The Town Broker

Archive for the 'Cranford' Category

Why “Exclusive Listings” Are A Sucker’s Bet!

(Yeah…I’m probably going to take some heat from a few of my colleagues over this post, but so be it.)

I’m seeing a trend in the Westfield area real estate market that really irks me. There are some brokers who routinely make new listings “exclusive” for a period of time, ranging from a few days to a few weeks. What is an EXCLUSIVE LISTING? It’s a listing that isn’t being fully exposed to the marketplace, in the hope that the broker can sell it to one of their “in-house buyers”.

Putting The Broker’s Interest First.

Now I understand that there are a few circumstances where clients don’t want to go “public” with their listing. Perhaps they have some celebrity status. Maybe their property is notorious for one reason or another and the seller simply doesn’t want to deal with curiosity seekers. Keeping the listing exclusive allows for more limits and better control. I get that. But is this really what’s happening in the majority of cases? I have my doubts…

Hey…I’ve managed a real estate sales office myself.  I know the impact to the bottom line if we can generate fees on both side of the transaction. But this rarely works out well for the seller, and requires the brokerage to engage in the controversial practice of dual agency (which is a post for a different day).  Simply put…when a seller limits the pool of potential buyers to those of a single brokerage company, there is by definition a reduced demand (regardless of what market share they claim). Reduced demand leads to less market urgency, and purchase offers that are not necessarily the best that the market could deliver. I don’t believe this is the best course of action for anyone acting as a  fiduciary. (Incidentally, some companies require that sellers sign a consent form acknowledging that they understand this, and are choosing to be an exclusive listing anyway.)   The sad part is that the seller never really knows how much money they could be leaving on the table.

Why Would A Seller Choose To Be Exclusive?

Being exclusive sound like you’re being treated special, doesn’t it?! But unfortunately, I have heard from numerous sellers who either don’t know that their listing was being withheld from the market in this way, or they didn’t fully understand the implications. That’s not special…that stinks! Our job is to fully expose our listings to the market. Full market exposure provides better outcomes for the seller. Anything less is a sucker’s bet!

Aren’t the sellers the ones we’re supposed to be looking out for anyway?

Tags: dual agency, exclusive listing, fiduciary duty, responsibilities to clients, Westfield real estate

Spring Ahead Into Home Safety!

Yup…it’s that that time again! Daylight savings time officially begins at 2am on Sunday, March 14th. As someone who is probably more of a night owl, I don’t really love losing the hour of sleep. But… the extra evening daylight is a wonderful treat! (More time to explore some of our local parks and attractions!)

Hopefully, when you set your clocks ahead this weekend, you’ll remember to change the batteries in your smoke and carbon monoxide detectors. It’s not a bad idea to use this time to review what your family would do if there REALLY WAS a fire. (When I was a kid, we all knew the escape route from our bedroom in case of fire, and we knew where to meet other family members outside).

But here’s a question for you: When was the last time you replaced the smoke or carbon monoxide detector?

Most smoke detectors are designed to last about 8 – 10 years. Carbon monoxide detectors commonly last about 5 years. If you don’t know how old your units are, then you should probably just go ahead and replace them this weekend. They’re cheap…your family is irreplaceable.

I recommend that you write the installation date in the battery compartment. This way, you’ll always know when it’s time to swap them out.

Happy daylight savings time everyone! Enjoy the longer days!!!

Tags: carbon monoxide detector, daylight savings time, fire safety, smoke detector, Union County, Westfield

Affordable Housing in Union County: Who Should Decide?

I think we can all agree….NJ housing is expensive. As a real estate broker, I see how hard it is for individuals and families to come up with down-payments for a home purchase. And many of us know folks who are struggling to make their mortgage payments during these hard economic times.

While home values in Union County have declined substantially in recent years, it is still a very expensive place to live. Our local towns struggle with ways to provide affordable housing to residents. Recently, Cranford NJ faced a “builders remedy lawsuit” in which a Paramus- based developer sued for the right to build a large housing complex in excess of what the town seemed prepared to approve. Stating that Cranford had “not met its obligation to affordable housing”, the suit proposed the construction of hundreds of new residential units in the Township.

NJ Council On Affordable Housing (COAH)

NJ’s Council On Affordable Housing (COAH) is the State agency responsible for establishing and monitoring municipal affordable housing obligations in New Jersey. The organization’s mission statement reads as follows:

At first blush, the goals of the Council seem admirable enough. But it has come under severe criticism through the years, and was even sued by a group of municipalilities which challenged the State regulations. The local leaders maintained that while they support affordable Read the rest of this entry »

Tags: affordable housing, COAH, Home Rule, Union County