RealtorIrene Blogs about Sussex County NJ Real Estate

First, let me say I'm a Sussex County NJ real estate agent who adores working with stagers whenever possible. In fact my first outgoing AR referral was to distant stager, Sharon Tara - who did a great job for relatives. I firmly believe that those with a home for sale should seriously consider the modest investment for staging. (I stopped hiring the stager myself once I realized owners didn't actually implement as many of the suggestions if they weren't paying the fee.)

Just got some feedback from a Sussex County NJ seller to whom I gave the name of 2 locals stagers. One reason for her decision to go with Stager X is that Stager Y's website implied she works ONLY on mansions. The seller's home for sale in Branchville-Frankford NJ is a modest one (not in the photo).

Now I know that stagers do wonderful work on every kind of home. Had one work miracles on this great-grandmother's house filled with 40 years of knicknacks and photos - shown in photo. And it helped get us offers and sell this Sussex County Scenic Lakes community home! So, I can personally attest to the great value stagers bring to every type of home for sale.

I'll freely admit that a staged million-dollar home will look better than one priced at the low end of your market. But guess which end is moving in most areas - certainly in Sussex County NJ.  And today I learned the intimidation factor. If a stager doesn't have pictures of a modest home on his or her website, a potential client may be intimidated - rightly or wrongly:

• My home isn't worthy.
• I can't possibly afford someone like that.
• She won't be interested working in my humble abode.

So while mansions will look better in the pictures, please be certain you show a "cheap" home on your website too.  I'll steer potential business your way but I then need your help to reel 'em in.  Unless you strictly do high-end, expensive homes, don't send them running for cover. Let them know I'm NOT crazy and that you offer value to all homes for sale.  Put a few photos on your website that will make hard working blue collars want to hire you - and realize they can afford it.  And, yes, I shared private feedback to Stager Y, who will be making a change to her site.

Copyright © 2010, Irene Kennedy, all rights reserved. This blog post represents Irene's personal musings.

Considering selling a vacation home or looking to buy a Sussex County NJ getaway property? Benefit from creative marketing, top negotiating skills and vast real estate knowledge by contacting Irene via the data to the right.

Irene Kennedy, who is a NJ real estate agent with Weichert, Realtors, lives in Sussex County & works from the Hamburg office. Her primary market includes: Augusta, Branchville, Crystal Springs, Frankford, Franklin, Hamburg, Hampton, Hardyston, Highland Lakes, Lake Mohawk, Newton, Ogdensburg, Scenic Lakes, Sparta, Stockholm, Sussex, Vernon, Wantage.

This Sparta NJ market report is based on information in GSMLS as of September 2, 2009. Data for previous months has been updated; for example, if a Lake Mohawk home for sale went Under Contract, the deal fell apart and the home is again on the market, the previous months were adjusted.

Market data for Sparta NJ real estate shows that 17 homes sold in August with an average sale price of $532,382 - an increase from the previous month. Sparta's average Sale to List price was 94% - typical.

For the new listings of 57 homes for sale in Sparta, the average price is $573,280 (another increase). The average list price for Sparta homes that went Under Contract $379,714 - a significant decrease from July and sad news for Sparta owners of the larger, more expensive homes for sale. Additionally, if one compares the closings in August to the active listings, we're looking at just under 5% actually closing a deal.

As of 9/2/09, Lake Mohawk real estate market data shows 6 sales - from $227,500 up to a lakefront Colonial selling for $995,000. A slight decrease as we hit September, the 74 active Lake Mohawk homes for sale still give buyers lots of options!

• Sparta NJ real estate up to $350K

• Homes for sale in Sparta NJ $350K-$500K.

• Sparta NJ homes for sale $500K and above.

Copyright © 2009, Irene Kennedy, all rights reserved. This blog post from RealtorIrene.com represents Irene's personal musings.

