Monday, February 24, 2014

Mortgage Troubles Near Prerecession Levels

Five years after the end of the U.S. recession, the number of Americans who are behind on their mortgages and the backlog of homes in the foreclosure process are finally narrowing to prerecession levels.

The U.S. mortgage delinquency rate—loans that are a payment or more behind but not yet in foreclosure—fell to 6.39% of loans in the fourth quarter of 2013, down from 7.09% a year ago and the lowest rate since the early months of recession in the first quarter of 2008, according to a report Thursday by the Mortgage Bankers Association.

Foreclosures are down partly because the economy and unemployment rate have improved. Also, banks have reined in many of the looser lending practices that allowed many borrowers to get in over their head.
The boost in home prices, which began about two years ago in many parts of the country, also helped. Overall prices in December were 8.4% higher than one year earlier, according to Black Knight Financial Services, formerly LPS.

Original Wall Street Journal article here.

Rahul and Smitha Ramchandani are a licensed real estate Broker-Salesperson/Sales Representative Team with Keller Williams in New Jersey. They are Buyer Specialists and Home Marketing Experts. You can reach Rahul and Smitha and their team online at: http://www.Morris-Homes.com, http://www.SRRealEstateGroup.com and  http://www.TheTownhouseExpert.com.


Their team specialize in North Central New Jersey including towns such as Boonton, Chatham, Madison,Chester,Convent Station, Denville, East Hanover, Florham Park, Hanover, Harding Twp., Mendham, Montville, Morristown,Morris Plains,Morris Twp., Mountain Lakes, Parsippany, Randolph, Rockaway, Whippany.

Thursday, February 20, 2014

Local Market Update for Randolph-January 2014

Today we offer you the latest information on your local housing market in Randolph, Morris County, New Jersey, including statistics on townhomes/condos, single family residences, and adult (55+) communities. Click on the graphic below to see a larger version.

For more information on real estate in Randolph, you can visit us at www.RandolphRealEstateAgent.com or www.Morris-Homes.com. You can count on The SR Real Estate Group for the latest local market information.



Rahul and Smitha Ramchandani are a licensed real estate Broker-Salesperson/Sales Representative Team with Keller Williams in New Jersey. They are Buyer Specialists and Home Marketing Experts.

Local Market Update for Morristown-January 2014

Today we offer you the latest information on your local housing market in Morristown, Morris County, New Jersey, including statistics on townhomes/condos, single family residences, and adult (55+) communities. Click on the graphic below to see a larger version.

For more information on real estate in Morristown, you can visit us at www.MorristownRealEstateAgent.com or www.Morris-Homes.com. You can count on The SR Real Estate Group for the latest local market information.



Rahul and Smitha Ramchandani are a licensed real estate Broker-Salesperson/Sales Representative Team with Keller Williams in New Jersey. They are Buyer Specialists and Home Marketing Experts.

Local Market Update for Parsippany-January 2014

Today we offer you the latest information on your local housing market in Parsippany, Morris County, New Jersey, including statistics on townhomes/condos, single family residences, and adult (55+) communities. Click on the graphic below to see a larger version.

For more information on real estate in Parsippany, you can visit us at www.ParsippanyRealEstateAgent.com or www.Morris-Homes.com. You can count on The SR Real Estate Group for the latest local market information.



Rahul and Smitha Ramchandani are a licensed real estate Broker-Salesperson/Sales Representative Team with Keller Williams in New Jersey. They are Buyer Specialists and Home Marketing Experts.

Local Market Update for Morris Township-January 2014

Today we offer you the latest information on your local housing market in Morris Township, Morris County, New Jersey, including statistics on townhomes/condos, single family residences, and adult (55+) communities. Click on the graphic below to see a larger version.

For more information on real estate in Morris Township, you can visit us at www.MorrisTownshipRealEstateAgent.com or www.Morris-Homes.com. You can count on The SR Real Estate Group for the latest local market information.



Rahul and Smitha Ramchandani are a licensed real estate Broker-Salesperson/Sales Representative Team with Keller Williams in New Jersey. They are Buyer Specialists and Home Marketing Experts.

Local Market Update for Morris Plains-January 2014

Today we offer you the latest information on your local housing market in Morris Plains, Morris County, New Jersey, including statistics on townhomes/condos, single family residences, and adult (55+) communities. Click on the graphic below to see a larger version.

For more information on real estate in Morris Plains, you can visit us at www.MorrisPlainsRealEstateAgent.com or www.Morris-Homes.com. You can count on The SR Real Estate Group for the latest local market information.



Rahul and Smitha Ramchandani are a licensed real estate Broker-Salesperson/Sales Representative Team with Keller Williams in New Jersey. They are Buyer Specialists and Home Marketing Experts.

Local Market Update for Hanover Township–January 2014

Today we offer you the latest information on your local housing market in Hanover Township, Morris County, New Jersey, including statistics on townhomes/condos, single family residences, and adult (55+) communities. Click on the graphic below to see a larger version.

For more information on real estate in Hanover Township, you can visit us at www.HanoverRealEstateAgent.com or www.Morris-Homes.com. You can count on The SR Real Estate Group for the latest local market information.



Rahul and Smitha Ramchandani are a licensed real estate Broker-Salesperson/Sales Representative Team with Keller Williams in New Jersey. They are Buyer Specialists and Home Marketing Experts.

Local Market Update for Denville–January 2014

Today we offer you the latest information on your local housing market in Denville Township, Morris County, New Jersey, including statistics on townhomes/condos, single family residences, and adult (55+) communities. Click on the graphic below to see a larger version.

For more information on real estate in Denville Township, you can visit us at www.denvillerealestateagent.com or www.morris-homes.com. You can count on The SR Real Estate Group for the latest local market information.



