Weird but refreshing and, given the opportunity that today's buyers have, one wonders why more of them aren't pouncing on some really good deals.

Michigan RE/MAX agent Tom Seelbinder, in a cogent letter to the editor at Inman.com, describes the year’s market changes as well as I could. So, here’s what he had to say this week:

“The demand for housing and the ability to create a sense of urgency in buyers is what drove the market. Sellers and agents were happy...buyers were slighted and less than thrilled...Now, with a glut of product, decreasing demand and the correction in financial markets, the 'worm has turned.' The buyer now calls the shots, as does the agent who can skillfully show a seller all the critical data. The truth is houses are still selling (even where I sell in Michigan, despite the economy and dismal political leadership), just not as many. They are also selling for market value -- what buyers are willing to pay. Now this may be a lot different from 'market value' of what buyers were willing to pay in previous markets. 'Market value' is fluid and it always has been," explains Tom.

This agent, and good ones wherever they hang their hats, are suggesting that (and, yes, sometimes pleading with) sellers to understand the changes in the market and adjust prices accordingly. The "I don’t have to sell/I’m in no rush" attitude, which usually goes along with being $10,000, $20,000 or $50,000 over what price will actually sell a house, is simply counterproductive. The longer a home stays on the market, the more vulnerable it will be in the eyes of today’s buyers – not the more valuable. Self-knowledge, says agent Tom, "along with the actual market data – active listings, pending sales, accurate days on market, percentage of listings that sell versus ones that don’t – will help sellers make educated decisions on how to price their houses." Well put, Tom.

After the holidays, we’ll surely see a new crop of listings. Sellers who understand the market will be the winners here. And buyers, creeping back, we hope, will be in wonderful position to find homes and condos at affordable prices -- something we haven’t seen in New Jersey in many a moon.

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Why First-Time Buyers are Scarce

“In many areas the low end of the market has been disproportionately hurt by the

recent subprime mortgage fallout,” says real estate columnist Diane Hymer in a recent Inman.com column.  Why is this so? Because so many first-timers have that now-toxic combination of poor-to-middling credit and few savings. If there’s one loan area banks are loathe to help these days, it’s this. There's a new, very strong push in discussion right now to have banks freeze or refinance somje of these adjustables before they explode, which will be a godsend to sellers in trouble.

But many lenders are also punishing would-be first-time buyers who haven’t gotten themselves into a mess, and that will have to work itself out in time, as well. Hence, the adorable $400,000 home that has been sitting for 3 months without finding a friend to purchase it. If you're one of those buyers, the only sure ways right now that you'll be able to buy are to work to erase credit issues -- and many mortgage reps are happy to advise -- and/or find significant gift money from relatives so you can put significant money down, thereby lowering the bank's risk in your purchase.

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Planning for A Sale

Okay, it’s already December. If you are planning to sell in the first quarter of next year, for any reason, it’s time to start planning for that eventuality. Otherwise, you’ll be snowed under by last-minute attempts to get the house in order. Just go to the MLS and see photos of houses where no planning was done. Clutter reigns! And clutter is your enemy on the selling block. Please call us for a complimentary session to discuss how "staging" of your property, inside and out, can make a particular difference in this "iffy" environment. We offer staging as a value-added feature of listing with The Baldwin Dream Team @ Keller Williams Towne Square, so it will cost you nothing!

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The Week's Best Bets

As always, this e-newsletter concludes with our featured homes and condos of the week, some new to market, others lingering, but all very nice. We can show you anything you see on the internet, so call us for an appointment. Snow, sleet, ice? Nothing keeps us from finding you the right living space! And the weather's cold outside!

What Roberta Thinks...Excerpt from her weekly e-newsletter...Up, Up and Away...November 16, 2007

We're a move-obsessed culture. More than 40 million Americans move every year, in fact, and more than half of them have already moved in the last 5 years; almost 30 percent have moved twice during that time. When you're living in a visually rich environment of beautiful homes on tree-lined streets within the towns in Essex County, NJ, the itch to move up, once you're in first house, can be fierce. Families grow, stuff accumulates, call your Realtor!

Even as housing prices flatten or decline, the urge persists. In today's market, smart homeowners know that, even if their house sells for less than they would have liked, on the buying end they probably will make up the difference. It's an important concept to understand, one that can free you from holding onto your house to prove you can net the most on the block. If your motivation is strong to make a move, spend time seeing how you can acquire another home reasonably before turning down an offer that's marginally lower than what you want --- or "need." We're hearing many sellers say that they need to make this or that amount before selling; the need should be in direct proportion to what they expect to buy. Every offer that comes in today should be considered in that light.

Where Are The Bargains?

I heard the oddest thing today. A client who has been looking on and off for a home for the last few years, commented that he wouldn't buy until he had proof the next upturn in the market. Come again? Given the downturn we have and the steadily adjusted prices in many towns, real bargains are here, now. The next upturn -- some say it will be in 18 months; others predict a longer wait, but who really knows? -- will mean rising prices. Once they appear, the bargains will be no more. Why would you wait for that moment, rather than seize this one?

Dealing with Fear

Other would-be buyers who are actively looking but not making decisions, are simply fearful of the changes we're seeing. Recently, an agent whose clients had been dancing around a property for months and most recently made a pretty-good-but-not-good-enough offer after a liberal price reduction, told me she'll advise her client to wait another two or three weeks before before resubmitting the offer. I wished her well. Ten minutes later, another agent called to let me know she was writing an offer for her clients, who had just seen it at the new price for the first time. That new price spoke volumes to the new buyer; to the old one, hanging on for the ultimate discount, it still didn't represent a bargain.

Right Pricing = Sales

So, my point is? Yes, there will be some homes that won't ever seem cheap enough. Others languishing on the market are simple overpriced -- for any market. And then, there are those that feel right. The real difference in the market now vs. before is that those 'right' houses aren't seeing wild bidding wars. Buyers may encounter some competition, but not at the previous, frenzied levels.

Mortgage loans are loosening up again, so that if you have excellent credit, 5 percent down is still acceptable to many lenders. As we quickly move into the holiday season, would-be buyers are, of course, preoccupied with other activities. Yet I've been hearing from quite a few people the last few weeks who want to get their feet wet now, so that in the New Year they'll be educated and ready to start in earnest. Incidentally, if you're planning to sell in 2008, don't wait 'til the last minute to de-clutter, paint, fix-up. A well-presented house is your best defense against market weakness.

What Roberta Thinks...Excerpt from her weekly e-newsletter...Condo Blast -- Essex County and Beyond!...November 8, 2007

I can't help but be a little envious of the people who will eventually purchase at Aurora Over the Hudson, the new, all-glass condominium, a YOO by Starck design on the Jersey side overlooking Manhattan. With over-the-top amenities including Zen relaxation room, spa amenities, grand salon, private dining and wine facility, screening room and game rooms, sports and fitness center, plus outdoor pool, gardens and a landscaped plaza that puts you face-to-face with the famous skyline just across the way, it looks just wonderful.

It's not precisely on our Essex County, NJ turf, but certainly worth looking into if you're after state-of-the-art surroundings and elegance all the way. (YOO, by the way, is Philippe Starck's new design-focused property development company and this Cliffside Park, Bergen County project is its first in NJ.)

Closer to home, we've got a lot going on. So let me review some of the highlights, some Essex County, NJ's new townhouse and condo options, many of them near transportation to the City and Newark corporate offices.

West Orange: Glam Living at Bel Air

Bel Air, a Matzel and Mumford/Hovnanian townhome development tucked away on a scenic, winding entry road off Mt. Pleasant Ave. near the Livingston border, will have 250 large, well-scaled, high ceiling-ed, 3,000 sq. ft.-and-up units when completed, with prices starting around $700,000. Sales are underway at Bel Air, with periodic opportunities for price adjustment on some units.

"Elevating your idea of luxury," Vizcaya's 130 luxury residences, penthouses and villas, 3000 sq. ft. and up, located on Northfield Ave., across from the Metro JCC in West Orange, will have valet service, concierge, fitness club and spa, indoor and outdoor heated pools, including one for children, tennis court, 24-hour concierge and valet service, with prices from $800,000 to $1.7 to  "Live Like A Celebrity!," or so the official Vizcaya website promises! Built by Millenium Homes,  these units are in early stages of construction.

Montclair: Pretty Siena Units Now

In Montclair, quite a few of Pinnacle Downtown's units at The Siena remain, priced in the fives and sixes, in a great, town-center location. Starbucks and Cosi have taken ground-level space in the building and a New York Heath Club is on the way. With Urban Outfitters across the street and charming <?xml:namespace prefix = st1 /><st1:Street w:st="on"><st1:address w:st="on">Church St.</st1:address></st1:Street>, with its array of cafe/restaurants (Raymond's, Cianci, Church Street Kitchen, Taro) and elegant shops, is just steps away.

Located at the south end of town, at the edge of the prestigious Estate Section, Montclair Heights, another attractive, luxury condo development with imposing brick facades, convenient to the DeCamp NYC bus line and Nishuane Park tennis courts and pool, is half-built. Units start in the mid-$600s, much less than originally advertised.

Glen Ridge: The Reserve Almost Sold Out

Down Bloomfield Ave., in its final phase, The Reserve has four remaining units priced from $599,900 to the high eights. Fabulously located just across the street from the Glen Ridge NYC direct train station (35 min. to Penn Station!), this interesting condo building with a Manhattan-ish lobby and cool, windowed, loft-inspired interiors, sold relatively quickly this past spring and summer.

Montclair: It's All About Downtown

Still to come in Montclair -- an attractive new townhouse development, The Commons at Bay Street Station, where you can literally roll out of bed, round the bend with your morning coffee and hop a 35-minute train to Penn Station, Manhattan. With upscale kitchens, individual garages, and easy access to Montclair Center and Walnut Street shops and restaurants, this latest entry in the whirl of Montclair townhouse and condo construction should sell swiftly when completed in 2008. Call us directly for more information on this special development expected to break ground shortly. Presales are expected any day.

Big Secret in Belleville: Gigantic Savings

City Homes at Essex Park, the pretty, tasteful, affordable townhome community just 4 miles from Montclair in neighboring Belleville, is in its final construction phases. This Saturday, there will be some gigantic bargains on some of the units normally priced at $379,000 and up. Built by Centex, a well-regarded Texas company, these units really are Essex County's current best buy. Centex periodically offers deep weekend discounting, so call me for the next sale days. Of course, you an go yourself, but it's wise to have an agent in tow to get you the very best deal!

Bloomfield: A New Turn to Trendy

Loft Life has arrived in Bloomfield by way of 13 available units in the Walnut Street Lofts development -- custom kitchens, windows, baths and other upscale amenties, located just a stroll from the town's charming village green, shopping, and nearby trains and buses to the city; jitney service, too. Ranging in size from 900 to 1700 sq. ft., these are really lovely conversions in an old brick and stucco warehouse with 11' ceilings -- pets permitted under 30 lbs! Prices are $299,900 for a 1-bedroom/1 bath, up to $499,900 for a 2-bedroom/2 bath, most units with courtyards or patios.

What Roberta Thinks...Excerpt from her weekly e-newsletter...Bidding War, Anyone?...October 28, 2007

The other night, one of my listings had 2 offers after 57 days on the market. A wonderfully vintage-y Craftsman cottage with ivy spiraling up the brick and stucco façade and beautiful original moldings, hardwood floors, stone fireplace and a newer kitchen within, this terrific home had more than its share of showings, with multiple return visits. Lots of lookers, yet nobody stepping forward at the original $489,000 price.

I encouraged my sellers, young and smart and eager to move, to adjust the price enough to make a difference in value perception among those who had seen it before and, of course, to encourage new opportunities. They had paid $425,000 for the house 3 years ago and were hoping for some profit after expenses when they sold.

Sure enough, the very first people to see the house came back and made an offer. So did another young couple, for whom it only took a half hour to decide they, too, loved it.

So, in the middle of the current sluggish market, we had a bidding situation, with a very nice outcome for the sellers.

Especially because, in West Orange right now, there are 65 active listings between $449,000 and $500,000, only a handful with accepted offers.

Sellers Stand Firm

What you can take from this exercise is that most sellers, right now, aren’t inclined to adjust prices enough to make a difference and so their houses are sitting. I remember what those houses were selling for a decade ago -- much, much less! -- and those who have been in the same house that long will do very well upon resale, even with asking price adjustments. Those who bought more recently and have to sell right now, won't see those returns...but maybe on the next house, if they stay long enough.

The Cycles of Real Estate

Real estate is and has always been cyclical. Nobody can predict when a high market will end, but now we see it has. Many astute buyers from that period will make money; others won't. But life goes on and people still need to adjust their living circumstances when marriage and babies require more space; when children off to college and divorce or death require other changes. Housing is also shelter of the most basic kind; without it, we're orphans.

Buyers Are Nervous

What we're seeing now, along with sellers who won't reduce their prices, are buyers just too fearful to buy. Very pretty homes in Essex County, NJ's 'starter' range are just sitting as buyers pour over pluses and minuses and, in some cases, develop paralysis over the notion that they'll make a mistake, buy the wrong one, spend too much money, get caught.

No Thanks to Banks

The trembling mortgage industry has a lot to do with making people crazy right now. Nobody can escape the relentless media coverage of foreclosures and the tightening of mortgage guidelines. Smaller houses call out for young buyers, but without real savings in the bank, it's harder to finance these purchases. 
 

If buying Nirvana seems absent right now, all the more reason to find yourself a real estate advisor who can tell you everything you need to know about buying (or selling) in this confusing market. Please call us for a consultation. We'll hear out your fears.We'll see you through.

We also offer area tours to introduce you to our towns and we can fill you in on school and commute information.

What Roberta Thinks...Excerpt from her weekly e-newsletter...Essex County's Train Towns Rule!...October 16, 2007

The latest quarterly Otteau Report on New Jersey's real estate scene is relatively good news for several Essex County Towns -- the 'train towns,' to be exact. All with New York Direct service, Glen Ridge, Maplewood, South Orange, and Millburn/Short Hills are bucking the lazy-market trend.

In comparison to towns without trains, the stats look stellar, with an average of 90 days on market (for Montclair, Millburn, Maplewood); 120 days (for Glen Ridge) and 150 days (for South Orange). Essex County non-train towns also bucking the slump are Verona and Livingston (4 months), Bloomfield and Nutley (5 months). NOTE: Bloomfield is a train town, as well, although the stations are slightly less accessible from the higher-priced northern part of town encompassing the top three primary school neighborhoods (Oakview, Brookdale, Demarest) -- although there is some local jitney service to its two downtown stations.

My point: We're so lucky: In the rest of the nation, according to the National Assn. of Realtors Pending Home Sales Index, days-on-market approaches 10 months. According to Mr. Otteau, in some unlucky NJ outposts with a surfeit of mansions and a decline in corporate opportunity, days-on-market approaches infinity.

Impatient Sellers

For many sellers, the idea of having a house on the market for anything more than a week or two is tantamount to failure. So, we’re seeing quite a few test-sales these days – 2,3,4 weeks on the market without offers or good-enough offers, and then
going to rental status rather than compromise price.

Sellers all have bottom lines, based on what they've spent to update and pamper their homes -- and, sometimes these days, just because. Of course, it's unfair that last year or the year before neighbors and friends fared better. But, according to theoretician Otteau, test-the-market pricing (high) just doesn’t work and further deflates a property's value. Right pricing, on the other hand, gets the job done.

Buyers Looking for A Deal

From the buyer's perspective, the lower the better, of course, but serious buyers do understand when the price is right. It's the moment when the house just looks great, shortcomings are minimized and it's all about love.

Good Realtors can help both sellers and buyers understand it better and be better prepared for the complexities of the current market, just as they can hand-hold depressed sellers. Despite an enormous amount of gloomy media coverage, houses continue to be bought and sold, to be used for shelter and protection and, in some cases, to return handsomely on investment. And, of course, if you are selling AND buying, you may get less for your home than expected -- but you'll make it up on your buy side!

Thinking of selling? More than ever, staged houses stand out. Don't wait til the last moment to consider how the right paint colors, flooring, and furniture rearrangement can distinguish your house in a crowded marketplace. Call us for our advice. We love giving it!

What Roberta Thinks...Excerpt from her weekly e-newsletter...Market Mania...Sept. 4, 2007

Up, But Down

US home prices rose 3.2% in second quarter compared with a year earlier, the slowest price gains in 10 years, according to a quarterly index released last week by the Office of Federal Housing Enterprise Oversight. Five states showed lower prices over the past year: Nevada, Michigan, California, Massachusetts and Rhode Island. Utah had the best gains at 15.3%.

And, by now we all know that our houses and condos are not going to add much to our economic bottom lines on the short term. For those who have been confidently borrowing against the rising value of their property, the gravy train has ended with a thud. Housing prices may still rise a tad, although not enough to fund vacations, home improvements, and other luxuries we’ve become used to. Those who purchased in the Garden State at the tail end of a decade of energetic appreciation are the most vulnerable. Putting a house on the market now after buying it in a bidding war just a year or two ago and making major renovations, may result in a flat or depressed outcome once real estate commissions, state transfer tax and inspection issues are computed.

Nonetheless, people’s lives change suddenly and selling the house you recently purchased or borrowed against or can’t afford now that a higher interest rate has kicked in, may be necessary. When that’s the case, more so than ever, sellers need expert guidance through the process. Being penny-wise and pound foolish at a time like this can be unwise. If you spent $35,000 on your kitchen last year and your basement is still scary, the time to lift it up is before you list. If your front steps are crumbling, fix them in preparation for the sale. First impressions are so important when you’ve got a “For Sale” sign in the yard because buyers can be brutal when comparing available inventory.

For Some, Help is on the Way

The Federal Housing Administration’s new FHASecure program will insure loans to delinquent borrowers threatened with foreclosure. The plan, announced by the Bush administration last week, will help a projected 700,000 homeowners. According to the press release, "The FHA-Secure program will help people who have good credit but who have not made all of their payments on time because of rising mortgage payments. For the first time, FHA will be able to offer many of these homeowners an option to refinance their existing mortgage so they can make their payments and keep their homes. FHA will also charge mortgage insurance premiums based on the individual risk of each loan, using traditional underwriting standards, so it can expand access and help even more families."

Banks holding the bad mortgages, however, aren’t eligible for bailouts. And it’s not clear whether homeowners with not-so-good credit (which a couple of missed mortgage payments will do to you!) will have the same opportunity to get back on track with their mortgages; or, those investors and flippers caught holding properties they can't sell quickly.

For more information about FHASecure and other FHA products, please call 1-800-CALL-FHA or visit www.fha.gov or www.hud.gov. For a list of your local homeownership center or a HUD-approved housing counseling center, go to www.hud.gov/offices/hsg/sfh/hcc/hcs.cfm

Those Boomers Again!

A recent study of Baby Boomers, Americans born between 1946 and 1964, shows that they’re not going to give up living well just because they’re getting older. One-third, in this National Assoc. of Realtors study, say they will work full-time into their 70s; another one-third plan to work part-time. A result of working longer: Boomer living spaces will be larger than those of seniors of the past and Boomers will want
demand
 all the amenities and upgrades as long as they can afford them. Those of you who have seen the new 55-and-over developments such as Hovnanian’s Four Seasons on the Clifton-Montclair border, know what I mean! Lavish, lavish, lavish.

The Baldwin Dream Team, RE/MAX’s #1 Essex County Team in 2006 for closed sales, welcomes Sidney Simon and Nick Baldwin to the team this week. Sidney, a former bank executive, worked with Keller Williams in Atlanta before moving to Essex County with her family. Nick, a certified personal trainer and former actor raised in Montclair, will help with rentals and condo sales. If you’re just starting your search, we’re happy to provide an area tour. School and commute info? We know what we’re talking about. The Team wishes you a great autumn kickoff to all your activities and pursuits.

What Roberta Thinks...Excerpt from her weekly
e-newsletter...From The Bad News File...August 16, 2007


Several weeks ago, a very ordinary deal turned extraordinary. The buyers were purchasing an inexpensive unit in a huge condo development, priced way under what they could spend, given their joint income. Still, their lender, a prominent bank, rudely turned them down. Apparently, the bank was revisiting loan guidelines, one of which was that it would not extend a mortgage to anyone buying in a condominium community where there was an active lawsuit. The buyers were devastated. I tried to explain to them that, as the sub-prime mortgage fiasco unraveled, lenders were invoking new guidelines to protect themselves. They found lenders who would help them, but hurt to the core, they decided to not to pursue the deal, even with incentives from the sellers.

A Wall Street Journal headline last week -- How the Mortgage Bar Keeps Moving Higher -- explained that buyers with perfectly good credit ratings and well-paying jobs are being increasingly scrutinized by lenders.

Doing Your Homework

On their first weekend out, when we ask buyers if they’ve talked to a mortgage rep yet, they often say, "Oh, I won’t have any problem." That was then, this is now. We are urging more upfront homework now as standards even for borrowers with strong credit histories are being tightened by the day. WSJ: "Whereas lenders used to change guidelines a few times a year and would give mortgage brokers advance warnings, they are issuing revisions almost daily now and dropping products overnight." The Journal offers these tips to buyers who, despite high incomes, may suddenly find themselves more vulnerable:
 
n  Put down at least 5 percent of the purchase price as a down payment. 

n  Try to avoid a so-called jumbo mortgage, which will have higher interest rates. (At least a full point higher.) 
 

n
 
Expect to be asked to verify your income. (No doc loans are on their way out!)

n
  Be able to show proof of funds equaling 6 months -- or more -- of monthly mortgage payments.

 Loans under $416,000, federally backed, are easier for lenders to endorse. The "shaky area," as one local lender told me today, is the jumbo. Buyers of more expensive homes, especially those over $600,000, will have to be, in her words, "squeaky-clean credit-wise and show proof of real income rather than just stated amounts." Another lender, wondered how some of the really big second homes that people have been used to buying with almost nothing down, would fare in this new environment.

Home-equity loans are also being scrutinized, along with second-mortgage applications. And those who want to buy big with nothing down -- forget it.

From the Agent Perspective...