Irene Kennedy, who is a NJ real estate agent with Weichert, Realtors, lives in Sussex County & works from the Hamburg office. In addition to Lake Mohawk and Sparta,her market includes: Augusta, Branchville, Crystal Springs, Frankford, Franklin, Hamburg, Hampton, Hardyston, Highland Lakes, Newton, Ogdensburg, Scenic Lakes, Stockholm, Sussex, Vernon, Wantage.

Open Houses at homes for sale in Sussex County NJ have averaged 2.5 parties for quite some time. A party might be 1 person, a couple or family of 5 - one potential "home buying" unit. Our Opens are for 4 hours and I mine quite seriously. Lots of advance publicity, newspaper ad with a photo, tons of signs with balloons.

No rhyme or reason - sometimes I still get skunked. Yep, no visitors at all. Discouraging for both me and the owners of the home for sale in Sussex County.  At one of my very initial Open Houses in Sussex County (Branchville to be precise), I had a woman visit who was quite interested. We looked at many other homes before she purchased the one where we met.  This lovely lady is a local real estate attorney and we've referred business to one another ever since.  In fact, she recommended me to the seller of the Franklin NJ ranch home where I did an Open House on Sunday, August 9.

The Sussex County NJ real-estate gods must have been smiling down on me that day. Due to begin at 1:00 p.m., I arrived at 19 Scott Road in Franklin NJ 45 minutes early. Wanted to turn on the lights, open windows, arrange flyers, set up a beverage station, etc. A car followed me up the driveway, so I gladly gave the couple a leisurely tour of this home for sale. They departed shortly before 1:00 - but 3 other parties pulled up immediately!

Now I'm a very good and very experienced real estate agent. (Also very modest!) No way, however, can I give each potential buyer of a home in Sussex County the attention he or she deserves when an Open House is so busy. My husband Chip is also a real estate agent, so I called him to come help. Hadn't even finished showing Chip the home when the next few parties arrived!

We had 14 parties at this Open House in Franklin NJ, several of whom were seriously interested in it.

The best news, however, is that one couple returned as I was closing up my Open House to say they needed to buy the home! The seller accepted their offer 24 hours later - having considered it and a second that was submitted on Monday. We're now Under Contract and have completed the home inspection.

I'm now getting ready to help the buyers rent or sell their current home in Stockholm NJ. Plus I'm helping several of those other Open House visitors find the right home.  Textbook example of the power of an Open House!

Lisa Udy really understands real estate although I'll bet she's never been to Sussex County NJ.  As I plan on sharing this with my sellers who are getting no activity, I might as well share it on a wider scale.

Thanks, Lisa, for making this available to us!

This Sparta NJ Market Report is based on information recorded in GSMLS as of August 1, 2009. There may be unrecorded market data - closings or listings on July 30 - 31, for example.

GSMLS market data for Sparta NJ shows that 24 homes were sold in July 2009 with an average sale price of $469,812. For the 45 new listings of homes for sale in Sparta, the average price is $493,758. The average list price for homes that went under contract in July is $418,830 - so clearly buyers are still seeking incredible deals.

As of 8/1/09, Lake Mohawk real estate market data shows 7 sales - from a modest log cabin at $210,000 up to a lakefront Tudor at $725,000. With 81 active Lake Mohawk homes for sale, buyers still have a wide range of choices in this popular Sparta area!

Start looking at homes for sale in Sparta NJ $350K-$500K.

Copyright © 2009, Irene Kennedy, all rights reserved. This blog post from www.RealtorIrene.com represents Irene's personal musings.

Considering selling a home or looking to buy one around Sussex County, NJ? Benefit from creative marketing, top negotiating skills and vast real estate knowledge by contacting Irene via the data to the right or www.HomesIrene.com.

Irene Kennedy, who is a NJ real estate agent with Weichert, Realtors, lives in Sussex County & works from the Hamburg office. Her primary market includes: Augusta, Branchville, Crystal Springs, Frankford, Franklin, Hamburg, Hampton, Hardyston, Highland Lakes, Lake Mohawk, Newton, Ogdensburg, Scenic Lakes, Sparta, Sussex, Vernon, Wantage. With her vast network, however, Irene Kennedy also can help you find an equally talented real estate agent elsewhere.

