Burgdorff ERA, a sister company to Coldwell Banker will be closed and merged with Coldwell Banker, to cut costs, of course. Both companies are under the "Realogy" ownership umbrella along with other real estate brands such as Century 21, Better Homes and Gardens and others.

Both companies function very similarly and overlap in many markets. In Basking Ridge, we are fortunate to be able to keep the very prominent Basking Ridge office open, as a Coldwell Banker office and still keep the Bernardsville office, while our New Vernon (Harding) office is being closed. This is a Coldwell Banker office but a small office. These agents will merge into Bernardsville and Basking Ridge.

 So, I for one, welcome the Burgdorff ERA agents and look forward to working with them as we have in the past. The real estate business is constantly evolving. Change is one thing we can always be certain of.

According to a report released Monday, many of the strong housing fundamentals started around 1979.

According to an annual state of the nation's housing report from Harvard University's Joint Center for Housing Studies, once the U.S. emerges from recession, strong demographic trends will help to restore health to the currently floundering housing market. The key is the "echo boomers", also known as the 75 million Americans born between 1979 and 1995.

"There are apprently 5 million more echo boomers than there were boomers when they first started swelling housing markets," said Eric Belsky, executive director of the Joint Center.

As a result, and according to the roport, household growth during the next 10 years should range between 12.5 million and 14.8 million.  All those new households mean demand for many new housing units. "This is a powerful, powerful underpinning of future demand," said Belsky.

Unfortunately, there are still some strong factors working against a quick recovery, however, and Belsky said it's not clear whether recent increases in housing starts and existing home sales imply a sustainable rebound.

"The best that can be said of the market is that house price corrections and steep cuts in housing production are creating the conditions that will lead to an eventual recovery," he said. "For now, markets remain under considerable stress."

And the weak economy with massive job losses is putting additional downward pressure on markets. Should job losses rebound, housing markets could stabilize quickly due to low inventory. Inventories have already corrected to a significant amount, according to the report; the market has achieved a much better balance between supply and demand now.

By Les Christie, CNNMoney.com staff writer

Are you ready to start a home search? Click here, or you can call or text me at (201) 259-4449 with any questions. Back to web site.

New listings were down in Bernardsville in May. Pending sales were up but overall inventory was also up.

For additional information on Bernardsville, click here. If you have any questions about what your home is worth, call or text me at (201) 259-4449.

New inventory in Harding Township was at about the same level as April. Pendings were down and total inventory rose.

For additional information on Harding Township, click here or if you would like to learn more about what your home is worth, call me at (201) 259-4449.

ere or to learn more about what your home is worth, call me at (201) 259-4449

New listings in Basking Ridge were down slightly in May. Pending sales were about the same as April and total inventory was down very slightly.

For additional information about Basking Ridge, click here or call me at (201) 259-4449

Here is why moving up to a larger home makes so much more sense now. If a homeowner, for example, wants to move from a townhouse or condo to a larger home, their main concern is that their current home is not at the value it was a few years ago. But because all properties in the area have depreciated by the same percentage, there is a monetary advantage in moving up now. Assume a home was valued at $250,000 and then depreciated by 20%, leaving a current value of $200,000. A previously valued $500,000 home at 20% less is now $400,000. A homeowner would sell their home for $50,000 less than its high value, but could buy the larger home for $100,000 less, giving that homeowner a $50,000 positive increase.

Also, the old rule, sell low, buy low/sell high, buy high applies also, but there really is an upside of getting more house for the money now.

A new "Code of Conduct" for real estate appraisals is significantly changing the way business is done in the mortgage industry while it wrecks havoc on homeowners looking to refinance and seller's looking to get the best possible price for their home.

On May 1st, the appraisal industry adopted the Home Valuation Code of Conduct. The new rules apply to mortgages that will be owned or guaranteed by government backed mortgage companies like Fannie May and Freddie Mac which now account for two thirds of all new mortgage financing. This came about because New York attorney general Andrew Cuomo accused them of failing to ensure that appraisers were shielded from pressure to inflate their estimates.