For real estate agents, these changes are also extremely difficult. When they first contact us, many buyers don’t really want to discuss finances. They just want to look at houses. But without lender proof that you can buy, the search may be fruitless and the impact of a failed deal on sellers also quite devastating. So, as guidelines change, we urge you to make sure your chosen lender is up to the task of informing you of the changes and being totally honest about your chances of buying right now.

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One thing all of these homes have is sellers who took the time to present their homes in the best light. If you need help with that, with color and design, we’re happy to help. Enjoy your end of summer 2007 barbecuing, shopping for school or reading on the beach.


What Roberta Thinks...Excerpt from her weekly
e-newsletter...Love Your Agent?...August 6, 2007


The August 2007 issue of Realtor Magazine reports on a recent National Association of Realtors survey where 83 percent of consumers say they liked their agents and thought they were honest. That's good to hear because experts estimate that unhappy consumers tell 15 to 20 people, on average, about their bad experiences.



One of the most important characteristics of 'good' agents is responsiveness, followed close behind by knowledge base of both market (houses) and community (towns, schools, commutes, parks, playgrounds, restaurants, etc.)


What We're About

Today, a client asked me to counsel him honestly about his transaction, which was in jeopardy through no fault of his own. 'As our real estate agent, I would like to know your thoughts, not as an agent that really wants to close a deal but as an agent who really wants to best for their client.'



I responded that I always work for the best client outcome, regardless of whether a commission follows. Traveling the real estate highway, there will be roadblocks, transactions that don't work despite earnest attempts to keep them together. Others can be mended and brought to the closing table. It's best not to count on the commissions from those deals -- or any others, for that matter -- until they are happily concluded.


This is a profession where the personal touch and the ability to understand each and every client's particular emotional makeup are the best indicators of a successful outcome. That, along with superior business skills and that other thing consumers want most -- responsiveness -- can make the difference between closing the deal and wishing it had closed. Of course, we Realtors are business people, too. We expect to be paid for services rendered. We hope our clients understand that, too.

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State of the Slump

The real estate market is considerably less buoyant than a year ago. Where agents often sold homes in a week or two last summer, today it may take months to orchestrate a deal with sellers who do not want to compromise on price and buyers who are much more demanding, So, yes, real estate agents now have to dig deeper into their marketing plans, talk longer to sellers, and gently cajole buyers into deals that they would have flung themselves at previously.



In a Wall Street Journal piece a few days ago entitled "The State of the Slump," economists are quoted as saying there will be a modest housing turn-around in mid-2008. But for those who need to sell or want to sell now, it's tough out there. "The message for home sellers is that they need to be flexible on price and may have to spruce up their house to stand out against plenty of competition, given the glut, buyers in most markets can take their time and bargain hard on price," the Journal article concludes.

I would add that, if you are planning to bring a home on the market in the fall, the time to fix it up is now. If you have a house on the market now that isn't selling but has receiving all-to-familiar criticisms, DO the painting, REPLACE the kitchen counter and bathroom vanity, PAINT where necessary, FRESHEN UP old bedding. Listen to those criticisms instead of waiting against hope for that proverbial "one buyer" who will love what you've got. Be proactive. Otherwise, your wait may well be characterized by longer days on market and price reductions you shouldn't have had to make.

The Baldwin Dream Team specializes in helping homeowners get a handle on all this work. Let us help!

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Hooray! We've Got the Train! And Bus!

According to Jeffrey Otteau of the Otteau Valuation Group, "proximity to Manhattan is once again becoming the primary force in the market." We're lucky that many Essex County towns have wonderful train and bus commutes to the city, most of them under an hour. But even here, inventory is up and price resistance is not uncommon. It's a market to be reckoned with. Our agent skills and resources will be tested, no question, in the months ahead!


What Roberta Thinks...Excerpt from her weekly e-newsletter...News of the Week Time...July 6, 2007...Info from our "good to know" file!

NYC Housing in Demand...Again
From RISMEDIA, July 4, 2007: "The just-released Second Quarter 2007 Prudential Douglas Elliman Manhattan Market Overview reports that the Manhattan residential real estate market continues to be characterized by falling inventory, rising prices and a record number of sales in contrast to the national housing market
[but] the average sales price decreased 3.8%."

Roberta comments: The link between the viability of the Manhattan market and our own in Essex County, NJ is strong and irrefutable. When inventory goes down in Manhattan, we tend to see an upsurge of buyers closed out of the NYC market. Overall good news, then, for local sellers, although the message validates our own sense that not all homes and condos will achieve last year's over-asking prices
 a bitter pill for some sellers to swallow.

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Mortgage Rate Changes?

From INMAN.COM, July 6, 2007: "Fixed mortgage rates are roughly one-half percentage point higher than three months ago. At the time, the average 30-year fixed mortgage rate was 6.25 percent, meaning that a $165,000 loan would have carried a monthly payment of $1,016. With the average 30-year fixed rate now 6.74 percent, the same loan originated today would carry a monthly payment of $1,069."

"'Long-term mortgage rates continued to move lower for a third consecutive week, in part reflecting a moderation in core inflation,' Frank Nothaft, Freddie Mac vice president and chief economist, said in a prepared statement."

Roberta comments: Earlier in the week, reports of average fixed-rate reductions to 6.27 seem to have been moderated by 6.74 percent reported after July 4. But the feeling of local brokers is that we will see further erosion of interest rates in coming weeks. This is just the impetus we needed during the hot, summer months, so those of you who were scared off by last month's upsurge in rates should keep in touch with your mortgage rep.

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Subprime Protections On The Way

From INMAN.COM, July 4, 2007: "Federal regulators have finalized new guidance on subprime lending, instructing banks and other lenders to qualify borrowers at the fully indexed rate, and not allow stated income and reduced documentation unless mitigating factors 'clearly minimize the need for verification of a borrower's repayment capacity.'"
"The guidance on subprime lending, which applies to many adjustable-rate mortgages, also includes consumer protections including more thorough disclosure of loan terms and limits on prepayment penalties for borrowers seeking to refinance to avoid an interest rate reset."
Roberta comments: If you're extending yourself to the limit financially to purchase your dream house or condo - or pressed by your agent to buy beyond your means and told you will 'grow into it' financially -- step back and observe how devastating that decision can be. In other words
be careful!

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Our Homes, Our Future

From BCG.COM, June 21, 2007: "Americans are confident their homes are retaining, even gaining, value, according to a nationwide telephone survey conducted this month by
The Boston Consulting Group (BCG). In fact, Americans are nearly as optimistic now about the rising value of their homes as they were a year ago, according to the research."
"'Americans believe their homes are still their best investment. They're positive about their homes' value and believe in a bounce-back in residential real estate overall. Talk of declining average values of homes is not forcing a cutback in spending. It's just not translated into the American psyche,' says BCG Senior Partner and consumer spending expert Michael J. Silverstein. 'The majority - 63% - of Americans think real estate is a good or excellent investment.'"

Roberta comments: The #1 question buyers ask us is if the purchase will be a good investment. Best answer? Over time, yes. Fluctuations in the real estate market are natural. But crystal balls aren't among our skills as RealtorsÂź, and instant appreciation isn't a given for anyone, investor or regular buyer. Appreciation over time, however, IS a given in real estate, especially if the property is well-cared for and periodically updated..
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Home Insurance Facts

From Realtytimes.com, June 12, 2007: "A standard homeowners insurance policy doesn't cover what you think it does -- not flood or earthquake damage, not stolen or damaged vehicles on your property, not a break in the water service or sewage line and not termites moving in nor pets stolen away."
"Many homeowners are under the mistaken impression that a standard homeowners policy provides more insurance protection than it does and that could mean large unexpected out of pocket expenses -- when you can least afford them."
"
the NAIC survey revealed that 24 percent of respondents indicated their policies insured their homes for the actual cash value, while 64 percent said their policies covered the replacement cost. Another 12 percent said they did not know which type of coverage -- actual cash value or replacement cost -- they purchased."
"Actual cash value is the amount it would take to repair or replace damage to a home and its contents after depreciation. Replacement cost coverage, the better option, will cover the amount it would take to replace or rebuild a home or repair damages with materials of similar kind and quality, without deducting for depreciation."
Roberta's comments: If you haven't talked to your insurance company in years and your policy reflects a much less valuable home, then it's worth a call to your insurance rep to discuss bringing your policy up to current standards.

                          *****
Below, the featured listings of the week, including our terrific new West Caldwell cape cottage, priced at $599,000 and so big inside it's unbelievable -- great for extended family living or just for yourself. Our Montclair two-level condo (lots of room for a home office), located near Montclair Center shops and entertainments, is still available and a great way to get into this dynamic town for less than most any house would cost.

Enjoy your summer days. Call The Baldwin Team with ANY real estate question -- anytime! And don't forget to watch the Keller Williams Towne Square team (including Roberta) on HGTV's "Bought & Sold," Sundays at 10.

What Roberta Thinks...Excerpt from her weekly
e-newsletter...Changing Times?...June 26, 2007

Up and Down We Go on the Carousel of Homes!


For real estate agents these days, it's a roller coaster of emotions. For our listings, we want nothing but the best -- the best price in the shortest amount of time. Hopefully, a sale in one weekend with multiple offers, like the good old days of 2005 and 2006.

For our buyers, we hope they'll finally be able to get a bargain after years of paying dearly for even the most marginal house. Indeed, buyers are now committed to changing the long-strong seller's market defined by the phrase "over the asking price," into one fueled by negotiation and reason, with an under-asking outcome. Many buyers are now asking for help and advice finding foreclosures which, they imagine, will be even cheaper.

The fact is, according to the just-released new Otteau report on New Jersey real estate thus far in 2007, year-to-date contract sales are just 4 percent less than one year ago -- 1,800 fewer home sales. Hardly enough of a change to convince sellers that the time has come to reduce and reduce some more or to accept an offer $50,000 under the asking price just days into the listing period. Conversely, it's also hardly enough of a change for buyers to make those very, very low offers for the average home that needs updates but still is essentially livable.

The Merry (Real Estate) Month of May

Home sales last month in NJ were up 14 percent, in fact, for May 2007, according to the Otteau Report. Judging from the fact that the best houses still sell quickly, we Realtors know the market still has legs, both at the bottom and the top, starter homes and mansions. So, although they occasionally work, so-called "low-ball" offers usually result in rejection, at least right now.

Foreclosures, Anyone?

Foreclosure activity here isn't large enough to satisfy those who want rock-bottom results. Although media coverage of the terrible outcomes of buyers holding sub-prime loans has been relentless, full-blown bank foreclosures are still hard to find. Now that Realty Trac, the foremost online foreclosure portal --will revise how it reports foreclosure statistics, counting only those homes whose ownership has completely reverted to the bank -- the foreclosure statistics are set to drop by two-thirds, at least.

According to the Otteau report, "actual foreclosures in New Jersey are few in number and have been steadily declining over the past several months: 270 in March, 162 in April, 147 in May. Even more compelling is to consider these figures within the context of 71,000 homes for sale [in NJ] and you can see that any real impact on the housing market to date is insignificant. The problem comes from the counting of foreclosure activity which has been dramatically overstated, casting a dark shadow over the housing market."

So, the push-pull continues. The best way for sellers and buyers alike to cope with the kooky market is to understand it thoroughly and be ready for anything! The Baldwin Team is prepared to guide you through the confusion. Let us know if we can help.

What Roberta Thinks...Excerpt from her weekly
e-newsletter...The Neuroeconomics of Real Estate...May 7, 2007



When real estate agents talk about the business being (at least!) 75 percent psychology and 25 percent other, most people smile politely. Now, a group of researchers from MIT, Cal Tech and Carnegie Mellon have concluded that we’re right. Real estate is a “neuroeconomic” pursuit with an unconscious mechanism at work even as buyers act as if they’ve reduced the process to a science. The researchers have determined that a primitive, emotional part of the brain takes hold during purchasing transactions and that logic kicks in only to justify the emotional decision that’s already been made.





It’s so true. Clients of mine were recently wrestling with whether to make an offer on a nice Essex County colonial. The home’s lack of powder room, master bath, and some other amenities that they really wanted were offset by the great price and relatively low taxes. Since it was such a good buy, they were seriously considering making an offer. But in their voices I heard a serious absence of enthusiasm. Emotionally, this just wasn’t the house for them. They just couldn’t see it until we discussed whether getting a bargain was enough to justify not really loving the house.





The scientists aren’t telling me anything new when they say that the larger the purchase, the more hidden pain and emotion -- some of it irrational -- comes into play. Of course, when selling professionals tap into clients’ emotions, we become part of the process of working out the issues. We have to be good listeners and must know when to speak up and guide our buyers to the right decisions -- for them.





I’m always pleased when new buyers collect their thoughts and give me a list of priorities. But it’s always interesting to see how this list morphs through time. Again, emotion trumps organized lists. Hearing the shifts as they take place during our time together in houses or condos of various shapes and sizes, prices and locations, is one of our most important functions as real estate professionals.





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The sun is out. Azaleas are in bloom across Essex County, NJ. The wonderful, month-long “May in Montclair” schedule bursts with art shows, kids' events, the Presby Iris Gardens opening, Montclair Art Museum’s Art in Bloom fundraiser with Peter Duchin, “Grease” at Montclair HS and “Grease Jr.” at Glenfield Middle School, Montclair Pre-K’s “Stars Come Out for Kids” event and the Junior League’s 5-K Challenge for Change are but a few of the worthy offerings to be had.


The Baldwin Team is happy to tell you more about Montclair and all the other towns in Essex County. Maplewood, South and West Orange, Glen Ridge, Verona, Cedar Grove, Millburn, Bloomfield, Nutley, Belleville
we’re experts!


Thinking of selling but don’t know how to get ready? Our "Dramatic Home" staging component can help you position your home to net top dollar. We’re now working with artist and former Yard School of Art director Carol Cohn on supplying the right art for the walls of the homes we list. Carol’s "Artistic Home" is a great addition to our Baldwin Dream Team value-added skill set.
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Below, please find some of the new listings in the area, as well as some great homes that have been on the market a bit longer. Yes, it is true that days-on-market is increasing, which gives buyers a bit longer to ponder and find the right fit.


Our new Affordable Condo Near the Train -- 2 bedrooms, all redone -- at 15 Forest in downtown Montclair ($329,000) is a perfect first purchase, just minutes from NYC direct trains, shops, and restaurants. Our Upper Montclair entry this week, at 7 Emerson Place ($599,900), just two blocks from the Mountain Station, is really lovely -- with two window seats -- so join us at our Mother's Day open house there, Sunday, 2-4. We've just reduced (to $769,000) our great stand-alone "All the Good Stuff" condo at 105 Glen Rock Ave., Reservoir Ridge, Cedar Grove, a huge, 9-year old, 5-bedroom home just minutes from everything in Upper Montclair -- but lower taxes! And our In-Town Manor House at 34 Plymouth St. ($1.250M) awaits a sophisticated buyer who loves to entertain and be close to Montclair Center's many delights.

What Roberta Thinks...Excerpt from her weekly
e-newsletter...The Siren Call of Foreclosures...April 26, 2007



During the “high” or “seller’s’” market, foreclosures were hard to locate in many towns in Essex County. But, as a growing number of sellers who tapped the sub-prime market for financing find they don’t have requisite funds to keep their homes once their mortgage interest rates adjust higher, foreclosures will multiply. And, we’ve noticed, so have your questions about buying “distressed” properties. In the old days, banks often sold off such homes at lower than market value. That isn’t usually the case anymore, so it’s not necessarily true that foreclosure equals bargain.


According to Washington Post columnist and attorney Benny L. Kass in this today’s online Realty Times, “buying a home at a foreclosure sale is fraught with risks. You end up spending a lot of money doing your homework only to learn at the last minute the foreclosure sale was cancelled, or that the borrower filed bankruptcy minutes before the same take place.” According to Kass, there are so many professional bidders at these auctions that the average person has less likelihood of winning a foreclosure bidding war.


Among the costs associated with doing your foreclosure homework is the title search on the property to see who owes what mortgages to whom and whether there are any liens and lawsuits against the property. Kass suggests that buyers intrigued by foreclosures try to purchase from the cash-poor owner when the home is still in the pre-foreclosure period. The price might be right and the risk of murky issues reduced. At that early juncture, though, a bank usually must approve the sale and it might take anywhere from 3 weeks to many months for the approval to come through.


There’s a lot more to know about foreclosures. If you’d like me to email you the whole Kass article, I’d be happy to.
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Busy Spring Selling Season Or Not?


In today’s major newspapers, new statistics show that “Houser Prices Slide as Property Glut Grows,” as the Wall St. Journal puts it, with tighter credit and a glut of properties “wrecking the industry’s hopes for an early rebound.” The subtitle of the article is sweet solace for those venturing into the marketplace: “Buyers Gain Bargaining Power in Busy Spring Selling Season.”
Yes, this is the busy season in real estate. In Essex County, with its great location near Manhattan, some homes are still selling in a week or two. But inventory is still rising and buyers are often just watching and waiting to see whether something they like will sit a while. Sitting equals price reduction! Sellers, meanwhile, haven’t fully integrated the news. It’s a hard message for agents to convey and we’re now doing it every day. However, sensible sellers willing to price strategically to attract buyers early on, are the chosen ones. Remember, The Baldwin Dream Team can help you “stage” your home – with professional art, too! – and we will provide a wide-range of tips to help you achieve top dollar.
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HGTV, Here We Come!


Just a reminder that a bunch of us from Keller Williams Towne Square debut on the new HGTV show “Bought & Sold” Sunday night at 10. My first “story” isn’t for several weeks, but I think you’ll enjoy the first episode with my colleagues, about young buyers bidding on a Maplewood starter home and how a multi-million-dollar home in Llewellyn Park, West Orange, once owned by Thomas Edison’s son, Charles, will be marketed.


What’s New On The Market


New Condo Alert! Many of you have heard about The Siena, the handsome new, brick condo building rising in downtown Montclair, with a NY Health Club planned for the ground floor and Montclair Center shops and restaurants literally at the door. This weekend, The Siena will be offering special purchase deals on a range of condos, so call me if you’d like to learn more. Move-in date for the building is October 2007.

What Roberta Thinks...Excerpt from her weekly
e-newsletter...And the Waters Parted!...April 19, 2007



With the rain and fear of flooding behind us and the sun promising a reappearance this weekend, home buyers will surely be out and about. In Montclair, inventory in the starter and mid-range is still thin, although listings above $1M are bursting out all over and it's not even June. The big news in town is that six of the now-infamous 11 Christopher Court homes that went up last year amid a torrent of negative publicity about the very small plots of land, with mostly shared driveways, on which they are built – are finally on the MLS.


Designed with every possible bell and whistle, including elevators, these towering well-located homes with no backyards, near Watchung Plaza, may finally sell faster now that they’re being marketed more visibly. Whether most Montclarians will ever come to terms with this development is unlikely; what good did come out of the project was the town’s commitment to scrutinize future projects with more respect for collective public desire to maintain a more classic sensibility in our new construction.
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Are Prices Going Down?


We’re still having this discussion around Essex County, no question. And while we’re having it, some homes are selling over their asking prices just as they did at the height of the market. Just today, one of our clients, who has been looking off and on for several month, said he felt that next year he’d be able to get a better deal. Maybe so/maybe not. If your perception is that you will do better next year, by all means wait. But if you’re eager to purchase, to find a new home and get life started in a new community, waiting will be hard. We want what we want when we want it, right?
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Nine Days and Counting 'Til HGTV Time


On April 29, 2007 the new show "Bought & Sold" debuts on HGTV. With my colleagues from Keller Williams Towne Square, I'll be on some of the episodes as the show chronicles the trials, tribulations and occasional joys of selling homes in Essex County, NJ. You can read some of my thoughts about the show and my life as a real estate maven on my new blog, www.SuburbanDigs.com.

What Roberta Thinks...Excerpt from her weekly
e-newsletter...What Lovely Flaws in This Old House!...April 12, 2007



Reading the piece in the New York Times New Jersey Section, “Seeing the Beauty in Imperfect Floors,” (April 8) got me thinking. Why exactly is it that people want to live in old homes? They talk about charm and detail, but very often when confronted by just that, they don’t seem that excited because so much baggage comes along with the charm. It’s a different story if they see granite, stainless, tumbled marble, subway tile (new), and other modern looks. Buyers also want family rooms attached to kitchens, which very few vintage homes possess. They prefer attached garages, which are also infrequent, as well as grand master bathrooms, walk-in closets, and spiffy basements that never get wet when it rains.


In the Times piece, writer James Kindall talks about a floor-refinishing process that took 9 years, more time than most people live in any one home these days. Kindall decided to retrieve his floors, room by room. For the final floor he tackled, he recycled warped, age-blackened boards into “a glorious swath of yellow pine with a distinct shabby chic charm
a glorious patchwork of coloration.”


Most of us hire floor restorers rather than do it ourselves and, often, the work is done just after closing on the house -- the first in a long list of old-house renovations new owners will attend to through the years. Like for the author, the floor-refinishing process is also the average vintage-homeowner's official introduction to the sweet imperfection that accompanies the deed for the property. “Beauty must be appreciated on its own terms,” Mr. Kindall writes as he describes his epiphany while admiring his last restored floor: “My, I thought, gazing down, what lovely flaws.” Indeed.
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Some Market Skepticism, To Be Sure



And so, it’s another week of buying and selling old homes in Essex County, NJ. With Easter and Passover concluded, the spring inventory is beginning to rise. The weather has been iffy but sellers are sprucing up, with contractors scurrying all over, on deadline to finish bathrooms, kitchens and the like.

Buyers, over the past several months so concerned about over-paying, remain skeptical about homes in which they do not perceive value. It’s a message to sellers to reign in thoughts of topping the neighbor’s recent sale. A better strategy and one that will sell your home faster, is feeling good about even modest price gains since last year.


All The House is a Stage!

Sellers, we’re available to help you organize your timetable and offer staging services through our Dramatic Home affiliate. We also now provide, through our new Artistic Home service, the artwork that will spiff up your walls during the marketing process, chosen by local artist and former director of Montclair’s Yard School of Art director Carol Cohn. Achieving top dollar is the bottom line when we work for you.


