The Town Broker

Archive for May, 2010

Westfield Memorial Day Parade 2010

I LOVE A PARADE! (Or so the saying goes.) But I really do!! What makes small town living so much fun? I think local parades have to rank high on the list!

Westfield Celebrates Memorial Day With A Small Town Parade

After a ceremony at the town war memorial, the 2010  Westfield Memorial Day parade proceeded up East Broad Street. Moving through the business district, the event ended at the Fairview Cemetery with a tribute to all those killed during wartime.

This is small town Americana at it’s finest! Eat your heart out, Norman Rockwell!!

Here are a few photos. And want so see something else that I think is pretty cool? Check out this footage of Westfield’s Memorial Day Parade 1969. Courtesy of my friend Jim Miner. Enjoy…

Tags: Memorial Day Parade, Westfield

Is Your Home Stigmatized By Homicide or Suicide? What You Need To Disclose.

Through the years, I’ve come across several home sellers who’ve shared their secret with me. Something happened inside their house. Something horrible…something unthinkable. On occasion, the secret involved a murder. Other times, a family member committed suicide inside the house. And now it’s time to sell. Will letting people know what happened scare buyers away? At minimum, these sellers worry that disclosure might decrease the value of their home.

And the truth it…it might. Do they need to share what happened to prospective buyers?

Disclosure Rules On Stigmatized Properties Vary From State To State

Stigmatized Properties is the term we use to describe properties that the public might shun for reasons unrelated to its physical condition. According to Christopher Strahan a real estate attorney practicing in Princeton NJ, “New Jersey law does not require a home seller to proactively disclose this type of stigma. But if the buyer asks directly, then the seller is obligated to share the truth.”  

A stigma could be caused by an event like one of those described above. Sometimes, the home becomes notorious…well known in the public space…because of something remarkable that happened there. The 1971 murder of Westfield’s List family by husband and father John List, is a story well known in these parts, and comes to mind whenever I think of notoriously stigmatized homes.  (Incidentally, the List home on Hillside Avenue in Westfield burned down years ago. Still, curiosity seekers still visit, searching for something…) “When a home becomes notorious, it enters a much murkier area from a legal standpoint” says Strahan. “Buyers often do their diligence online. If you can Google the address and it pulls up pages of results, then I think the seller needs to be prepared to address the issue”. 

Consider the Dutch Colonial on Ocean Avenue in Amityville, New York…the scene of the famed Amityville Horror.

There Are Many Types Of Stigmatized Homes

According to Wikkipedia that there are numerous ways a home can become stigmatized. These include:

• Public Stigma: Where something causes the house becomes notorious as in the List case,
• Murder/ Suicide Stigma: When the event occurs inside the house or on the property but it hasn’t become notorious,
• Criminal Stigma: When the house becomes notorious for a criminal event…like being used as a brothel or known drug den,
• Debt Stigma: When the debt collectors repeatedly come to the home trying to collect, unaware that the debtors have moved on,
• Phenomena Stigma: You know…when the house shows up on an episode of Ghost Hunters

The Takeaway… In New Jersey, it’s still “buyer beware”. Sellers are not obligated to disclose stigmatizing events, so it’s up to you to do your homework and ask. As for sellers, I always counsel them to be prepared to share everything when asked. The truth WILL kill some deals…that’s the unfortunate reality of stigmatized properties. But it won’t kill EVERY deal! Be patient, have faith, and a deal will come together. 

A colleague once told me ”there’s a lid for every pot”. I agree. And there’s a buyer for every home…even a stigmatized one!

Tags: disclosure, home sellers, stigmatized

ATTENTION WESTFIELD HOME SELLERS: Keep Your Bonus To Yourself!

I showed a home for sale in Westfield the other day. The real estate agent called me for feedback, as all good agents would. When I told her why it didn’t meet my clients needs, she said something that really struck me: “My sellers really need to be under contract before the end of the month” she said. “If you can find a way to convince your buyers to take it before then, my seller will throw in a $1000 bonus to you the selling agent!” Say what?

Do Agent Bonuses Really Work When Selling A House?