Update Sept. 30 - One of my sellers has decided to take the home off the market. Along with relevant statistics I worked up on Sussex County real estate sales and inventory, I shared Dean's post.

While I've posted about this and shared other items along the same lines, this is a critical message for all home sellers. Dean's points are just as relevant to the Sussex County NJ real estate market as they are to his Chicago area!

For several shorts sales in the Sussex County, NJ, area, I've had great interactions with Chase.  On Monday, I faxed a best-and-final offer, a net worksheet, copy of check and mortgage preapproval, updated seller financials, etc. Chase has already agreed to a short sale of the property in Hamburg and had 2 interior BPOs done. So, all should be ready to roll.

Wrong!

I just phoned to confirm receipt and learned that the Chase corporation is doing work on or replacing its computer systems.  Employees will be unable to access details on any loans until at least July 8. According to the very polite gentleman in the Short Sale department, Chase decided to schedule this conversion to include a holiday weekend.

But one is talking about a least a week! And this does not just apply to the Short Sale section.

So, do not attempt to call Chase for any mortgage-related reason before July 8, 2009!

 Save yourself some agony...

Copyright © 2009, Irene Kennedy, all rights reserved. This blog post from http://www.realtorirene.com/ represents Irene's personal musings.

Considering selling a home or looking to buy one around Sussex County, NJ? Benefit from creative marketing, top negotiating skills and vast real estate knowledge by contacting Irene via the data to the right or http://www.homesirene.com/.

Irene Kennedy, who is a NJ real estate agent with Weichert, Realtors, lives in Sussex County & works from the Hamburg office. Her primary market includes: Augusta, Branchville, Crystal Springs, Frankford, Franklin, Hamburg, Hampton, Hardyston, Highland Lakes, Lake Mohawk, Newton, Ogdensburg, Scenic Lakes, Sparta, Sussex, Vernon, Wantage. With her vast network, however, Irene Kennedy also can help you find an equally talented real estate agent elsewhere.

In a comment I made on home stager Sharon Tara's post, The Secret To A Fast Home Sale: Two Words..., I shared an approach I use with people who have a home to sell within Sussex County NJ. Sharon encouraged me to do a post on it, as it might help others as well in discussing list prices with home sellers.

I commented: My phraseology is "The buyers are going to cast their votes. No showings means they have voted AGAINST your price. If you want your home to be elected instead of the competition..."

Even at my first meeting with someone who wishes to sell a home, I discuss general market conditions. Prices continue to decline in Sparta, Hamburg, Hardyston, Branchville - right down the list of all towns in Sussex - and are predicted to drop for the foreseeable future.  While I will not have solid comps until our second meeting, I introduce them to my "democratic approach to list prices."

Basically, I let them know it is their right to set the price at which they will sell their home. A listing means they throw their hat in the ring and enter the race against all candidates - the other homes for sale. If they and I agree that I'll list their home, my job is to manage the campaign. Home buyers are the voters. We need to appeal to those voters.

Nothing earth shaking here, I admit.  The real impact is when we're discussing the initial list price and potential reductions down the line. 

If we aren't getting potential buyers to look at a home, I remind the sellers that the buyers have voted.  "Buyers clearly are telling us that they aren't interested in considering your home at its current price. Rightly or wrongly, the buyers do not perceive it as good value and they are looking elsewhere."

It does not always convince the homeowners to lower the price immediately, but they always begin to reevaluate their campaign platform...

Copyright © 2009, Irene Kennedy, all rights reserved. This blog post represents Irene's personal musings.

Considering selling a home or looking to buy one around Sussex County NJ? Benefit from creative marketing, top negotiating skills and vast real estate knowledge by contacting Irene via the data to the right.