 The code forbids loan officers, mortgage brokers and real estate agents from any participation in selecting appraisers. This has encouraged lenders to outsource the appraisal selection to appraisal management companies which take a sizeable chunk for the appraisal fee. As a result, appraisers are under considerable pressure to do appraisals faster and cheaper. In some cases, this can be only 50%-70% of their standard fee and they are required to do it within 48 hrs. Often times, the appriasers are inexperienced and live too far from the property needing appraisal. The apraisers are unfamiliar with the area and homes they are evaluating. Some appriasers are doing work as far as 100 miles away. The upshot, in many cases is less certainty and accuracy about a property's value. In some cases, appraisals that might usually cost $300. are now actually costing $500., a consierable cost increase.

The new code removes much flexibility that existed before. Agents were able to supply the appriaser with comparables that were used to determine the selling price of the home particularly if something was disputed. Now, it's more difficult to dispute and might require an additional appraisal, another cost for the buyer.

Coldwell Banker Home Loans recently became aware of a disturbing trend involving clients who have

applied for a new mortgage. The three major credit bureaus are apparently selling your

personal information to hundreds of mortgage brokers throughout the

country as soon as we or other companies obtain your credit report.

Your personal information is being sold without your consent. These brokers

are more often than not, “fly by night” companies that operate several states away and

are solely interested in offering you a “bait and switch” mortgage offer.

These brokers will call you repeatedly and mail you solicitation after

solicitation in hopes of deceiving you. They will offer terms that

are too good to be true - and you know what that means.

At Coldwell Banker Home Loans, we take your trust seriously and will never

be less than truthful in our dealings with you. You can count on honest,

straight forward mortgage recommendations from our team. After all, the

best compliment to our team is the referral of friends and family to our

mortgage practice. This can only be achieved by servicing our clients with

great care and respect.

How do you stop this from happening in the future?

1. Add your phone number to the Do Not Call List

This can be done online by visiting www.donotcall.gov or by calling

888-382-1222. Remember to make sure to add both your home and

mobile cell phone numbers.

1. Opt Out of Prescreened Credit Offers

This will stop creditors from viewing your personal credit information

without your written consent. In addition, it will cut down on the junk

mail (unwanted credit card solicitations). This alone lowers your

chances of becoming a victim of identity theft. You can opt out by

visiting www.optoutprescreen.com or by calling 888-567-8688.

Your privacy matters to us!

We work diligently to protect your privacy and personal information. It is

important to us that you know these unsolicited offers were not the result of

Coldwell Banker Home Loans releasing your personal information. By

following the steps above, you will protect yourself and lower your odds of

becoming a victim of identity theft. Please feel free to call your agent or us with any questions.

Some news from the housing sector...Housing Starts fell 12.8% to a seasonally adjusted rate of 458,000 units, well below expectations of 520,000 and the lowest on record since January of 1959. Building Permits, which help to predict future home construction, also fell to a record low of 494,000 units, down 3.3% from March. These numbers are weak, but in the long run this could be a good thing, because with fewer new homes being built, it will give the housing market opportunity to buy up existing inventory.

Now here is the glimmer of hope I promised...  Interestingly enough, the National Association of Home Builders reported yesterday that their Builder Confidence Index was at an eight month high. Perhaps builders are feeling better about their future prospects, given the smaller competitive landscape they are now operating in.

On May 12, 2009, the HUD Secretary, Shaun Donovan Announced the Monetization of the First Time Home Buyers Tax Credit at the National Association of Realtor's Real Estate Summit, in WASHINGTON. 

Mr. Donovan said that the Federal Housing Administration is going to permit its lenders to allow homeowners to use the $8,000 tax credit as a down payment that can be used at closing. They keep making the first time home buyer's tax credit better and better which is great news especially if you are a first time home buyer. Remember, the tax credit is 10% or up to $8,000. It is not $8,000. for everyone.

