Hosted By: Build It Green
While attending the National Association of Realtors Conference in San Francisco I attend a Sustainable Homes Tour hosted by Build It Green, featuring Greenpoint Rated Homes.
I was able to tour a GreenPoint Rated Home and learn directly from the builder and the architect about the process and requirements of achieving a LEED Rating.
Offered by Madolyn Greve, Broker Associate,
MadolynGreve@CallawayHenderson.com, Call or Text 609-462-2505.
SAVE-the-Date, Public Open House, July 21st, 2019, Noon -5:00 pm.
In Princeton’s Brookstone enclave, this east-facing, brick-wrapped Colonial has been brought completely up-to-date with fresh, youthful renovations that handle modern life with ease and style. Custom millwork of the highest quality fills the home, showcased by a graceful, hand-crafted bannister, which gives architectural presence to the 2-story front hall, and cherry paneled library with ceiling-high bookcases and a sunburst fireplace mantel. Four sets of French doors open to tiered bluestone terraces and gardens of lilies, irises, and monarch-attracting milkweed, framing the back of the home. A fully-fenced, garden-party backyard dazzles with views of a stacked stone wall, towering trees, and a bird’s eye view of babbling Stony Brook. Crown molding, recessed lights, and hardwood floors fill the 1st floor, including the living room, warm with a marble-framed gas fireplace, and formal dining room with a bay casement windows. Cherry cabinets, top-line stainless appliances, and granite counters gleam in the recently renovated kitchen. The mudroom/laundry room centers on the ultimate gas dryer/steamer – never send your sweaters out again! Front and back stairs rise to the 2nd floor, where you’ll be greeted by the carpeted family room, whose utility changes as needs change: playroom, hangout, movie night haven. A half bath is nearby – the home’s third! Three of the 4 bedrooms are suites with renovated baths and good closets. The master suite is so special with a closet-lined dressing room and a built-in marble dressing table, plus a beautiful bath that features a multi-jet shower with a rain fixture. A finished 3rd floor hosts a walk-in cedar closet and a 5th bedroom currently used as a study. Providing peace of mind are a replaced electric panel and furnace, plus a generator. This leafy location is pretty much perfect: an easy 2 mile drive to downtown Princeton, and within strolling distance to Johnson Park School and Greenway Meadows Park!
I realize that as a prospective buyer you like to start your home search on the internet. I admit it makes perfect sense to view listings in the privacy of your own home during hours that are non traditional business hours that simply work for you. Many of you that are looking for your first home or are relocating to the area are making the next step in your search to view Public Open Houses which traditionally occur on Sundays from 1-4:00pm. This is a fabulous way to educate yourself, family and relatives on the current market. This is also your opportunity to meet the listing agent who in many cases has collected extensive information on the home they are representeding and will have this information available at the open house. You can expect to receive the Multiple Listing System print-out, Seller Disclosure, Survey and Feature Sheet with room measurements and descriptions.
These two methods, the internet and viewing open houses is a great way to start looking for a new home, however, you may want to confide in your local real estate agent as your first step. I make this statement since I supply my clients and customers with maps so they can plot a driving circumference from their place of employment. This way they will not be “spinning their wheels” considering homes that in the end are simply an unreasonable commuting distance from their place of employment with rising gas prices in mind. I also introduce them to a mortgage representative who will run a credit check for free, and pre-qualify my customers for a mortgage. If their credit rating needs to be raised, an action plan to improve their credit is put into place and ways are devised to increase the amount of mortgage they may eventually qualify for. Today’s mortgage representatives are full-time professionals offering a variety of non-traditional mortgage packages that will fit current buyer needs. Last but not least, I place prospective buyers on an Auto Search from the TREND Multiple Listing System. This system will automatically send them new listings before they even hit REALTOR.com or the other public web sites. And if they have a Twitter account that is a plus for them since they will receive tweets of new listings from me and my company.
So I have given you my two cents worth of advice (27 years experience) on how you may want to start your search. Now let’s review what you should be looking in your new home so it is the right home for YOU!
Exterior of the Home
Are the trees and shrubs healthy? Are large trees located away from the home?
Are their drainage low spots around the house which could collect water? Or is the lot slopped for proper drainage.
Does the home have outdoor lighting?
