Naasa Sherbeini

Getting It Sold

September 13, 2011 By Naasa Sherbeini Leave a Comment

You are selling your home. Maybe you are transferring to a new location due to employment, or you are retiring. Maybe you decided to sell your home in order to get a larger and more suitable one. You choose your Real Estate Agent and become your agent’s partner. By working hand in hand with your Real Estate Agent you can insure a buyer chooses your home over the one for sale a short distance from you.

Your price must be realistically. Your agent can supply comparable listings for homes currently on the market and recently sold. This will help you determine a reasonable selling price. This will attract possible buyers, but not assure a sale.
Clean up. Start with the outside. Good impressions last. The first things that the possible buyer will see are the sheds, fencing, yard, garage and garden. Maybe the lawn needs mowing or tools needs to be picked up. Make sure the pool is clean. Tidy up the pet area.
Inside your home make sure the walls, ceilings, windows, doors and flooring are clean. Gleaming windows look good. Move and clean under and behind large appliances. Clean out under the sinks. Attend to the carpets, drapes and throw rugs. Remove and store large items not being sold with the home such as safes and outdoor grills. Empty trash cans daily.
Make it easy for buyers to picture their family living in the home. Since you will most likely be moving soon, remove family photos, awards and diplomas, religious symbols and the children’s art work. Keep your home simple. Turn of the television and loud music when buyers are present.
Encourage your spouse and children to help get your home ready to sell. It will be easy to keep the clean on a daily basis. Ask your Real Estate Agent to notify you 30 minutes before coming with the possible buyers in order to do a last minute clean up.

Be casual, welcoming, and charming to the potential buyers. This will have a positive impact and something that will cause your property to remain in the buyers mind.

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Filed Under: Buying Real Estate, Cranford, Featured, Home Maintenance, Real Estate, Real Estate Market Tagged With: buying a home, family fun, home maintenance, selling a home, Westfield, westfield nj

4 Reasons to Buy a Home Now!

July 1, 2011 By Naasa Sherbeini Leave a Comment

Thinking about buying a home but not too sure? The KCM Group gives us four great reasons as to why NOW is the time to buy! Take a look…

1. Interest Rates Are Increasing

Interest rates have increased almost 3/4 of a point in the last six months. Most experts expect rates to continue to increase through the year. Interest rates along with price determine the overall cost of a home. Even with prices softening, if interest rates rise, it may be less expensive to buy now rather than wait.

2. The 30-Year Mortgage May Disappear

There has been much debate regarding government’s role in providing support for homeownership. There are several experts who believe If Fannie Mae and Freddie Mac’s roles are eliminated, or even limited, it may be the end to the 30-year mortgage.

3. QRM Requirements Could Be Much More Stringent

Here are proposed changes to the requirements for a ‘qualified residential mortgage’:
•Certain mortgage types would be eliminated
•You would need to put a minimum of 20% down
•You would need a minimum 690 FICO score
•The ratios of income to both the mortgage payment and overall debt would become much more conservative (28% and 36%)

There would be loans available to purchasers who don’t qualify under the new rules. However, they will probably be more expensive to the buyer (both in rate and costs).

4. Rents Are Expected to Increase

The supply of available rentals is decreasing and the demand is increasing. That will lead to an increase in rental costs throughout the year. The Wall Street Journal this week quoted a report by Reis, Inc:

“Expect vacancies to continue declining, and rents rising through the rest of 2011 at an even faster pace.”

You may be waiting on the sidelines to see if prices will continue to depreciate before you purchase a home. The mortgage expense is a major piece in the overall financial picture of homeownership. Make sure you consider it when timing your decision.

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Filed Under: Buying Real Estate, Homes for Sale, Real Estate Tagged With: buying a home now, interest rates, mortgage, rent

Buy Your First Home in A Year

June 8, 2011 By Naasa Sherbeini Leave a Comment

Thinking of buying your first home? Well it will help to have a game plan and that is exactly what Liz Puliam Weston, of MSN Money, has put together for making your dream come true in one year.

Check this video out, provided by MSN Real Estate.

Buy Your First Home in A Year

Naasa

Naasa Sherbeini

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Filed Under: Buying Real Estate, Cranford, Fanwood, Homes for Sale, Mountainside, Real Estate, Real Estate Market, Scotch Plains, Westfield Tagged With: buying a home, first time home owner, Westfield, westfield nj

Should You Rent or Buy in This Market?