Rahul and Smitha Ramchandani are a licensed real estate Broker-Salesperson/Sales Representative Team with Keller Williams in New Jersey. They are Buyer Specialists and Home Marketing Experts.

Wednesday, February 19, 2014

Budget-Friendly, Easy Bathroom Makeovers

Need a bathroom makeover but can’t afford to flush cash down the drain? Here’s how to spruce up your bath without getting soaked.

Remodeling a typical 5-by-7-foot bathroom costs about $16,500, according to the Cost vs. Value Report from Remodeling magazine.

But you can get a lot of bang for a lot fewer bucks with some simple makeover ideas that’ll turn your bathroom into the pride of the house.

Small, affordable bathroom makeovers are the specialty of Tim Shaw, a Mt. Pleasant, S.C., handyman. We asked Shaw what projects he recommends — and what they typically cost.
So you know: A professional handyman charges $30-$60 per hour, and there may be a $150 minimum charge per job.

Quick fixes under $50
  • Replace the old shower head with a modern, low-flow shower head. You can get a sunflower-style head, which creates a rain-like spray, or a hand-held one, which hangs from above like a normal shower or can be hand-operated thanks to its attached hose. DIY cost: $40
  • Install a new tub/shower trim kit. Swap out the handles and nozzles on your shower with new ones made by the same manufacturer. This is an easy do-it-yourself job, with the kit costing just $20 to $50, depending on brand. Also, replace the toilet handle; DIY cost is about $20.
Spruce up for under $300
  • Paint the bathroom. A coat of mildew-resistant bathroom paint goes a long way toward freshening up your bathroom. A handyman or pro painter will charge $250-$350 for a 5-by-7-foot bathroom, including paint. Trim costs by removing mirrors, light fixtures, and towel bars yourself prior to painting.
  • Replace the towel and toilet paper holder, the medicine cabinet, and the shower curtain. These are simple DIY jobs that can transform the look of any bathroom. DIY cost: $250.
Makeovers under $1,000
  • Replace the sink, faucet, and vanity to improve the look and functionality of the bathroom’s main workstation. Handyman cost, including materials: $800.
  • Swap out an old two-handled shower for a single-knob pressure-balancing valve, and you’ll eliminate the risk of anyone getting scalded when another family member flushes a toilet and the cold water flow is interrupted. A licensed plumber will charge $800.
  • Resurface the tub. Removing a built-in tub often requires doing a lot of demolition to the bathroom, from the walls to the floor. But you can refinish your existing enameled cast-iron tub, making it look like new and changing it’s color (if it’s 1960s pink, for example). Pro tub refinishing is $700. Make sure you ask if they wear respirators and take adequate measures to protect against tub refinishing chemicals.
  • Add bead-board wainscot. This classic half-wall of painted wood dresses up the bathroom, modernizes the look, and protects the walls from dings and spills. A handyman will do this job for about $700.
Original article here.

Rahul and Smitha Ramchandani are a licensed real estate Broker-Salesperson/Sales Representative Team with Keller Williams in New Jersey. They are Buyer Specialists and Home Marketing Experts. You can reach Rahul and Smitha and their team online at: http://www.Morris-Homes.com, http://www.SRRealEstateGroup.com and  http://www.TheTownhouseExpert.com.


Their team specialize in North Central New Jersey including towns such as Boonton, Chatham, Madison,Chester,Convent Station, Denville, East Hanover, Florham Park, Hanover, Harding Twp., Mendham, Montville, Morristown,Morris Plains,Morris Twp., Mountain Lakes, Parsippany, Randolph, Rockaway, Whippany.

7 Tips to Fix Mistakes in Your Credit Report

It’s not easy and it’s not quick, but at least we have tips you need to fix your credit report.


Online form at FTC website to dispute a credit report
If your first attempts at fixing a credit report error don't yield results, submit a complaint to the Federal Trade Commission. Image: Federal Trade Commission

Is your credit report telling lies about you? Credit report errors happen all the time, especially if you have a common name. Dispute them pronto, so you don’t end up paying more than you should for your mortgage and home owners insurance, or have trouble getting credit.

Just remember: Removing errors is a DIY project. So don’t get baited by credit repair servicers (“Pay us before we do any work on your behalf;” “Don’t contact the credit reporting companies directly” ) — these pitches are usually scams. Instead, try these seven tips for fixing credit report mistakes.

1. Do it now. As soon as you find out there’s an error (check your credit report at least annually), take immediate action to repair the damage. The longer you put off reporting the error, the harder it’ll be to find the evidence to prove you’re right and they’re wrong.

Plus, you can lose consumer protections if you wait longer than a month to send a written dispute of certain mistakes, like when you get an incorrect debt-collection notice.

2. Don’t assume the mistake you know about is the only mistake in your credit history. About 5% of U.S. consumers have a credit report error in one of their three major credit bureau reports, the Federal Trade Commission says.

Find out what each of the three big bureaus is reporting about you by ordering a free credit report.

3. If your credit report error involves identity theft (you see credit card accounts you didn’t open or loans you didn’t take out), call each of the three credit reporting bureaus and ask them to put a fraud alert on your file. Then, fill out a Federal Trade Commission identity theft report and call the police to report the theft. The FTC and police reports help prove you had your identity stolen.