Buyers, if you’re worried about buying now, let us help you make the right choices. Towns, schools, commutes can provide a nerve-wracking palette of concerns. The Baldwin Dream Team can help you sort it all out.
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It's TV Time at Keller Williams Towne Square


And, remember to mark in your calendars the debut of "Bought & Sold," the forthcoming HGTV home show in which I will be featured along with several other Keller Williams Towne Square agents over the run of the show. It premieres Sunday, April 29 at 10 pm.


Happy weekend from Roberta Baldwin, Tamima Friedman, Nancy Chu and Dina Gruenfeld -- The Baldwin Dream Team!

What Roberta Thinks...Excerpt from her weekly
e-newsletter...Unquenchable Dream Home Mania...March 23, 2007



Just the other day, sometime clients of The Baldwin Team emerged from the ether. They had been looking for a home some years ago and just felt everything was too expensive. They figured that if they waited, perhaps prices would go down or maybe their urge to buy would disappear. Neither thing happened. Prices continued to go up over the years and their desire to own did not abate. They just couldn’t figure out how to make the scary idea of home-buying work for them.


Yes, purchasing a home is scary. I remember on the day we closed on our first home I had the worst pain in my head. That night, when we waited for the moving van to arrive at the new house (and it didn’t – it got lost), I sat in my new living room in the dark (we’d forgotten to have the utilities switched on) and wondered how I was going to make that little house into something wonderful. The patchy blue wall-to-wall rug reflecting up in the moonlight told me that would be hard.


Have You Been to www.SuburbanDigs.com?


A theme I return to often both in this e-newsletter and my new blog, www.SuburbanDigs.com, is how hard it is to find the dream house. Does such a house really exist for most people? I hope so, but after more than a decade in real estate, I really do think that often, it’s a rather elusive quest, especially in the typically rushed environment we have in Essex County, NJ. With houses selling again quickly this year, buyers don’t have much time to think. They’re forced to make snap decisions – about how their possessions will fit in a house, how the daily commute works, about one community over another – in just days. For people used to taking risks and making quick decisions, this isn’t so hard. For others, it’s a misery.


Sitting in the living room of one available property recently with really nice people who are finding the search rather daunting, I suggested that, perhaps, there would be no dream home; that, instead, they should try focusing on something nice and livable, a house that could be made into a home and that would, in future, inhabit their hopes and dreams even in its imperfection.


The Dream House...I Know It's Out There


It’s hard to give up the idea that a perfect living space is out there just waiting. Sometimes there’s a wonderful intersection of taste and timetable. But not always. So, does the couple I mentioned at the top of this story just stop looking, pack it in? I hope not. I do hope they will focus more on what they will bring to a house rather than what the house will bring to them. Either way, we can help. Just ask.

What Roberta Thinks...Excerpt from her weekly
e-newsletter...Smart Agent Behavior...March 9, 2007



In a new book, "Billion Dollar Agent – Lessons Learned," by Steve Kantor, some of the country’s most powerful real estate agents say their less-successful colleagues lack the following essential traits:


1. Failure to follow-up.


2. Lack of negotiation skills.


3. Inability to put clients' interests first.


4. Lack of listening and communication skills.


5. Failure to stay in regular contact with their clientele.


Since the month of March is the real beginning of the "spring season" in real estate, there’s no better time reflect on those 5 elements, especially if you’re planning to buy or sell a home or condo.


Those of us who aspire to succeed at the highest levels of real estate must, indeed, operate with zeal and gusto, empathy and intelligence: Do the necessary daily follow-up with people and deals as they move along; put in the mental time to strategize and psych out the competition; focus on the client’s needs whether we’ve got a fever or have Broadway tickets; offer intelligent counterpoint to clients’ thoughts and fears about buying and selling – educating wherever possible – and then, being there for them as the years go by and the original deal where we met has receded in the distance.


Thought we’re not Billion Dollar Agents – yet! -- The Baldwin Dream Team at Keller Williams Towne Square endorses those professional virtues and happily announces being ranked the #1 RE/MAX team in Essex County, NJ in closed sales for 2006.


We also believe that ethics – doing the right thing for all concerned in a deal – makes for the highest-level champions. We hope, sooner or later, we’ll be yours as you call on us to help you make some of the life's most important decisions. After all, we're the hardest working real estate team team in Essex County, bar none!

What Roberta Thinks...Excerpt from her weekly
e-newsletter...Don't Worry, Be Happy...But If You're A Seller...March 1, 2007



Two Stories From The House-Hunting Trenches


1. A few years ago a local home here lingered on the market. The owners didn’t want a lockbox, so they had to be home to show it. Only problem was, they were rarely home. Apparently the listing agent wasn’t available either and wasn’t forceful enough to tell the sellers that increasing days on market just looks bad. (The perception will be that the house isn’t well-priced or has problems.) After much pleading, we managed to get into see it. The price had been adjusted; my clients came in even lower and the contract was signed. I told my buyers at the time that they got a steal and, when the appraisal came in $25,000 over their asking price, they knew it to be true. In this case, the sellers were oblivious to their lost chances.


2. Houses that don’t sell quickly are sometimes been taken off the market and returned later in hopes of a better outcome. One such home I know of had dozens of showings over several weekends and was temporarily withdrawn. The second time around, after dozens more showings in one a few days, there were several offers and sold way over the asking price. I would say that was a pretty good test of that home’s viability. On a sunny weekend buyers with pent-up energy voted with their pocketbooks. And the story ended happily. Perhaps not?


The Big Question:


Should the seller of the second home be happy? One would think so. But seller happiness is tied as much to what the neighbor got a year or two ago on the same block as it is to today’s realities. In our Essex County area, every home is different. That’s a factor is seller dissatisfaction because we’re often comparing different commodities. Two homes, priced the same but differently laid out, located on different blocks in different parts of town, can sell for wildly different prices – fueling seller dissatisfaction and the sense that just with just one more weekend on the market that one true buyer with deep pockets would have shown up with the ultimate seller reward of an even higher price.


Moral of Story:


Recently, I was reminded just how wonderful it is when there IS satisfaction. One of my sellers told me from the start that she had bought her home at the right time, knew she would profit well from a sale and wasn’t going to be greedy or jealous of anybody else. She pointed to another house on her block that I had marketed the year before and said she understood it was much bigger and there was no way her home compared -- and so be it. The house performed extremely well for what it was. She knew and I knew we'd done well -- not as well as the neighbor in a different time and place, with a different house. Still...Happy Ending!
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Remember, if you need advice on when to sell and how to sell well, call us; if you're buying and need info on towns, schools, commutes and restaurants, give us a buzz. The Baldwin Team (Roberta, Tamima, Nancy) welcomes Dina Gruenfeld to our expanding group of agents ranked No. 1 by RE/MAX in Essex County, NJ in closed sales for 2006 and No. 5 statewide in dollar volume.


Thanks for keeping in touch.

What Roberta Thinks...Excerpt from her weekly
e-newsletter...Roberta’s Roundup of Current Real Estate Issues and Ideas...Feb. 22, 2007



Upward Trend in NJ Housing Market? (Business Week, Feb. 20th):


"Affordable housing and booming job markets have helped some metros buck the national trend of stagnant home prices
 The median home price in the Atlantic City (N.J.) area shot up almost 26%, to $339,800, marking the sharpest year-over-year increase of any U.S. metropolitan area. The National Assn. of Realtors says Atlantic City isn't the only place that appears immune to the U.S. housing 'bust' and 71 other U.S. metro areas saw price gains in the fourth quarter of '06 from a year earlier, including 14 metros with increases of 10% or more."


Real Estate Investors, Take Care (Market Watch, Feb. 18th):


"The goal is to buy at 30% below the after-repaired market value -- half of the discount is to cover such expenses as holding costs and repairs while the other half is the eventual profit
 But, for example, in the "changing market" near Los Angeles, houses are taking about three to five months to sell, which adds to holding costs. Even in a cooling market, a home that is priced right will sell
 'Pay careful attention to prices of comparable houses that are selling in a particular neighborhood, ' says investor Daryl White."


More Housing ‘Investor Beware’ Advice (Inman News Special Report, Feb. 6):


"House flipping can be a lucrative business due to favorable capital gains tax laws for owner-occupants. But flipping for profits isn't "easy money." Rather, it takes an uncanny ability to time the housing market, a lot of hard work, the necessary know-how and experience to hire competent contractors, and a willingness to weather considerable disruption to one's home life. An unanticipated sudden shift in the market can turn a healthy profit into a huge loss. Hefty transaction costs also diminish the potential returns of rehab-and-resell schemes."


NYC Real Estate, Wow! (New York Times, Feb. 19th):


"Real estate firms showed that increased activity, with open houses jammed and bidding wars taking place, has occurred in all price ranges — from tiny studios in the East Village to red-brick mansions on the Upper East Side
 A week ago, one open house attracted 100 people to an Upper West Side one-bedroom; a $2.475 million house in Park Slope (Brooklyn) sold in a day. According to Miller Samuel appraisers, the number of contracts signed this January was 19.4% higher than in January 2006. Prices were up 14.4% in the same time period. Inventory is very low. Realtors say they have 'cautious exuberance.'"


Local Real Estate Pulse, Today (NJDreamHouses.com, Feb. 22, 2007):


Multiple offers on at least 3 new properties in Montclair, NJ last weekend – 8, 4, and 2 bidders, respectively, with over-asking outcomes, tell the tale. Same story in Maplewood: Lots of buyers sniffing around and, unlike last fall, are obtaining mortgage pre-approvals and jumping in the fray. In a likely return to the frenzy of THE TIME BEFORE THE BUBBLE MANIA, buyers are being asked to waive their mortgage contingencies and even home inspections, to close whenever the seller wants, and to tighten up time contingencies for down payments and inspections. Number one reason? Tiny inventories, huge buyer pool. Yet some houses linger, both those that need work and those in perfect condition -- when they’re perceived to be overpriced. Bargains? When buyers seek out those lonely properties and actually negotiate for under-asking results.
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Remember: SuburbanDigs.com
the new Roberta Baldwin blog
Thoughts and impressions on a life in real estate
take a look when you have a moment!


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If you’re thinking of buying or selling sometime soon, let us know if we can help with a pricing, staging your home, providing area tours to newcomers, and showing houses that make sense financially and answer your space needs. School, town, and commute info -- our specialty! The Baldwin Team -- ranked No. 1 in closed sales for our West Essex area for 2006 -- welcomes Dina Gruenfeld, filmmaker and former art director at Nike, who also worked at MTV and ESPN, to the team!


Best wishes to all!

What Roberta Thinks...Excerpt from her weekly e-newsletter...House-Hugging...Why Not?...February 15, 2007


I don’t know how many times now I’ve found myself in conversation about loving my home. And I truly do. My first home, a cute Victorian, I thought I loved, but I got sick of it as the endless repair and upgrade cycle sucked the love out of me. Besides, we outgrew it. The home I live in today is terrific, for all sorts of reasons. Stately; big yard; multiple French doors; great floors; interesting architecture – I could go on, but for fear of slightly boring you, I’ll leave it at that.


The Huggability of Homes


Or maybe I’ll click on over to HomeHugg.com, a weird, new website where people like you and I are asked to share innermost thoughts about their homes. It was inevitable that someone would come up with this touchy-feely idea and apply it to real estate. It’s not associated with any MLS, although there are homes for sale on the site and some pretty ones, at that, including one I clicked on in Boise, Idaho. The site describes itself as “a community of home buyers, Realtors and lenders that help each other discover, save and share their favorite homes for sale or rent in their community. The members of HomeHugg are able to add homes, comment on homes, map their favorites and share them with family and friends.” There don’t seem to be any warm and fuzzy comments on the site yet, but give it time!


Reval in Montclair Not So Warm and Fuzzy


Right now in Montclair, NJ, some homeowners are hugging their homes and some aren’t. The new, townwide tax revaluation is in place. The marketplace value of each home was announced over the last month. Since then, frightened homeowners sweating over possibly higher taxes have been lining up for informal meetings with the reval company. But it wasn’t until yesterday that the new tax rate was announced and local citizens could finally see if their worst fears had come true. (You must multiple the new reval number by the tax rate, .02007, for the actual tax bill.)


Indeed, for some, taxes went down (hard to imagine, but true); for others it went up a thousand or two or more
or even doubled. Over the next several months, there will be more hand wringing and jubilation, depending on how the town interprets citizen complaints. Meanwhile, the average Montclair homeowner will be paying $13,451.91 in taxes, virtually unchanged from 2006. The average residential assessment for 2007 will be $670,200 – as compared to $252,700 in 2006.


Market value has caught up with Montclair’s powerful market, still going strong in 2007 after a slower 4th quarter last year. In other Essex County towns, there are also positive signs. I’ve heard of multiple offer situations in South Orange and Maplewood over the past few weeks, with really high outcomes.


When in Doubt, Stage


So, if you’re thinking of selling, may the Force be with you. Remember that “staged” homes can sell for 10% – 30% more, so start clearing the clutter and let us come in and help you position your home for market success.


Questions on towns, schools, commutes? Just give us a call. And, if you’ve got an extra minute, click on over to SuburbanDigs.com, Roberta’s new life-and-times-of-a-real-estate-agent blog where I ponder issues great and small, including my upcoming stint on HGTV's not-yet-announced new series, "Bought and Sold," coming April 29 to that house-hugging cable channel.

What Roberta Thinks...Excerpt from her weekly e-newsletter...Is It Coming Up Roses?...February 7, 2007


Under-30 Buyers


Over the past several weeks, Realtors here have seen a resurgence of the active buyer pool. First-weekend sales have rebounded for homes perceived to be well-priced for their location and amenities. Last weekend’s New York Times described first-time, under-30 buyers in New York City as “prepared and fearless” and talking of ‘strategic investment’ rather than market fallout as they plunge into property ownership. With Essex County’s proximity to the City, we see some of the same perceptions, although buying a first house carries perhaps more emotional weight than a condo or co-op.


The Downbeat Poll


Meanwhile, the Experion-Gallop Personal Credit Index came forth last week with a considerably more tepid reading of the marketplace: Nearly half of those polled believe a housing bubble and housing-price collapse is very likely within 3 years. Granted, only 16 percent felt it was “very likely”; more renters felt that way (57 percent..sour grapes, perhaps?), as did more lower-income people (42 percent making under $75,000 a year). However, the poll also notes that only 52 percent of those polled said they ever heard of the so-called “housing bubble” in the first place.


Real Estate Bubble Mania in Perspective


Interestingly, the phrase “housing bubble” -- an everyday reference in most newspapers and journals over the last few years -- has largely abated, while articles showing feisty buyers attacking the inventory with gusto are returning. Indeed, in all regions of the country, December 2006 pending home sales were higher than earlier in the year, causing supply shortages in some areas, including our own. In Montclair, NJ, a bell-weather town for the county’s real estate fortunes, just a few homes are arriving each week in vital price ranges, causing virtual buyer stampedes and multiple offer situations.


Statistics and analysis inevitably are skewed and interpreted in different ways by the various groups involved – credit bureaus like Experion perhaps hoping to convey a cautionary tone to consumers; media outlets looking for the big story; buyers expressing pent-up hostility toward ever-higher prices; and sellers concerned that they might not find the level of appreciation they envisioned in their “best case scenario” of home ownership.


All this makes for lively discussion. We on The Baldwin Dream Team at Keller Williams Towne Square welcome buyers who want us to help sort it all out by finding them the best homes in their price range. Towns, schools, commutes provide a wide range of options and it’s not always easy to figure out the right move without professional help. First-time buyers can become paralyzed by their fear of failure – of not buying the house that will, in time, net them the most money. Today I told one of them to remember that a home is where the heart is; hopefully, equity will build, as well, as the years go by!


The Role of House "Stagers"


Sellers? Remember, homes that are professionally “fluffed” and “staged” may command more than 10 percent more in the current marketplace than those offered “as is,” with old rugs, fading paint, overgrown landscaping and other visual disappointments. Our Dramatic Home¼ subsidiary offers hands-on help in this area, so call us.


Starting April 29th, Roberta and The Baldwin Dream Team will be appearing on HGTV’s new series, “Bought & Sold.” So, stay tuned for more info on this exciting development!

What Roberta Thinks...Excerpt from her weekly e-newsletter...The Spring 2007 Market...Recapping the Market's Downs and Ups...January 22, 2007


Last fall, as houses in Essex County, NJ towns – Montclair, Glen Ridge, West Orange, South Orange, Maplewood, Millburn and such -- that would have sold in a weekend, lingered on the market two, three, four weeks and up, it became clear that the market was suddenly different. It came upon us rather quickly. My last, big spring '06 listing in Montclair sold in one weekend with four offers. The house had been purchased the year before for $631,000; with some fairly minor interior work, new windows, a new kitchen floor, and outside painting and landscaping, it sold for nearly $100,000 more, with three of the four offers above $700,000. The slow-up started in the summer and, by fall, was extremely noticeable.


Slowdown Blues


According to one recent study, consumers stopped buying because they no longer perceived value. Inman News online puts it this way: “Among consumers, the slowdown has shaken up expectations and attitudes toward home buying, causing buyers and sellers to worry about future price decreases.” Some real estate websites, including HouseValues.com and JustListed.com, however, actually saw MORE visitors as the market waned while others, including Move.com and Homegain.com, saw only slight visitor reductions, So, it seems, people were continuing to be interested in real estate; they just didn’t want to buy.

Is The Buying Urge Returning?


There’s no question that the pent-up desire to buy is returning, at least in Essex County. NJ. Last fall, I took a listing that had 35 showings in 3 weeks before the owner decided to try again in 2007. The listing is returning and, in the first few days in the MLS, before showings started, the calls started coming in. One potential buyer said he had seen it online 3 months ago, noticed it disappeared, and had been hoping for its return because now he was ready to buy.


From my perspective as an agent, this is good news. It’s also good news for home inspectors, interior decorators, real estate attorneys, painters, and others whose livelihoods depend on an active real estate market.


Real Estate Agents as Design Coaches


However, I do think that agents are working harder this season to insure that listings will be seen in the best possible light. Staging of homes – those spruce-ups that might include painting, rug removal, de-cluttering, landscaping; bed, bath and kitchen tweaking – is on the rise. At the moment, my garage is full of furniture I will be using to enhance various listings and my basement has quite a selection of quilts and tablecloths, candles and art – whatever it takes to give a listing a marketplace edge. My husband and the FedEx man have a running joke now about all the area rugs being delivered to my house. But refinished hardwood floors and those rugs are among the most important decorative elements, so I want to be ready.


Are You Buying or Selling This Spring?


Hopefully, you, dear reader, are also ready for the spring market. Here are some of Essex County, NJ’s new and recent listings. Just give The Baldwin Dream Team a call if you’d like to see any of them – and we can also send you additional homes carefully tailored to your price range, towns of interest, and housing-style needs. It’s easier than trolling the GSMLS! If you’re a seller thinking about downsizing after your child graduates from high school next spring – it’s not too early for a consultation. We’ll help you make a plan.


And, Soon, We'll Be On HGTV!


Yes, it's official. The Baldwin Dream Team and some of our Keller Williams Towne Square colleagues will be starring on "Bought & Sold," a new docu-reality show on HGTV, slated for roll-out in April 2007. Stay tuned!

What Roberta Thinks...Excerpt from her weekly e-newsletter...The Spring 2007 Market...Are We Getting That Perky Feeling Again?...January 11, 2007


Suddenly, it’s the spring market.


What does it mean? Homeowners ready to plant a “For Sale” signs in the front yards; buyers checking internet listings and actually contacting a Realtor to help them with the search. Homes changing hands.


A big change from last fall, when caution ruled and economic predictions were dire. Media outlets, pulling back from relentless coverage of the end of the good times, now focus on the positive. Articles such as the NYT’s “Mortgage Applications Up as Home Buyers See a Break in Rates” (1/9/2007) seem positively light-hearted.


Online real estate news source Inman News this week wondered what real estate professionals in the field have observed about the U.S. market over the last few months and now, post-holiday -- and whether their local observations coincide with blanket assertions and statistical reports that the bottom has fallen out of the US real estate marketplace.


Housing Statistics in Perspective


According to Inman, "statistics say more about the past than they do about the future. The numbers can lag behind weeks or even months, and the first indications of what many in the industry are hoping to see -- renewed buyer interest -- may not be captured by any statistic. Brokers and agents will see increased traffic to their Web sites and more phone calls, e-mails and pages long before the results of that activity show up in closely watched statistics."


Realtor responses to Inman run the gamut. Some parts of the country are, indeed, mired in quicksand – but not all, by a long shot. "The market is turning UP, we hear from our sources," Inman concludes. One chipper Realtor reports that “well presented, well marketed, well priced” homes still sell in a heartbeat. Another hears the “the pitter patter of buyer feet” growing louder. A third s senses “the buzz of activity” on his website and the phone, while still another observes that early birds are “jumping on the market” this month because they fear increased competition as spring inventory rolls out over the next several months. (Hope you can access the whole article at http://www.inman.com/inmannews.aspx?ID=61159)


From our vantage point, buyers are definitely more relaxed and focused. We helped more than a dozen of them last weekend view homes throughout Essex County and we’re fielding new queries daily. Sellers who last fall held off listing their properties, are less morose – hopeful, even: interest rates, fluctuating slightly, remain desirable; inventory has been reduced by thousands of homes in north and central NJ over the past few months, although it’s still above what it was last year. An expectant feeling permeates both buyer and seller sides.


Yes, buyers seem more careful about taxes, knowing they can quickly get out of hand in a state with the highest housing taxes in the nation. In Essex County, Maplewood and Newark recently completed town-wide tax revaluations to reflect market value more completely. Montclair’s reassessment is in the works, with Glen Ridge and several other local towns close behind. And sellers worry that they should have sold last year, a natural response!