I suppose her comments were designed to entice me, but instead…they ticked me off.  I just spent several minutes explaining why the house didn’t meet my clients needs. I told her that the neighborhood was terrific, but some of the bedrooms were smaller than we needed. The kitchen and baths were more dated than one expects at this price point in town. When she asked my opinion on the price, I politely told her that I thought it was a bit high for the current market. In the end, we were still looking.

But wait…there’s a bonus!!

Do you think that the extra $1,000 in my pocket matters that much to me? Really? No don’t get me wrong…I’m running a business, and I enjoy being fairly compensated for my efforts. I have a wife, a daughter and 2 crazy cats who all like to eat. But asking me to convince my client to do something that isn’t right for them just annoys me. It would be amazingly short-sighted on my part, and isn’t how I run my business. It reinforces the stereotype of the slimy real estate agent who is only out there for themselves. And frankly, I find it pretty offensive. Believe me, I would have sold your house if I could have. I didn’t show it just for giggles. If it met my clients needs, and represented VALUE TO THEM, I can assure you that you would have seen an offer from us. 

So here’s a quick note to all you Westfield Home Sellers looking for a creative edge in this market: There are still qualified buyers out there. Interest rates are still really, really low. I have buyers, and I would LOVE to sell your house! But help me out.

If you want to sell, it’s not all that complicated: 1) price your home properly, 2) have it staged it so it shows better than it’s peers, and 3) put together a complete marketing plan. The buyers will come…believe me.

But as far as I’m concerned, you can keep your bonus to yourself!

Tags: Bonus, Home Seller, Selling Agent, Westfield Homes

REFINANCE NOW!! Why These Mortgage Rates Won’t Last.

World geo-political events have wreaked havoc on wall street in recent days. But what you might have missed is that this has caused mortgage rates to fall to record lows. TODAY would be a good time to call your lender about refinancing!!!

Investor Emotions Push Mortgage Interest Rates Lower

As I’ve said before, mortgage interest rates are NOT set by the government. They are market driven. And financial markets are emotional creatures. Sometimes the markets are driven by predictable events, like the government’s release of existing home sale data or other such numbers. But as mortgage expert Dan Green points out in this post, the market has been hammered with a bunch of unexpected events lately. From volcanic  eruptions in Iceland to tensions between North and South Korea, the world has become a very unpredictable place. Oh yeah…and can anyone say GREECE?!

Hey…I know I said that mortgage interest rates would rise back in April. But these unexpected world events are keeping rates unnaturally low!  Hey… who knew?!

The end result is that the world’s investors are diving for cover, and it translates into lower mortgage rates for you! According to Bankrate.com, rates at the time of this posting were under 4.9%!! (Keep in mind that I’m talking about conforming 30-year fixed mortgages…not some weird specialty product). 

But the chaos won’t last forever. And when it subsides, rates will drift upwards. They always do…

So if you live in and around Westfield and you’re considering refinancing (and hello…it might be a good idea), TODAY would be a great time to call your favorite lender for a quote. If you need a recommendation for someone good, call me and I’ll pass along a few names. I can be reached at 908-216-4836.

Tags: interest rates, mortgage

If Your Home Doesn’t Sell, Try To Confuse The Buyer!

I saw a new home for sale in Westfield recently…or at least that’s what the seller wanted me to think. But when I looked closely at the address and pictures, I knew it was a home that’s been on the market for months.  The only thing “new” about it is that they replaced the exterior photo from one with snow on the roof, to one taken on a glorious spring day. Oh yeah…and they dropped the price by a whopping 1.2%!

Did they think we wouldn’t notice?

It’s a process that real estate brokers call “churning a listing”. A seller takes their home off the market for a few days (or weeks), and then re-introduces it again.  It’s a game that’s as old as the hills. But it’s a pretty bad idea (just my humble opinion, I guess). Here’s why…

Churning A Listing Resets Days On Market…But At What Cost?

The reason a seller and/or agent churns a listing is because the MLS keeps a record of days on market. When you “churn it”, the DOM count goes to zero and starts over again. So a house that has been sitting on the market for 5 months looks like it’s brand new. Or does it? 

