Hiring a Contractor: Before You Sign
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Tight Market: Bids Are Up
This article by Barbara Fox was published in U.S. 1
Newspaper on April 7, 1999. All rights reserved.
Low interest rates, move-up buyers, a flourishing
economy — all are contributing to an inventory crisis, a regional
paucity of homes. This scarcity is causing stress on both sides of
the real estate table and has fomented a trend to "more than full
price" offers.
Pam Parsons, marketing director of N.T. Callaway Real Estate,
tells of a house that was listed on a Friday, "a dynamite property
in the $300,000s in move-in condition, not a year old. It was sold
on Saturday with two offers, full price and above." Another went
for $20,000 more than asking price on the second day of showings.
"We are not really enjoying this market," says Alice Schoemann,
manager of the Coldwell Banker office on Princeton Hightstown Road.
"People are unhappy because they are losing homes and they are
spending more than they had planned or they are going back to what
they had rejected. We are all just exhausted. You write contract after
contract and some buyers lose several houses. Or they may just change
their requirements and then have to start over."
"Inventory in the industry is very low," says Linda Feldstein
of the Nassau Street office of Weidel Realtors. "If we don’t have
inventory we can’t sell and we can’t rent."
"It’s awful," says Susan Dietze of ERA Cross County.
"We have all these buyers and no houses for sale."
Because of the low inventory, many of the real estate agents that
contribute listings for sale to U.S. 1’s biannual residential real
estate survey had no houses to offer this spring.
Of 11 properties that the Callaway firm offered for
U.S. 1’s listings last fall, for example, only one did not sell, and
that one is priced at the highest end of the market, at $2.1 million.
"Houses sell within a matter of days, if they are fresh, in good
condition, in a good location, and appealing. Decent properties go
very quickly, and there is a lot of pressure to get your customer
to them very quickly. You have to keep your nose to the computer screen
all the time," says Parsons.
Everyone agrees that buyers need to come in with a really solid offer,
and to work with an experienced agent who understands the market.
If yours is the first offer you could go just $1,000 over the asking
price. If it is the second or third — go higher. One successful
buyer put in an extra $20,000 to sweeten the pot. You want the sellers
to be so pleased they don’t ask anyone else.
The terms of the offer — when the buyer needs to move in or whether
the buyer is prequalified for the mortgage — can also tip the
balance.
But should you bid more than full price? And if so, how much?
"If you find a house that you really want," says Feldstein,
"I would come in at my highest and best and present it that way.
Previously you would try to shave off $1,000, but in this market come
in strong."
"Do you bid up because of the excitement? Or because you really
want the house and don’t mind paying top dollar?"
"In any auction, something has a value to you, whether it is a
right or wrong value. Go with it and don’t be carried away by the
excitement. If you want it for $300,000, don’t pay $325,000 if you
don’t feel it’s worth it. You may be sorry in the long run."
"If you don’t get it, were you wrong for not going higher? You
don’t have the house. But you didn’t want to spend $25,000 more. In
this market there is no right or wrong and you should stay with the
numbers you are comfortable with," says Feldstein.
"Any agent who knows his or her salt knows to tell a client —
if you really love it, take it," says Parsons. "Ask the agent
if it is properly priced, if at full price it will be OK if you sell
in three to five years or whatever your situation is. It is up to
the agent to do the research to prove that this is a price that holds
to the comparisons, to say to the buyer, `I think you are going to
be fine.’ Most agents — if you would have to take a loss, they
would say so."
— Barbara Fox
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Builders’ Secrets
It’s not what you say, it’s how you say it. So the March/April
newsletter of the Central Jersey Builders Association primes its members
with the "Seven `Dirty’ Words to Avoid. Listen for them, and see
which ones your contractor is hearing. Herewith some excerpts:
very good. Instead, use available option to indicate a choice
of quality features.
something, or do they have a "choice" when it comes to flooring,
cabinets, and light fixtures? By calling allowances owner choice,
the decision belongs to the customer.
to create an atmosphere of respect rather than subservience.
orders .
is agreement, and it means the same thing, that both parties
know what their rights and responsibilities are.
to your accountant. Instead, explain that your cost of doing business
must be deducted from your margin.
couldn’t allow a cheap product or method in constructing a home. Instead,
explain there are less expensive alternatives available.