Basic Home-Buying Patterns


But as families grow out of their apartments and smaller homes, as others look to downsize or move for jobs and warmer weather, the cycle continues. We're hoping for the best, as all of you are and we’re here to help buyers find the right financial and emotional fit and sellers price and present correctly to achieve top dollar.
So, let The Baldwin Dream Team get you where you want to go!


Below, please find some of the very first new listings of 2007 in Essex County, NJ and a few good ones that held over from late 2006. Just call or email us for more info or an appointment to look! We'll answer all your questions about towns, commutes, schools, and renovations. Our very best wishes to all of you in the new year.

What Roberta Thinks...Excerpt from her weekly e-newsletter...Buyer Payback Time...Nov. 16, 2006


Online real estate source Inman News reports that although barraged by news of a soft market, most Americans "remain highly confident about the nation's housing prospects." More than 4 out of 5 surveyed last month by RT Strategies, a public affairs opinion research and polling organization, feel their homes will appreciate nicely in the next 5 years; 7 out of 10 consider their home is their most valuable investment. Only 13 percent think their home will lose value, while 4 percent expect no change and only 3 percent are unsure.
Home-Buyer Uncertainty


In my opinion, the next poll should be focused on actual home buyers, many of whom are convinced that the market is weak, prices must go down, and low offers are the way to go, even if a house is the nicest in its price range.


Over the last several weeks, many of our clients have taken that approach -- coming in with opening offers sometimes WAY UNDER even what the current owners paid for the home.


In a few instances, these low offers have had a positive buyer outcomes, with sellers accepting less than they expected, especially when their homes needed work. But most buyers have discovered, as the abovementioned poll demonstrates, that sellers love their homes too much to give them away. They are very happy to reject an offer that doesn't fit with their rosier view of the market and they are perplexed when their agent tells them that buyers expressing interest and enthusiasm, even, are nevertheless "waiting for the price to drop."


Give and Take = Real Estate


Real estate is, essentially, about compromise, except that, for the last several years, it was always buyers who did the compromising. Sellers in Essex County, NJ, just plopped the sign out front and waited for a high offer, often in a weekend. Then, they said they didn't want to negotiate any inspection issues -- and why did they have to?...There was always another buyer around the corner. The take-it-or-leave it philosophy prevailed. At closing, buyers often felt as if they'd put out way to much money and good will, but they felt lucky to have found a place to live.


Today's low offer syndrome is buyer payback time, in a way, for those high-price years and it will take its course. At the moment, rising inventory truly gives buyers a chance not to pay too, too much. Like Goldilocks' experience, there is usually a price that is "just right." It's our job to help buyers and sellers work that out! At the moment, it can be a strenuous activity!
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Remember that The Baldwin Dream Team can show you any home you see on the internet. Sellers -- make your home a Dramatic Home -- one that shows well and sells well. We can help you do that -- choose the right colors, re-arrange furniture, suggest improvements, bring in what you don't have. Just call or email us for a consultation.


Have a great weekend and a happy Thanksgiving to all.
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PS- NJDreamHouses.com and this newsletter has my new photo on it. On the homepage, you now can click to see my recent Nightline appearance. Coming soon: Roberta on a new HGTV show. More on that after the holidays!

What Roberta Thinks...Excerpt from her weekly e-newsletter...Buyer Payback Time...Nov. 16, 2006


Online real estate source Inman News reports that although barraged by news of a soft market, most Americans "remain highly confident about the nation's housing prospects." More than 4 out of 5 surveyed last month by RT Strategies, a public affairs opinion research and polling organization, feel their homes will appreciate nicely in the next 5 years; 7 out of 10 consider their home is their most valuable investment. Only 13 percent think their home will lose value, while 4 percent expect no change and only 3 percent are unsure.
Home-Buyer Uncertainty


In my opinion, the next poll should be focused on actual home buyers, many of whom are convinced that the market is weak, prices must go down, and low offers are the way to go, even if a house is the nicest in its price range.


Over the last several weeks, many of our clients have taken that approach -- coming in with opening offers sometimes WAY UNDER even what the current owners paid for the home.


In a few instances, these low offers have had a positive buyer outcomes, with sellers accepting less than they expected, especially when their homes needed work. But most buyers have discovered, as the abovementioned poll demonstrates, that sellers love their homes too much to give them away. They are very happy to reject an offer that doesn't fit with their rosier view of the market and they are perplexed when their agent tells them that buyers expressing interest and enthusiasm, even, are nevertheless "waiting for the price to drop."


Give and Take = Real Estate


Real estate is, essentially, about compromise, except that, for the last several years, it was always buyers who did the compromising. Sellers in Essex County, NJ, just plopped the sign out front and waited for a high offer, often in a weekend. Then, they said they didn't want to negotiate any inspection issues -- and why did they have to?...There was always another buyer around the corner. The take-it-or-leave it philosophy prevailed. At closing, buyers often felt as if they'd put out way to much money and good will, but they felt lucky to have found a place to live.


Today's low offer syndrome is buyer payback time, in a way, for those high-price years and it will take its course. At the moment, rising inventory truly gives buyers a chance not to pay too, too much. Like Goldilocks' experience, there is usually a price that is "just right." It's our job to help buyers and sellers work that out! At the moment, it can be a strenuous activity!
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Remember that The Baldwin Dream Team can show you any home you see on the internet. Sellers -- make your home a Dramatic Home -- one that shows well and sells well. We can help you do that -- choose the right colors, re-arrange furniture, suggest improvements, bring in what you don't have. Just call or email us for a consultation.


Have a great weekend and a happy Thanksgiving to all.
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PS- NJDreamHouses.com and this newsletter has my new photo on it. On the homepage, you now can click to see my recent Nightline appearance. Coming soon: Roberta on a new HGTV show. More on that after the holidays!


What Roberta Thinks...Excerpt from her weekly e-newsletter...A Whole Lot of Condos...Nov. 6, 2006


From a real estate agent's perspective, condo options in Essex County have always been somewhat limited, with much of the now-aging inventory dating back to the building surge of the mid-Eighties. In the Nineties, a few new developments appeared, including The Pointe and Crystal Woods in West Orange, with The Regency Club in Livingston coming a bit later. The latest condo construction explosion took hold at a time of market exhuberance. But it takes so long to purchase land, obtain proper permits and variances, arrange financing and build, that many of these Essex County developments are just now debuting with luxury amenities and prices in the stratosphere -- and just as the real estate market subsides.


Bargain Time


With all this inventory in Montclair, West Orange, Livingston, South Orange, Glen Ridge, and Belleville, buyers are being lured by weekend specials, mortgage rate supports, free upgrades, and the like. It might just be a great time to buy, so here's what's out there:


The Sienna -- Located in downtown Montclair, on the site of the old Hanes Department Store, The Sienna is a handsome highrise with more than 100 units, just steps from tons of restaurants on Church and Park Streets and Bloomfield Ave., shops (including Urban Outfitters) and the movies. About half the units have sold, with prices range from under a half-million to the $900s. The NYC bus stops at the door and it's about a 10 minute walk to trains at the Walnut St. Station -- take NJ Transit down Bloomfield Ave. to the Bay St. Station trains. Word is that a large health club facility will inhabit the ground floor.


Montclair Heights -- Located at the edge of Montclair's prestigious Estate Section, on the site of the old Montclair Community Hospital, this noble-looking, all-brick luxury development, still under construction, is being offered at more than $1K per unit. Bus transportation to the city is at the corner, but it's not near trains.


Walnut Street Lofts -- These 10 upscale lofts, located in what is sometimes called the Woho section of Montclair, are across the street from popular Egan & Son's pub, the forthcoming Oppenheimer's seafood restaurant and various other eateries, bakeries and antique and clothing shops, with NY Direct trains down the block. Several 3-bedroom, 2-bath units, priced around $700,000, are still available.


184 Bellevue Ave. -- A small townhouse development, well located in Upper Montclair Village, is being offered in the high $700's.


The Reserve -- Located in Glen Ridge (see some of the listings below), on the site of the old Verizon building, this combination single and multi-floor condo/townhouse structure has an elegant lobby and concierge service, as well as private courtyard, 1-car garage space per unit, and incredible access to NYC Direct trains literally across the street. Closest shops in neighboring Bloomfield center, or shoot over to downtown Montclair. Glen Ridge, itself, has 2 banks, 1 sandwich shop, 1 florist, 1 manicurist, 1 upscale restaurant, and 1 pharmacy, as well as schools ranked in the top 10 in the state. Units at The Reserve are priced from the high $500's (for 2 bedrooms) to nearly $1.5K for 3-bedroom, 3.1-bath townhouses.


Vizcaya -- This huge, new development, still in the construction phase, is located on Northfield Ave., West Orange, opposite the regional JCC facility and on the express bus line to the city. Just listed in the MLS, Vizcaya literature touts 2-zone a/c, 2 assigned garage spaces, one-level living, and huge floor plans -- 2502 - 3490 -- with prices ranging from $875,990 to a whopping $1,710,990. Monthly maintenance fees run around $1,500.


Bel Air -- Located on Mt. Pleasant Ave. in West Orange, near the Livingston border and just listed on the MLS, Bel Air is builder Hovnanian/Matzel & Mumford's new development of 250 townhomes. Fitness center, library, card and billiard rooms, tennis courts, outdoor pool, changing rooms, etc., are part of the package here, along with walkout basements, with units offered from the high $600s to high $800s. So far, no direct NYC bus on this stretch, but perhaps that will change. Maintenance charges are in the $400 a month range.


The Manors at South Mountain -- South Orange's toney townhome development, located high on the mountainside in the expensive Newstead Section, has been under construction for the last few years, with several dozen units still available. Through year's end, many new units are being offered for $999,000, considerably below previous price points. These are very large townhouses, approaching 6000 sq. ft. with finished basements, dramatic staircases, huge kitchens and formal dining rooms -- upscale appointments all around. Maintentance fees are relatively reasonable, though, in the low $400s.


Livingston Town Center -- This large, new development in "downtown" Livingston, NJ, wraps itself around an upscale shopping plaza. The largest unit -- 3 bedrooms, 7 rooms, 2.1-baths, on one floor -- is more than 3000 sq. ft., with upscale everything, priced at $1175,900, with lesser units in the $800s.


The Pointe at Livingston -- Another Livingston option, this one for over-55's, comes with a very classy clubhouse. Several buildings with 1-level units are fully occupied and a new building is going up now with 3 bedrooms, 9 rooms and 3.1 baths priced at $819,000, with maintenance of about $700 per month.


City Homes at Essex Park -- Centex Homes' new gated condo development in Belleville has units from about 1,000 to 2,000 sq. ft., priced from the mid $300s to the mid $400's, with the more expensive units having family rooms. There's a pool, community center, bocce court...and public golf course across the street. Maintenance is $280.


Just let us know if you'd like to see any of these condo options. If these are well out of your price range, remember there are many existing developments, including Eagle Ridge in West Orange, that still have much to offer, at considerably lower prices.


Thanks for checking in!



What Roberta Thinks...Excerpt from her weekly e-newsletter...To Buy Or Not To Buy...October 20, 2006


Back in the mid-Eighties, when our kids were very young, my husband and I started thinking about moving from Brooklyn to
somewhere else where we’d have more space. I grew up in "the suburbs," without transportation or shops close by and my husband was a NYC boy. Neither of us wanted to live anywhere too far from civilization and I knew a house was in our future. He wasn’t so thrilled about a move; it took us about a year to make the transition! We actually made an accepted offer on one house and then withdrew (out of fear), waiting about six months to try again. The second time was the charm and we moved into a house in Montclair that, as they say, "needed everything." To us, that meant we were chosen to fix it up.


Last weekend I was showing houses and bumped into former clients who had looked at homes with me every Sunday morning for upwards of 2 years (that’s hundreds of hours together). They hardly ever made offers while looking for what obviously had to be the perfect house. They were really nice people. They knew a lot about houses from watching those reality shows on TV about buying, selling and design. They admired much of what they saw, but were rarely tempted. They eventually won a bidding war on a pretty, typically imperfect colonial with front porch in a prime location just a block from one of Montclair’s train stations. The inspection pointed out the home’s flaws – asbestos, old electric and plumbing – and these buyers demanded, in what was then a ferocious seller’s market, tens of thousands of dollars in closing credits. Needless to say, the deal collapsed when the sellers wouldn’t budge and these buyers took a vacation from their search and from me. No hard feelings!


Well, they’re back and I’m happy to report that they’re working with another real estate professional perhaps willing to give them the additional years of support they may need. Personally, I don’t know if they’ll ever purchase a home. To be sure, everybody has a different timetable. Some people decide quickly and never look back. Others wear themselves out chasing a dream of perfection and never make the decisions (compromises, too!) that are necessary to for a successful move. Most buyers are in the middle range. They review the inventory over a course of weeks or possibly a few months and make the best decision they can for that time and place, with the funds they have available. When there is reticence to commit, a real estate professional can be an important educator, support system and hand-holder to get the process going and keep it going. But not always. Some people will never purchase; some will never sell. Their fears or complacency or simple lack of motivation get in the way.


According to the US Dept. of Housing & Urban Development, Americans, on an average, look at 15 houses before buying before finding if not the dream house, then something they’re going to be reasonably happy living in. I’m alright if my clients look at 77 houses, as long as they face their personal issues and see the process as having a beginning, middle and end!


So, if you'd like to get going with your search at your pace, The Baldwin Dream Team at Keller Williams Towne Square is there for you. If you're thinking of selling, but not right now, let us know if we can give you long-range tips for preparing the house and property for eventual sale.


Below, please find some of the newest listings in the area, as well as some that haven't yet sold. The market is softening, which means more time on market for many homes, even those that are really very nice. Prices, I should note, have not collapsed, so you won't find huge bargains. You will find, however, more negotiation leading to fairer outcomes than in the bidding-war era.



What Roberta Thinks...Excerpt from her weekly e-newsletter...Reflections on a Changing Market...Oct. 6, 2006


--Sellers all say they’re not in a rush to sell and will just wait for their price.


--Buyers all say they’re not in a rush to buy and will just wait for their price.


Meanwhile, terrific houses in just perfect condition, proportion and location, continue to perform well and we’re still seeing some multiple offers in Essex County. But we’re also seeing homes that would have sold quickly just months ago not moving at all. Public open houses that not so long ago attracted swarms of buyers on a Saturday or Sunday afternoon are now often empty. Buyers who do pass through really don’t want to leave their names and information because
they’re not in a rush to buy and not in a rush to meet hungry real estate agents. Sellers whose homes have been seen 20, 30, 40, 50 times, can’t figure out why nobody wants to make an offer; houses that do get offers are now seeing opening bids arrive, in some cases, as much as 5 to 10 percent under the asking price.


As the shifting goes on and despite the overall lack of urgency, some buyers ARE buying while others say they will definitely do so in the spring. With babies being born, people marrying and jobs changing, some people do have urgency, and for those, as days on market rise, so do the opportunities for what I’ll call a ‘negotiated settlement’.


So, buyers, don’t be afraid to make that wacky, low offer. Even if it isn’t accepted, it might just get the give and take started. Sellers, when confronted with an offer that just kills you – this is an opportunity to decide whether you really want get on with your life; whether accepting an offer perhaps not as good as your neighbor’s was last year is more proactive than standing fast while buyers continue to traipse in and out of your life. Sellers willing to adjust to market changes should still find themselves with a pretty good deal that reflects a decade of national real estate effervescence. Agents play a big part in all of this, of course and we can’t be afraid to bring the parties together and create deals where we thought no deal was possible.


Below, please find some of the prime properties on the market locally, including my very cute new Upper Montclair colonial listing – near NYC Direct train -- priced at $668,500.
We’ve got some great starter homes on display, as well as some large and beautiful properties in Llewellyn Park, West Orange, South Orange, and Montclair.


Remember, we can show you anything you see on the web. Just call or email us. Town and school info – we have it! The Baldwin Dream Team is also known for helping sellers whip their homes into shape to maximize the sale price – something ever more important today. We’ll advise you on the exterior – landscaping, deck, yard – and the interior – colors, furniture placement, updates where needed. It’s a value-added service, so just let us know when you need a consultation. The spring selling season, beginning in mid-February, isn’t far away, so starting on your tasks now will make the selling experience far less stressful than waiting for the last minute.



What Roberta Thinks...A Walk in the Park...Living in One of America's Most Beautiful Places...Oct. 1, 2006


Llewellyn Park is one of the oldest, private, gated communities in the US, dating from the 1850s. Once home to Thomas Edison and his family, the park now pays homage to the great inventor in its array of exquite private homes in a quiet, leafy setting just 15 miles from Manhattan. Glenmont, the Edison residence, is now a national historic site, as is his son's exquisite mansion, Landmore, which is now for sale.


Today, I'm sending you some of the new listings in Llewellyn Park. If you're not in this rather pricey price range, please just enjoy this historical ride through the park -- one of the more interesting places to live in the US!


Charles Edison, one of Thomas' sons from his second marriage, served as governor of NJ after a long career in public service. To design his home, he commissioned the leading NYC-based architectural team of the time, Delano and Aldrich. The property, more than 6 acres, is just amazing. Imagine yourself driving along a country road surrounded by towering trees on either side, emerging upon a stone mansion as grand as grand can be. Inside, the ceilings are endlessly tall and the room sizes bright, open, and expansive, including a first-floor library of leather-bound books from Charles Edison's collection that will be sold with the home. Formal gardens and a delicate inground pool grace the rear, with a delightful children's stone play castle to the side.


Another current listing you'll see today is the former Schickhaus mansion, a considerably smaller but very beautiful Pennsylvania-style center hall brick colonial with much detail and style. This home rests on nearly two acres, with an Elegant English garden in the back and many charming, smart and expensive updates to the interior. The Schickhaus family owned a popular prepared meats and hot dog company still remembered by afficionados as among the most tasty of the time.


The Weller property, shown here as Two Homes, Three Acres, located adjacent to the former Colgate Mansion, is brand new on the market, as well. Built just after the turn of the century, the main Tudor colonial home requires considerable updating, but the propery comes with an adjacent modern cottage you could live in while renovations are in progress.


The park also has a stock of more contemporary homes, such as the custom raised ranch included here.


Please call me if you'd like a rundown of other current listings in Llewellyn Park or you'd like to see anything mentioned here. If you're wondering about the NYC commute, there's a bus not far from the Park's main gate, although most commuters choose to drive about 10 minutes to the big PATH station in nearby Harrison, NJ, where trains come and go every 5 minutes; or to drive to the city using Rt. 280, which can be accessed just a few blocks from the Park entrance.


Llewellyn Park, which is part of the township of West Orange, NJ, is located about 2 miles from Montclair to the north and two miles from South Orange Village to the south.


Thanks for reading!



What Roberta Thinks ... Excerpt from her weekly e-newsletter, September 14, 2006...The Fall Selling Season, Rife With Uncertainty


The Garden State MLS, which at the beginning of 2006 listed about 20,000 area homes for sale, has now crept up to more than 32,000 available properties. With more than one-third more inventory, buyers finally have more to choose from. That's the good part. In this area, over the past decade, it was common for buyers to see only one or two listings a week and to make a buying decision in a matter of a few days, often in competition.


Lately, buyers have had a more leisurely attitude. If they miss a couple of househunting weeks, the same houses are often still there when they return. That's when the thought arises that these houses must not be worth their asking prices. Welcome back, negotiating! And there's nothing wrong with that. Real estate is and has always been a about give and take, although in the last few years it's been mostly take on sellers' part, give on the buyers'. Sellers who won't negotiate are plentiful these days, waiting for a sign that the current market lull is but a passing phase. Perhaps it will be.


Certainly, the health of the real estate market is important to more than sellers and their Realtors. Lawyers, home inspectors, painters, builders, handymen...the food chain is a long one. Without public confidence that buying a house is an important way to accrue equity through time -- not to mention a nice place to grow as a person and a family -- lots of people lose.


It's a worrysome time. The hope is that buyers and sellers will find a meeting place a bit more sane than it has been, respecting each's other's needs. As for the fear we see in buyers' faces these days and their concomitant lack of urgency, we hope it's a passing phase.


The Baldwin Dream Team specializes in the total education of the buyers it works with. We're proactive. We tell you what we think about the houses you see and we will find you the right one for your lifestyle and pocketbook, however long it takes.


Sellers, this is the time to think deeply about how much your house has appreciated over the last decade. Lots! If it stops here, you're still in the pink. If you need to sell, we'll help you style your home, inside and out, so that it stands out in the marketplace and we'll help you make the transition to another living situation. If you're thinking of a spring listing, it's the right time now, before the weather turns colder, to tweak your landscaping, fix the roof and deal with drainage issues.


As always, this weekly newsletter brings news of special new homes coming on the market and some of those that have not sold. We're proud to introduce our superb new $1.2M listing in Llewellyn Park, the historic gated community in West Orange that is home to some of the most beautiful estates in NJ, including Thomas Edison's. We've also got a great new split in West Orange this week, value priced and spacious, as so many West Orange homes are.


Hoping everyone had a good summer. Call us if you need real estate guidance!


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Lowering Expectations: A Market Watch From The National Assn of Realtors...September 2006


'Existing home sales – including single-family, townhomes, condominiums and co-ops – dropped 4.1 percent to a seasonally adjusted annual rate of 6.33 million units in July. Resales were 11.2 percent down from a year earlier. Higher interest rates dampened sales but the price softening is good news for buyers. Many potential home buyers have been waiting for sellers to compromise on prices and terms. “Now sellers in many areas of the country are pricing to reflect current market realities,” said NAR's Chief Economist David Lereah.


'Home sales during the rest of the year will be lower than earlier projections as the market works its way through an inventory and price imbalance, according to NAR's latest forecast. David Lereah, NAR’s chief economist, said the most obvious effect in the near term will be with home prices. "Sales are slowing, homes are plentiful and sellers are negotiating. Under these conditions, we’ll probably see prices dip temporarily below year-ago levels as the market works through a build-up in housing inventory,” he said.'


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Period of Adjustment: Roberta Reports on NAR's Visit to a US Senate Hearing to Discuss The Market...Sept. 13, 2006


At a Senate committee hearing this week, an NAR executive said that what is being called 'a modest decline for the remainder of the year' will lead from a seller’s market to a buyer’s market -- and that will be a good thing.