4. Complain to everyone who screwed up. Write or file an online dispute with the credit reporting company and the business that made the mistake in the first place. If the mistake was made by:
  • A finance company, like a credit card issuer or mortgage lender: Call and ask what their procedures are for correcting errors.
  • Debt collection company: Follow the instructions on the collections notice to formally dispute the debt, which forces the debt collector to verify the debt.
For credit bureaus, use these websites:
  • Equifax. You’ll need to your credit report number.
  • Experian makes you get a credit report identification number (it appears on your Experian credit report) before you want to file a credit report dispute online with them.
5. If all this complaining does nothing, and according to a 60 Minutes investigation it’s quite possible nothing is exactly what will happen, consider contacting your state attorney general’s office to see if they can offer any guidance.

6. Back up your story with proof. If you could get a late payment report removed by just calling and saying you paid on time, we’d all do it. You’ve got to prove your case by sending copies (never trust the credit bureau with the originals!) of the records that show you’re right and the company that made the error is wrong.

Of course it’s harder to prove you didn’t do something (like when you don’t owe an unpaid $300 debt to a dentist in a state you’ve never even been to) than to mail a bank statement showing the credit card company cashed the check they say they never got.

Either way, set up a file folder where you keep:
  • Copies of complaints
  • Receipts of certified mail
  • Screen prints from online filings
  • Notes from phone calls
  • A calendar reminding you when you’re supposed to hear back from or respond to companies.
7. If at first you don’t succeed, keep complaining until you do. If you don’t get satisfaction after your DIY attempts to repair the error:
  • Ask the credit reporting agency to put a short statement in your credit report saying you disagree with the report.
  • File a complaint with the Consumer Financial Protection Bureau. The bureau will look into your error and report back on what it finds.
  • Complain to the Federal Trade Commission 1-877-FTC-HELP (1-877-382-4357).
  • Call or write to your state attorney general (that’s who enforces your state credit reporting and debt collection laws).
Original article here.

Rahul and Smitha Ramchandani are a licensed real estate Broker-Salesperson/Sales Representative Team with Keller Williams in New Jersey. They are Buyer Specialists and Home Marketing Experts. You can reach Rahul and Smitha and their team online at: http://www.Morris-Homes.com, http://www.SRRealEstateGroup.com and  http://www.TheTownhouseExpert.com.


Their team specialize in North Central New Jersey including towns such as Boonton, Chatham, Madison,Chester,Convent Station, Denville, East Hanover, Florham Park, Hanover, Harding Twp., Mendham, Montville, Morristown,Morris Plains,Morris Twp., Mountain Lakes, Parsippany, Randolph, Rockaway, Whippany.

4 Neat-and-Tidy DIY Storage Ideas

In a pinch for storage space? These DIY solutions will show you how to whip up more room.


Four ideas for storage solutions in homes
Four space makers that look great: floating bookshelves, plate racks, bathroom door storage, and a window seat. Image: Marty's Musings/Tried & True/Four Generations One Roof/Thistlewood Farms


When it comes to storage, room is a terrible thing to waste. So we found four inspired ideas that transform unused square footage into organized space.

Rethink Your Hallways
Need to store more in your bathroom? So did Tim from the DIY blog, Marty’s Musing. To solve his overflowing paraphernalia problem, he moved a bathroom entrance three feet into the narrow 1940s hallway and carved out wall space for built-in shelving:

Bathroom Doorway Storage
Image: Marty Walden at Marty’s Musings

Storage Gain

The change required him to build a new doorframe and install a new door, but here’s what he gained:
  • 3 sq. ft. of additional floor space.
  • Bathroom access to the hallway closet (since its entrance was included within the new square footage.)
  • Extra wall space for built-in storage.
Tim built the shelving using bead board and wood. To see how it was done, check out his tutorial.

Project Costs

Tim’s wife Marty says they spent around $150. This includes the doorframe, new doors (the closet door got an upgrade, too), and the materials for the built-in shelving.

Behind-the-Door Shelving
Vanessa from Tried & True came up with a smart storage solution for her kid’s room:

Kids' Room Bookcase Storage
Image: Tried & True
 
Storage Gain

She created narrow, floating bookshelves — that take up no space at all — behind her son’s bedroom door out of decorative molding. If you do the same, consider adding a doorstop to prevent dings and scratches when the door opens.

Vanessa’s tutorial includes a compete list of materials and tools needed for this project.

Project Costs

Estimated total is around $75. Price depends on the number and width of your shelves.

Double-Duty Window Seating

Jessica, the blogger from Four Generations One Roof, says building a window seat that includes storage doesn’t need to be expensive.

1. She used scrap wood left over from another project.
2. Instead of buying expensive hardware and hinges, she and her father made wooden cleats to prevent the seat lid from slipping and make it extra sturdy for sitting. 

Here’s the finished product:
 
Window Seat Storage
Image: Four Generations One Roof

Storage Gain

The window seat gave her family room around 6 cubic feet of additional storage. To see how they built it, check out the tutorial.

Project Costs

Jessica says she spent around $100. This Includes the value of the scrap wood, and the fabric used to upholster the seat.

A Home for Oversized Dishes
KariAnne, the blogger who pens Thistlewood Farms, used strips of wood and decorative molding to create the frame. She based the rack’s dimensions on the size of her plates.

DIY plate rack to display oversize plates
Image: Thistlewood Farms

Storage Gain

Since her finished project is 6 feet tall and more than 3 feet wide, she gained around 20 feet of storage space.  To see how KariAnne cooked up this project, check out her tutorial.

Project Costs

Plan to spend around $100. The actual price will depend on the size of your project and the type of molding you choose.

Original article here.

Rahul and Smitha Ramchandani are a licensed real estate Broker-Salesperson/Sales Representative Team with Keller Williams in New Jersey. They are Buyer Specialists and Home Marketing Experts. You can reach Rahul and Smitha and their team online at: http://www.Morris-Homes.com, http://www.SRRealEstateGroup.com and  http://www.TheTownhouseExpert.com.


