Catherine "Cathy" Chaudemanche's Discussions

The number of new homes listed in March has increased 16% versus February. 765 homes listed is the highest number since July 2008. A few factors to explain this increase:1. Seasonal behavior with many sellers preferring to list their home in spring. It is not rare to even see some sellers taking their homes off the market during the winter and holiday months.2. Last year financial market crash probably made a few sellers hold on listing their homes and wait for the end of winter and the Obama 2009 stimulus plan.3. The stimulus package is greatly benefiting home buyers ($8000.00 tax credit, mortgage limit increase…) which consequently is benefiting sellers. This is also a green light for sellers waiting on the sidelines to put their houses on the market.The Active Inventory (AI) as we follow it (homes for sales not including "under attorney reviews") has slightly increased +1.62% compare to February. It has slowly increased since last December but is still much lower than last year high.Cathy Chaudemanche

The number of new homes listed in April has slightly increased 2.61% versus March and is following a 16% increase from February. 785 homes listed is the highest number since June 2008. The Active Inventory (AI) as we follow it (homes for sales not including "under attorney reviews") has increased +4.62% as well compare to March. It has slowly increased since last December but is still much lower than last year high.This month's absorption rate (213 homes/month) or number of sold homes has increased 6.5% versus last month, following over 26% increase from February. Good numbers and we expect the trend to keep up as we are engaging the busiest season (spring and summer).This is beneficially affecting the Days of Inventory (DOI) which has decreased almost 5% versus last month, following a 11% decrease versus February. At 405 days, it means it will take over 1 year to sell all existing inventory. Part #2 will be posted tomorrow.Cathy Chaudemanche

When you first begin to think about selling your Woodbridge home it seems easy. Put a sign on the lawn and list it. Once the shine wears off of the desire to do it all yourself, you might need some tips to help sell your home: Clean It UpThat's the first and foremost advice. Nothing deters a real estate sale faster than a messy house. Living in your home while trying to sell it makes it difficult to keep it clean, but if you're serious about wanting to sell your home, it's worth the extra effort.  You may want to learn how to clean your home fast for those times when a buyer calls and wants to see your home in 15 minutes or less.Take Good PicturesWhere do you think people search first for homes for sale?  Online.  Newspapers used to be the first place people looked for homes.  But now, over 85% of all home buyers look online before searching anywhere else.Due to cost and space limitations, newspapers usually display only one photo of the front view of the home.  On the internet, where space is abundant, buyers expect to see lots of exterior and interior pictures, in fact, the more the better. If you aren't experienced at getting good room photos that show off your Woodbridge home to its best advantage, hire a photographer or a real estate agent who can do it for you.Hold an Open HouseOr several. Selling your home takes time. If you are busy and can't fit opening your home up to viewers into your schedule, you may want to list your home with a real estate agent who can do it for you. It's better to leave your home in the hands of a professional real estate agent so you aren't tempted to hover over buyers as they walk through. Hanging around discourages buyers from talking to each other about the qualities of your home and from taking the time to view and consider the true potential of your home.Cathy  Chaudemanche

If you're thinking of listing your Edison  home for sale in New Jersey and know it needs a little sprucing up, here are a few tips on the smartest home improvements you can make to help sell your home faster and for more money.• Kitchen remodeling stands at the top of any list of most attractive projects for re-sale value. Crisp clean new cabinets, fresh tile and countertops all make for buyer approval and is money well spent.• Bathroom remodeling is a good bet but not nearly as good as adding additional bathrooms, unless your home already has a lot of them.• Adding central heat and air to replace floorboard or radiator heat is a huge selling point for any Edison home for sale.• Installing a deck or patio. This one hovers close to the middle of the do/don't numbers but it is still a nice investment that can make your home feel more comfortable and give it more 'space.'Items that are less likely to be worth the money include:• Installing a backyard pool. Some people think a pool is attractive.  To many buyers, it's nothing but additional work and expense.• Converting your basement into a finished living space. Many buyers like a finished basement, but it's the main living space that counts most to them.  Your money would be better spent above ground.It is important to fix up your home to get it ready for buyers.   But with money tighter than we've seen it in a long time, you need to focus on those improvements that will give you a good return on your money.If you are considering selling your home in the area and would like more tips on what works and what doesn't when fixing up your home, I can help. Buyers are back but this is still a challenging market for sellers in Middlesex County, New Jersey.Cathy Chaudemanche

