Home Inspections--To Do or Not to Do?

Many times buyers ask us whether we recommend a home inspection or not, especially when the home appears to be in great condition. Sometimes the buyer feels they will save money by not performing an inspection. Our reponse is always the same: ALWAYS, ALWAYS, ALWAYS complete a home inspection during the period of time that your real estate contract allows. You never know what an inspector my find that is not evident to your eyes.

What is an inspection?

An inspection is visual in nature and is a review of the various components of a homes structural and mechanical systems. The inspector will look to find any items that may not be performing properly or may pose as a safety or environmental issue. It is important for a buyer to know what is wrong with the home so that they can consider whether or not repairs need to be made prior to closing and who will be responsible for the repairs.

Should the inspection turn up an environmental or structural issue, in most cases, the seller would be responsible for addressing the issue either by having it fixed or by providing a credit to the buyer.

The more minor issues sometimes become a negotiation between the buyer and seller to come to an agreement on who will be responsible for each.

The inspector will provide a detailed report on his findings including a summary of possible issues and advise you to seek a specialist certified in that area.

What will be inspected?

Here is a checklist of what they should inspect:

* heating & air conditioning systems

* plumbing system

* electrical system

* walls, ceilings, floors

* roof, gutters, leaders

* insulation if exposed

* attic
* basement & foundation

* windows, doors

* exterior finishes (siding, brick, etc.)

The following items may also be inspected by your home inspector, or he may recommend a specialist in the area:

* mold

* radon

* water/well test

* wood destroying insects

In the those homes that have a septic system, a separate septic company should be hired to inspect the tank, leech fields and piping (see our earlier blog regarding septic inspections dated 9/27/10).

Should you be in the market to buy a home and need a good home inspector, feel free to call Leanne @917-596-2772 or Anna @732-371-3233 for recommendations.

As always, call us with all your real estate needs, as well.

COLTS NECK COLONIAL HOMES FOR SALE!

COLTS NECK, NJ COLONIAL HOUSE FOR SALE!

First time on the market, we are pleased to announce our latest Colts Neck listing. This charming Colts Neck Colonial home for sale was originally built in 1897 but has been updated to incorporate some of todays modern style. This Centerhall Colonial features 3 bedrooms, 2 full baths and eat in kitchen. Hardwood floors in Foyer, Living Room & Dining Room. Spacious elegant Dining Room has old world charm and crown moldings. Master suite extension was added in 2002 and features cathedral ceilings, walk in closet, sitting area and master bath. 1 car detached garage with added room for storage. Many recent updates include windows, roof, siding, heating & air conditioning. Situated on a private 1.1 acre lot which is completely level. A great opportunity to live in Colts Neck for under $500,000. A must see, you will not be disappointed!

Reduced to $399,000. Please call Anna @ 732 371 3233 or Leanne @ 917 596 2772 to preview this charming home.

Visit our website to view additional listings at www.leannelucarelli.com

HOLMDEL HOMES FOR SALE!

HOLMDEL HOUSES FOR SALE!

We are pleased to announce our newest listing located in Holmdel--2 Canyon Run Road!
Tucked away in the Estates of Holmdel is this lovely Centerhall Colonial on 1.19 acres on a private cul de sac block. This charming 4 bedroom home has an additional room for an office downstairs & a walkout finished basement. Tastefully decorated Living Room & Dining Room with hardwood flooring & custom window treatmts.

Spacious eat in kitchen features stainless appliances, granite counters, double wall oven, subzero refrig/freezer and sliders to multitiered deck. Large Family Room off kitchen with fireplace and granite top bar with winecooler. Master Suite with cathedral ceiling, dressing area and new posh bath with jacuzzi, double built in custom vanity, stone oversized shower.

Exterior of home has been completely refaced with stucco and cultured stone. Beautiful sandstone lighted walkways leading upto your double door entry.

Wonderful yard for entertaining with multi tiered deck, pergola with tv, fireplace, inground heated natural looking gunite pool.

Awesome Holmdel Schools. Great location close to shopping and commuting options. Requesting $839,000.

Call Leanne @917 596 2772 or Anna @732 371 3233 to preview this lovely home.

Visit us at our website for additional listings at www.defalcorealty.com

U.S. HOME SALES CONTINUE TO DECLINE

HOME PRICES CONTINUE TO SINK

Pursuant to a WSJ Article titled “HOME PRICES SINK FURTHER” dated Monday, January 31, 2011, declines in home prices in 28 major metropolitan areas have been reported as inventory levels continue to ramp up. The WSJ’s latest quarterly survey on the housing market found there has been a reduction in prices in the metropolitan areas that they track during the 4th quarter of 2010 when compared year over year with 2009.

The size of the decline year over year was greater than the previous quarter’s in most of the same markets. In the meantime, inventory levels are rising in many of the markets due to the backlog of unsold homes and the foreclosures yet to hit the marketplace.

The housing market continues to struggle with obstacles such as tough credit conditions in the mortgage arena and weak demand which can be partially attributed to unemployment rates and confidence levels.