Their team specialize in North Central New Jersey including towns such as Boonton, Chatham, Madison,Chester,Convent Station, Denville, East Hanover, Florham Park, Hanover, Harding Twp., Mendham, Montville, Morristown,Morris Plains,Morris Twp., Mountain Lakes, Parsippany, Randolph, Rockaway, Whippany.

This Could Be the Last Time to Claim 3 Popular Tax Benefits

These days few things start a fight on Capitol Hill faster than taxes. Despite the fact that three important tax benefits used by millions of American homeowners expired on Dec. 31, 2013, Congress hasn’t done anything to re-up them.

house_tax_form

So if you’re eligible, tax year 2013 is possibly the last time to claim the private mortgage insurance (PMI) deduction, the energy tax credit, and debt forgiveness benefit.

At least there’s one piece of good news for homeowners: If you have a home office, there’s a new, simpler option for calculating the home office deduction for which you may qualify on your 2013 taxes.

Meanwhile, here’s what you need to know about those expiring benefits as you ready your taxes:

PMI Deduction
This tax rule lets you deduct the cost of private mortgage insurance, which is what you pay your lender each month if you put down less than 20 percent on a home. PMI protects the lender if you default on the home loan. Your deduction could amount to a couple hundred dollars depending on your tax bracket and other factors.

Find out if you qualify for and how to take the PMI deduction.

Energy Efficiency Upgrades
This sweet little tax credit lets you offset what you owe the IRS dollar-for-dollar for up to 10% of the amount you spent on certain home energy efficiency upgrades, from insulation to water heaters. On the downside, the credit is capped at $500 (less in some cases). But on the bright side, the right improvement could lower your utility bills indefinitely.

Debt Forgiveness
When you go through a short sale, foreclosure, or deed-in-lieu, your lender typically lets you off the hook for some or all of what you owe on your mortgage.

That forgiven mortgage debt is income, on which you’d typically have to pay income tax.

Suppose you’re in financial distress and your lender agrees to let you short-sell your home, say for $50,000 less than you owe on the mortgage, and forgive you for the balance. Without the protection of the Mortgage Debt Forgiveness Act, you’ll owe income tax on that $50,000.

It’s likely if you had the money to pay income tax on $50,000, you’d have used it to pay your mortgage in the first place.

New Simplified Option for the Home Office Deduction
This may be the last year for the benefits above, but a new one kicks in for the 2013 tax year. If you work from home, you may qualify to use a new, simplified option for claiming the home office deduction when you file your 2013 taxes.

How much simpler is it? It lets you claim $5 per square foot for up to 300 square feet, instead of having to compute the actual expenses of your home office using a 43-line form. To calculate the square footage of your office, just multiply the length of two walls. For example, an 8-by-10-foot room is 80 square feet. And at $5 per square foot, that’s $400.

Although using the simplified option is easier, the basic requirements for claiming the home office deduction haven’t changed. Your home office still must be used for business purposes:
  • Exclusively, and
  • On a regular basis.
Might the Tax Benefits Be Renewed?
The expiring tax benefits were renewed retroactively in past years, and that may happen in 2014, though it’s uncertain. Many in Congress would like to see comprehensive tax reform rather than scattershot renewals of individual provisions. This could delay a decision on the homeownership tax benefits.

So if you can, enjoy them now!

Realtor.com article here.

Rahul and Smitha Ramchandani are a licensed real estate Broker-Salesperson/Sales Representative Team with Keller Williams in New Jersey. They are Buyer Specialists and Home Marketing Experts. You can reach Rahul and Smitha and their team online at: http://www.Morris-Homes.com, http://www.SRRealEstateGroup.com and  http://www.TheTownhouseExpert.com.

Their team specialize in North Central New Jersey including towns such as Boonton, Chatham, Madison,Chester,Convent Station, Denville, East Hanover, Florham Park, Hanover, Harding Twp., Mendham, Montville, Morristown,Morris Plains,Morris Twp., Mountain Lakes, Parsippany, Randolph, Rockaway, Whippany.

Tuesday, February 4, 2014

8 Costly Home Seller Mistakes

Homeowners who want to sell their home know they need to get the place spruced up for marketing, but a tougher challenge for some sellers is to get mentally prepared for putting their residence on the market.
After all, if you’ve been happily living in your home for years, it can be emotionally hard to detach yourself from your memories and look at the place as a commodity you’re selling.

seller mistakes reduced
For a smoother sales transaction that garners the most possible profit from your sale, avoid these common, yet costly, seller mistakes:


1. Skipping a home inspection. Depending on the age of your home, scheduling a pre-listing home inspection could save you a lot of time and aggravation. You can address issues on your own time and budget before negotiating with a buyer to fix problems.


2. Skimping on your sales prep. While you may be tempted to “test the waters” and put your home on the market without painting it or making minor repairs, your home is likely to languish on the market and get a reputation for having a major problem. A thorough, professional-level cleaning should be your bare minimum seller prep. Your eventual sales price is likely to be lower if you don’t sell within the first few weeks after you list your home.


3. Choosing the wrong REALTOR®. Instead of picking a REALTOR® who’s a friend of a friend, a relative or perhaps someone who’s great at working with buyers, take the time to pick a REALTOR® with an excellent reputation for listing homes. Your payoff will be much larger if you list your home with a REALTOR® with local market knowledge and sales expertise.


4. Neglecting to ramp up your curb appeal. If you polish and primp inside your home but neglect to pull weeds or paint your front door, you run the risk of potential buyers leaving without ever entering your home.

5. Withholding information from buyers. If you hope that the buyers or their inspector won’t find out about the leak under your bathroom sink or the fact that your basement gets flooded every winter, you run the risk of a nasty negotiating period, or  worse, a lawsuit after the settlement.


