Making Your Real Estate Dreams Come True

Archive for March, 2014

Fanwood Real Estate Market Update – Feb, 2014

What does this mean to the home buyer or seller in Fanwood? Call Team Zuhl today!

For more information on selling a home:

For more information on Fanwood Real Estate:

What’s up with the Cranford Real Estate Market?

Cranford was listed as number 141 in NJ Monthly’s Top Towns List last year and Cranford High School is ranked as number 206 in the Nation.

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Inventory: There are currently 49 homes offered for sale in Cranford, NJ, ranging in price from $173,000 to $960,000. Nine homes were sold in February which is about average for the end of winter in Cranford.

The average sale price of a home in Cranford in February was $367,844, slightly lower than February of 2013 but 16% higher than February 2012. The average home that sold in February was sold after 40 days on the market.

To see current listings in Cranford like this beauty at 610 Hory Street, click here.

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If you’re planning on selling your Cranford home, find out how much it is worth with a FREE Comparative Market Analysis by clicking here.

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For more information on Cranford Real Estate:

Clark Real Estate Market Report

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Inventory is way down in the Clark real estate market with only 33 homes actively listed today

 

 

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Prices in Clark continue to rise. The average home that sold in Clark in February was sold for $410,667 – nearly 21% more than the average home sold in February 2012

 

 

 

If you’re thinking about selling your Clark home, get a free Comparative Market Analysis here.

For more information on selling a home:

For more information on Clark and Clark Real Estate:

Buyers Market in Rahway and Linden

Rahway and Linden are experiencing a strong buyers market. Inventory is steady with about 6% of active listings selling in February. There are currently 141 single family homes offered for sale in Rahway and 147 single family homes offered for sale in Linden.

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In February, the towns of Rahway and Linden had 26 homes sold for an average price of $178,425 and after an average of 151 days on the market.

Prices are down in Rahway and Linden. Over the past 2 years, prices have dropped about 21%.

When real estate professionals say that Linden and Rahway are experiencing a buyers market, we mean that there are more sellers than buyers. The result is that homes often take a long time to sell and that prices often drop.

If you are a homebuyer looking in Rahway and Linden, please click here to search for listings in Linden and click here to search for listings in Rahway. Then, call us at 908-917-4189 for your private showings.

If you are a homeowner thinking of selling your home, contact us at 908-917-4189 for a free comparative market analysis to find out what your home is worth in today’s market.

 

For more information on selling a home:

For more information on the Real Estate in Rahway and Linden:

Colonial Reenactment in Elizabeth

 

There will be a living history reenactment of a colonial encapment on the grounds of the historic First Presbyterian Church on Broad Street in Elizabeth on Saturday, March 29th. The members of Colonel Matthias Ogden’s First New Jersey Regiment will encamp and train from 11 am until 4 pm. Visitors can learn about 18th century life with demonstrations and discussions about colonial life in New Jeresy.

The First New Jersey Regiment was formed in 1673 in Piscataway to protect the citizens from Indians who came down from Pennsylvania and New York that summer. All of New Jersey’s regular organized military forces were formed as offshoots of this First Regiment which fought in 1775, led by Colonel William Alexander, for the Continental Army during the American Revolutionary War. The members of the regiment wore “Jersey Blues,” which were blue coats with red lapels and cuffs. 

The First Presbyterian Church of Elizabeth, New Jersey is a historic church on Broad Street. It was founded in 1783 by James Odgen and is listed on the National Register of Historic Places. The final resting place of the First Regiment’s commander Colonel Matthias Ogden, who led the regiment from 1777-1783, is at the Church. A member of Ogden’s family will read an original letter written to Matthias from his younger sister in 1779.

If you can’t sell, should you offer a Rent to Buy contract?

 

Dear Team Zuhl,

We want to sell our home but are having a tough time getting the price we want. Is selling our home as a “Rent to Buy” a good option for us?

Harry and Harriet Homeowners

 

Dear Harry and Harriet,

When you offer a Rent to Buy or Rent to Own agreement, you and the renters sign a contract in which the renter agrees to rent the property for a specified time, let’s say one year, at above the normal rent. The excess rent that they pay is credited after the length of the contract toward a down payment. After the rental contract is over and they have accumulated a down payment, they buy the house, usually at a price agreed upon when the home was originally rented.

This is a good option for you if your home isn’t selling fast enough and you can negotiate a contract that gives you the price that you want. 

This is a bad option for you if you need the cash from the sale of your home to purchase a new home or for any reason. You won’t see full market value of your home for the term of the lease.

Good luck!

– TZ

 

How do you get a CCO in Clark?

A CCO, or Certificate of Continued Occupancy, is required in many areas of New Jersey and elsewhere before the title of any real property can be exchanged. When you sell your home, it’s important to know what your town requires for a CCO. 

To obtain a CCO in Clark, you’ll need to fill out the application which can be found here. If you are selling your home with the assistance of a full service Realtor, he or she will likely file this for you, but if you are selling FSBO, then you’ll need to do this yourself. 

Once the application and fee are received, the Construction Department will schedule an inspection of your home.