Sellers and buyers continue to be at a stalemate as sellers’ view the offers as being “low balled” and buyers continue to hold out as they feel prices will continue to soften.

Again, it is all about pricing! If a home is priced aggressively for its location and condition, it will sell and it will normally sell quickly! If you are considering selling your home, be sure to have your Realtor do a Comparative Market Analysis for you to see what your price point should be in order to ensure quick activity.

Call Leanne @917 596 2772 or Anna 732 371 3233 for your complimentary Comparative Market Analysis today.

Excerpts from Wall Street Journal Article "Home Prices Sink Further" dated January 31, 2011

Sales Statistics for Monmouth County Year over Year

The following stats have been provided by Realist in the Monmouth County MLS system through the 1/3/2011.

Single Family Residences/ No. of Sales/ Median Sale Price:

Nov 2010/ 363 units/ $345,000

Nov 2009/ 576 units/ $341,000

Oct 2010/ 457 units/ $370,000

Oct 2009/ 528 units/ $365,000

2010 YTD/ 5324 units/ $370,000

2009/ 5577 units/ $358,000

For a list of available homes in your area, or a complimentary Comparataive Market Analysis to see what the value of your home is, please call Anna @732 371-3233 or Leanne @917-596-2772.

Robert Defalco Realty Presents Home Sales 2011 Outlook

In 2011, if spending and consumer confidence continues to increase, a recovery of the housing market should be on the horizon. It will be a slow process, but with a general move in the right direction for home ownership. This will ride on the coattails of the fact that our overall economy is beginning to settle into a more stable state.

Business spending will be the gauge of where the market is moving. Businesses must invest in the growth of their companies and, in turn, will quicken job gains and, thus, interest in home ownership. The highly inflated level of home prices has been shattered and market and interest rates are at their historical low points. These factors make home buying attractive. Consumer confidence only has to rise to the occasion. Another factor is that home prices are more in line with income. In the peak of 2006, when home prices were inflated, the average house cost 3.5 times an average income level. Now, that ratio is about 2.4 times income. The historical normal level was 2.5 times so now would be the a good time to purchase.

Inflation has not been an issue in the past few years, as the 2010 Consumer Price Index increased only 1.1% from 2009. It remains to be seen if inflation will return in 2011 or 2012. There are signs that prices could start heading upward, since the Federal Reserve anounced it would flood the economy with money by purchasing $600 billion worth of Treasurey bonds next year. Interest rates rise with inflation.

People in general, have learned hard lessons: spending within their means. This doesn't equate to the fact that owning a home is an unattainable goal. It just means that purchasing a home in a comfortable price range is a more realistic goal.

Aligning these factors, normal inflation, reasonable home prices and consumer confidence, the long awaited expectation for a more normal housing market can be expected.


Article Courtesy of vvargas @ Robert Defalco Realty

HELPFUL HINTS IN SELLING YOUR HOME

Now that your home is for sale, we suggest you read these helpful hints. They will make the selling of your home a more pleasant experience for all of us.

1) Make good first impressions: The grounds should be properly maintained summer or winter. Have the lawn mowed & raked, shrubs trimmed, driveway & sidewalks swept clean & all debris removed from the property.

2) Arrange shades or drapes to give maximum amount of light to dark room: Replace all burned out light bulbs & repair faulty switches. Light colors add cheerfulness to dark rooms, especially kitchens.

3) Easy Repairs: Badly cracked plaster, loose door knobs & crooked light fixures are among the small items that can be easily repaired. Small things sometimes hinder a sale.

4) Show off Space: Display your storage and utility space by removing all unnecessary accumulations in attic, stairways, basement and garage. They will appear much larger.

5) Correct Faulty Plumbing: Leaky faucets can discolor porcelain & call attention to plumbing defects.

6) Minor Redecorating: If needed, some minor redecorating is recommended, such as painting, rug shampooing, etc. It will create a much more appealing appearance.

7) Keep down Noise Distractions: keep radios & televisions off or turned down duing the showings to eliminate any possible distractions to the prospective buyer.

8) Corral Pets: If you have pets, it is recommended they be kept out of the way or out of the house, if possible. Some people are uneasy around animals & they may detract from the prospects attention.

9) No Apologies: Apologies should never be made for any adverse appearance of your home. THis only emphasizes the defects.

10) Privacy Please: buyers like to ask a great many questions of their Realtor when being shown through a home and most prefer to do this in privacy. This inspection should proceed without your immediate presence. The buyer usually feels more relaxed. If you insist on being present, please don't discuss terms, price, etc. We will handle the details.

11) Property Availability: Always be prepared to show your property. If you delay a prospect, it may lose your sale. Your real estate salesperson will always arrange appointments with you in advance.

Finally, may we remind you, that we are dedicated full time agents who can furnish you with expert advice on any problems or questions that may arise. Call Leanne @ 917 596 2772 or Anna @ 732 371 3233 for all of your real estate questions & needs.