As a broker, I’m constantly asked “how long has that one been on?” The assumption (and often an incorrect one) is that the higher the DOM, the more “motivated” the seller would be to hear a lower offer. The seller doesn’t want that, so they pull it off the MLS…wait a bit…and put it back on again.

But the serious buyers are not easily fooled. And the full-time agents are NEVER fooled! So when the house comes back on in the “new listing” column, everyone who is serious about real estate sees two things: 1) the same house, and 2) that this seller and their agent are open to manipulating the truth. 

And then I’m asked this question: “If they’re trying to hide the days on market, what else will they try to hide?”  Is this REALLY the message you want to be sending out to the market?! It’s kind of like resetting the odometer at the used car lot. Nobody’s really fooled, and it makes everyone look sleazy.

Now I have colleagues in the business who disagree with me on this point. They tell me that they’re just doing what they’re told…just honoring their fiduciary responsibility to their clients. BUNK! Article 1 of the NAR Code of Ethics is pretty clear. It says that the obligation to the client is primary, but it doesn’t relieve the Realtor from treating all parties honestly. Exactly where does resetting the odometer fall on the honesty spectrum?

So here’s what I propose to be a better plan: 1) Price your home properly the first time, 2) Stage it so that it looks better than it’s peers, and 3) Sell it and move on happily with your life.

Real estate doesn’t have to be that complicated, right?

Tags: churning listing, days on market, fiduciary duty

HELP! There’s Lead Paint In My House!!

One of the things that attracts so many people to our community is the lovely older homes. Many were built around the turn of the century, and some even earlier. We decided to purchase our Westfield home (built in 1927) because we love its character and architectural style.  But trust me…when your home is this old, one thing is certain: repairs and renovations!

EPA Issues New Lead Paint Renovation Compliance Rules

If your home was built prior to 1978, chances are pretty good that they used lead paint somewhere. It was in this year that there was ban placed on using leaded paint, because of the damaging health effects on children. (In New Jersey, if you purchase a home built in or before this year, you’ll need to sign a lead paint disclosure form acknowledging the risks.)

Since the ban on lead paint was put into effect, the number of children poisoned by the dangerous metal as declined significantly. But the EPA still estimates that a millions (with an “M”) children are still impacted annually. And that’s waaayyyy too many!

When we think of homes that present a lead paint hazard, we often think of decaying urban structures with peeling paint and falling walls. And while these do present a problem, that’s not the whole picture. Re-modeling and renovation projects to upscale suburban homes can also present a significant risk.

Remember…the danger is in disturbing the lead paint and sending the dust into the air where it can be inhaled.

To address these risks, the EPA has now issued new rules for re-modeling projects. These rules went into effect on April 22, 2010. These rules don’t apply to individual homeowners doing minor repairs. But if you’re paying someone to do the  job, your contractor will need to be properly certified to do the job safely. Failure to comply with these rules will lead to big fines, and possible health risks to you and your family.

To learn more about what these rules say and how they might impact you and your re-modeling project, check out this video. Or, feel free to give me a call with any questions.

 

 

Tags: EPA, lead paint, remodeling

FORE! Westfield Mini-Golfers Score Big!

I’m willing to admit publicly that my golf game needs a little work. (OK…maybe even a lot of work!) Sometimes I think that mini-golf is more my speed…it certainly was this weekend! On what turned out to be a picture perfect Saturday, Westfielders young and old alike came to the Hyatt Hills Miniature  Golf Course in Clark to support the 5th Annual “Mini-Golf Madness”, a fund-raising event for the Westfield United Fund.

In Westfield, Charity Often Begins At Home.

As my daughter and I played our round, we couldn’t help being struck by just how many sponsor signs there were throughout the course. Local businesses and individual families seemed to come out in droves to get behind this fund-raiser. (TheTownBroker.com was proud to be one of the many sponsors for this event). Westfield United Fund Board member and Mini-Golf Co-Chair Kimberly Benou told me that throughout the day, there were about 200 players who contributed $10 each to play.

Between player fees and sponsorships, the event raised nearly $5000 for the Westfield United Fund’s member organizations. How cool is that?!