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Hiring a Contractor: Before You Sign
New Jersey does not license or keep track of people
who do home improvements for cash — only those who sell home repairs
on credit. So before you sign a contract, be sure you can find the
contractor if you have a problem later. This means getting not just
the name and address of the business owner, but also the names and
addresses of any salespersons — including the license plates of
their cars and trucks.
These tips come from "You and the Law in New Jersey" by Melville
D. Miller and Leighton A. Holness and the staff of Legal Services
of New Jersey, published by Rutgers University Press. They also advise
you to:
it in and have the contractor initial it.
compensation, and that the insurance includes the contractor, workers,
and visitors to your home.
financing.
to his or her checking account number and bank, revealed on the back
of the returned check.
Top Of Page
Residential Deals
Less Than $96,000
East Windsor
82 Teal Court. Taxes: $2,703. Listed, Weidel/Susan
Robertson, 609-586-1400.
3 bedrooms; 2.5 baths. Townhouse with family room, cathedral
ceilings, fireplace, sliders leading to private patio with evergreens.
$92,500.
Hamilton
1346 Deutz Avenue. Lot size: 20 x 155. Taxes: $1,473.
Listed, R.A. Weidel Corp./Elaine Gutowski, 609-586-1400 extension
254.
3 bedrooms; 2 baths; full basement. Semi with new bath,
enclosed front porch, vinyl sided, and mudroom. $75,000.
312 Park Lane. Lot size: 40 x 250. Taxes: $2,618. Listed,
Weidel-Hamilton Square/Susan Robertson, 609-586-1400 extension
259.
3 bedrooms; 1 bath; full basement. Colonial on large lot
with enclosed front porch, and basement bay window. $89,888.
Hightstown
23 Huber Court. Lot size: 41 x 37. Taxes: $2,874. Listed,
Prudential Fox and Roach/Rudra Bhatt, 609-799-2022.
2 bedrooms; 2 baths. Condo. $86,900.
Hopewell Township
74 North Greenwood Avenue. Taxes: $1,925. Listed, Gloria
Nilson Realtors/Henderson Division/Eva Sesztak, 609-737-9100.
2 bedrooms; 1 bath. Condo with new parquet floors, new
appliances, close to town center. $92,500.
Jamesburg
6 New Street. Lot size: 85 x 134. Taxes: $2,601. Listed,
Weichert/Susan Baker, 732-297-0200.
2 bedrooms; 1 bath; full basement. Colonial with dining
room and eat-in kitchen. $79,000.
Lawrence
423 Lawrence Road. Listed, Coldwell Banker/Connie
Cornish, 609-921-1411.
1 bedroom; 1 bath; condo in Meadow Woods with updated
kitchen & bath, deck, eat-in kitchen, quick closing needed. $48,900.
21 Kite Court. Taxes: $1,830. Listed, Prudential Fox
and Roach/Rudra Bhatt, 609-799-2022.
2 bedrooms; 2 baths. Penthouse in Lawrenceville. $82,500.
11 Fairbanks Place. Taxes: $2,077. Listed, Weidel/Nancy
Cash, 609-586-8383 extension 212.
2 bedrooms; 2.5 baths. Townhouse with fireplace, security
system, near pool. $87,500.
Monroe
277-36 Crosse Drive. Taxes: $591. Listed, ERA Allen
and Stults/Sol Cohon, 609-655-0042.
1 bedroom; 1 bath. Third floor efficiency condo in adult
community, with new carpeting, kitchen, living/dining room, and
elevator. $39,900.