1.         Buyers need to see value                                                  

With record numbers of homes on the market, buyers are looking for one to stand out at them and scream "buy me". In order for that to happen, they need to feel a few emotions like loving the home and seeing value in the home. This is so important today. Pricing your home so a buyer see's value is critical. It does not often make you happy but your home will sell, and if it sells quickly you will make more money and in today's market maybe with a few bids to drive it up a bit.

2.         Price reductions                                                   

Discuss price reductions with your agent up front. If you are starting a bit higher than you were advised, be prepared to reduce quickly. Remember, days on market will kill you every time. It's the first question a buyer asks.

3.         Full term listing agreement                                                   

Take a full term (6 month-1 year) listing in order for you to get the proper advertising. Your agent should offer you a “Seller’s Guarantee”  that explains if you have not lived up to the services guaranteed on the form (last paragraph) that they can get an unconditional release from the listing if the manager and the current listing agent cannot resolve the issue.

4.         Marketing fees                                                                  

Are you aware how the marketing fee for your home is split? Basically, one half the fee goes to the selling agent, and the other half goes to the buyer's agent. It is then split in half again with one quarter going to the buyers and sellers agents and one quarter going to the buyers agents company and the sellers agents company. From this (one quarter of the fee) the agents pay all expenses including their health insurance, their marketing expenses, their automobile expenses - everything. It seems like a lot but the agents are not earning as much as you think when all is said and done. Also, they only earn a fee when a home closes. Up to that point, they are working for free. An agent is invaluable during the real estate process.

5.         Make your home easy to show (lock box, no dogs, etc.)                                             

The least amount of obstacles to the buyer’s agent and their client is crucial.  MAKE IT EASY TO SHOW.  There are many homes on the market and when an agent is preparing to show homes many times properties without a lock box, that require agent showing can get left off the list.  If a seller prefers to remain home during showings, it's a problem. The buyer would always prefer to view the property on their own.  Lastly, no matter how friendly a dog is many people have a fear of them and they should be removed or caged away from most viewing areas.

6.         Is your home is staged                                                               

Ever watch HGTV - staging a home for sale?  While your home may be beautiful to you but staging it says "WOW" to a buyer. And buyers love the wow factor. It adds incredible value to your home - you just can't imagine.  While you like your color choice/wallpaper most buyers like more neutral colors and you are trying to appeal to the most buyers as possible.  The most important element of home staging is to “de-clutter.” Stage your home properly and it can get you much more money and fly off the market and at the very least stand apart from the other listings so people have to take notice.

7.         Yard Sign                                                                              

The number of up calls that each office receives from a yard sign is probably greater than you think.  It is not only important to identify that your home is for sale but also to help the agents locate the home especially during winter months when the sun goes down earlier in the day.          

8.         Property available for broker open house                          

 Broker Open Houses are necessary and should be done the first week of the listing being on the market. Due to increasing new inventory, it may be necessary to do two broker open houses within a few weeks to increase your attendance rate.

9.         Property available for an immediate public open house     

Immediately attract those buyers who are already educated to the market and willing to purchase now.

10.       CB Home Protection Plan                                                   

Statistics show home sellers who agree to place a warranty on their property are likely to get 2% more then sellers who do not use the warranty.  Most  sellers already take care of their property and are proud of it. Your willingness to do this is an indicator that the house is well cared for and in good showing condition. This can also help down the road with price negotiations from home inspection issues.

11.       Extras are included (washer, dryer, etc)                              

Including items such as certain appliances or accents pieces can create a more complete offering. Buyers may sometimes pay substantially more when they feel they are getting everything. Be careful not to complicate contracts too much with these things. Be specific on what “is and is not” included.

12.       Avoid Contingencies                                                              

Don’t place “contingencies” on the sale.  Buyers have the upper hand in today’s market, if they have to wait for a seller to find a home or meet some other contingency they are likely to pass on the property.