Irene Kennedy, who is a NJ real estate agent with Weichert, Realtors, lives in Sussex County & works from the Hamburg office. Her primary market includes: Augusta, Branchville, Crystal Springs, Frankford, Franklin, Hamburg, Hampton, Hardyston, Highland Lakes, Lake Mohawk, Newton, Ogdensburg, Scenic Lakes, Sparta, Stockholm, Sussex, Vernon, Wantage.

 In my areas of Sparta, Hamburg, Vernon, Wantage, Frankford, etc., more and more homeowners are having difficulty paying the mortgage.  Once a homeowner is several months late, the mortgage company/bank starts to consider its options.  Some options will keep the owner in the home by modifying the loan; some will mean the owner must list the home for sale.

 When a distressed property needs to be evaluated by the bank, one or more Broker Price Opinions are normally requested - very often through a third-party, outsourced vendor.  BPOs are not as detailed as an appraisal. A BPO is a quick assessment by a real-estate agent that gives the bank an idea of what the home could sell for within the next 90 - 120 days. It is based primarily on MLS listings of similar properties in the same neighborhood.

 I have done countless BPOs around Sussex County. I view BPOs as a discussion of list price with a potential seller, albeit one who is far away and has never seen the property. I am that bank's local real estate agent for the sake of a price opinion. (While my experience has been localized, I do BPOs for the same vendors and same banks that get them done across the U.S. Hopefully, my opinions and expertise might help someone elsewhere.)

Here are the main reasons I've been hired to do BPOs in Sussex, Morris and Passaic Counties:

1. A homeowner is late and the bank is weighing its options - perhaps deciding whether to foreclose or consider a work out;
2. The owners have no means of remaining in the home and have listed or are prepared to list it for sale, have had some hardship and are asking the bank to consider a Short Sale;
3. Potential buyers have put in a written offer and the bank needs to evaluate it based on today's market conditions;
4. Foreclosure has occurred. The property is now an REO and the new owner (the bank) needs to set a price for the sale of the home.

 Reason 1 is the type I like least. These owners are usually unaware that the bank is having a BPO done. (The mortgage documents specify the rights of the bank to inspect the property under prescribed conditions.) This will always be an exterior or drive-by BPO for which I need to get my outside photos very, very discretely and be prepared for some unpleasantness if the owners drive down the street and spot me...  Too, these home are not currently listed for sale, so there is no MLS listing with current interior photos. My research will take much longer.

 With the other 3 reasons, the sellers are typically supportive of the BPO. Many times I am hired to do an interior BPO. By appointment, I access the home and take interior & exterior pictures. Frequently, multiple BPOs are done on the same property within the same time frame. The current record for me is when I was in one Lake Mohawk home for sale at the same time 2 other agents were also taking their interior pictures! Triple opinions from real estate agents working for 3 different brokers but it was a very high-priced home. This indicates just how inexpensive a BPO is, but I'll return to that later.

 Future posts will detail which BPOS I will agree to do, what information I provide, the stumbling blocks I've encountered, how listing agents view my BPOs and my compensation for these efforts.

Part 2: Pink Elephant BPOs based on a case in Sparta, NJ.

Celebrating a $15,000 price reduction on a home in Wantage Township by announcing Sussex County's second HomeAndLunch tour!

On Saturday, June 6, between 11:30 a.m. and 2:00 p.m., I'll provide lunch to all real estate agents who bring their buyers to tour this home. To get the goodies, the real estate agent must call me by noon the day before (Friday, June 5) and let me know how many will be in that party.

This completely renovated 2-bedroom ranch home is set on .84 acres on desirable Beemer Church Road, Branchville, NJ. (Wantage Township with a Branchville zip code.) Great for first-time home buyers, those wanting to downsize, folks who want something small but not within a planned community.

Take a closer look at this lovely home

in Wantage with a Branchville mailing address.

Learn more about  my HomeAndLunch tours.

Search Sussex County NJ Homes for Sale - ask me about any!