Many sellers are still making substantial profits on selling their homes in this softening market. The secret is when you purchased your home. If you bought your home more than 5 years ago, you'll see a good return on your investment. If you bought your home in the last 3 years (boom times), there's little or no profit. The winners are those who have owned their current homes for 20 or more years - these home owners will make a significant profit on their homes.
You need to refocus - it's not what you could have sold the home for 18 months to 2 years ago, but it's what you paid 30 years ago and what you can sell for today. You weren't ready to move 2 years ago, so it doesn't really matter what you could have sold it for - you are still going to make a very nice profit. Your house has been a great investment: not only have you had a place to call home and not paid rent, you also double, tripled or quadrapled your investment. Where else could you have invested your money and seen that kind of profit?
So it's all a matter of perspective but, for many in New Jersey, homes as investments are still making their owners money.
Thursday, February 28, 2008
Are you looking for a well priced home in Edison, New Jersey? If so, come and visit me at my Open House on Sunday, March 2 from 1 to 4 p.m. We're inviting you to take a look at this wonderful 3 bedroom home. It's a Single family, half duplex, 3 bedroom, 1.5 bathroom, 2-story home. This great home offers a foyer, eat-in kitchen with all appliances, formal dining room, large living room with wood burning fireplace and sliding doors to deck. There's a full basement, gas forced air heating, central air. There's plenty of updates with newer roof, replaced windows, vinyl siding, newer furnace, hot water heater, electrical service. The bathrooms have been updated and there's a new ceramic floor in the upstairs bathroom. Newer trexx (low maintenance) deck and fully fenced yard with shed. There's private parking on a long blacktop driveway. This lovely home is located in a prime location, opposite a park with a playground. The elementary school is just across the park. It is also conveniently located for shopping, major highways and the Edison train station with a direct line into Manhattan. The asking price for all of this is $295,000 and the address is 155 Jefferson Blvd, Edison, NJ 08817. I look forward to meeting you on Sunday.
Sunday, February 24, 2008
The media cries that the sky is falling - not so. It all depends what you're looking to do. Here in Central New Jersey, our market has softened but it's still very much alive. For first-time home buyers, this is a great time to buy. Prices are lower, mortgage rates are good and there's an abundance of inventory - you may even find your dream home and be able to afford it!! For sellers, it's not quite so easy. Not only are they going to sell their home for less, but it will probably take much longer than in previous years. This is not the time to go it alone, you need some professional help. This is when a professional, experienced Realtor is well worth investing in. However, if you are looking to move from a smaller to a larger home, this is still the time to sell. While you may get a little less for your current home, you can buy more for less and that bigger home is going to cost you significantly less and you'll eventually be ahead of the game.