The NAR believes that, despite news reports to the contrary, there is no housing bubble, and the slowdown is actually a good thing for many local economies, creating a new 'balance' between buyers and sellers, NAR president Thomas M. Stevens said at the hearing, titled “The Housing Bubble and Its Implications for the Economy.”


“While recent developments raise concern, it is important to remember that the housing market varies significantly across the country,” Stevens said.


Stevens noted that 1/3 of the US (by population) is experiencing RISING home prices -- including Alaska, New Mexico, Vermont -- and many states in the South,Florida excluded. States with the greatest recent home-price increases, such as Arizona, California, Florida, Nevada, and Virginia, are now in the doldrums.


“Home buyers have become exhausted financially, which explains why sales have tumbled in higher-priced regions of the country,” Stevens said.


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NAR Says Sales to Fall 8% This Year...from The National Association of Realtors Online Journal...Sept. 13, 2006


"NAR forecasts a drop in home sales of around 8 percent in 2006, followed by another 2 percent decline in 2007. The forecast takes into account stabilizing mortgage rates and a modest economic expansion. However, a significant shift in interest rates or a change in the economy would alter the forecast. Slow home-price growth — of less than 3 percent in 2006 and 2007 — also is predicted. NAR notes that a soft landing is possible under the right circumstances and affordable mortgage financing is an important component in achieving this. “Because the housing market strongly supports the economy and drives consumer spending, it is imperative that the Congress adopt policies that encourage home ownership and make purchasing a home obtainable for the millions of families who desire to own a home,” Stevens said. “NAR stands ready to work with Congress to continue to open the door to the American dream of home ownership.”


— (c) REALTOR¼ Magazine Online


NOTE: In July & August, Roberta's on summer break from the weekly blog, but not from real estate: The Baldwin Team is breaking personal and office production records...so call or email us with your questions and real estate needs.


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What Roberta Thinks ... Excerpt from her weekly e-newsletter, June 9, 2006...The Lost Art of Compromise


It all started several weeks ago.


I bumped into an acquaintance who had just sold her home -- for nearly $100,000 over the asking price. She wasn’t happy -- with the buyers, who were asking to repairs she thought were frivolous (after all, her home was perfect!); with her agent, whom she said wasn’t attentive enough; and with the selling price, (which she thought was too low). She was even thinking of canning the whole deal and putting the house back on the market. When I suggested she had done extremely well with her property, which is well-located and well-appointed, if just a tad in need of updating (it looked as if most of the work had been done 10 years ago), she seemed surprised!


This woman was netting hundreds of thousands of dollars from her home sale.


Let’s think about that for a moment. If she had put her faith in various Wall Street financial options, given the ebb and flow of the markets over the past half-dozen years, she wouldn’t have done nearly as well.


But she felt short-changed. Sellers’ desire persists to have their homes continue -- in what economists say is a cooling market -- to explode at the finish line with crazy competitive bidding. If a house does not sell in the first weekend, sellers are embarrassed, angry, perplexed, annoyed: Their right to more has been compromised. Economists right now are not saying that houses will drop significantly in value, only that prices will stabilize. Expectation adjustments must necessarily follow.


When I am invited to sellers’ homes to present their market analysis, which is the first step to obtaining the listing, I precede my comments by suggesting that, with double-digit appreciation for the past few years, their investment has been, by any standards, a hugely-profitable one -- even if it doesn‘t go up more than the predicted 5 or 6 percent this year, or stays the same. I counsel that their expectations must be revised. (Homeowers who helped their houses along by investing in new kitchens, baths, systems, landscaping and the like, are likely to get the most “bang” of all, and achieve more, given sterling locations and without major negative factors.) I also provide, upon request, a punch list of improvements to make the house more attractive to buyers, and worth more.


And yet, grim sellers still ask me: You mean I won’t be getting even more than my neighbor did six months ago? I might not have multiple offers? You mean should paint my kitchen? Take off that highly toxic asbestos in the basement? Buy new appliances? When I propose that at the right asking price they might still attract multiple offers, many sellers say, no thanks, I’d rather price higher, just to make sure I won’t get low offers.


Over the last several years, the “pricing lower to get higher” strategy has been successful; however, sellers are now worried that they actually will get less by pricing lower. The impulse is to price higher, sometimes crazy higher, to send a message to buyers their house won’t be “given away.” And this impulse, in turn, has led to slower-moving inventory.


Think of the price-lower-to-get-higher strategy as similar to an auction, where bidding often begins at a low figure and then escalates as bidders compete for the prize. It’s all done rather quickly and efficiently. The price-higher-to-get-higher strategy might eventually result in a sale, but there will be extended days-on-market and, eventually, a negotiated selling price, often under the asking price. Furthermore, many sellers are thinking maybe they should just rent and wait for a brighter day -- and that’s another newsletter topic!


Meanwhile, buyers sensing the stabilizing market are acting much more deliberately. If they can’t get out to see a house the first week on the market, so be it. They’ll try to fit it in when they can. If they miss it, so what, there will be other houses to see
whenever. Lack of immediacy, possibly caused by several factors aside from higher asking prices -- i.e., rising interest rates; relentless media coverage of the housing market; spring weather and its preoccupations; confusing messages from Wall St. and the Fed -- have all impacted on this spring’s sales.


So, let’s face it: Lower offers are coming in. This past week, a national TV news program had the temerity to advise that buyers offer no more than 10 percent UNDER asking. Although I haven’t experienced that yet, I have seen several cases of 5 percent under bids -- which were summarily rejected by sellers.


With conflicting expectations, compromise is what it’s all about, on both sides, in order to make the deal work. That’s where the Baldwin Dream Team comes in.


As you can plainly see from the foregoing analysis, this real estate Team understands the market and specializes in making your deal work so that seller and buyer come together with full understanding of all the complex issues feeding into one of the most emotionally-fraught transactions in your life. Call us if you need counsel, to sell or buy. Remember, we can show you any home you find on the internet. See a “For Sale” sign on the road? We can show you that house, too. If you are a seller who wants to maximize your price and experience, we can take care of that through our value-added “Dramatic Home” feature to help you give your home that radiant look, because there are still many ways to make your house stand out in the marketplace.


Below, please find some of the great, new and lingering homes that we really like and want you to see, given your specific price range. Let us help you find your comfort level.



What Roberta Thinks ... Excerpt from her weekly e-newsletter, June 1, 2006...Where Are The Buyers?


Over the last few weeks what most Realtors have been asking is, "Where are the buyers?" Although inventory has grown and there has never been a better time to have actual choices in the search for a home, buyers seem preoccupied with other things on the weekends and too busy at work during the week to spend time looking for a place to live. We've all noticed that the urgency that characterized the last 10 years of house-hunting has disappeared, at least for now.


Meanwhile, as you an see from my lineup of featured homes this week, there's some great stuff out there. And, if you're a buyer who actually wants to make a decision very soon, you will have the pick of the litter. It just may be that without buyers flinging themselves at anything with a "For Sale" sign outside, modest price adjustments will ensue to give value to those properties perceived to be overpriced.


Remember, we can show you any homes you find on the internet. Just give us a call. Sellers -- it's not too soon to think about the fall market and how your house will fit in. We're happy to help you maximize your investment.



What Roberta Thinks ... Excerpt from her weekly e-newsletter, May 19, 2006...The Art of Compromise.


If you’re a first-time buyer struggling to come up with the down payment for a modest home and compromising at every turn, know this: You’re not alone. At the million-dollar mark, people compromise on their dream house, too.


Statistics this week from the Otteau Appraisal Group in NJ show that only 35 percent of 2005 buyers felt they didn’t compromise on any aspect of their search. Meanwhile, for 15 percent, house size was the problem; neighborhood quality was cited by 12 percent of buyers, followed by 11 percent who compromised on commute time to job and school. Lot size, property condition and planned expenditures on the purchase were other compromises made by NJ buyers in 2005, whether they were first time homeowners or repeat customers.


That’s why it’s wise to prioritize your housing preferences. Being unrealistic will only prolong your shopping time. If you want to live near shops and transportation, you may well have to forgo a larger yard. If you want a huge yard, you may have higher taxes. If it’s a great commute you’re after -- and that’s probably the number one buyer's preference in this region -- then you raise the possibility of a bidding war against all those other demanding commuters. Waiting for it all to “happen” may mean no purchase at all.


Occasionally, I work with people who say they are willing to compromise, but through time, it doesn’t happen. They want what they want (and who doesn’t?) and the weeks and months go by without a purchase. They often feel close to getting the perfect house, but it proves illusory. Sometimes, the waiting just prices them out of the market. Sometimes, their search for perfection leads them to recognize they just can’t make the move.


I remember my first house. When we found it, there were no doors on the kitchen cabinets, but we had seen enough houses and, with a five-minute walk to the train and bus and a school around the corner, major priorities had been met. Of course, the kitchen never amounted to much, even with new doors. The great kitchen came with the next house!


So, here we are in a spring market with more inventory than in many years -- a refreshing perspective for buyers. Look at as many houses as you can, but know that the perfect one is bound to be elusive and, at some point, recognize that there are more positives in moving forward with your life than waiting for the perfect scenario.


Sellers, when you list with us, your house will be a Featured Listing on Realtor.com, an exclusive opportunity. Ask about the value-added services we provide that nobody else offers. Downsizing? We can help you locate a new home or condo that makes sense.

What Roberta Thinks ... Excerpt from her weekly e-newsletter, May 11, 2006...Newsweek Ranks Our Schools


Next to commuting and safety, schools are the overriding concern of a majority of buyers who come to Essex County, NJ. While Montclair may not rank as high as Livingston, Millburn or neighboring Glen Ridge in state reading and math scores, in Newsweek magazine’s current assessment, Montclair High School does very well, indeed, placing 207th in the Top 1000 list for US as a whole. This specific overview of high schools has less to do with statewide test scores than with a district’s commitment to excellence.


From the report in this week’s issue: “With our Best High Schools list, NEWSWEEK recognizes schools that do the best job of preparing average students for college. By dividing the number of AP and IB tests taken at a school by the number of graduating seniors, we can measure how committed the school is to helping kids take college-level courses. We think kids at those schools have an edge, no matter their economic background. But many schools not on our list are also challenging students in innovative ways—proof that the national experiment in high-school education is just beginning. Ask yourself, ‘What is high school really for?’ Then look around at the options available to today's teenagers: diverse and compelling answers abound.”


For the whole story and the list of top schools, go to http://www.msnbc.msn.com/id/12532668/site/newsweek/


New Jersey, which is known to have many of the best schools in the nation, nonethelsss barely makes the Newsweek’s Top 100; Jersey City’s highly-touted McNair Academy notches an 82nd-place finish. Basking Ridge checks in at No. 116. The NJ rankings are as follows: Princeton (129), Bernardsville (137), Mendham (148), Millburn (174), Cresskill (195), Montclair (207), Skillman (298), Princeton Junction (343), Linwood (381), Plainsboro (452), Ridgewood (453), Annandale (454), Glen Rock (570), Glen Ridge (580), Fairlawn (648), Haddonfield (654), Westfield (659), Warren (690), Cranford (717), Chester (780), Cherry Hill (802), Livingston (810, Mountain Lakes (831), Chatham (835), Freehold (864), Montville (946) and Oradell (961).


No sign of South Orange/Maplewood or West Orange or Verona on the list. (If I inadvertently missed a few districts, apologies in advance!) But, there's alway's next year!
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Since the beginning of 2006, when the Garden State Multiple Listing Service registered about 21,000 listings, inventory has gone up to 28,737 this week for the fairly vast area it covers, including Essex County. So, yes, in theory there’s more to choose from and it shouldn’t take as long to find a house. But, ask many entry-level buyers in this area, and they’ll say they’re still having trouble buying a house because of persistent multiple offer situations on the most desirable houses. For example, this week, a very sweet, small Bloomfield colonial with 3 bedrooms and 1 bath, listed for $325,000, had 10 offers.


A listing of mine a few weeks ago in West Orange, priced at $399,900, also had 10 offers. The buyer who got it told me today he’d been looking and bidding for a year before winning this very nice duplex home. What a journey! And for 9 losers, the wearying beat goes on.


That’s why it’s so important to be working with a knowledgeable agent who knows can help you make the decisive bid that will take you off the market and put you in a home. It’s rather poignant to open offers accompanied by personal letters pleading for home ownership, knowing that with better guidance, the outcome might have been more positive.


On the positive side, a number of the homes we've sold lately have not sold over the asking price -- a great relief for the lucky buyers involved. We'll track that over the next few weeks to see if it's a little bit of a trend!


Remember, The Baldwin Dream Team can show you any home you see on the MLS or internet. And sellers, you've still got time to take advantage of the wonderful spring window of opportunity for getting your home on the market before the summer heat sets in and buyers get lethargic and choose the beach over househunting. We're happy to help you whip your home into shape and to stage it for you to achieve maximum potential in the current market. With more inventory for buyers to see, you want to have that edge! Check out the new "Dramatic Home" option on the Home Page of NJDreamHouses.com.


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With lawns looking magnificently green, azaleas flowering and some hearty tulips still bobbing, our Essex County towns are looking magnificent. Buyers and sellers - have a great Mother’s Day Weekend.


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What Roberta Thinks ... Excerpt from her weekly e-newsletter, April 21, 2006...A Great Investment is in the Eye of the Beholder


Over the last several years, buyers have become increasingly attuned to the ultimate upside value of real estate. Will it be a great investment?


Of course, real estate agents and economists and journalists and everyone else who thinks deeply about this question, don't really know for sure and shouldn't ever promise this will be the best economic investment since sliced bread. Things happen that can affect the marketplace, both personal and global. However, certain paradigms, when properly aligned, make some real estate better investments than others.


Location has always been No. 1 and will always be. A home perceived to be located in just the right place (town, neighborhood, etc.) will always sell for more than one that isn't. But, there are caveats: If a home hasn't been maintained, one that isn't as well located could still sell for more.


Which brings us to No. 2, a home’s exterior and interior condition? If it's not so good, it won't be worth as much to a buyer; but, down the line, if improved, a property could achieve a new level of investment value.


No. 3, at the very least, is the school system. (For some people, it’s No. 1!) The better a district's reading and math scores, the more value a home will have, at least to people with kids. Even people without kids will eventually leave home, so schools remain an important element to all who buy and sell real estate.


No. 4 and down would include commuting options (again, this might be someone's foremost priority), community amenities like a town or condo pool, the look of the homes (vintage; Fifties and younger; or brand new); and the geography of an area.

Obviously, there are other considerations buyers have, as well, such as whether a home has a first-floor powder room: whether the kitchen opens to a family room; yard size; whether the street is busy; whether you can walk to a town center.


What's my point here? Even if the current real estate market may be blooming a tad more slowly and there may be a bit more opportunity for a "good buy,” today’s buyers sometimes become totally bogged down by having to assure themselves that the purchase they make is going to have huge value down the road.


Who can say? If you've weighed all the above and have received good guidance from professionals, and your personal priorities have been met, then remember one other, very important point: There are huge, non-tangible benefits to home ownership: the enjoyment you'll get from living there, being in a community you like, interacting with others who live there and forging friendships, raising a family -- you get my drift.


In the mid-1980s, when I bought my home in Montclair and the market was going crazy, of course I had concerns that the home would not appreciate – because, after all, I had paid top dollar. But in the intervening years between then and when it was sold, my kids loved being there, my spouse had a great commute, I enjoyed gardening and being near shops and my own job commute was pretty excellent. Although there was an interim flattening of the market around 1990, prices again started to rise and, on the rebound, our house did extremely well. The point I'm making here is that, as the National Association of Realtors put it recently, "the benefits of home ownership -- it's not just about the money."


If you would like to discuss this further, email me and we can chat. If you need expert support for your real estate search, The Baldwin Dream Team can help crystallize your priorities and give you as much information as we have about whether a particular house or condo is a wise investment. There's a house or condo for everyone; we'll help you find it.


Below, please find some of the great new listings we have in this burgeoning spring season, as well as some that haven’t sold in previous weeks. Earlier this week I sent out a condo alert with just a few of the newly listed units in Essex County. There's a steady stream coming on, some as reasonable priced as the low $200’s, so let us know if you're focusing on condo living.


Remember, we can show you any home you find on the internet -- just call or email.
Sellers, ask about our new value-added options when you list with us. You'll find us not only incredibly enthusiastic and pro-active, but we have some great new ideas up our sleeves, so let's hear from you! Check out the new "Dramatic Home" feature on www.NJDreamHouses.com, a service you won't find just anywhere!


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What Roberta Thinks ... Excerpt from her weekly e-newsletter, April 4, 2006...Skip the Lattes, Buy the House!


When trying to decide whether to go the extra mile in a bidding war situation, clients of mine have heard me ask how many $4 lattes they consume a month. That’s because for every $10,000 you mortgage, the cost to you is about $60 a month. Cut out 15 lattes and you might win the next bidding war. I didn’t realize that this rationale had become “a staple of the advice offered by financial self-help books and experts,” but so says The New York Times this week, as well as the current issue of Men’s Health magazine.


Meanwhile, in the Times’ “Snapshots of the Suburbs’ Housing Markets,” (April 2), Essex County, NJ scores highest in competition with Bergen, Passaic and Hudson counties in median price appreciation (12/04 – 12/05) -- at about 13 percent. Collectively, these four counties have seen inventories grow 58 percent from late 2004, although Essex County registered just under a 35 percent increase, the lowest of the group.


That’s quite significant, though – 1/3 more houses out there, unsold -- and sellers whose homes have been pushed to the limit price-wise should take note. The longer something sits, the less likely it will sell for top dollar. Not in Montclair, though, where outrageous bidding situations persist and in large measure are due to smart pricing, with many homes staged to show their best. However, here, too, houses priced where buyers aren't convinced they're getting a good buy, are more vulnerable.


With more inventory sitting, there’s the possibility of negotiating down instead of up for those lingering homes. Not all sellers are yet willing to listen to reason, but some will see the light and identify a strong offer and terms and sign on the dotted line. As one agent told me this week, when I inquired whether a great but tired home that had been on the market for two months was negotiable: “I would hope so, but the sellers have so much pride!”


Buyers fed up with bidding wars should try to look past the defects, especially when they’re in the excruciatingly difficult entry level price range, which these days has crept up to between $350,000 and $450,000. These homes may not be as perfect as some, but it’s amazing what the right colors and furniture can do.


Remember, The Baldwin Dream Team -- Tamima Friedman, Nancy Chu and I -- can show you any home you find on the internet, so give us a call or email us if you're ready to start looking this spring. Sellers, we're happy to offer complimentary market analyses and to suggest downsizing or upsizing possibilities.


Thanks, as always, for being a friend to NJDreamHouses.com. Keep clicking on those properties!

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What Roberta Thinks ... Excerpt from her weekly e-newsletter, March 23, 2006...The Almost-Pristine House


Recently, a buyer client of mine, under contract to buy a beautiful home and having just concluded her home inspection, asked the seller to fix leaks in the first and second-floor bathrooms, among other things. A letter from the seller came back saying the house was old and nobody could expect it to be in perfect condition and so the leak the leak in one bathroom would be fixed – but not the other. After some back and forth, the owner agreed to fix both leaks.


When you are selling a house, especially one that is old, you are not selling perfection. But you are selling a sense that the house is ready for the buyers to move in and that, when they turn on the bathroom faucet, it doesn’t drip over everything. That’s just the nice thing to do. The best time to fix leaks and remove dangerous asbestos and check to see that you have no wood-destroying insects or damage from them; the best time to make sure your gutters and leaders are clean, the chimney unobstructed, the flue operable, and that mold isn’t nesting in the corners of your basement and your major systems are functioning and have been recently serviced, is before you put the sign out. That is because once the buyer does the home inspection and discovers a general lack of care, the give and take over correcting these flaws can take on a nasty edge.





I am working the several sellers this spring who, thank heaven, are mindful that their performance from the moment their homes come on the market may well determine if they get top dollar. Staging the home for dramatic effect may be the last and most visible thing we do before opening a home to buyer scrutiny, but it’s only one of the punch list of seller responsibilities.





So, if you are thinking of selling anytime this year, start focusing on the little ways your home can be improved, so that, after you have the buyer, you don’t jeopardize the deal.


Doing a little bit, day by day, takes the pain out of it and we’re always available to help create a timetable that won’t make you crazy.





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From the buy side this week: There’s no question that in some towns, inventory is not moving as quickly as it was at this time last year. But, in Montclair, the bidding wars continue, with some houses selling for as much as $200,000 above asking. Homes in neighboring Bloomfield are also strong. In Maplewood, where last year homes flew on and off, less-expensive inventory remains at a premium, while some really nice homes in the sixes and sevens are spending 3-4 weeks on the market without selling. That's all good for buyers. Speaking of buyers, there's still noticeable caution out there, despite the fact that interest rates are still low-ish (and went down a tiny bit this week.) and inventory is finally a bit better than it has been. Unique homes (on the edge of a park; views of NYC) that grab people are still doing so. But if you just want a nice house on a nice block with good schools and commute, call us and we'll find one for you asap, maybe even without competition!


Remember, the Baldwin Dream Team can show you any home you find on the internet. So, give us a call or shoot over an email and we'll have a nice chat. If you're selling, we can discuss our value-added "Dramatic Home" staging techniques.






What Roberta Thinks ... Excerpt from her weekly e-newsletter, March 9, 2006...FISBO Logic



Just today I visited a homeowner who said her property had been listed on a for-sale-by-owner website for 6 months, with an offer yet to come. "We're saving on the commission," she shrugged.


That's usually the way so-called FSBO believers put it. Meanwhile, statistics prove otherwise. According to date from the 2005 National Association of Realtors Profile of Home Buyers and Sellers, owners working with a professional real estate practitioner sell their homes for 16 percent more than unassisted sellers, on average.


Another interesting fact: the number of FSBOs is declining nationally. Some 13 percent of homeowners try to sell themselves and, in fact 40 percent of those sales are to people the homeowers already know.