6. Overpricing your home. If you’ve hired the right REALTOR®, someone who can give you a strong market analysis and help you determine a reasonable price for your home, then you can avoid overpricing your home. If you don’t listen to your REALTOR® and base your listing price on an inflated view of your home’s value, you’re likely to end up selling after multiple price drops for less than you would have if you priced it right the first time.


7. Being unprepared for your next step. Whether you should buy your next home or sell your current home first is only one part of the preparation you need to make to move. You need a back-up plan in case your transaction on either end takes longer or shorter than you think, and you need to understand your mortgage payoff and the closing costs you must pay.

8. Letting your pets and kids spoil a sale. Part of your emotional detachment from your home is recognizing that while you love Fluffy and your darling twins, buyers want to visualize themselves and their own family in your home. Bribe your kids if you have to, but make sure the house is neat and as neutral-looking and smelling as possible. Take the kids and your pets out (or lock up your pets) when prospective buyers are visiting – you never know if someone who is terrified of dogs or cats will be turned off from making an offer because of your adorable pet.

Selling a home can be challenging, but with the help of a reliable REALTOR® you can avoid making mistakes and reap the rewards of your sale.
 
Original article by Michele Lerner here.

Rahul and Smitha Ramchandani are a licensed real estate Broker-Salesperson/Sales Representative Team with Keller Williams in New Jersey. They are Buyer Specialists and Home Marketing Experts. You can reach Rahul and Smitha and their team online at: http://www.Morris-Homes.com, http://www.SRRealEstateGroup.com and  http://www.TheTownhouseExpert.com.

Their team specialize in North Central New Jersey including towns such as Boonton, Chatham, Madison,Chester,Convent Station, Denville, East Hanover, Florham Park, Hanover, Harding Twp., Mendham, Montville, Morristown,Morris Plains,Morris Twp., Mountain Lakes, Parsippany, Randolph, Rockaway, Whippany.

Neighborhood or House? How to Set Your Priorities

In a perfect world, every buyer could afford the house of their dreams in a neighborhood they adore. In reality, most buyers need to compromise on something when they buy a home, particularly their first home.

A REALTOR® can give you expert advice on home values and often can show you homes in communities that you didn’t know about or that you hadn’t considered. In the end, though, you need to set your priorities so you can decide which home to buy.
choosing_a_house


Start With a List

At the first buyer consultation, your REALTOR® should ask you to make a list of everything you’re looking for in a home — including such things as the number of bedrooms and baths, the placement of the kitchen, the size of the yard, and your preferred location near a particular school, your job, your favorite restaurants or public transportation.

If you’re buying with a spouse or partner, you should each make a separate list and then compare notes. Avid watchers of HGTV programs know that both partners rarely agree on every feature, so step two is to talk about which features are mandatory and which are optional.

As soon as you’ve met with a lender and established your comfort level with a budget you can start matching your wish list with what’s actually available in your area.

Which Comes First, the Community or the Property?

If, like most buyers, you’re not finding the perfect home in your ideal neighborhood, you’ll have to decide whether it’s more important to be in a particular location or a particular size and type of home.
If you decide that location matters more but you can’t afford to buy in your preferred area, you have several options:
  • Look for a smaller home or a smaller lot. If you can live in two bedrooms instead of three, or forgo a large back yard, you may find something affordable.
  • Switch to a different home type. If single-family homes in the area are too pricey, you might find a town home with similar living space that’s less costly. You can consider a condominium, but don’t forget to factor in the condo association fees to see how that fits into your budget.
  • Look for a home in less-than-perfect condition. While you need to be careful about how much cash is required to renovate a property, a home that needs some minor repairs or has flaws that you can live with for a few years can be affordable. You can also look into financing renovations with an FHA 203k loan.
  • Rent a little longer while you save for a home. If you can take on a second job to build up a larger down payment, this could be a good decision, but be aware that home prices could rise more before you’re ready to buy and could still be out-of-reach.
  • Look for a lease-to-own arrangement.  Some homeowners may be willing to negotiate a lease-purchase agreement so that some of your rent is credited as a down payment.
If you decide that the type of home is more important than a particular neighborhood, you should work with a REALTOR® with expertise in your local market who can help you identify other communities where you might find affordable homes. An experienced REALTOR® not only can show you different locations but can also talk to you about why some communities have higher home values than others, such as being near commuter routes or a having a reputation for excellent schools. It’s important to make an educated decision about where you buy a home so that you maximize your potential for continued property value.

Original article by MIchele Lerner here.

Rahul and Smitha Ramchandani are a licensed real estate Broker-Salesperson/Sales Representative Team with Keller Williams in New Jersey. They are Buyer Specialists and Home Marketing Experts. You can reach Rahul and Smitha and their team online at: http://www.Morris-Homes.com, http://www.SRRealEstateGroup.com and  http://www.TheTownhouseExpert.com.


Their team specialize in North Central New Jersey including towns such as Boonton, Chatham, Madison,Chester,Convent Station, Denville, East Hanover, Florham Park, Hanover, Harding Twp., Mendham, Montville, Morristown,Morris Plains,Morris Twp., Mountain Lakes, Parsippany, Randolph, Rockaway, Whippany.

Pros and Cons of Living Within a Homeowners Association

homeowners_associationAsk two different homeowners what they think about living in a community with a homeowners association and you may see one of them scowl and another one smile.

The difference of opinion on homeowners associations, or HOAs, depends on several factors, including individual personalities and preferences and the quality of the particular HOA. Rules and dues vary but, in general, homeowners who live in an HOA must abide by its regulations and pay a monthly, quarterly or annual fee that pays for management and maintenance of the community.