June 2, 2011 By Naasa Sherbeini Leave a Comment

To buy, or to rent; that is the burning question. Here is a great post by the KCM Crew on what three professionals, outside of the real estate sales, have to say on whether now is the time to buy, or the time to rent.

Families are trying to determine whether or not now is the time to buy a home. Some are advising these families to sit out the current real estate market and instead rent for the next year or two. We do not agree with this advice. Homeownership means a lot to a family. We also realize that the financial aspects of purchasing a home today can be a concern. The challenge is any advice given by someone in the real estate community is immediately dismissed as self-serving.

For this reason, we want to give you the advice of three entities not involved in real estate sales:

Citigroup

“When we examine the relationships between mortgage payments and income and mortgage payments and rent, we see that these relationships have also reverted back to or below equilibrium points. In some cases, particularly when mortgage payments are compared to the cost of renting, home prices actually appear cheap.”

JP Morgan

“JPMorgan analysts said ‘the continuation of falling rental vacancies and rising rental demand will make home buying increasingly attractive’, especially as rental prices increase.”

Business School professors Eli Beracha and Ken H. Johnson

“Fundamental drivers now appear to be in place that favor homeownership over renting in the near term future…

The second finding might seem unwise to many given the recent crash in the real estate markets around the country. However, rent-to-price ratios now seem to be in place along with other fundamental drivers that favor ownership over renting…

Conditions (historically low mortgage rates and relatively low rent-to-price ratios) now seem in place to favor future purchases.”

What do you think?

Naasa

Naasa Sherbeini

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Filed Under: Buying Real Estate, Cranford, Fanwood, Featured, Homes for Sale, Mountainside, Real Estate, Real Estate Investing, Real Estate Market, Scotch Plains, Westfield Tagged With: buying a home, pricing, renting, Westfield, westfield nj, Westfield real estate

5 Reasons You Should Consider Selling NOW

May 12, 2011 By Naasa Sherbeini Leave a Comment

The KCM Crew has compiled a list of 5 reasons you should consider selling now rather than later if you plan to move in 2011. Here they are:

1.) This is when your house will get the most exposure

The spring, and particularly the month of May, is when most buyers enter the real estate market. This surge of buyers dramatically increases the exposure for your house . The best chance of getting quality offers (perhaps even multiple offers) is RIGHT NOW!

2.) Foreclosures and short sales will increase in about 90 days

The good news is that the number of people paying their mortgage on time is increasing. This will lead to less distressed property sales later this year and throughout 2012. The not-so-good news is that there is still a large inventory of existing foreclosures and short sales that will still be coming to market.

As an example, LPS reported in their latest Mortgage Monitor that:

There are still twice as many loans going 90+ days delinquent as are starting foreclosure
There are almost three times the number of foreclosure starts as there are foreclosure sales
Distressed property inventory levels are almost 45 times the rate of monthly foreclosure sales

This means that there is a backlog of properties which will start coming to the market in about 90 days as banks clear up their paperwork challenges. These properties sell at dramatic discounts. They will be your competition. Both Fannie Mae and Freddie Mac have recently discussed the magnitude of this challenge.

3.) Interest rates have risen over the last six months

Interest rates have stabilized recently. However, in the last six months, interest rates have climbed over 1/2%. Every time the rates increase 1/4%, approximately 250,000 buyers are eliminated from qualifying for a mortgage. In an environment of volatile rates, waiting could mean that there will be fewer buyers eligible to purchase your house. It also could mean that you will pay a higher rate on the next home you buy.

4.) Qualifying for a mortgage is about to get even more difficult

Besides increasing rates, there are other factors that will hinder a buyer’s ability to qualify for a mortgage as we move forward. Lending standards have been getting tighter over the last year. And as the government debates the new proposed guidelines (QRM), banks are gearing up for even more stringent standards.

Morgan Stanley recently stated:

“Recent developments in issues such as GSE reform, Dodd-Frank securitization rules, and foreclosure settlement issues suggest a tighter and more expensive environment for mortgage credit.”

This may impact any potential purchaser for your property and may also impact your next purchase.

5.) It’s time to get on with your life

Probably the most important reason to sell is so you can get on with your life. You placed your home on the market for a reason. Do not allow a less-than-stellar housing market prevent you from reaching your goals as an individual or as a family. Think about the reasons you decided to move in the first place. Are these reasons still important to you? If you have to take less than you were originally hoping to get for your house, your family has a question to ask each other: Is the dollar difference in sales price worth putting off our plans? Only you and your family know the answer to that question.