The Westfield United Fund is a true grassroots agency. It has existed since 1937 with a mission of helping support those organizations that have demonstrated their support to Westfield residents. It’s Westfielders helping Westfielders, and it’s pretty special. The member organizations to tremendous work, and they always need our support.  As they like to say “your gift goes far, but not far away”.  In fact, the member organizations of the Westfield United Fund touch the lives of 2 out of every 3 Westfield residents.

Think about that for a moment…2 out of every 3!

So a special shout out goes to everyone who helped make the “Mini-Golf Madness” event a success. And thanks to the Westfield United Fund and their member organizations for helping to make Westfield such a great place to be!

Tags: Westfield, Westfield United Fund

Bravo’s Top Chefs Make Westfield Their New Home

OK…it was only for a few hours. But those of you who know me know that outside of selling homes, cooking is my other real passion!The Top Chef team from Bavo TV’s show of the same name have hit the road again. And Westfield is their only NJ stop on the tour. So naturally, I took a break from my day to check this out!

Top Chefs Duarte and Merriman Give Demonstration & Answer Questions

Bravo TV set up their tent and stage in the Lord & Taylor parking lot on North Avenue, directly across the street from the store.  Chefs Ariane Duarte (Season 5) and Ashley Merriman  (Season 6) gave several cooking demonstrations throughout the day, and answered questions about their experience of being on the show.

I caught the 12 noon demonstration. The tent was packed and people seemed just as interested with the chef’s experiences on the show as they were with the recipe at hand.

Clearly, these were people who watched the show, and were very interested in the “drama” it offered week after week.

“Did you think the producers captured your personality accurately in the show, or was there too much left out in editing?”  “Did you get to try the other contestant’s dishes?”  “Did you agree with the judges decisions or do you think they had biases?” It was a really fun and interesting way to spend an hour on a beautiful Saturday afternoon in Downtown Westfield. As I crossed the street and headed back to my car, I had a short interaction with the Westfield police office directing traffic. “You better make sure they send you some samples” I said. “The food is terrific”

If you hurry, you might still make the next demonstration at 3pm!

Tags: Bravo TV, Top Chef, Westfield

Keller Williams Celebrates Red Day in Westfield!

What is Red Day, you ask? The acronym R.E.D stands for Renew, Energize and Donate. It is a service iniative that Keller Williams Realty created to help give back to our communities. All Keller Williams associates in the United States and Canada are asked to donate their time on Thursday May 13, 2010 and help to renew and energize their communities.

Keller Williams Agents Plant Rose Bushes for Westfield Project.

Here in Westfield, the team from Keller Williams Premier Properties donated and planted rose bushes at North Avenue entrance to the Westfield Train Station. As crowds gathered to watch the festivities, many people commented about how much they enjoyed seeing the roses going in. “Thank you all so much. I will enjoy these all summer!” one woman called out as she headed into town to have lunch with friends.

With over $1 Billion in sales since our opening 5 years ago, Keller Williams Premier Properties is one of the fastest growing real estate companies in the area. Last year, Keller Williams Realty passed RE/MAX International to become the 3rd largest real estate franchise in the entire United States. This is serious growth at a time when the economy leads many real estate brokerages to downsize and close their doors.

If you’d like to learn more about how we can help you achieve success in today’s real estate market, please give me a call. In the meantime…spend a few moments enjoying these pictures from Red Day 2010!

Tags: Red Day, Westfield

Driving Tour – Downtown Westfield

Downtown Westfield Attracts Home Buyers

Whenever I talk to home buyers looking to move to Westfield, the downtown business district always seems to come up. It is one of the many things that attracts home buyers to the area! Downtown Westfield has a wonderful mix of independent stores and boutiques as well as national chains. There are restuarants for your dining pleasure, coffee & pastry shops, and even and a neighborhood movie theatre to visit when you get tired of walking. Under the leadership of the Downtown Westfield Corporation (DWC), Westfield’s downtown is a very special part of this community!

Driving Tour – Downtown Westfield

If you haven’t had the chance to see Westfield’s downtown for yourself, come along with me for a short ride. I grabbed my Flip camers, and took a quick spin through the downtown this morning. While I can’t show you everything, you’ll definitely get a feel for the area. See for yourself why Westfield won the prestigious “Great American Main Street” Award.

Tags: downtown westfield, driving tour, Westfield