HOA Benefits
Many homeowners prefer to live in an HOA for several reasons, including:
  • Community appearance: Homes within an HOA must meet the standards set by the association or face a fine, so you’re less likely to see unkempt lawns, peeling paint or a garishly painted house. Some HOAs have a design review board with the power to approve any changes to your home’s exterior, and which establishes a color palette for exterior paint and trim. Many HOA’s have rules about how many cars or even what type of vehicles can be parked on your property. For example, they may ban commercial vans or RVs.
  • Low maintenance: Depending on the HOA, services such as trash and snow removal and lawn care are handled by the association, leaving less work for the homeowner. Typically, common areas are maintained by the association.
  • Recreational amenities: While not all HOAs have swimming pools and tennis courts, many offer a range of amenities such as a community center, walking trails, sports courts and playing fields reserved for residents.
  • Association management: If you have a problem with your neighbor’s dog barking, loud parties or a dispute over a tree, you can ask the management to handle the issue rather than getting directly into a spat with the homeowner next door.
Living Within an HOA
For some buyers, the idea that a management association can tell you when you can put out a decorative flag or that you can’t park your truck in front of your property is a deal-breaker. If you have a concern that something that’s important to you, such as your ability to run a business from your home, could be banned by HOA rules, then be particularly careful to read all the regulations before you buy a home in a community with a homeowners association. This doesn’t mean you can’t buy at all within an HOA, but you’ll have to find one with regulations that meet your requirements.

HOA regulations are usually set by a committee or board of directors and then enforced by a paid management company or a group of volunteers. You can become involved with the HOA in order to have a voice in the decisions being made. Homeowners can request a rule change or an individual waiver, but there’s no guarantee that your request will be granted.

HOA Fees
HOA fees vary as much as HOA regulations and depend on multiple factors such as the amenities in the community and which services are covered by the fees. When you’re buying a home, you need to compare HOA fees from one community to another based on what they cover. You may find that the HOA fee includes a gym membership so you can spend less on a private gym. You should also decide if you’ll use the amenities you’re paying for, such as tennis courts or a swimming pool. Keep in mind, however, that the presence of these amenities can add to your home’s value, even if you don’t directly take advantage of them.

Many homeowners appreciate that HOAs often maintain higher standards for a neighborhood’s appearance, but there’s no question that you need to understand the regulations and costs in every community where you’re considering buying a home.

Original article by Michele Lerner here.

Rahul and Smitha Ramchandani are a licensed real estate Broker-Salesperson/Sales Representative Team with Keller Williams in New Jersey. They are Buyer Specialists and Home Marketing Experts. You can reach Rahul and Smitha and their team online at: http://www.Morris-Homes.com, http://www.SRRealEstateGroup.com and  http://www.TheTownhouseExpert.com.


Their team specialize in North Central New Jersey including towns such as Boonton, Chatham, Madison,Chester,Convent Station, Denville, East Hanover, Florham Park, Hanover, Harding Twp., Mendham, Montville, Morristown,Morris Plains,Morris Twp., Mountain Lakes, Parsippany, Randolph, Rockaway, Whippany.

5 Resolutions for First-Time Home Buyers

first time home buyers
If you’ve promised yourself you’ll become a homeowner for the first time in 2014, we’ve got five, easy-to-accomplish resolutions to help get you there.

1. Boost Your Credit Score
Your credit score will play a key role in your mortgage approval and rates. At the beginning of the year, order your credit reports from AnnualCreditReport.com, a free service authorized by federal law. Go over each report, dispute any errors, and pay off old debts.
In the meantime, avoid big-ticket items such as cars or furniture and don’t apply for new credit. Jon Sterling, a regional sales manager for real estate offices in Northern California, says, “An inquiry itself causes a credit score to temporarily drop, and acquiring more debt by buying something, or the capacity to acquire more debt by opening a new credit account, can have dramatic effects on [your] mortgage situation.”

2. Save Up to Put Down
According to Sterling, you’ll typically need a 20 percent to 30 percent down payment to qualify for the best mortgage rates. At the beginning of the year, try cutting optional expenses to save more. For example, cutting out an $85 cable bill will save you $1,020 in a year. Remember, every little bit helps you avoid higher interest rates or private mortgage insurance.

3. Find the Best Real Estate Agent
Finding a great real estate agent takes time but will pay off in the end. Sterling recommends you find a buyer’s agent who “can give you a few recent testimonials from happy buyer clients. Be sure to check those references to be sure they are legitimate.”

4. Get Pre-Approved
Knowing what you can afford, what you qualify for, and what type of loan you want can help you find the best deal when you’re ready to apply for a mortgage. To get started, research the differences between conventional and unconventional loans and use a mortgage term comparison calculator to get an idea of the cost.

5. Find Your Dream Home
Sterling says potential home buyers should be “reading and researching as much as they can” as soon as they can. Don’t wait until you’re ready to shop to start looking at homes. Start early by researching neighborhoods in your target city and viewing homes online to get an idea of pricing. Once you’re ready to shop, you’ll have a much better idea of what you want and what you can afford.


Original article written by Angela Colley here.

Rahul and Smitha Ramchandani are a licensed real estate Broker-Salesperson/Sales Representative Team with Keller Williams in New Jersey. They are Buyer Specialists and Home Marketing Experts. You can reach Rahul and Smitha and their team online at: http://www.Morris-Homes.com, http://www.SRRealEstateGroup.com and  http://www.TheTownhouseExpert.com.


Their team specialize in North Central New Jersey including towns such as Boonton, Chatham, Madison,Chester,Convent Station, Denville, East Hanover, Florham Park, Hanover, Harding Twp., Mendham, Montville, Morristown,Morris Plains,Morris Twp., Mountain Lakes, Parsippany, Randolph, Rockaway, Whippany.