Ultimately it is up to you if you feel it is the right time to sell or not. But consider these 5 reasons when you begin to make your decision!

Naasa

Naasa Sherbeini

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10 Biggest Real Estate Mistakes

May 3, 2011 By Naasa Sherbeini Leave a Comment

HGTV brough together some of the top real estate experts to compile a list of some of the biggest mistakes people make while buying and selling a home. Here are 10 of them:

Buying a house for its decor. Keep in mind that you are buying the house, not the things that are inside it. Look beyond the decorations and at thebones of the home; focus on the floor plan and the square footage. Think of how your belongings are going to fit into the space and go from there.
Not researching the neighborhood. It’s critical that you research the neighborhood before you buy. Check the area out, its surroundings, amenities and school system to be sure that your address corresponds with the correct school district. Remember, you’re not just buying a house, you are buying a piece of that real estate and the land around it.
Treating real estate like the stock market. When the real estate market is hot and is appreciating really fast, people tend to look at it like it’s the stock market. But in reality, real estate is nothing like the stock market; when you invest in real estate, you really need to take a long-term approach.
Not thinking real estate. When you begin to renovate or redecorate your home, you need to be causious of what is going to appeal to a broad section of buyers for when it comes time to sell. Think of being in the real estate market like a game of chess: You always want to look two or three steps ahead in the game before making your move.
Not hiring an agent. Wouldn’t it be easy if all there was to selling real estate was putting a sign in your front lawn? Unfortunately that is not the case. If you don’t have an agent, you will not get on the multiple-listing service (MLS). That means other agents are not going to know that your property is for sale. An agent will be there to guide you through the process and make sure all the loose ends are tied up.
Not setting a realistic budget. Just because the bank pre-qualifies you for a loan amount of $400,000 doesn’t mean that’s what you have to spend or what you can afford. Before beginning your house hunt, you should sit down and make a monthly budget of what you spend every month. From that, come up with a number you are comfortable spending on your mortgage payment.
Visiting the house only once. When you find a house you like, it is important to visit it more than once and at different times during the day. A neighborhood may be different during the day than it is at night.
Skipping the loan pre-approval. When a bank pre-approves you, the bank is saying “we will give you a mortgage of up to this amount, so now all you have to do is find your home.” Skipping this process may prevent you from being able to view a home because some sellers only allow real estate agents to show their house if that person has a pre-approved letter. This indicates that the buyer is actually serious about buying a home.
Buying a home without a professional inspection. Home inspections can reveal alot of things about a property that are not visible to the naked eye. Hire someone who comes iwth a good referral basis, who’s been in the business a while and knows what to look for.
Buying what you want, not what you need. Take a good look at the space you are already living in. It will help you realize what you have been missing and what you need in your next home. Make a list of your needs, not just your wants, and then ask your agent to start shopping based specifically on those needs.

More mistakes…

Naasa

Naasa Sherbeini

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Filed Under: Buying Real Estate, Cranford, Fanwood, Home Maintenance, Mountainside, Real Estate, Real Estate Market, Scotch Plains, Westfield Tagged With: buying a home, real estate mistakes, selling a home, Westfield, westfield nj

What Do Homeowners Have to Say About Homeownership?

April 26, 2011 By Naasa Sherbeini Leave a Comment

Here’s a great post from the KCM Group on what homeowners are saying about homeownership. There has been three major surveys done this year that will shed some light on how homeowners feel after the collapse of the residential market in the last five years:

The National Housing Survey

This survey conducted by Fannie Mae showed:

96% of all homeowners said homeownership has been a positive experience.
64% consider buying a home as a safe investment. Buying a home was considered safer than buying stocks by over three times the number of people (64% vs 17%).

The top four reasons to buy:

It means having a good place to raise children and provide a good education
You have a physical structure where you and your family feel safe
It allows you to have more space for your family
It gives you control over what you do with your living space (renovations & updates)

American Attitudes About Home Ownership

According to this survey conducted by Harris Interactive for the National Association of Realtors, home owners believe that home ownership benefits individuals and families and strengthens our communities.

The vast majority of home owners say that owning a home is a smart decision over the long term. Even in today’s challenging economy, 95% of owners believe that over a period of several years, it makes more sense to own a home.

