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

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, thank 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...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!
+++++++++++++


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!