13.       Seller to complete obvious repairs                                       

Top showing condition is always imperative to a sale. Some appraisers argue that “cost to cure” repairs can take away two times that amount from the value of a home so make the necessary repairs yourself.

14.       Immediate Availability                                                         

Never place “conditions” on the sale.  Always have listing availability as “immediate” or “negotiable”. Never place a specific availability date as this may eliminate a prospect from viewing the property. The home may be just what they want but because a particular date doesn’t seem feasible they discount the property.

15.       Professional Marketing Materials                                        

“Put your best foot forward” is the theme here. High quality professional and thoughtfully prepared presentation materials are a must for your home and will always bring out the best in a home. Professional photography and copy writing are a must to achieve this.

16.       Seller to address “curb appeal”                                         

First impressions are everything! We need to pay special attention so not one potential buyer is lost before they get in the door. Take extra care to brighten up the front exterior, add potted flowers, paint the front door, clean up shrub beds and add fresh mulch. Don’t leave anything undone that may cause a prospect to pass over the property.

17.       Multiple photos to all websites                                                            

This is the single biggest factor in all internet based marketing. Substantial research has been done to confirm that home buyers want to see multiple color images more than anything else. Using blurred or poor quality photos can seriously hamper the ability to sell even the finest of homes. Do not settle for anything less than professional photography. Any good agent should spend the extra money to do this. Great photos on the internet is your ONLY opportunity to get buyers to want to see your home. You have one chance, so don't blow it.

18.       Quality, detailed information on websites                    

Well written detailed property descriptions are the second most desired marketing aspects looked for by purchasers according to National Association of Realtors. Properly written descriptions can mentally walk a prospective buyer through a property and certainly set it apart from other properties. Be sure your internet photos are accompanied by detailed, engaging descriptions.

For additional tips on selling your home, visit my website www.adriennefrancis.com or my other blog www.baskingridge-nj-homesforsale.com.

You can also call my cell or text me (201) 259-4449.

Basking Ridge, Bernards Township  -  Announcing a price reduction on 147 South Finley Ave., Charming 1895  2 bath, 4 bdrm single story. Now MLS® $549,000 - One acre in the center of Basking Ridge. Location, location, location. Use as is, expand or tear down and build new.

Property information

If you are interested in putting in an offer on a home that perhaps has an older HVAC system, water heater, dish washer or any older appliance, you should consider a Coldwell Banker Home Protection Plan. Starting at approximately $499.00 per year, you can get coverage if any of these major appliances need to be replaced, and there are other items that can be covered at an additional cost. You can also continue to carry the coverage year after year. This could really save you thousands of dollars expecially if you heating or air conditioning goes out.

 If you are considering selling your home and you have HVAC or other appliances and equipment that is older, don't think it will not be an issue to potential buyers. In the same way, taking out a home warranty plan can assure your buyers if something goes wrong, the out of pocket expense will be limited. This can really help you when trying to sell your home. Again, it's not a lot of money but gives your buyers lots of assurances and encouragemtn to move forward.

 If you would like more information on a Coldwell Banker Home Warranty Plan and how it can help you buying or selling a home, just call or text me at 201 259-4449. If you like these articles, visit my other blog site www.baskingridge-nj-homesforsale.com.

These are the year over year average sales price of Coldwell Banker sold homes in NJ going back to 2007.

Pretty significant difference.

• April 2007: $520K
• April 2008: $490K
• April 2009: $430K

This is great information if you love data like I do. It's easy to see that first time home buyer's are flooding the market and the higher priced properties are sitting. But it's also interesting to see what's happening town by town too. But we are making progress as you can see.

I have posted both March's and April's chart so you can compare. If you have any questions about sales in a certain town or are interested in what your home might be worth, call or text me at (201) 259-4449 or email me at adrienne@adriennefrancis.com.