Bridgehampton Beauty

Designer Amy Lau Creates an Upscale Beach Aesthetic in a Hamptons Home

WRITTEN BY BLAKE MILLER
PHOTOGRAPHY BY KRIS TAMBURELLO

Though many of Amy Lau’s clients live in or just outside the city, the Manhattan-based designer has designed several, often second homes for clients in the Hamptons. So when one of her clients tasked her with installing an upscale beach aesthetic in his Bridgehampton manse, Lau’s mind was already spinning with ideas. But it wasn’t until she saw the large, unobstructed views from the 1,700-square-foot home, which sits adjacent to the Bridgehampton Polo Club, that she knew where to draw inspiration. “When you’re looking out these great windows, you’re seeing so much color—like the citron of the flowers outside the windows. So we really wanted to bring the outside in,” says Lau of the dining room’s color palette.

Bridgehampton 9 - 300dpi.tifThe dining room, though, had to work seamlessly with the other downstairs spaces such as the adjacent living room, where the homeowner often entertains. “I try to have a dialogue with each room so that you know they’re together as one but very different,” explains Lau. “They always relate.” To keep with the established modern beach aesthetic, Lau chose to add pops of white in the trim, ceiling, and natural stone flooring complemented by natural fabrics and textures. A dramatic Stark grasscloth wallcovering appears to boast a celadon hue, which stems from the wall’s paint color underneath. The grasscloth wall emphasizes the focal point of the dining room where a driftwood lamp sits atop a coveted Harvey Probber sideboard, which Lau had refinished in a modern white lacquer. “I decided to lacquer it and lighten it up,” she explains of her decision to alter the classic piece. “I wanted to give it a light appearance like it was floating.”

Hung above the sideboard is the pièce de résistance of the dining room: an installation titled “Aggregation” by artist Masami Tsuchikawa, which Lau spotted while at the Palm Springs Modernism show. “Her work is just to die for,” says Lau. “[When I saw it] it stopped me in my tracks. I knew the second I walked into the dining room [that] it would be perfect in there.” For Lau, it was the central piece to the room, though the installation was the biggest challenge of the entire home design. “It reminds me of seashells; the preciousness of nature,” she explains. “It draws your eyes in. I love when you look at something at first glance and the more you look at it the more it becomes interesting.”

Bridgehampton 7 - 300dpi.tif
Continuing with the upscale beach aesthetic, Lau added a vintage Vistosi glass chandelier—that reminded her of iridescent shells—which hangs above a natural walnut dining room table to anchor the space and “give the room a sense of earthiness.” Extra doses of color were then added via the dining room chairs, which are swathed in a textured chartreuse fabric.
A relatively seamless transition paid off: Lau’s client is elated, and not only with the dining room’s upscale beach aesthetic but the work in the entire home. The result of Lau’s installation is that the room is now the picture-perfect space of  “casual elegance,” she says. “I was lucky—my client has incredible taste and a great eye.”







This article as featured in our custom magazine, Home by Design.

Rahul and Smitha Ramchandani are a licensed real estate Broker-Salesperson/Sales Representative Team with Keller Williams in New Jersey. They are Buyer Specialists and Home Marketing Experts. You can reach Rahul and Smitha and their team online at: http://www.Morris-Homes.com, http://www.SRRealEstateGroup.com and  http://www.TheTownhouseExpert.com.

Their team specialize in North Central New Jersey including towns such as Boonton, Chatham, Madison,Chester,Convent Station, Denville, East Hanover, Florham Park, Hanover, Harding Twp., Mendham, Montville, Morristown,Morris Plains,Morris Twp., Mountain Lakes, Parsippany, Randolph, Rockaway, Whippany.

Monday, February 3, 2014

Why For-Sale-by-Owner Sales Fail



Homeowners obviously know their homes better than anyone, but that doesn't mean they’re the best salespersons for their properties.

Some sellers are tempted to try a For Sale by Owner (FSBO) transaction because their local community is in the midst of a sellers’ market and they think they can sell easily without help. Others try the FSBO route because they want to maximize their profits and avoid paying a commission to a Realtor.