Home owners are much more likely to be satisfied with the quality of their family and community life than renters. While more than half of owners (56%) are “very” or “extremely” satisfied with the overall quality of their family life, only about one-third (36%) of renters report the same levels of satisfaction. Also, 43% of home owners are “very” or “extremely” satisfied with their community life, compared with 30% of renters.

An overwhelming majority of home owners are happy with their decision to own a home. A full 93% of owners surveyed would buy again.

Pew Research Center Survey

This recent survey titled “Home Sweet Home. Still” delves into homeowners’ current belief in homeownership as a long term investment:

Homeowners whose home value has fallen only a little are equally enthusiastic about housing as a long-term investment: 85% say buying a home is the best long-term investment a person can make. Among those who say their home has maintained it value or increased in value, 88% agree…

Even those who have seen their home values plummet are still committed to the idea that buying a home is a solid, long-term investment. Among those who say their home has lost a lot of its value, 80% agree that buying a home is the best long-term investment (36% strongly agree, 44% agree somewhat).

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Filed Under: Buying Real Estate, Cranford, Fanwood, Featured, Mountainside, Real Estate, Real Estate Investing, Scotch Plains, Westfield Tagged With: homeowners, homeownership, Westfield, westfield nj

Reasons to Buy Real Estate Now!

April 19, 2011 By Naasa Sherbeini Leave a Comment

Here is a great post from the KCM Group about why now is the time to buy real estate financially.

Interest Rates Are Increasing

Interest rates have increase almost 3/4 of a point in the last six months. Most experts expect rates to continue to increase through the year. Interest rates along with price determine the overall cost of a home. Even with prices softening, if interest rates rise, it may be less expensive to buy now rather than wait.

The 30-Year Mortgage May Disappear

There has been much debate regarding government’s role in providing support for homeownership. there are several experts who believe if Fannie Mae and Freddie Mac’s roles are eliminated, or even limited, it may be the end to the 30-year mortgage. This concern is addressed in MSN Real Estate’s “Is is curtains for the 30-year mortgage?”

QRM Requirements Could Be Much More Stringent

Here are proposed changes to the requirements for a ‘qualified residential mortgage’:

Certain mortgage types would be eliminated
You would need to put a minimum of 20% down
You would need a minimum 690 FICO score
The ratios of income to both the mortgage payment and overall debt would become much more conservative (28% and 36%)

There would be loans available to purchasers who don’t qualify under the new rules. However, they will probably be more expensive to the buyer.

Rents Are Expected to Increase

The supply of available rentals is decreasing and the demand is increasing. That will lead to an increase in rental costs throughout the year. The Wall Street Journal this week quotes a report by Reis, Inc:

“Expect vacancies to continue declining, and rents rising through the rest of 2011 at an even faster pace.”

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Filed Under: Buying Real Estate, Cranford, Fanwood, Mountainside, Real Estate, Real Estate Investing, Westfield Tagged With: buying real estate, real estate investing, real estate investments, Westfield

Is Real Estate a Good Investment?

April 14, 2011 By Naasa Sherbeini Leave a Comment

When a real estate agent tells someone that buying a house is a great investment, most people think they are only saying that because it’s their job to do so. So because of this, the KCM Crewwanted to offer potential homebuyers with an outside perspective on homebuying being a good investment by gathering information from members of the investment community. This is what they found:

The Wall Street Journal

Jim Woods wrote an article earlier this year for Market Watch, part of the Wall Street Journal’s digital network. Its title: Why your best investment is a house. Mr. Woods compared the investment potential of real estate against other asset classes such as stocks and precious metals. Here was his conclusion.

One reason your best investment right now could be a home has to do with the relative upside of getting in on an asset class while it’s at the bottom versus buying into other asset classes that could be near a top. Consider for a moment the tremendous upside we’ve seen in stocks, precious metals and agricultural commodities over the past 12 months…

If you’re a long-term investor looking to put money to work, now is not really the best time to get into any of these three asset classes. However, with home sales starting to improve, and with prices now possibly forming a bottom, real estate could well be the asset class that represents the best low-risk buying opportunity out there today…

Mr. Woods went on to talk about the financing portion of the purchase:

Yes, mortgage rates still are near historical lows, but if we see these rates rise, then the cost of a new home could climb significantly. So, now could really be the best time to pull the trigger on that home purchase — and it could also be your best investment right now.

Fortune Magazine

Shawn Tully, senior editor at large for Fortune penned an article last week which was titled: Real estate: It’s time to buy again. In the article, Mr. Tully explained:

Forget stocks. Don’t bet on gold. After four years of plunging home prices, the most attractive asset class in America is housing.