So why do some people insist on "saving" the realtor fee? Because they don't really understand what it is realtors do and why they're worth the cost. We manage the deal. If that sounds simplistic, it's not. Arriving on the right price, weighing buyer options, negotiating the price, keeping the deal going through attorney review and inspection periods -- places it can bog down permanently -- are all vital to the health of a transaction. Not to mention hand-holding. That's a huge part of what we do. After all, buying and selling houses is not just about the houses. It's about people and people are complex. Faced with complex issues they've never grappled with before -- financing, property defects, personalities that don't mix -- buyers and sellers can easily go off the deep end. It's the realtor's job to pull them back and bring the deal to fruition.


So, if you are planning to do it all yourself, at least think about inviting a realtor in to tell you the other side of the story. And, if the NAR study is close to true, you just might end up making 16 percent more for your house -- which is considerably more than a typical commission.





What Roberta Thinks ... Excerpt from her weekly e-newsletter, March 3, 2006...Musings on Winter Real Estate.


It's true that cold weather isn't especially conducive to house-hunting. Perhaps that's why so many people say they're "in the research mode," right now, with plans to find a house when it warms up a bit. That's a good scenario -- you're welcome to join us anytime that works for you. But sellers' moving schedules don't necessarily follow that path. Today, for instance, a terrific group of homes appeared in South Orange and Maplewood, especially, in the sevens and eights. Just wonderful, big houses, ready to go, despite the cold and the precipitation. So, hopefully, some of you will decide to get your feet wet (literally and figuratively).


Below, please find some of the great new listings and those from past weeks that I'm partial to that haven't sold yet. The big question people have these days is, "Are there still bidding wars?" Yes...and no. This past week, one sweet starter home on busy Broad Street in Bloomfield had more than 10 offers and sold way above asking. And, in Montclair, a pretty colonial bordering the nature preserve in Upper Montclair had just as many offers and sold way, way above asking.


It's not happening with every listing and, when I work with buyers, I'm always delighted to lead them to a home that is just right for them but that hasn't attracted other offers. The inevitable nervous-buyer question: What's wrong with the house? Often, nothing more than cosmetics. With a fresh paint job, removal of old rugs and clutter, these homes would probably attract droves, too. In a funny way, it often seems scarier for a buyer to go after a house with no competition than to fight for one that strikes everybody as perfect. Figure it out!


Remember, The Baldwin Dream Team -- Tamima Friedman, Nancy Chu and I -- can show you any home you see on the internet. We're available to discuss towns, schools, commutes and to give you area tours so you can choose the right place to live. If you're a seller, let us sit down and talk about how to net you top dollar in this changing market.


As always, thanks for reading and drive carefully.



What Roberta Thinks ... Excerpt from her weekly e-newsletter, February 16, 2006...The Web and Real Estate...Fixing Up


"Keeping up with the Jonese can be a savvy investment move. But ultimately, the best reason to remodel is to enjoy it." -- Remodeling Magazine


The National Assn. of Realtor's annual Cost vs. Value Report for 2005 compares construction costs with resale values in 58 markets, with editorial input from Remodeling Magazine. The study draws from US "confidence levels" to ascertain whether renovation affects bottom-line profits. Nationally, homeowner confidence last year was an astounding 99 percent -- not surprising as we see all the newness injected into the older homes in our Essex County area, where you can't go a block without seeing a contractor's truck parked and on the job.


Homeowners are always asking me, should they or shouldn't they bother to redo the most important selling areas of their homes -- particularly kitchen and baths. Yes! Yes! Yes! If you can stand the interruption, the mess and the dust and the pressure, in this area we see even more of a bounce from remodelling than national figures (which, for well-conceived projects, the study tells us, exceed 100 percent). Even just replacing your old lineoleum flooring or kitchen countertop will enhance what looks very old and charmless. Painting outdated paneling or the grim, old basement -- these are tremendous enhancers that will telegraph good thoughts to cautious buyers.


In fact, I just finished lengthy "renovation" of my own basement -- a dark, dusty and fairly ugly if large and full-of-potential area of my home. First, on one side and then the other, tons of junk went out, the electrician came in to brighten up; the plumber to secure the areas (sump pump and French Drains!) from groundwater seepage that I hate. Original, decomposed windows were replaced; falling ceiling plaster removed (better a clean rafter-like appearance than cracked and crumbling drywall.) Ceiling and floors were painted. Costco shelving was installed. The ancient powder room was restored. Doors were hung. Stopping short of totally finishing the basement, it looks amazingly good, clean, and usable. Whiskers Baldwin, official cat, is not as happy with the renovation, which leaves him nowhere to sniff the really good, old dustballs that once populated the area. He seems really befuddled. But, from a human side, it's a real homeowner breakthrough!


What intelligent remodeling does is to recast your house in a new light. The fresh countertop sends a message far beyond the kitchen. The new vanity in the bathroom shouts out about how you live. Refinished floors, which are so very important, imply spareness of style -- a very "in" element today.


So, feel free to call me if you're wondering -- should I?, dare I?-- with respect to your home. Consultation far in advance of selling will set you on the wise path to renovation. Don't do what you don't need to do, but do what you need to do wisely. And why not enjoy the results for a while, before selling? I don't know how many clients through the years have told me that they wished they did the work earlier and had fun in their home again prior to letting it go.





What Roberta Thinks ... Excerpt from her weekly e-newsletter, February 9, 2006...The Web and Real Estate...It's a Good Thing!


When the internet was just a speck on the real estate horizon, Realtors speculated that once listings were online, agents would be relegated to the proverbial dust bin of history.


As time when on, web-based information about buying and selling homes and finding agents became so huge a field of interest that just about anybody now can discover what’s on the market, what was on the market and what it sold for, what homes are being sold privately as FSBO’s, where the good forclosures are, how to obtain a mortgage, renovate your kitchen and buy investment properties wisely.


So, when the New York Times announced the debut of a service this week called Zillow.com, created by the founder of Expedia.com, it wasn’t that thrilling news. The site provides home sale prices and compares those prices nationally and locally – “data to make you smarter,” according to founder Rich Barton.


Zillow also offers Zestimate, a computerized market analysis and a service, the Times notes, that “has been a primary function of the real estate agent.” Existing websites such as Housevalues and HomePages.com already offer to put the prospective seller in touch with an agent, but Zillow won’t go there.


If you’re reading this e-newsletter and you’re after real, human interpretation of what’s happening in real estate, I imagine you might wonder how a computer that’s never seen a home or any other homes in an area, could, on the basis of a seller’s online comments, estimate its true value. That’s the kind of thing professional agents are good at, precisely because they see all the houses in a neighborhood. We all know that location is king in real estate: Just how would the Zestimate computer judge location? Even condos in huge developments have individual quirks and decorator nuances that set them apart. Zestimate wouldn’t know from crown molding or granite and stainless or how a particular slant of light on a kitchen table might make a house worth more.

“Many real estate agents worry that Zillow could be a first step in an online evolution that could threaten” their business, says The Times – without quoting any of these many agents – probably because most agents understand, as do buyers and sellers, as a force for good real estate information, the web already is powerful and so very useful.


No question about it: Today’s buyers and sellers are absolutely the sharpest ever, as they should be. Perhaps Zillow will make them even smarter. Regarding Zestimate, though, I hope that even if you ask it for a market analysis when you’re thinking of selling, you’ll also contact a real, live Realtor to find you that market edge and net you top dollar.



What Roberta Thinks ... Excerpt from her weekly e-newsletter, January 25, 2006...The 2005 National Association of Realtors Profile of Home Buyers and Sellers, Plus, A Cautionary Note to Eager Sellers!


The National Association of Realtors has released its 2005 Profile of Home Buyers, culled from the responses of nearly 8000 consumers throughout the US. Some compelling statistics are highlighted in the study.


One of the most interesting is the average number of homes a typical buyer sees before purchasing: just 9, over an 8-week period. Most buyers found homes an average of 12 miles from where they previously lived.


The average seller had a home on the market for 4 weeks after living there 6 years and had owned at least 2 other homes previously. Most sellers moved about 15 miles away to their next home.


Here’s more from the study:


--90 percent of all US home buyers use real estate agents.


--More consumers than ever are using the internet for their home search – about 75 percent – up from only 2 percent in 1995.


--Some 81 percent of buyers who use the internet to search for homes eventually utilize the services of a real estate agent and 24 percent of those buyers actually found their very home on the web.


--Non-internet buyers are statistically (37 percent) more likely to buy from a contractor or friend.


--So-called "for-sale-by-owner" (FSBO) transactions are on the decline and at a record low, down to 13 percent; almost 40 percent of those transactions were “closely held between parties who knew each other in advance,” according to the study.


--For sellers who use agents, the median home sale price is a whopping 16 percent higher than for a home sold directly between unrepresented parties. NAR speculates that is because “agents know best how to prepare a home and maximize its value
provide broader exposure to the market and are more likely to generate multiple bids.”


--The median age of entry-level buyers is 32 years, with an average salary of about $60,000 -- and 4 out of every 10 buyers are buying for the first time. Nearly 43 percent purchased with no money down and 23 percent received a gift from friends or family to make the purchase possible.


--Meanwhile, repeat buyers nationally, with an average age of 46 and income of $83,200, put 21 percent down, while 11 percent paid cash for the new home.


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A Cautionary Note to Eager Sellers:


The question in everybody’s mind these days is where the market is going. For those of you who are looking to buy in Essex County’s most popular towns, the answer is, most probably, still up for homes in terrific condition that are priced aggressively to attract attention and multiple offers.


However, those priced at the very top of their range are the vulnerable ones. Let me tell you why: Sellers always like the warm and fuzzy treatment when they solicit agents’ pricing input. The agent who doesn’t mention or disregards the impact of a steep driveway, busy corner, tiny backyard, highway noise, flood zone designation, miniscule kitchen, basement with low ceiling, lack of master bath or first floor powder room, or any other of those annoying realities that impact on a home’s value, may well get the listing by promising the undeliverable price. Then, what? When the house doesn’t sell, there goes the energy in the marketplace, along with the seller's fantasy price. So, if you are a seller, try to be honest about the pluses and minuses of your home; resist coddling at all cost (and there's bound to be a cost)!


Every property has more pluses when priced right and more negatives when priced incorrectly. And, when given the opportunity, buyers have a way of zeroing in on the defects with manic glee. It's a hard lesson, one that, in today's complex but rewarding real estate market, can and should be avoided.



What Roberta Thinks ... Excerpt from her weekly e-newsletter, January 19, 2006...Sorry, But I'm Not in Any Hurry to Buy!


Over the few past months, realtors agree here in Essex County, NJ and elsewhere in the country, buyers have not seemed in any rush to commit. Very decent homes listed in November and December have languished as Sunday football games, cold weather and a general malaise prompted by all the bubble talk seemed to have conspired to turn down the real estate heat. Over the next few weeks, as considerably more new inventory appears and the Super Bowl comes and goes, we'll be better able to gauge where the market's going.


Right now, intrepid buyers who don't mind blinding rainstorms or slippery streets, are finding it's definitely the right time to negotiate asking prices and, even if they can't do that and must still pay over-asking for that very special home, they're still escaping the all-out bidding wars. Others of you are surfing the web, keeping track of solds and trying to figure out if the future will be a kinder, gentler place for buyers.





One of the great things about an interactive website like NJDreamHouses.com is the give and take you can have with visitors. This week, I received a number of questions from people truly interested in getting a handle on the market. Here’s one that I’ll share with you because it points out how deeply buyers are researching the marketplace. Sometimes, however, the research can take the place of going out there and making the deal.


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Q: Where can I find good, unbiased (i.e., from a buyer's perspective) information on local market conditions/trends? I currently look at www.realtytimes.com, but wanted to know if there were other websites/resources, perhaps that specialize in condo/townhouses.



A: As far as a "real" perspective for buyers, condo or otherwise, I don’t know any one website offering that pure buyer's perspective, but correct me if I’m wrong. From a professional real estate perspective, if you want to get the best buy, you have to go for a property that has languished on the market, is markedly less attractive than others, something you could put elbow grease into to redeem. People are definitely making under-asking offers these days, moreso than in the fall of last year. But the property has to be vulnerable. For instance, there is a $399,000 condo in West Orange right now that needs the following:





--rugs ripped out and replaced or hardwood substituted


--painting throughout


--updating of kitchen and baths





Okay, all that will take about $50,000, perhaps, (or more, if you’re fussy), but at the end of the day, you get a really nice unit in a really nice, intimate development, not a cookie-cutter space that you feel bored with even before you settle in. The work is best done before you move in (if you have the cash). That is the scenario that, I think, gets you the best buy right now.





The thing is, you have to be in the game to be in the game, so to speak. There are always good deals out there, but you have to believe they exist and go out (with your experienced realtor) and find them! If you feel you are being manipulated by the market and you stand back, you won't see what's out there ready to pluck.





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Bubble Quote of the Week:


"There has never been a bubble. If you look at real estate in the last 50 years, even during the worst recessions, real estate has always increased in price. There have been regional djustments
 There is another interesting phenomenon and that is more of a balance in the real estate market in the 15-18 months. Yes, there is more inventory, but that is allowing the buyer to have additional options. To a certain degree, it's also going to stabilize prices. The more inventory, the more choice for the consumer, the more equilibrium we will have."


--Bruce Zipf, president and CEO of real estate brokerage giant NRT (For the the whole story, go to www.inman.com/member/newsletter/0118lbweo2/story.aspx?ID=49580



What Roberta Thinks ... Excerpt from her weekly e-newsletter, January 12, 2006...Gotta Buy An Investment Property!



Over the last year or two, it seemed as if everybody I knew was calling to say they wanted to “invest in real estate.” These were people who owned a primary residence and wanted to keep it but to yearned to own something else and either collect rent over the long term or fix it up and resell it. Most had no experience being a landlord or contractor, but the word was out about the value of property investment, so why not give it a try?


I got caught up in the mania, myself, purchasing a small, inexpensive 2-family home that I instinctively felt was a good deal. Nonetheless, it needed work: new furnace, new hot water heaters, sump pump and French drains, new refrigerators, new drainage, new windows, new lawn and landscaping, etc. Not to mention termite eradication and beam reinforcement, gutter replacement, floor refinishing...and more.


On the coldest night last winter, when the old furnace acted up and I searched for a plumber willing to plow through several feet of snow to relight the pilot, I realized that I wouldn’t be growing old with this extra house. After 18 months of nurturing and in much better condition than when I bought it – the house was ready fo someone else. I made a profit, too, which is what real estate investment is all about.


Last spring, almost one-quarter of all homes were investment purchases, according to the National Association of Realtors. Economists are now wondering whether the recently so-swift investment market will cool a bit in some areas. According to David Lereah, chief economist for the National Assn. of Realtors, quoted in this week’s online Inman News, "Investor activity is by far ... the biggest risk that the housing sector is going to face this year, because investor activity had gotten to levels that we had never seen before. And we are in uncharted territory."


A successful real estate investor has to watch interest rates and gauge a property’s changing value if the market. When the rental market softened a few years ago, it really battered some landlords. I had to lower the rent on one apartment by $100, which made a real difference in the monthly bottom line.


If the investor is “flipping” a property – buying, remodeling and returning it to the market in a matter of months – that property had better be a prime one and the renovations had better reflect not just what the investor’s pocketbook will bear, but what buyers demand. If the investment is for the long-term, the investor had better understand that there will be ongoing responsibilities to attend to to keep the property viable and that the tenant roll has to be kept at 100 percent. Go without a tenant for three or four months and it's scary time.


The Baldwin Team helps investors analyze the value of a property, long and short term. Location, condition and current profit potential, coupled with expected and unexpected expenses, are all to be considered when purchasing an investment property.


**********


In Essex County, we’re all waiting for new inventory in every category right now and it hasn’t really started popping yet. If you’re thinking of buying a home this spring or summer and want to see what’s out there, over the next month or so we should have much more available. The market lingerers from December may be somewhat negotiable, so look them over, too. Remember, we can show you anything you see on the internet.


If you’re thinking of selling, it may take you a month or two to get ready, so don’t procrastinate with repairs you should make, painting, construction projects that will enhance your home. We’re available to help you decide what’s worth doing and what isn’t, so just email or call.


Below please find some appealing but so-far unclaimed properties that we’d like to help sell this week, as well as some new inventory of interest.


Finally, if you're looking for a unique property of unique proportions, something nobody else has, and you have $3,750,000 to spare, there's a 1912 estate with 11 full and 2 half baths, 14 bedrooms, and 30 rooms in all, coming up this week in a legendary gated community in West Orange where Thomas Edison once lived. Here's the description from the MLS: Wonderful mansion on 5.5 acres in Llewellyn Park w/carved ceilings, 13 fireplaces, hugh custom kitchen, servants quarters, NYC view, renovated in 1997.


Now that's a house!






BUBBLE LOGIC, 2006


For a concise overview of the early 2006 real estate scene, Roberta urges you to read a Oppenheimer Capital Chief Investmen Office Colin Glinsman:


"The rise in the value of real estate has enabled people to tap into the equity in their homes either by refinancing their mortgages and lowering their monthly payment, or by drawing down some cash from a home equity line of credit. But with interest rates (as well as mortgage rates) beginning to rise in recent quarters, investors have grown concerned that the real estate market may undergo a sharp reversal.


"We don’t think that will happen. Our view on housing prices is that while some local markets clearly appear overheated, we do not believe there is a nationwide housing bubble."



To Read The Whole Article: http://www.allianzinvestors.com/commentary/mkt_OCC_insight12152005.jsp

What Roberta Thinks ... Excerpt from her weekly e-newsletter, January 3, 2006...The 'Idea of Home' and Other Important Real Estate Musings


After a short 2005 holiday-season pause in my
e-newsletter, I'm back to help you gauge whether buying or selling is the right move for you this spring or later in 2006. Inventory, which has shriveled in the past few weeks, will soon be refreshed, and those lingering properties perceived to be a bit too expensive at year's end may well trot off the active list at the right new price. Buyers are very good at discerning value, once they know the marketplace.


A curious change has set in. A month ago, relentlessly dire media reports of an imminent real estate balloon-popping ceremony were heralded coast-to-coast. Reports citing rising interest rates, inflated regional markets and fatigued buyers coming down from years of bidding war frenzy gave us all a bit of a chill. How could buyers not react by wondering whether to pull back? How could sellers not price their houses at the outermost limits, praying that their homes would beat local previous highest-price records despite predicted deflation?


So, was it a really a bubble? After all, bubbles pop, leaving little behind but a memory of their inflated charm. Or, perhaps, it was healthy economic growth morphing into a 'market in transition,' as the National Association of Realtors terms it. The NAR and a number of leading lenders ended up predicting that last year's double-digit ascension would fall to the single-digits, but that housing prices would continue to rise an average of about 5.3 percent in 2006 and that rising mortgage rates would play some part in this market change.


In a curious media turnaround, The New York Times ran two front-page features, on Dec. 29, 2005 and Jan. 2, 2006, on the health of the US real estate market and the changing perception of the "idea of home" in our society.


Rather than bubble popping, the Dec. 29 article argued that the vast majority of the country can still buy a house for a smaller share of their income than they could have a generation ago" and that "often overlooked changes," such as a rise in incomes and a decline in mortgage fees "have more than made up for the rising prices" in most of the country.


Okay, that doesn't include those of us in the NY metro area, the article is quick to point out, "home to many of the people who study and write about real estate." (Hence, the relentlessly scary commentary on housing prices that, we've seen, did not make an effective case for the deep and complex value of home ownership – one part economic, one part emotional – until now.)


In the Jan. 2 front page article, The Times focuses on a growing change in home ownership: We see our houses as "not just nice places to live but remarkably valuable investments." Homeowners' growing desire to transform a house into a showpiece is part and parcel of the passion for real estate that has helped fueled our market escalation, I believe. The article quotes urban planning professor William Rohe of the University of North Caroline as saying that "homeowners today pay greater attention to the house itself as an expression of themselves and as a haven for family life."


Indeed, while the Times calls this a trend of the wealthy, it's not uncommon for first-time buyers of so-called "starter homes" to react the same way. New kitchens, new baths, spacious family room, finished basements, master suites – everybody wants them and so they see they home they are buying as a palette for personal expression and, as changes are wrought, the investment deepens.


**********


Over the past few weeks, I've received many emails from many of you expressing an interest in moving in the next 6 months. If so and you're a buyer, it's not too early to take an area tour, look at some houses, review commutes and schools. The Baldwin Dream Team is at the ready. Tamima Friedman, Nancy Chu and I are happy to be your guides.


If you are a seller, it's not too early to have us in to discuss what you'll need to do to prepare your home for the market. As I discussed above, today's buyers are looking for something more. So, if you haven't painted in a decade or you have contemplated a kitchen or bath redo but think it's better to let the buyer do it his way, we need to talk: Tasteful updates that reflect today's buyer needs are a great way to achieve top dollar, even in an adjusted market. Marble countertops, porcelain or ceramic kitchen or bath floors, finished basements, first-floor powder rooms, contemporary interior colors, refinished hardwood or pine floors rather than old carpets – renovations like these will give your house a definite marketplace edge. We can help you through the planning and execution of such projects, then help you "stage" the home for the public to see in its finest form possible.



What Roberta Thinks...Excerpt from her weekly e-newsletter, December 19, 2005...The Village-Centered' Life Redux

Last week in this newsletter we discussed the trend toward living in and around suburban village centers. Lo and behold, today's Star Ledger real estate section speaks of "Craving the Convenience of Downtown Living," of "that feel-good notion about living near a downtown business district filled with stores, restaurants, movie theaters and bright lights" and "the cultural diversity" inherent in the village-centered lifestyle. The articles mentions Montclair, Maplewood, South Orange in Essex County, as well as Summit and Westfield, both in neighboring Union County. The trend has meant a continued escalation of prices in the in-town areas that should continue after the New Year.
*************


Yesterday, I showed homes in Maplewood, where quite a few linger on the market. Nearly all need work. Some need everything -- new kitchen and baths, floor refinishing, painting inside and out, updated electric, new furnace. Some need just the touch ups. It's scary for most buyers to purchase something that doesn't gleam. Most people aren't handy and the spectre of bringing in contractors and overseeing rehabilitation is often too much to consider.