However, statistics show that selling your home with the assistance of a professional real estate agent will garner you a higher profit, enough to cover the commission as well as put more money in your pocket. According to the National Association of Realtor’s 2013 Profile of Home Buyers and Sellers, the average FSBO sales price was $174,900, while the average price for a home represented by an agent was $215,000, a difference of $40,100.
Why to Sell With a Realtor
Choosing to sell with a professional rather than on your own makes sense for a variety of reasons:
  • A Realtor has access to market data about recent sales and other homes on the market that can be used to price your home appropriately. Studies show that homes priced right when they’re first listed sell more quickly and for a higher price than those that linger on the market.
  • A Realtor can show your home when you aren't available, can respond to inquiries from potential buyers and their agents, and can get valuable feedback from visitors — all things that save you time.
  • A Realtor can look at your home objectively and suggest ways to improve its appearance — by staging and minor repairs — so it appeals to more buyers.
  • Buyers typically prefer to look at a home without the seller present so they can feel more comfortable exploring the rooms and visualizing themselves in the property. At an FSBO sale, the seller must be present.
  • A Realtor can screen visitors to your home, which provides a measure of safety that FSBO sellers don’t have. In addition, by checking to see if the buyers are legitimate and can afford to purchase your home, a Realtor can help you avoid wasting time showing your home to unrealistic buyers.
  • Realtors have professional marketing expertise, contacts with other Realtors who work with buyers, and the support of a brokerage that can market your home more widely than you can as an individual.
  • A Realtor can help you negotiate a contract that not only garners you an appropriate price for your home, but that meets your needs for a settlement date and perhaps includes a period when you rent back your home from your buyer. In addition, a Realtor can make sure your contract is in compliance with all local regulations.
FSBO Dangers
Most buyers today work with a buyers’ agent to represent their interests. If you choose to sell your home on your own, you’ll be negotiating with a professional and relying on your own skill to finalize a contract. Not only could you end up selling your home for less money, you could leave yourself open to potential legal problems unless you have the contract vetted by an experienced real estate attorney.
FSBO transactions can be successful, of course, but 90 percent of homeowners prefer to work with a professional rather than risk an unsatisfactory home selling experience.
Original article from realtor.com here by Michele Lerner.
Rahul and Smitha Ramchandani are a licensed real estate Broker-Salesperson/Sales Representative Team with Keller Williams in New Jersey. They are Buyer Specialists and Home Marketing Experts. You can reach Rahul and Smitha and their team online at: http://www.Morris-Homes.com, http://www.SRRealEstateGroup.com and  http://www.TheTownhouseExpert.com.
Their team specialize in North Central New Jersey including towns such as Boonton, Chatham, Madison,Chester,Convent Station, Denville, East Hanover, Florham Park, Hanover, Harding Twp., Mendham, Montville, Morristown,Morris Plains, Morris Twp., Mountain Lakes, Parsippany, Randolph, Rockaway, Whippany.

Coventry Park Townhome Community in Morris Plains, NJ

Coventry Park community in Morris Plains, NJ is a Townhome community built approx. 2012-2013 that offers 2-3 bedroom and 2.1-3.0 bath units with 1 Car Garages. Prices range from approximately $375,000 - $470,000. Amenities include Playground, Tot Lot.

The Morris Plains Train Station with direct service to New York City is less than 1 Mile away and Routes 287, 80, 10 and 24 are very nearby.

Click for more details on Coventry Park and to find Available Homes in Coventry Park.

Please  contact us for more information or if you have any questions about this community or if you would like to schedule an appointment to view these homes.

Rahul and Smitha Ramchandani are a licensed real estate Broker-Salesperson/Sales Representative Team with Keller Williams in New Jersey. They are Buyer Specialists and Home Marketing Experts. You can reach Rahul and Smitha and their team online at: http://www.Morris-Homes.com, http://www.SRRealEstateGroup.com and  http://www.TheTownhouseExpert.com


Their team specialize in North Central New Jersey including towns such as Boonton, Chatham, Madison, Chester,Convent Station, Denville, East Hanover, Florham Park, Hanover, Harding Twp., Mendham, Montville, Morristown, Morris Plains, Morris Twp., Mountain Lakes, Parsippany, Randolph, Rockaway, Whippany.

Vail Commons Condo Community in Morristown, NJ

Vail Commons community in Morristown, NJ is a condo community built approx. 2008 that offers 1-2 bedroom and 1-2 bath units with Lighted Parking Garage and Offsite Parking. Prices range from approximately $275,000 - $550,000. Amenities include Exercise Room, Lounge, Elevator, Storage.

Vail Commons is a commuter's dream with easy access to I-287, I-80, Routes 24, 124, 202 and 10. The Morristown Train Station is within Walking Distance. Bus Service is also available with stops just a short drive away.

Click for more details on Vail Commons and to find Available Homes in Vail Commons.

Please  contact us for more information or if you have any questions about this community or if you would like to schedule an appointment to view these homes.

Rahul and Smitha Ramchandani are a licensed real estate Broker-Salesperson/Sales Representative Team with Keller Williams in New Jersey. They are Buyer Specialists and Home Marketing Experts. You can reach Rahul and Smitha and their team online at: http://www.Morris-Homes.com, http://www.SRRealEstateGroup.com and  http://www.TheTownhouseExpert.com


Their team specialize in North Central New Jersey including towns such as Boonton, Chatham, Madison, Chester,Convent Station, Denville, East Hanover, Florham Park, Hanover, Harding Twp., Mendham, Montville, Morristown, Morris Plains, Morris Twp., Mountain Lakes, Parsippany, Randolph, Rockaway, Whippany.

40 Park Luxury Condo Community in Morristown, NJ

40 Park community in Morristown, NJ is a luxury condo community built approx. 2010-2012 that offers 1-3 bedroom and 1.1-3.1 bath units with Private Secured Parking. Prices range from approximately $425,000 - $2,200,000.

Easy Access to Major Highways like Rt 287, 10, 24 and Walking Distance to the Morristown Train Station with Train to New York City. Premium Location on the Green within walking distance of Restaurants, Cafes, Community Theater, Shopping and the Morristown Train Station with Train to New York City. Many High End Retailers and Restaurants in the downtown pedestrian-friendly setting.

Click for more details on 40 Park and to find Available Homes in 40 Park.

Please  contact us for more information or if you have any questions about this community or if you would like to schedule an appointment to view these homes.

Rahul and Smitha Ramchandani are a licensed real estate Broker-Salesperson/Sales Representative Team with Keller Williams in New Jersey. They are Buyer Specialists and Home Marketing Experts. You can reach Rahul and Smitha and their team online at: http://www.Morris-Homes.com, http://www.SRRealEstateGroup.com and  http://www.TheTownhouseExpert.com


Their team specialize in North Central New Jersey including towns such as Boonton, Chatham, Madison, Chester,Convent Station, Denville, East Hanover, Florham Park, Hanover, Harding Twp., Mendham, Montville, Morristown, Morris Plains, Morris Twp., Mountain Lakes, Parsippany, Randolph, Rockaway, Whippany.