43 C Concord Lane. Listed, ERA Allen and Stults/Lee
Sahner, 609-655-0042.
2 bedrooms; 1 bath. Ranch in adult community on treed
lot with Florida room, custom window treatments. $64,900.
256-N Old Nassau Road. Taxes: $1,364. Listed, ERA Allen
and Stults/Edith Warner, 609-655-0042.
2 bedrooms; 2 baths. Colonial with carport, new kitchen,
new appliances, in Rossmoor adult community. $69,900.
335D Old Nassau Road. Taxes: $1,418. Listed, Era Allen
and Stults/Roz Schachat, 609-655-0042.
2 bedrooms; 2 baths. Ranch condo with upgraded carpeting,
family room, and carport. $75,000.
151-B Providence Way. Taxes: $1,418. Listed, ERA Allen
and Stults/Marie Dey, 609-655-0042.
2 bedrooms; 1 bath. Colonial in Rossmoor adult community
with dining room, enclosed patio, appliances, and wall to wall carpeting.
$75,900.
70 A Gloucester Way. Listed, ERA Allen and Stults/Ilene
Cashman, 609-655-0042.
2 bedrooms; 1 bath. Ranch in adult community with family
room, carport, close to club house. $77,900.
71-D Rossmoor Drive. Listed, ERA Allen and Stults/Marie
Dey, 609-655-0042.
2 bedrooms; 1 bath. Colonial in Rossmoor adult community,
with dining room, den, and carport. $79,900.
167A Portland Lane. Taxes: $1,872. Listed, ERA Allen
and Stults/Roz Schachat, 609-655-0042.
2 bedrooms; 2 baths. Ranch condo with enclosed patio and
carport. $85,000.
76-C Rossmoor Drive. Listed, ERA Allen and Stults/Marie
Dey, 609-655-0042.
2 bedrooms; 1 bath. Colonial ranch in Rossmoor, with dining
room, and carport. $89,103.
123 B Concordia Circle. Taxes: $2,056. Listed, ERA Allen
and Stults/Lee Sahner, 609-655-0042.
2 bedrooms; 2 baths. Upstairs manor in adult community
with carport, den, dining room, all amenities, clubhouse, pools, on
treed lot. $92,900.
New Brunswick
312 Seaman Street. Lot size: 21.8 x 100. Taxes: $2,158.
Listed, ERA Cross County/Ed Rosen, 732-940-1300.
1-2 bedrooms; 1 bath; full basement. Two-family house,
two apartments, each has 1 or 2 bedrooms, 1 bath. $65,900.
1 Laurel Place. Lot size: 25 x 100. Taxes: $2,603. Listed,
Weichert/Steve Walters, 732-297-0200.
2 bedrooms; 1.5 baths; full basement. Colonial with dining
room and eat-in kitchen, located in the fifth ward. $95,499.
Princeton Borough
49L Palmer Square West. Taxes: $1,497. Listed, Princeton
Crossroads/June Gulick, 609-924-4677.
Studio; 1 bath. $81,500.
Robbinsville
59 Wyndham Place. Taxes: $1,788. Listed, Weidel/Dave
Gelaszw, 609-586-1400 extension 234.
2 bedrooms; 2 baths. First floor condo with all appliances.
$88,000.
South Brunswick
6131 Cedar Court. Taxes: $1,945. Listed, Weichert/Steve
Walters, 732-297-0200.
2 bedrooms; 2 baths. Ground floor condo with dining room,
new carpet, backing to woods. $89,900.
Trenton
212 Emory Avenue. Lot size: 13.9 x 75. Taxes: $2,388.
Listed, R.A. Weidel Corp/Elaine Gutowski, 609-586-1400 extension
254.
3 bedrooms; 1 bath; full basement. Row townhouse, with
cement patio and brick exterior. $42,000.