Of course, on the other hand, you'll pay dearly for homes that are totally redone. This past week in Montclair, two scooted off the available list with multiple offers because they didn't need work and they gleamed.


What I try to tell buyers who don't want to get involved in bidding wars but have trouble seeing beyond the tiredness of less spectacular listings, is that today's most popular listings used to be just as tired and blue. Well negotiated, a home in need can be a great buy, even with the work to be done. And it will be tomorrow's gleaming gem.



What Roberta Thinks ... Excerpt from her weekly e-newsletter, December 9, 2005...The 'Walk to Everything' Urge


Those of us who live in Essex County, NJ, with so many walkable village opportunities, are now formally part of a trend. According to a recent Brookings Institution paper, Americans, after a long love-affair with the unrelentingly lonely suburbs, are turning toward more "walkable" living environments.


Many buyers who gravitate toward our area say they must be able to walk to shops and transportation. And we've got some great towns with lots to walk to, in Montclair, Maplewood, South Orange, Verona, Millburn/Short Hills, Caldwell and Bloomfield. (West Orange has a tremendous amount of shopping, but not much of a village.)


Urban planners also see existing traditional villages welcoming more condo development and we're seeing that here, too. At the moment, there are several downtown condo communities being built, one in Montclair, two in Glen Ridge (where you will be able to walk to Bloomfield center.) In South Orange, a new development located just a block from downtown has been selling briskly. Higher-density housing on former industrial sites is also a future trend, one that will be borne out in a West Orange loft development project announced for the site of the old Edison factory; another, located near downtown Bloomfield in an old factory. Bloomfield's promised redevelopment project, one of the most sweeping in the state, has hit a few legal snags as shopkeepers and landowners burned by the town's "eminent domain" policy have challenged the project in court. Bloomfield's municipal leaders, however, swear the condos and stores will be built. More later on that!


***************


We're creeping into December, real-estate-wise. The market has been quiet the last 6-8 weeks, with a modest build-up of inventory. Overpriced houses are definitely sitting. Many would-be buyers are saying they're going to wait to "see what happens" and start looking in the new year. That's one way to approach your purchase. The other way is to look at existing inventory and try to get yourself a deal, rather than to find yourself next spring in those good old bidding wars with possibly higher interest rates adding to the uncertainty.





What Roberta Thinks ... Excerpt from her weekly e-newsletter, Nov. 17, 2005 The National Association of Realtors' Anti-Bubble Report.


With the weather finally turning colder, the urge to bundle up and burrow in is upon is. Turkey and stuffing loom, then lots of shopping and the good cheer of the holiday season, capped by new year's reveries. Then, honey, when it's all over, let's look for a house!


This standard script sounds inviting just now. House-hunting is so much work! But let me tell you a little secret: With housing inventory rising just a bit and buyer enthusiasm cooling in equal measure, those who put on the long underwear this month and next will find looking for a house right now less stressful than last summer, when buyers were stampeding through Essex County, competing like Olympians for the chance to own a home. If, despite the naysayers, next spring's market may take off once again, the stress will be back.


If the National Association of Realtors has anything to say about it, the much-discussed real estate market is just fine. Today, the NAR issued its "Anti-Bubble Report" and said that "NAR Research shows no support of a housing bust." You can click right here for NAR's helpful Q & A:


http://www.realtor.org/Research.nsf/Pages/Anti-BubbleQ&A?OpenDocument--


and right here to look at NAR's individual housing-market analyses:


http://www.realtor.org/research.nsf/pages/anti-bubblereports


In short, the study's market-by-market reports "show that the facts simply do not support the possibility of a housing bust -- not for these 130 markets and not for the nation."


"As broadly interpreted," the study concludes, "a housing bubble refers to an unsustainable gain in home prices. The premise is that a price bubble is at risk of 'popping,' resulting in a loss of equity...There is virtually no risk of a national housing price bubble, based on the fundamental demand for housing and predictable economic factors. It is possible for local bubbles to surface under the right circumstances, but that also is unlikely in the current environment. There are tight supplies of homes available for sale in most of the country, and labor markets have been improving. In other words, the two conditions necessary for price softness do not exist in most of the country."


As we've been saying in this weekly newsletter, this fall's feeling of flatness may simply be the correction the market needed; the Star Ledger newspaper referred to it this week as a 'return to reality'. It's a good sign, all around.









"The Sienna Comes" to Downtown Montclair...Sometime Soon


The Siena condo development, now being built on the site of the former Hanes Department Store in downtown Montclair, will feature one-, two- and three-bedroom units priced at $300,000 to more than $1 million. Read Antoinette Martin's Sunday, Oct. 9, 2005 piece in The New York Times about this elegant highrise.


http://www.nytimes.com/2005/10/09/realestate/09njzo.html





What Roberta Thinks ... Excerpt from her weekly e-newsletter, October 7, 2005 "Correction or Collapse?


With the constant onslaught of media coverage of the housing market here and throughout the country, buyers and sellers are waiting for the proverbial other shoe to drop. This past week, The New York Times' pronouncement of a dip in NYC sales, fueled by further lengthy dialogue on the Brian Lehrer radio program on WNYC, elicited conversation wherever I went.


In contrast to dire warnings about the fragility of the market, some experts are still saying that any diminution of the market will be more of a correction than a collapse.


A collapse would result from consumer definace of the market to such a degree that people stopped buying homes in large measure.


A correction would be when buyers just paused to think and study the market, but returned with offers that, when negotiated, would still give sellers the top dollar -- although not 'over the top' -- that they need to feel good about themselves and their homes.


Going out with buyers week in, week out, it seems to me that they are exhibiting caution in many instances. "Let's see if that great house (or condo) sells the first or second weekend in a bidding situation....if not, we'll make an offer on our own terms." That's how many of them are looking at the marketplace this fall. It's a turn away from the "got to have it" tone of the recent past, most certainly.


But it's not such a bad outcome for either buyer or seller, this cautionary approach. After all, negotiating at a comfort level can infuse a deal with more solidity than those whipped up in a frenzy of flying money and edgy terms.





What Roberta Thinks ... Excerpt from her weekly e-newsletter, Sept.22, 2005 - "Bubble and More Bubble"


What more can be said about the so-called "housing bubble"?


Quite a bit, according to an editorial page article in last Monday's Wall Street Journal, by Chris Mayer, Milstein Professor of Real Estate at Columbia Business School and Todd Sinai, Professor of Real Estate at Wharton. Buyers, fear not, they say.


In their view, "Even allowing for growth in housing prices during 2005, it is clear that while owning a home is not cheap, it is not inordinately expensive by historical standards," basing their claim on their study of 46 of the hottest US housing markets from 1980 to 2004.


In their view, "the annual cost of owning, not the price of the house itself, is what homebuyers should (and do) consider when contemplating a purchase. And when comparing the cost of owning with annual rent...the annual cost is the right measure to use."


Although the initial outlay for mortgage and maintenance may seem a hard for buyers to swallow, the tax benefits of home ownership, coupled with historically low interest rates, continue to give buying the edge over renting, the professors say.


******


As our lovely NJ September winds down, it does, however, appear as if there are some small, moderating changes in the marketplace. While starter homes in excellent condition continue to sell in a snap, higher-priced homes do not all sell as quickly as they did. Sellers who look to what their neighbors "got" last spring may find themselves clinging to unrealistic ideas about their homes' value. Here and there, we are seeing price adjustments and we may well see more.


For buyers, the lingering home is a great opportunity to actually negotiate down rather than bid up. Take advantage, where you can, of the market's selective weakness!


For sellers, this is the time to price right when you first put the house on the market! Freshness is so important. With that outlook, you will get top dollar for your house.






What Roberta Thinks ... Excerpt from her weekly e-newsletter, Sept. 8, 2005 - "The Bubbble"


The other day, yet another concerned client emailed me for my opinion of the so-called "housing bubble." I'd like to share those informal thoughts with you, as the new buying and selling season commences.


For many months now, media coverage of the US real estate marketplace has focused obsessively upon whether or not there will be a continued escalation of home prices. It's not just the media. At parties, conversation inevitably turns to buying and selling, with people egging each other on with proof one way or another of the bubble's viability. Even standing in line for movie tickets, you're liable to eavesdrop on discussions about whether to buy or sell now, whether the market has "turned," or whether the ominous bubble is still taking on air, making sellers increasingly giddy -- and giving buyers heartburn.



The terrible events of the last week in Louisiana and surrounding states have prompted further deliberation on the issue: "Housing Boom May Continue After Storm, Experts Say." That was a headline in the Monday New York Times Business Section. The article begins by saying "there are good reasons" to think that Hurricane Katrina's destruction will "put an end to the housing boom." But the article then turns 180 degrees to suggest that "most experts think the housing market's five-year run still has a way to go before it peters out...In a weird twist of fate, the storm could even extend the housing boom," it continues.


The boom is more than five years old in this part of the country. When I sold my house six years ago, prices had been rising steadily, although there were signs -- a few houses that actually didn't sell in one weekend! -- that the market would soften. I was sure the market would dip before I got my "for sale" sign out there. But it didn't.


These days, any perceived weakening is anecdotal: more million-dollar properties sitting on the market with prices so inflated that nobody will touch them; a hot summer; the ongoing conflict in Iraq. As the fall market commences this week with new inventory, we will all take stock. Common sense tells us that what's priced well will sell fast; what's overpriced will linger, as surely as the day is long.


Ultimately, even if there should be a lull, it seems to me unlikely that, in this part of the country, prices would "crash" 25 percent, although they certainly could stabilize.


Buyers who pay high and must sell again relatively soon may not make a profit; but those for whom a home is a long-term investment should be fine. Real estate has fluctuations, of course, but over time, it almost always goes up in solid communities, especially homes that are well maintained and periodically updated.


This season, educated buyers will once again understand: there are still homes that feel like a good buy, versus those that seem inflated. You have to go by your gut, because nobody - governmental officials, bank pundits, friends, family, journalists -- can really predict what will happen.


The good real estate agent will give you enough information about your desired town, the schools, and the commute in order to determine your decision to buy. And, if you are a seller, that agent will likewise guide you to a sensible asking price in the market today, so that you will net the highest possible amount for your home.









Affording Your First Home: New Hope From Fannie Mae for Low and Middle-Income Buyers...Reported July 12, 2005


According to the Associated Press today, Fannie Mae, the country's leading home loan buyer and guarantor, now offers a new program for low and middle-income buyers that expands the parameters of the loan qualification process. To help cover the cost of their monthly mortgage payments, federal housing vouchers or rent from relatives or others living in the household can be applied by applicants to raise their ability to buy.


David Dworkin, vice president for community lending partnerships , explained it this way: "The down payment used to be the issue, but the problem now is that housing prices have climbed so quickly that a lot of consumers are struggling to make their payments affordable," he told the AP.






Essex County Schools Perform Admirably in Math Competition...from Baristanet.com, June 18, 2005


What's so special about Livingston? They've got a tradition of raising mathletes. From the Star Ledger, news that the kids from Livingston High have walked off as top winners in the Essex County Math League competition for 17 years straight! Second-place winner was Millburn High School; West Orange High School landed in third place in the algebra competition.



What Roberta Thinks About...Gen-Xers Needing More in a House...From Roberta's weekly e-newsletter, June 16, 2005


The National Assn. of Home Builders recently surveyed American home buyers, many of whom are so-called Gen-Xers (27-40 year-old range) and Echo Boomers (born after 1979.) Until recently, experts thought that youngers buyers would be "more thrifty" than older buyers, but statistics now show that they're quite the opposite. Young buyers want more: More space and more luxury. Some 67 percent want 4 or more bedrooms in their next house, 9-foot or higher ceilings, home theaters, built-in security systems, air-conditioning and other special features that previous generations never dreamed of.


I've noticed the change. Ten years ago, nobody wanted built-in swimming pools. I remember one Montclair listing that sat for months. When I took over the listing and advertised that the seller would bulldoze the pool, the house sold in a weekend. Today, inground pools (or space to put them), multi-zone central air, finished basements, big family rooms adjacent to kitchens and large master suites with walk-in closets and really great bathrooms are everybody's desire. Not to mention being able to walk to the train station!


Houses that have many or all of these elements are incredibly popular. This week, a number of really great homes popped on the market with lots of amenities. Some are listed below. Have fun reading about them, even if they're beyond your means! Remember, I can show you any house you see on the internet and answer all your questions on towns, schools, commutes and entertainments in the area.


If you're searching for a starter home, obviously you will be looking for something more basic. But everybody has to start somewhere. In Essex County, the inventory under $400,000 is very, very thin and the bidding wars exceptionally fierce. If you see a really great, finished home and it's just beyond your means, remember that once it was probably quite ordinary. Somebody took it and molded it into something great. You can do that, too, with a home that hasn't generated bidding wars or enthusiasm. Those houses are out there, waiting for their rebirth. Waiting for you.






Home Sales Continue to Rise in April, 2005...
News from the National Association of Realtors


Defying expectations of a modest slowing trend in 2005, existing-home sales hit a record high in April, according to the National Association of RealtorsÂź.


Single-family home sales rose 4.5 percent in April to a record seasonally adjusted annual rate of 6.28 million from a level of 6.01 million in March. Sales activity was 5.0 percent above the 5.98 million-unit pace in April 2004.


The median single-family home price was $203,800 in April, up 15.1 percent from a year earlier.


Existing-home sales in the Northeast increased 4.3 percent to a record annual pace of 1.20 million units in April, and were 7.1 percent above the level of a year ago. The median existing-home price in the Northeast was $243,000, up 15.2 percent from April 2004.


NAR’s chief economist, David Lereah, said sales had been expected to hold at high levels. “A new record is a bit unexpected, but so is the performance of mortgage interest rates which have been lower than forecast,” he said. “When we look at recent job gains, we see all the positive factors coming together to coincide with a powerful demographic demand for housing.”





Park Slope West, by Debbie Galant, in Baristanet.com, May 14, 2005


If you're not a New York Times subscriber and you have a neighbor who's out of town, you might want to go over to their front lawn and steal the big package in blue plastic. In fact, you might even want to steal the Times off your neighbor's lawn if they're just a late sleeper.


That's because everybody's already talking about the Paula Span article on the front of the Jersey section -- not available at newstands until tomorrow.


Finally the New York Times comes clean: everybody at the newspaper lives in Montclair. This dirty little secret was swept under the rug for years, and the policy at the Jersey section was that you were to refer to the "M" town sparingly.


Now with today's article, comes the corollary: everybody in Montclair works for the New York Times, or is at least headed by a "media-industry dad."


Furthermore, with today's article, self-hating New Jerseyeans can finally leave therapy. Montclair isn't just racially diverse, according to Span, our suburb is flush with lesbians, Koreans and people with brogues. And (alert the media) working women:


"While we're at it, let's torpedo that lingering Stepford wife image, too. It's one of the fears you hear women murmuring about when they contemplate leaving the city -- is it all bake sales and bridge clubs out there? But in these counties [six metro suburbs included], the proportion of women in the labor force is actually higher (55 to 58 percent) than in New York (52 percent)." (NYT excerpt)



Montclair even boasts a higher crime rate than New York (3,233 per 100,000 inhabants v. 2,183) although we fall short in violent crime.


While the Barista herself is a master of self-congratulatory "journalism," we bow our head to Span, who reports what she paid in 1985 for her "roomy old [Montclair] house... with stained-glass windows and towering oaks": $189,900. In fact, one might consider the 3,000-ish word piece the longest "for sale by owner" ad in history, except that Span doesn't reveal the current price tag.


One correction (and this isn't Span's fault), the picture of an ethnic-looking father and daughter eating Rita's ices was clearly shot on Broad Street in Bloomfield, not Montclair. Not a small point to our readers in Bloomfield or, as the cognoscenti call it, Montclair East.






What Roberta Thinks About...The Home-Buying Obsession...From Roberta's weekly
e-newsletter, April 28, 2005



This week's Inman News, an online real estate news service, has an interesting article about people who DON'T want to buy houses, people whose instincts tell them that what Inman terms "America's obsession with home ownership," which is "apparent everywhere, with the Internet making real estate voyeurs of everyone, home improvement and real estate shows flooding television, and an average one out of three acquaintances holding real estate licenses," is all wrong.


These quaint individuals again stood to the side as March 2005 sales of new homes rose another 12.2 percent to the highest level in history and, in many areas, bidding wars ruled the marketplace.


For those trying to buy in a difficult market, it's small solace that not everybody wants a house. The good news is that inventory seems to be coming on a bit heavier this month. In Montclair this week and next, there are more than a dozen new homes becoming available over $600,000, although lower-priced homes remain a premium. I won't list them all here, but give me a call or email and I'll send you the complete list.


In West Orange, which is becoming extremely hot for first-time buyers, the under $400,000 market is rather excruciating, but over that, it's not so bad. In the $400,000s, Bloomfield is having a field day, but if the list price is a bit off, a house will sit.


And Maplewood, as usual these days, remains vigorous at all levels.


As I tell all my buyers, especially when they get depressed, try to love a house that has escaped the affection of others. It's the best buy and you can fix it up and make it fabulous!


If you're thinking of selling, the time could not be better, of course. But don't rush your home onto the market without doing all you can to spiff it up. What we call "staging" can make a huge difference in price. If you've got hardwood floors under old rugs, pull up those rugs and have the floors done! If your kitchen countertop is looking sad, splurge on a new one -- it will make a difference. If you've got rumpled old bedding, replace with bright, white down coverlets. Put away extra family photos, clear the clutter. Call me anytime to discuss the power in staging your home.






What Roberta Thinks About...High House Prices, Lower Buyer Self-Esteem...From Roberta's weekly e-newsletter, Feb. 25, 2005


Today -- and I hope she'll forgive me for sharing the story -- a very nice client of mine told me she and her husband had, after a few weekends out and about in several towns with me, given up on finding a house. That made me sad. It's true that they had looked at more than the national average of 9 homes before buying and still hadn't found a home that worked just right for them. They had seen a few that came close -- one that they really liked but didn't feel ready to buy because it was at the top of their range (a scary proposition, I agree!)


The market is pretty wild. House-hunting isn't what it used to be, when you could see and compare endless homes and think about what you saw before making an offer.


Now, you have to rush out, make an offer based, often, on one rushed viewing, and then offer sometimes much, much more than asking price. One Montclair home last weekend had 16 offers and sold so high t hat it even surprised veteran agents. During the last snowstorm, one Maplewood house had 11 offers despite the drifts.


But, I still think that my client and all those of you out there who are weary of the competition, can buy and probably should buy now rather than later. Economists are busy debating the "bubble" -- whether it exists and is ready to burst or whether the buying frenzy is a healthy one based on all the equity so many of us has accumulated in our current homes; if so, the bubble will, they say, continue to grow, rather than diffuse. Five years ago I often had clients who decided to wait...look what happened? They might have doubled their investment by now.


So, what to do? My feeling is that buyers must take stock of their needs, hopes and dreams for a house. If you are buying a first home, being realistic about what your money can buy is so important. A couple with one tiny child or a baby on the way should not be thinking of a forever house because most people today do not stay in one place that long. Yes, it's great to have a den, finished basement, eat-in-kitchen with granite countertops, master bath, big yard, walking access to trains, shops around the corner -- name your priorities -- but isn't it better to compromise on some things in order to BE a homeowner? Three bedrooms instead of four? An unfinished basement with possibilities? Serviceable kitchen with decent cabinets that could be painted?
Access to a town jitney to the train? I mean, not everybody can live .3 of a mile from the station, right?


Even at the million-dollar mark, houses today need work and compassion. They're not perfect, at least in this part of the world, where the inventory is old (charming yes, but old!) Today's $1 million homes were around $800,000 a year or two ago.


March April May...months constituting the Spring Selling Season. If you want to buy, you will buy. Perhaps not your be-all and end-all house, but something nice, I'm sure. Just don't give up. Dedicate yourself to it and it WILL happen, if you're flexible and realistic.






Getting a Mortgage: Buyer Beware!
--from NJCitizenAction.Org


DON'T:
--Don't deal with door-to-door or telephone solicitors for home mortgage loans or home improvement contracts.
--Don't use a lender or contractor who will not provide a written contract specifying all costs.
--Don't deal with any unlicensed lenders or contractors.
--Don't sign any forms or papers with blank lines or spaces.
--Don't allow yourself to be pressured into signing anything.
--Don't believe anyone who says you have no other options.
--Don't accept a promise that isn't in writing.


DO:
--Do make sure that the lender or contractor is licensed and check with the New Jersey Department of Banking (609-984-2777) or the Division of Consumer Affairs (1-800-242-5846) to see if any complaints have been filed against the lender or contractor.
--Do ask the contractor for references.
--Do shop around for the best offer.
--Do keep careful records and get copies of everything, making sure the lender signs and dates all papers.
--Do read all documents carefully and pay special attention to interest rates, fees, points, and terms and conditions of the loan. If you do not understand something, ask for an explanation--you are paying for these services.
--Do ask the lender to provide you with a "Notice of Recission," also known as a "Notice of Right to Cancel" (within 3 days)
--Do ask if you qualify for a less expensive loan before accepting a subprime mortgage product.
--Do beware of offers of debt consolidation—if lenders offer to pay off your credit card or medical bills with a home equity loan, you could lose your home if you don't make the payments.
--Do make sure that you can afford to repay your loan. Even if the lender says you qualify for the loan, it does not mean that you can afford the monthly payments.
--Do make sure that your contractor gives you a start date and an expected completion date in writing.
--Do get pre-loan counseling from a reputable loan counseling office.
--Contact NJCA (973-643-8800) if you have any questions. Always remember, if the deal sounds too good to be true, it probably is!








The New House Conundrum...Excerpt from Roberta's weekly e-newsletter, January 21, 2005


According to the Star-Ledger today, "Homebuyers in the Garden State can suffer from a serious case of 'sticker shock'...an experience that can be particularly disheartening to first-time homebuyers." The article adds that there is some "good news": "Prices are beginning to stabilize and mortgage rates remain low."