Let’s state it simply and forcibly: Housing is back. Two basic factors are laying the foundation for dramatic recovery in residential real estate. The first is the historic drop in new construction … The second is a steep decline in prices, on the order of 30% nationwide since 2006, and as much as 55% in the hardest-hit markets. The story of this downturn has been an astonishing flight from the traditional American approach of buying new houses to an embrace of renting. But the new affordability will gradually lure Americans back to buying homes. And the return of the homeowner will start raising prices in many markets this year.

So what does this show us? Real estate agents aren’t just telling us that buying a home is a good investment because that’s their job. Both of these outlets have come to the same conclusion that it’s time to buy real estate! Be sure to check out the full articles.

Naasa

Naasa Sherbeini
Westfield, Fanwood, Scotch Plains Real Estate
www.WestfieldTopHomes.com
www.WestfieldNJRealEstate.com
Visit my website at www.TopWestfieldHomes.com or Click here to Search for Westfield homes

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Filed Under: Buying Real Estate, Real Estate, Real Estate Investing, Westfield Tagged With: buying real estate, real estate investing, westfield nj

Moving to New Jersey? Let’s Visit Westfield!

March 31, 2011 By Naasa Sherbeini Leave a Comment

Moving to a new location can be very intimidating, expecially if you are not familiar with the area. This next series of blog post will give you information and demograhics of our local area, including the towns of Westfield, Scotch Plains, Mountainside, Cranford, Fanwood and North Edison. Let’s talk about Westfield today!

DEMOGRAPHICS
Population:	29,372	Population Density / Mile:	4,356
Median Age:	39.33	Number of Households:	10,312
Average Household Size:	2.82	Households with Children:	4,185
Median Household Income:	$123,319	Median Years in Residence:	6.04
Annual Residential Turnover:	9.94	Median Dwelling Age:	52

Homes for sale in Westfield offer a slice of small-town living just a short drive from the nation’s most famous metropolitan center. One of the oldest and most comfortable cities in New Jersey, this area has long been a staple for people looking to simplify the way they approach life. With comfort and luxury available at almost every corner, Westfield offers new homes and old homes to suit virtually every lifestyle.

SCHOOL INFORMATION
FRANKLIN ELEMENTARY SCHOOL
JEFFERSON ELEMENTARY SCHOOL
LINCOLN SCHOOL
MCKINLEY ELEMENTARY SCHOOL
ROOSEVELT INTERMEDIATE SCHOOL
TAMAQUES ELEMENTARY SCHOOL
THOMAS EDISON INTERMEDIATE SCHOOL
WASHINGTON ELEMENTARY SCHOOL
WESTFIELD SENIOR HIGH SCHOOL
WILSON ELEMENTARY SCHOOL
NJ SCHOOL REPORT CARDS<
FRANKLIN Elementary
JEFFERSON Elementary
LINCOLN Elementary
MCKINLEY Elementary
ROOSEVELT INTERMEDIATE Elementary
TAMAQUES Elementary
THOMAS EDISON INTER. Elementary
WASHINGTON Elementary
WESTFIELD SENIOR HIGH Secondary
WILSON Elementary

WEATHER:
Annual Precipitation: 50.94
Average January Low Temperature: 19.8
Average January High Temperature: 39.3
Average July Low Temperature: 63.3
Average July High Temperature: 85.7

Click on NJMLS.com for additional details.

Naasa Sherbeini

Westfield, Fanwood, Scotch Plains Real Estate
www.WestfieldTopHomes.com
www.WestfieldNJRealEstate.com
Visit my website at www.TopWestfieldHomes.com or Click here to Search for Westfield homes

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Filed Under: Buying Real Estate, Cranford, Fanwood, Featured, Homes for Sale, Local Information, Mountainside, Real Estate, Real Estate Market, Scotch Plains, Things to Do, Westfield, Westfield Schools Tagged With: cranford, demographics, fanwood, Mountainside, North Edison, scotch plains, Westfield

Getting It Sold

4 Reasons to Buy a Home Now!

Buy Your First Home in A Year

Should You Rent or Buy in This Market?

Citigroup

JP Morgan

Business School professors Eli Beracha and Ken H. Johnson

5 Reasons You Should Consider Selling NOW

2.) Foreclosures and short sales will increase in about 90 days

3.) Interest rates have risen over the last six months