1206 Anderson Street. Lot size: 13 x 100. Taxes: $2,336.
Listed, Weidel/Dave Gelaszw, 609-586-1400 extension 234.
3 bedrooms; 1 bath; basement Semi-detached with walk-up
to attic, and fenced rear yard. $47,500.
75 Grand Street. Lot size: 15 x 93. Taxes: $1,988. Listed,
Doolan Realty/Carmine Armenti, 609-882-8058.
3 bedrooms; 1 bath; full basement. Townhouse with dining
room. $49,900.
30 Washington Street. Lot size: 14 x 100. Taxes: $1,888.
Listed, Weidel-Hamilton/Richard Learn, 609-586-1400.
3 bedrooms; 1 bath; full basement. Row house in the Burg
with remodeled kitchen with ceramic tiles, mud room, finished attic,
fenced-in yard, appliance package with one year homeowner’s warranty.
$49,950.
317 Cummings Avenue. Listed, Prudential Fox and Roach/Robin
Gottfried, 609-737-8210 extension 136.
3 bedrooms; 1 bath; full basement. Townhome with aluminum
sided new windows, newer kitchen, and laundry. $52,000.
989 South Broad Street. Lot size: 17.6 x 100. Taxes:
$2,509. Listed, Weidel/Susan Robertson, 609-586-1400.
3 bedrooms; 2 baths; full basement. Semi-attached with
modern kitchen, laundry, dining room, and full walk-up attic. $59,613.
1023 Chestnut Avenue. Lot size: 17 x 76. Taxes: $3,174.
Listed, Burgdorff-ERA/Ted Begun, 609-252-2305.
4 bedrooms; 2 baths; partial basement; 1-car garage. Three
story rowhouse with dining room, finished attic, currently used as
two family. $59,900.
$100,000 +-
East Windsor
9 Teal Court. Taxes: $2,928. Listed, Weidel-Hamilton
Square/Susan Robertson, 609-586-1400.
3 bedrooms; 2.5 baths. 1-car garage. Townhouse with family
room, fireplace, dining room, and sliders leading out to patio. $99,000.
Hillsborough
851 Robin Road. Taxes: $2,093. Listed, Coldwell Banker/Judith
Perrine, 609-921-1411.
2 bedrooms; 2.5 baths; basement. Partially finished basement
townhouse with living/dining room, new kitchen flooring, new carpeting
on stairs. $109,700.
Monroe
277-B Milford Lane. Taxes: $1,662. Listed, ERA Allen
and Stults/Edith Warner, 609-655-0042.
2 bedrooms; 2 baths. Colonial with carport, with built-in
book cases in den, enclosed porch and Florida room, in Rossmoor adult
community. $97,500.
431-A Redding Lane. Taxes: $1,774. Listed, ERA Allen
and Stults/Bob Warner, 609-655-0042.
2 bedrooms; 2 baths. Colonial first level home with dining
room, enclosed porch and carport in Rossmoor adult community. $98,500.
364 A Old Nassau Road. Taxes: $1,921. Listed, ERA Allen
and Stults/, 609-655-0042.
2 bedrooms; 2 baths. Ranch in adult community with brand
new carpeting, enclosed sunroom with heat and air conditioning, and
carport. $102,500.
182-A Old Nassau Road. Taxes: $1,883. Listed, ERA Allen
and Stults/Edith Warner, 609-655-0042.
2 bedrooms; 2 baths. Colonial ranch with carport, corner
property overlooking golf course, fireplace, heated and air conditioned
Florida room in Rossmoor adult community. $104,500.
South Brunswick
34 Deerberry Lane. Taxes: $2,373. Listed, Weichert/Victoria
Ledingham, 732-297-0200.
3 bedrooms; 2 baths. End unit condo with fireplace, dining
room, eat-in kitchen, loft, laundry, skylights, and sliding doors
to balcony. $99,900.