In Montclair this past week, rumor has it that there was brisk business on a few homes listed in the $600's -- multiple offers prevailing. A pretty house in the $800's backing up to the train tracks sold in a few days. Yet over the past month, two smaller homes, both impeccably kept -- had some 30 showings each, but only 2 offers each. I interpret this as the aforementioned "sticker shock." In most parts of the country, $450,000 or $500,000 will buy a mansion; here, it's more like a doll house. Young couples just can't get over it. They want more than their money will buy.


But waiting to buy and trying to saving more hasn't proven beneficial over the past several years. And, as long as inventory remains at historic lows, the prices will continue to creep up, perhaps not at the outrageous pace of the recent past, but enough to keep many househunters worried and confused.


One other trend is developing. More buyers are asking for new construction. In Essex County, NJ, new homes are very rare. There isn't much land to build on; costs of construction are extremely high. The average new home is priced at least $800,000; most are built on tiny lots.


Recent new developments in West Orange are reselling in the $700,000s and up. Of course, the taxes on such homes are quite high (read $15,000 and up!) There's an occasional "bargain" -- like last week's Gregory Section entry, just 2 years old, listing for $659,000. Of course, it sold over the weekend! Here and there, intrepid contrators are pulling down a little house and building a bigger one, so if you're committed to the new house scenario, understand that pickings are slim and they sell swiftly.





Glen Ridge to Charge 1K for Pre-K
...From Baristanet.com January 12, 2005



By Debra Galant


"The Glen Ridge school board Monday night decided to start charging $1,000 a year tuition for the district's half-day Pre-K program. The change goes into effect next fall. School board prez Betsy Ginsburg says the $1,000 tuition covers about one-third the cost of the program. Tuition waivers will be offered to families in financial need.


"'We are in this position for one reason only--S-1701,' Ginsburg told us by e-mail. 'It limits the amount of revenue we can raise (even with voter approval), severely limits the amount of "rainy day money" that we can keep on hand, and places stringent caps on "administrative expenses" which include not only salaries but postage, photocopying, and technology. The legislation, which we are working to repeal or amend, disenfranchises voters and shortchanges kids.'


"Pre-K is not a state-mandated program. In another measure to defray costs of non-mandated programs, Glen Ridge this year started charging $200 to students in the high school who participate in extra-curricular activities."






Roberta's Year-End Musings and Community Updates, 2004...Excerpt from her weekly e-newsletter, December 15, 2004





While we're waiting for 2005, let me tell you about two great projects now underway in two Essex County towns that should make a real difference to all of us here. Nearly 10 years after first discussions were held, the Bloomfield town-center redevelopment project is underway. The town's NYC Direct train station has already been gussied up; now for the multi-billion-dollar transformation of nearly 14 acres of Bloomfield's downtown! After some 40 properties are razed, 550 condos and rentals will be erected, along with a huge parking garage and new retail, restaurant and supermarket space. It's going to be a terrific upgrade for the town, which has been among the county's fastest-appreciating even with its modest downtown. With the construction, Bloomfield will take on a definite new glow. For investors and for those who see the future of the neighborhoods around downtown Bloomfield, including Watsessing and Franklin, it's a great time to buy.


Meanwhile, in Orange, one of the county's most blighted neighborhoods, in the Valley, is getting a transfusion, as well. This is good news for property values in the adjacent Seven Oaks neighborhood -- with its very beautiful, modestly priced homes -- as well as for those living in theValley Section. The Valley Renaissance Center has been approved by the town's board of adjustment to enhance the community through arts-based initiatives. Duplexes and lofts up to 2200 square feet will be built by 2006 on the site of the long-abandoned F. Berg Hat Manufacturing plant, the largest of 33 now- defunct hat factories in Orange. Some 8000 sq. ft. of the building will be converted into an arts center. The location is just two blocks from the NJ Direct Highland Station.
One hopes this is just the first step toward fully revitalizing Orange's Valley Section, which borders South Orange and West Orange, two extremely popular Essex County towns.


On those bright notes, let me leave you with some final new and recent listings in the county. Remember, I can show you any home you see on the MLS or internet. If you're planning to buy a house in the first quarter of 2005, please start thinking about talking to a mortgage advisor about getting a preapproval. If you're thinking of selling, please call me for a free home analysis so you'll know what your house is worth and what you have to do to make it more desirable to buyers. As some of you know, I "stage" homes to give them the marketplace edge. It's incredible what a little advance planning can do to the selling price!


Best wishes to all of you who have been so loyal this year. Always feel free to email me about a property, a town, or a school. And goodnight, 2004!


"The Siena" Announced for Downtown Montclair, NJ
...December, 2004.



Finally, the long-vacant (15 years!) Hahnes Department Store in downtown Montclair will give way to "The Siena," a glamorous mixed-use building that will house condos and shops. According to Real Estate Weekly,
"The Siena will consist of approximately 38,800 s/f of retail space. In addition, 101 residential units are proposed, with 10% of units set aside for affordable housing. Residential parking for 132 vehicles will be provided on the site. Herod Redevelopment is also managing the construction of and contributing to the cost of building the new Crescent Deck, a 430-space public parking deck on the site of the Crescent parking lot."
Here's a link to the announcement of the project:


http://www.allbusiness.com/periodicals/search.asp?SearchKeywords=siena&query=siena



Roberta Extols West Orange in New York Times, As Reported by Baristanet.com


By Liz George, November 9, 2004


Montclair Lite?
We told you that houses were lingering on the market longer than usual; now it's official. According to Sunday's NY Times real estate section, realtors in West Orange are seeing homes taking an average of 60 days to sell, longer than the four to six week time frame of last spring. In West Orange, listings are so plentiful, open house signs are dotting the streets like squirrel-gnawed pumpkins. Why all the turnover? Realtors, including Baristaville's Roberta Baldwin, weighed in on whether West Orange is becoming the default alternative to Montclair or Maplewood, the "It Girl" neighborhoods of Essex where supply of homes is tighter and sales move faster. Baldwin, who calls West Orange "Essex County's best-kept secret,'' points to the city's addition of jitney bus service to South Orange train station's Midtown Direct service, as an attractive lure. ''If you're not stuck,'' she adds, ''this neighborhood offers a lot of house and roughly the same lifestyle for the money.'' Or for even less money. Consider this Victorian for sale in West Orange. Come-ons include huge rooms, a great room addition, central air, wrap around deck and three fireplaces on a whopping 84 X 200 lot -- all for $799,900 with taxes under $12,000. Just try finding that in Montclair for under a million.



What Roberta Thinks ... Excerpt from her weekly e-newsletter, Oct. 28, 2004 -- About 'Buyer's Remorse'


You've heard of buyer's remorse, the creeping sensation that you've made a big mistake with the house you just "bought." Buyer's remorse usually begins the morning after a big purchase (even before attorney review has begun), although sometimes it doesn't kick in fully until the several days later. It's not a pleasant feeling, but many buyers experience it to some degree. Some pull out of the deal. Of course, when that happens, it's a wrenching process for all concerned, but my feeling is that there's always another house when you're good and ready and the real estate stars on in alignment.


There's also the buyer's burnout syndrome, when you've been looking for so long and either haven't won a bidding war or found any house you want to bid on in your price range. The feeling here is weariness. Often, this sensation of hopelessness occurs (and this is a totally unscientific observation!) just before you find that really great house you will successfully negotiate in the very near future!


Why am I telling you this stuff? Because buying a house is hard, is tough. But home sweet home is at the end of journey. It's the real estate agent's job to get you there!






Survey: What American Buyers Want Is a Reflection of Age and Geography


---From The National Assn. of Realtors


Younger buyers care more about closeness to schools, parks and playgrounds, while older buyers are more interested in a bedroom on the main level and prefer single-story homes, according to a new survey on home buyer preferences by the National Association of RealtorsÂź.


David Lereah, NAR's chief economist, said this is the first survey of its kind. "This is the most comprehensive look at buyer preferences ever produced and ranks findings in a variety of ways including buyer age, first-time and repeat buyers, regions of the country and locale," he said.


Although most buyers choose homes located in suburbs or subdivisions, homes purchased by first-time buyers are more likely to be older and located in a central city, while repeat buyers are more likely to select a new home. Older buyers are more inclined to purchase in a small town.


There are some strong regional differences. Nearly 90 percent of buyers in the South rate central air conditioning as a very important feature, compared to only 37 percent in the Northeast. Buyers in the West are more likely to desire a patio or fencing, while buyers in the Northeast and Midwest are more interested in a finished basement.


Lereah said that RealtorsÂź understand the obstacles buyers face when choosing a home. "RealtorsÂź are the best resource to match personal preferences and means with homes that are available on the market," Lereah said. "Since the characteristics and features of homes vary as much as the people who buy them, the knowledge and skills a real estate professional brings to the table are critical in making a wise investment."


The 2004 National Association of RealtorsÂź Profile of Buyer's Home Feature Preferences shows that among buyers who purchased a home without a desired feature, many would have paid more for a home with that feature. For example, 66 percent would have paid a median of $825 extra for a home with a walk-in closet in the master bedroom.


Nearly three-quarters of recent home buyers say that central air conditioning tops the list of most desirable features they want in a home, while half named a walk-in closet in the master bedroom as a preferred feature.


Ranked next in the preference list are a bedroom on the main level, named by 42 percent of buyers, and a patio or an oversized garage, each with 41 percent. Other desirable features include a cable or satellite TV-ready home (40 percent); fencing (37 percent); separate shower in the master bath (36 percent); a porch (34 percent); and an eat-in kitchen (32 percent).


Urban buyers are more likely to buy a home near public transportation that has hardwood floors and a finished basement. Rural buyers want an open lot with few trees and a single story-home, while suburban buyers favor sprinkler systems, eat-in kitchens and homes less than 10 years old.


Half of the homes purchased were single-story, but buyers of custom-built homes have a stronger preference for homes with two or more levels. The median size among all types of homes was 1,727 square feet, ranging from 1,471 square feet for first-time buyers to 1,920 square feet for repeat buyers. Homes were larger in the South and smaller in the Northeast.


The median age of a home was 15 years. Typically, it had four bedrooms, two full baths and a fireplace. Not surprisingly, homes in the Northeast were older while homes in the South were newer.


The most desired rooms or spaces include garages, living rooms, extra bathrooms and laundry rooms - all rated as "very important" by more than 70 percent of respondents. Three-fourths of buyers were satisfied with the home's age and number of bedrooms and bathrooms; more than six in ten were satisfied with their home's size.


Half of all recent homebuyers report they repainted the interior of their home soon after moving in, while over a third upgraded their landscaping. One out of five plan to repaint or wallpaper the interior, buy new window treatments or update the landscaping within two years of purchase.


Twenty-two percent of first-time buyers plan to remodel their kitchen within two years compared with 11 percent of repeat buyers. Bathroom remodeling plans generated similar findings - 20 percent of first-time buyers and 14 percent of repeat buyers. The least likely remodeling projects include in-law suites, media rooms, exercise rooms and attic renovations.


Fifty-seven percent of homes were located in a suburb or subdivision, 17 percent in an urban or central city area, 16 percent in a small town, 8 percent were rural and 2 percent in a resort or recreation area.


The 2004 National Association of RealtorsÂź Profile of Buyer's Home Feature Preferences was based on a 6-page questionnaire mailed to a national sample of 25,000 recent homebuyers who purchased their homes between mid-2003 and mid-2004. It generated 1,470 usable responses; the response rate was 5.9 percent. A copy of the report can be ordered by calling 800/874-6500. The cost is $50 for NAR members and $75 for non-members.



What Roberta Thinks ... Excerpt from her weekly e-newsletter, Oct. 21, 2004
--Realtors Are Nice-r!


Good news for people like me this week. According to the National Association of Realtors, consumers like you think more of Realtors like me than they used to. Some 72% said they'd use a Realtor to assist them in a real estate transaction, up from 64% last year. One of the big differences, consumers felt, was that Realtors now supply the latest info through internet technology (like this website!) The study also showed consumers felt Realtors were an increasingly good source of information on selling a home and giving buyer advice -- and were, on the whole, increasingly trustworthy.


On that cheerful note, let me say that your support of this site and your kind notes are appreciated. Call me anytime for information on towns, schools, commutes, and culture here in Essex County, NJ.





What Roberta Thinks ... Excerpt from her weekly e-newsletter, June 10, 2004


"As the spring season has progressed, we've seen a number of homes sell very high and a number that have not performed with the same verve.


The question from buyers always is: Is the market changing?


It's hard to say. Certainly, a bit of enthusiasm for just any house has worn off. It's also true that as the rain has subsided (hopefully), some of you are enjoying a bit of spring and taking a break from house-hunting. Certainly, those homes near NYC transportation and village shops and restaurants are always in demand, if the price is right.


Sellers are also wondering if the market has softened. That may be the reason why we're seeing so many high-end homes enter the marketplace and why some of them are not topping out at over-asking prices. Everybody wants to net at least as much or more than their neighbors did last year. That doesn't always happen! Again, the price must be right.


Regarding interest-rate hikes of late, of course that upward trend will affect some buyers more than others. But, overall, interest rates remain quite palatable, still lower than in some other real-estate eras, and I'm not sure that any perceived market blips this spring are driven primarily by the edging-up of rates.


One thing I have heard, over and over, is that taxes are starting to aggravate buyers. Some very wonderful homes with comparatively high taxes have not found buyers as quickly as one would have thought. Very few people honestly want to spend more than $35,000 annually to live on Upper Mountain Ave. in Montclair. Newly built homes often are taxed extremely high, which also may account for the slow sale of mega-mansions in several communities recently."


**********


FOR RE/MAX AGENTS, FINDING THE RIGHT HOME FOR DISABLED BUYERS IS ABOUT KNOWLEDGE

Buyers with Disabilities Call for Informed Agents

A quick look at the MLS is often all a real estate agent needs to offer relevant information for the typical homebuyer. But not all homebuyers are typical.

For people with disabilities, information such as square footage and the number of bedrooms and bathrooms remains relevant, in addition to other factors - such as the width of hallways and doorways, the height of the front door-step and an open floor plan. Unfortunately, such features to accommodate a wheelchair user or someone with mobility limitations may not receive the usual attention.

Too often, says Marie Walsh, agents are unaware of the needs of people with disabilities, and consequently, how to go about finding a home catering to those needs. Walsh, of the Chicago-based Council for Disability Rights, serves as Director of the federally funded Home Modification Resource Collaboration Project.

"Information on accessible housing is available on the MLS," she says. "But you have to know where to look for it and what the information means. Additionally, few agents are even aware that this information exists on the MLS."

The Council for Disability Rights last fall received a federal grant awarded by the U.S. Department of Labor to renovate homes for people with disabilities. While serving clients, CDR became aware of the real estate community's lack of knowledge on wheelchair-accessible homes.

When people with disabilities were shown a home thought to be accessible, Walsh says, the homes often lacked many of the essential amenities.

"Often these home tours, where a person with disabilties was shown properties, turned out to be a waste of time for both the agent and the client," she says.

Walsh says her organization aspires to make agents aware of the difficulties people with disabilities face when finding a home, and to spearhead an ongoing initiative before the project's government funding terminates in September.

The CDR has compiled a list of seven items for identifying whether a property is accessible or can be easily retrofitted:


1. Entrance: the height of the floor at an entrance shouldn't exceed 30 inches, to prevent excessive ramp lengths. Heights more than 30 inches most often require a lift.
2. No two-story houses: unless one full bedroom and bath is on the main floor or if an elevator (estimated cost: $12,000 to $20,000) can be added.

3. Doorways: at least 30 inches wide (36 inches is preferred). Offset hinges often allow for a slight increase in doorway width.

4. Hallways: at least 36 inches wide (48 inches is preferred).

5. Kitchen: at least 40 inches between walls and cabinets.

6. Bathroom: space for a 5-foot turning radius (a 5-by-8-foot space is preferred).

7. Available parking: attached garage, alley access, or access route from parking or public transportation to the building's entrance.

RE/MAX International CEO Daryl Jesperson (ABR, CRB) agrees that informed agents can make a difference.

"Finding a home that suits one's individual needs and wants is difficult enough for any buyer," Jesperson says. "The challenges of finding the right home for those with disabilities are substantially more so. Responsible Realtors should take it upon themselves to become informed about serving disabled homebuyers - just as they do when working in specialized areas such as with elderly customers or those seeking luxury properties."

Ultimately, Walsh says, learning more about the market of homebuyers with disabilities stands to benefit real estate agents themselves.

"With the growing elderly population, accessible homes will become increasingly important, and marketable as well," she says. "Knowing how to cater to this market is a win-win for real estate agents and for clients."

Copyright © 2004 RE/MAX International Inc. 6/21/04






HOME SALES WILL BE NEAR RECORD DESPITE
HIGHER INTEREST RATES

From the National Assn. of RealtorsÂź...May 10, 2004

"Economic growth is expected to remain above historic averages over the next two years, stimulating job growth and sustaining home sales despite higher interest rates, according to the National Association of RealtorsÂź.

"David Lereah, NAR's chief economist, said home sales will be strongest during the first half of the year. 'With mortgage interest rates bottoming-out in March, we've had a big rush of home buyers this year,' he said. 'Home sales should hold close to record territory for a couple months, then ease in the second half of the year but remain at historically strong levels.'

'The 30-year fixed-rate mortgage is expected to rise gradually to 6.6 percent by the fourth quarter. "Higher interest rates will hurt lower income buyers who are at the margins of qualifying for a loan, but a rising stock market should help upper income buyers. A challenge remains to preserve housing opportunities for low-to-moderate income households,' he said."




THE HOUSING BOOM HITS THE HIGH END

From The Wall Street Journal...May 11, 2004


"After a torrid period of rising prices in virtually every other price segment, the lagging high end of the housing market is finally starting to heat up."

"Until recently, demand has been far stronger for starter homes and midpriced properties...Now, with the economy on the upswing and the stock market rebounding...many high-end buyers are feeling more optimistic."



EXISTING HOME SALES RISE; RE/MAX SCORES


National Summary From The National Association of Realtors...April 2004

Existing single-family home sales rose strongly in March to the second-highest level on record, according to the National Association of REALTORSÂź.


Existing-home sales increased 5.7 percent to a seasonally adjusted annual rate* of 6.48 million units in March from an upwardly revised pace of 6.13 million units in February. Last month's sales activity was 12.7 percent above the 5.75 million unit level in March 2003; the record is 6.68 million in September 2003.


The hottest zip codes
From Money Magazine June 2003


Money magazine lists the 10 suburban zip codes, in each of the eight largest metro regions tracked by Case Shiller Weiss, where median home prices rose the most in the past five years. The list includes only zips where prices are at least 20% above the area's median -- and excludes second-home markets and places more than 50 miles from an urban center.

Montclair and Glen Ridge, NJ rank among the top towns. Here's a the link to the article:

http://money.cnn.com/pf/features/lists/tophood

***********

(C) 2003-2006 by Roberta Baldwin.

 

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Real Estate Tips
Relocation >Buying Out Of State

People who are moving to another state are usually concerned about how they will be able to monitor the purchase or sale of a home across state lines. Your local real estate agent can assist you in the process of buying or selling property out-of-state.

The National Association of Realtors is a nation-wide network of real estate sales professionals, similar to the local Association of Realtors. Almost every real estate professional is who is a member of the local association is also a member of the national organization. This professional affiliation among real estate agents all across the country works to your advantage when you buy or sell out-of-state property.

Your local real estate agent can contact an agency in the area where you want to buy or sell. When the relationship with the out-of-state real estate agent is established, your agent can coordinate arrangements by selecting houses for your consideration and helping you to strike a deal when you have made a selection. Having a local sales professional to help you work out any problems that may arise is a real plus.

See All Tips In The "Relocation" Category >
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Real Estate Trivia
Q 
What are the characteristics of classic Queen Anne architecture?

A 
Queen Anne homes are the most elaborate, romantic and feminine of all Victorian Homes.
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Roberta Baldwin, REALTORź, real estate agent and broker for Montclair, Upper Montclair, Glen Ridge and West Orange, New Jersey home listings, property and land for sale - NUMBER1EXPERT(tm)

Roberta Plutzik Baldwin
Keller Williams Towne Square Realty

Office: 973-783-7400
Cell: 973-420-9043
Fax: 973-842-0745
robertabaldwinteam@gmail.com

Over the past 14 years, Roberta Baldwin has become one of Essex County, NJ's most respected real estate professionals, often quoted in the national media and featured for 2 seasons on the HGTV's hit show "Bought & Sold." A recipient of the New Jersey Association of RealtorsÂź Circle of Excellence Sales Award for 13 consecutive years, Roberta brings a myriad of talents to the job of helping her clients buy and sell homes. Before moving to the fast-rising Keller Williams Realty in 2010 to launch at Montclair-based KW Market Center, Roberta was honored to be inducted into the RE/MAX International Hall of Fame after a string of accolades as one of the top-producing RE/MAX agents in the world. An award-winning former journalist, author, newspaper editor, marketing and publishing executive, her well-honed organizational, creative, and people skills are brought to bear on every deal she negotiates. Her personal agent website, NDreamHouses.com, is the anchor for her "What's New in Essex County Real Estate" newsletter sent regularly to a database of thousands of people interested in buying and selling in the North Jersey marketplace. She offers sellers a sophisticated mix of high technology marketing and sensitive interpretation their personal needs, while offering buyers she works with the expert advice and knowledge of local towns, schools and commutes. Condo buyers often use Roberta's NJCondosMania.com, as another guide to buying and selling. Considered an expert on pricing, buyer and and seller psychology and staging homes to maximize value, she is often interviewed by New York Times, NJ's Star Ledger, on ABC's "Nightline" and CBS's "Early Morning," as well as appearing frequently on MSNBC. Roberta and her energetic and knowledgeable team of agents, The Baldwin Dream Team -- Tamima Friedman, Nancy Chu, Sidney Simon & Nick Baldwin -- are unmatched in their marketplace, stressing service and integtrity in every deal they do! Ask anybody!

MLS RELO REALTOR Equal Housing


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