These are the most common reasons for failing the CCO Inspection:

  1. Open permits must be closed out before the CCO inspection. 
  2. The blow off valve on your hot water heater must be at least 6 inches off the floor.
  3. The electrical service in the home must be at least 100 amps.
  4. All outlets in the bathrooms and within six feet of the kitchen sink must be GFI (Ground Fault Interrupter) protected.
  5. If there is a sump pump, it must not discharge through the sewer.
  6. There can be no cracked or broken windows.
  7. All staircases 36 inches or higher must have railings.
  8. The outlet for your laundry appliances must be GFI protected and be installed within six feet of the appliance.
  9. There can be no extension cords in the property.
  10. Asbestos must be removed or encapsulated if it is deteriorating.

The fee is $75 in Clark. Checks should be made payable to the Township of Clark. The certificate is good for 180 days from the date of issuance.

Clark also requires a Smoke Detector/Carbon Monoxide Certificate prior to the transfer of title. The cost for the certificate is $50, made payable to the Township of Clark. The application can be found here.

All Clark homes are required to have a smoke detector on each level and one outside of each bedroom.

In Clark homes built before 1984, individual battery operated detectors are acceptable. In homes built between 1984 and 1990 the detectors must be interconnected so that if one goes off, it activates all of the others. In homes built after 1990, the detectors must be interconnected and must have battery backup.

Carbon monoxide detectors, UL-2304, must be installed in the immediate vicinity of each bedroom.

Your home will not be issued a Smoke Detector/Carbon Monoxide Certificate if a key is required to exit the home from any door.

You also must have a minimum 5 pound ABC dry chemical fire extinguisher in the kitchen area.

Homes must be numbered to be issued a Smoke Detector/Carbon Monoxide Certificate in Clark.

The form for the CCo and the form for the Smoke Detector/Carbon Monoxide Certificate, along with the appropriate fees, should be submitted to the Clark Construction Office at least 2 weeks before your anticipated closing date to allow time for an inspection of the home and for filing of the certificates.

 

 

What’s my Union County home worth now?

Dear Team Zuhl,

I’m thinking about selling my home, but I’m not sure what it’s worth.  How can I find out?

Pondering Pat

 

Dear Pat,

The easiest way of finding out what your home is worth, is to contact your REALTOR and ask for a Comparative Market Analyis (CMA).  Many agents, including Team Zuhl, will not charge ANY fee to do a Market Analysis.   An appraiser will charge a fee, usually several hundred dollars, but in many cases the appraiser will provide a more accurate number.

A CMA is only an estimate of the value of the property based on similar properties that have sold within the last 12 months in your town. A CMA is an educated estimate of what the home should sell for on the date the analysis was prepared.

When Team Zuhl does a CMA for a homeowner, the CMA is comprised of 3 different analyses: Tax Analysis, the RPR Sellers Report generated by the National Association of REALTORs and a Comp Analysis. 

The Tax Analysis looks at the assessed value of the subject and comparable properties.  A ratio of assessed value to sale price is generated and averaged for all the properties.  That average is then multiplied by the assessed value of the subject home giving an estimate of the current value of the subject property.

 

The RPR Sellers Report is generated using data gathered by the National Association of REALTORs, by accessing MLS and other data sources.  It uses historical, market and geographical data and will pull information based on properties sold within a certain radius of the home regardless of town or zip code.  It is similar to the ZEstimate found on Zillow.com, but your REALTOR can adjust several variables to compensate for market activity and condition of the home.

The Comp Analysis is similar to what an appraiser would do, however we only using the data retrieved from the the local MLS and we don’t have access to square footage and other measures. This is a direct comparison between the subject property and sold comps.  Feature differences, lot size and condition are the most important factors taken into account.    

An appraisal will give you a more accurate evaluation of the current market value, as an appraiser will take attributes of different homes and add or subtract value based upon those attributes.  They will also incorporate square footage and price per square foot.  Those values are generally not available to REALTORs.  

While an appraisal is more accurate, we usually arrive at a value within 2% of the appraised value on properties that we list and sell, using the methods described above.  When there are few (2 or less) comparable properties an appraisal will always be the most accurate method of determining value.

So Pat, we hope that helps you with your question.

 – TZ

Just Listed!! 288 Oregon Street, Union

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&

Team Zuhl

Are Proud to present

A new listing

at

288 Oregon Street, Union

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This two family home is being offered for $199,000.  Each unit consists of 3 bedrooms an eat in kitchen, livingroom, dining room and bath.  There is also a full bathroom in the basement.  This is a short sale in need of a total rehab.  There is water damage due to pipes freezing.  The basement and first floor have significant damage.  The property includes plenty of parking and a detatched 2 car garage.  

For more information contact us.  

 

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Just Listed!! 610 Hory St. Cranford

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Team Zuhl

Are proud to present

A new listing

at

610 Hory Street

Cranford

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This home features 3 bedrooms, 2 full baths, bright layout, and a loft accessed by a spiral staircase.  Enjoy easy access to the Garden State Parkway and mass transit.  Great schools, restaurants and shopping all nearby. All this can be yours for only $424,900. Contact us for more information!

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