The Piscataway real estate market is a homebuyer's dream right now!  Whether you're looking to buy a new home or to buy investment property, it's the perfect time.  Home prices are down, which means that well-informed buying could benefit you in the long run.There are several tips I can offer you on how to get the best price when you buying a home:• Shop around in the neighborhood where you're looking to buy.  The only way to know if you're getting a good deal is to look at home prices in the same neighborhood.  Ask your real estate agent for listings that are similar to the Piscataway home that you're looking at.  Evaluate the two homes and their prices to ensure that you're getting a good price.  Your real estate agent can help you with this evaluation.• Play the negotiator when writing your contract!  One way to try to bring down the price of the home is to offer a lower price on your contract.  Offering a slightly lower price than what the homeowner is asking is a place to start trying to save some money.  If the homeowner is firm on the listing price, you can look to cut costs in other areas.  One way you may be able to lower your cost is by asking the seller to pay your closing costs.• Check how long the house has been on the market.  If a home has been on the market for an extended period, the homeowner is going to be more likely to lower the price.  A house that has not had any offers in a few months gives you, the homebuyer, an advantage.  The homeowner may be willing to lose a few thousand dollars in order to sell the property to you.Cathy Chaudemanche

The number of new homes listed in April has slightly increased 2.61% versus March and is following a 16% increase from February. 785 homes listed is the highest number since June 2008.The Active Inventory (AI) as we follow it (homes for sales not including "under attorney reviews") has increased +4.62% as well compare to March. It has slowly increased since last December but is still much lower than last year high.This month's absorption rate (213 homes/month) or number of sold homes has increased 6.5% versus last month, following over 26% increase from February. Good numbers and we expect the trend to keep up as we are engaging the busiest season (spring and summer).This is beneficially affecting the Days of Inventory (DOI) which has decreased almost 5% versus last month, following a 11% decrease versus February. At 405 days, it means it will take over 1 year to sell all existing inventory.Both median and average sold prices are higher than the previous month (+3.35% @ $310,000 and +1.67% @ $321,665 respectively).Median home price is back over last December lows' and setting the stage for the seasonal price increase.Sold price versus asking price ratio stay the same at 94%. In average, sellers are accepting offers at 94% of their asking price.Days on market or DOM decreased 8.24% to 89 days. It takes less than 3 months in average to go under contract. A word of caution with this indicator as it is not a cumulative DOM. This is a good example of the better value of looking at those statistics, which is more in the trend analysis than in a specific number at a specific given time. Cathy Chaudemanche

Selling your property, whether it is a primary home or income property, is easier if you have the information your buyers are likely to want to know on hand. Type up an info sheet answering the most commonly asked questions buyers have when looking at [city] real estate for sale such as:• How old is the roof?• What comes with the property?  Window treatments? Do all of the appliances come with the property?• How old are the appliances?• Does the basement leak?• Where are the hot water heater, the electrical service panel, and other important maintenance items located? Are they easy to access?• Are you open to owner financing?• What is the age and condition of the plumbing and wiring?• Are there schools nearby?• What is the average utility cost per month/year?• Have you had any major problems in the past? Your normal seller's disclosure does not require you to list problems you had and have fixed. Some sellers would like to know what those problems were. It can give them an idea if they are likely to be a recurring problem (like flood damage) or if the fact that you already had the issue and fixed it they will not likely have to deal with that particular problem in the future.Of course, you should always have the general information about your Edison real estate available such as square footage of the building, property size, zoning and any restrictions or easements. Having all of the information on hand will prove to potential buyers that you're serious, that you're prepared to be upfront with them about any issues your home may have, and that you've taken excellent care of your home. Thinking of selling your home?  I specialize in selling homes in Edison and Middlesex County quickly and at the highest price.  Find out more by calling me today.Cathy Chaudemanche