$110,000-135,000
East Windsor
78 Winchester Drive. Taxes: $3,900. Listed, Prudential
Fox and Roach/Ginny Sheehan, 609-799-2204 extension 165.
3 bedrooms; 2.5 baths. 1-car garage. Barclay model colonial
with dining room, family room, eat-in kitchen, and walk-in closets.
$132,500.
10 Winchester Drive. .088 acre. Taxes: $3,922. Listed,
Prudential Fox and Roach/Judy Perrine, 609-799-2204 extension 166.
3 bedrooms; 2.5 baths; 1-car garage. Two story with dining
room, family room, skylights, fireplace, three walk-in closets, new
sliding doors and front windows. $132,900.
Ewing
21 Kinney Drive. Taxes: $3,909. Listed, Prudential Fox
and Roach/Jackie Stockman, 609-737-7900.
3 bedrooms; 2 baths; full basement; 2-car garage. Cape
with dining room, sunroom, fireplace, hardwood floors, security system.
$119,900.
2 Revere Court. Lot size: 29 x 75. Taxes: $2,961. Listed,
Doolan Realty/Carmine Armenti, 609-882-8058.
3 bedrooms; 2.5 baths. 1-car garage. Townhouse with dining
room, remodeled kitchen, utility room, and central air conditioning.
$122,800.
Franklin
141 Lindsey Court. Taxes: $2,566. Listed, Weichert/Victoria
Ledingham, 732-297-0200.
3 bedrooms; 2.5 baths; full basement. End-unit townhouse
with fireplace, dining room, eat-in kitchen, laundry, backing to woods
$119,900.
2 Veros Lane. Taxes: $2,400. Listed, Weichert/Patty
Leopold, 732-297-0200.
3 bedrooms; 2.5 baths. Townhouse with fireplace, hardwood
entry, dining room, laundry, and large deck. $120,000.
107 Pear Tree. Taxes: $2,559. Listed, Weichert/Irene
Solomon, 732-297-0200.
3 bedrooms; 2.5 baths; full basement. Two story townhouse
with brick front, floor-to-ceiling fireplace, dining room, and step-down
living room. $125,900.
Hamilton
37 Leuckel Avenue. Lot size: 50 x 110. Taxes: $2,900.
Listed, Weidel/Dave Gelaszw, 609-586-1400 extension 234.
3 bedrooms; 1 bath; full basement. Cape Cod with central
air conditioning. $111,000.
18 Fitzrandolph Avenue. Lot size: 48 x 100. Taxes: $2,916.
Listed, Weidel/Dave Gelaszw, 609-586-1400 extension 234.
3 bedrooms; 1 bath; full basement; 2-car garage. Dutch
colonial with walk-up attic and fenced rear yard. $112,000.
358 Churchill Avenue. Lot size: 84 x 107. Taxes: $3,767.
Listed, Weidel/Dave Gelaszw, 609-586-1400 extension 234.
3 bedrooms; 1 bath; full basement. Cape cod with family
room, fireplace, central air conditioning on double lot. $114,000.
123 Smith Avenue. Lot size: 77 x 50. Taxes: $2,489.
Listed, Weidel/Susan Robertson, 609-586-1400.
3 bedrooms; 1 bath; partial basement. Cape cod with cathedral
ceilings, skylights, dining room, sliders leading to deck, and plenty
of parking space. $119,102.
14 Holt Circle. Listed, Prudential Fox and Roach/Robin
Gottfried, 609-737-8210 extension 136.
4 bedrooms; 1 bath; full basement. Cape cod in established
tree lined neighborhood. $134,900.
New Brunswick
45 Hazel Hurst Street. Lot size: 60 x 70. Taxes: $2,924.
Listed, Weichert/Steve Walters, 732-297-0200.
4 bedrooms; 2 baths; full basement; 1-car garage. Two
family cape, with two living rooms, two eat-in kitchens, spare kitchen,
carport, fully fenced yard. $119,900.
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