The new stimulus plan has given many people new hope for their housing futures. At first, many worried that the stimulus package would merely help the banks and other financial institutions and not the actual homeowner looking to buy an Edison home.  But, it has become clear that the people who really win with the new plan are those who count—prospective home buyers.Stimulus for Banks and BuyersThe stimulus package provides huge tax rebates in 2009, and while that is a limited provision, the savings are enormous for those who get out there and buy an Edison home in Middlesex County, New Jersey. The fact that the stimulus plan includes relief for the struggling financial industry also helps buyers by making it more likely they will be able to obtain loans.  Stimulus for Higher Priced PropertiesThe stimulus package gives the two major government mortgage companies Fannie Mae and Freddie Mac more power and allows for larger loans for higher priced properties. That is a big incentive if you're looking to buy in a major metropolitan area because you will now be able to get a loan secured by Fannie or Freddie.The economic boost from the stimulus package will require a little time to really become apparent, but it is working, even now.  Slowly the market is rebounding and new home buyers are able to take advantage of loans and tax incentives while getting houses at prices that are extraordinarily low. If you would like more information on how the stimulus package can help you buy a new Edison home, contact me today.Cathy Chaudemanche

Buying REOs is a very popular method of buying Iselin real estate in New Jersey for investment. If you're just getting started accumulating investment property, this is one way you can get very good deals and amass a great deal of property quickly.REO stands for Real Estate Owned and is the acronym banks place on properties they have taken back from mortgage defaults. REOs are considered non-performing assets meaning they have value but are not bringing in any money—bad for the bank, good for you.Buy REOs at Foreclosure AuctionsForeclosure auctions are a great way to get fantastic deals that you might not be able to convince a bank to go with prior to the event. Some savvy investors try to catch properties while they are in pre-foreclosure which avoids a property being bid up in an auction atmosphere. To do that, you often have to convince the holding bank to "short sale" a property and sell it for less than the note they were holding on it. At a foreclosure auction, the bank is usually desperate to unload the Iselin real estate and often settles for far less than the actual value without all of the short sale paperwork.Do Your HomeworkIf you choose to buy properties at auction do your homework. Use foreclosure worksheets to determine the true value of a property and what your maximum bid should be in order to realize a profit from its eventual sale or use as a rental. Doing this prevents you from getting caught up in the moment and over-bidding on a piece of Iselin real estate that has a lot of competitors bidding on it.Cathy Chaudemanche

There are many wonderful reasons to want a home of your own. Right now is an excellent time to pick up a great deal on Woodbridge real estate. It's definitely a Strong buyer's market where you can purchase New Jersey homes at historically low prices. To be sure the time is right for you, answer a few simple questions for yourself:Are you ready to stay put for more than three years?If you move around a lot, have a job that sends you to different locales all the time, or just haven't found the area you want to settle down in, it can be a bad time to buy Woodbridge real estate no matter how great the price. Selling a home and moving is much harder than just switching apartments or other rental units. However, if you are ready to settle in a spot for a number of years, the value you get from owning your own home is well worth it, especially now.Can you afford it?There's more to owning a home than just the cost of the mortgage. Other costs added to a typical mortgage include homeowner's insurance and property taxes.   These add hundreds of dollars a month to the simple mortgage costs. On top of those are routine repairs and upkeep that will be your responsibility instead of a landlord's.Do you value the pride of ownership?For many people, the pride of owning their own home is a primary factor in purchasing Woodbridge real estate in Middlesex County. There is a feeling of success and security when you own your home that won't be fulfilled with any rental.If you'd like help determining if the right time for you to buy a home is now, contact me now.Cathy Chaudemanche