Does the home have outdoor faucets or a sprinkler system?
Are driveways and sidewalks in good condition? What are the requirements of the township or borough for snow removal?
Is the exterior of the home in good condition? What exterior product is used?
What is the visual condition of the windows, doors, and chimney?
Are the roof shingles curled? Does the roof have sages and dips?
Are the gutters sufficient and draning properly? Do the downspouts point away from the house?
Are their cracks in the foundation walls larger than 1/4 “?
Flow of the Home
Does the home have space for entertainment, working and sleeping? Room for guests?
Can you easily access indoor and outdoor eating areas from the kitchen?
Is the refrigerator, sink and stove planned in the work triangle configuration for efficiency?
Can you open and close appliance doors without blocking a walking flow, cabinet or doorway?
Can you arrange your furniture in the home?
Are baths accessible and private without walking through a bedroom or living space?
Is the foyer welcoming with easy access to living space?
Basement to Attic
Does the basement have horizontal cracks which can be an indication of a shifting foundation?
Are beams and joists in good condition?
Is the attic insulated? Can you see evidence of a leaky roof?
Are attic floors springy or sturdy?
Are walls and windows throughout the home free of cracks?
Can you work windows efficiently?
Are the bathroom fixtures in good working order? Flush the toilets and run the faucets to look at the water flow and pressure.
Does the water drain well?
Does the home have adequate electrical outlets to meet your need? What is the current electrical service?
How old are the appliances in the home? Furnace, hot water heater, kitchen appliances? Are they in good condition?
What are the utility services? Public or private?
What is included and excluded in the home sale?
What is covered by the Home Owners Association?
Buyers, I hope I have opened your eyes to how you may want to start your new home search and what you may want to look for when viewing a home with your real estate agent. Keep in mind that a professional home inspector will assist you in defining many of these areas.
This May Be the Right Time for You
With interest rates at historic lows this may be the opportune time for you and your family to consider purchasing a condo, townhouse or single family home.
As I review the trends in the local real estate market I see a shift occurring from a buyer’s market to a seller’s market in the The Greater Princeton Area. So as a buyer what does this mean to you? A shift to a seller’s market means that you will have more qualified buyers competing to purchase the same home since a seller’s market is usually accompanied by low inventory. The TREND Multiple Listing System reports that in Mercer County in the month of June the number of single family homes available to purchase was 1920 compared to 2056 in June of 2015. The number of single family homes settled (closed) June 2016 year-to-date is 1583 compared to 1327 year- to- date in June 2015. This may not seem significant to you but this small percentage change has made an impact in the number of homes available for you to purchase in Princeton and the surrounding area. I frequently overhear in the office, real estate agents asking other agents if they have a new home coming on the market in a specific price range in a designated area for the buyer they are currently working with to purchase. The agent and their prospective buyer have exhausted their search of the few homes that are currently available and are anxious to see any new inventory as soon as possible. I myself have several customers that are experiencing firsthand the shortage of available homes to purchase. For you as a buyer, this shortage of inventory means that you must be working with a real estate agent that knows your wants and needs, have a letter of pre-qualification by a mortgage representative, have your deposit funds available, and have chosen your real estate attorney so you will be able to go immediately from fully executed contract to attorney review.
As I review my daily “hot sheet” of available homes, homes under contract, pending and sold I see homes selling at list price or in some cases above the list price. Take note that homes in Princeton on average are selling at 18% above the assessed value. Those homes that are selling over the assessed value are well maintained, updated, and are in a desirable location. This price shift from homes previously selling well below the list price is the effect of supply and demand. This may be the result of “baby boomers” deciding to age in place. Many “baby boomers” may be saying to themselves I can age in place, taking care of my home is manageable. If last winter had been sever we may be looking at a very different situation with more “baby boomers’ deciding to sell their home and move to a warmer more manageable or manage free housing environment. The lack of inventory may also be attributed to homeowners waiting to see if the real estate market improves to the point where they will be able to sell their home at a price that will meet their pricing goals.
This may be the time for you to get “your ducks in a row” and consider purchasing a home. Ask yourself the following questions to see if you are ready to take advantage of what may indeed be the approaching end to a buyer’s market.
Now is the time to seriously consider your homeownership options.
Madolyn Greve, Broker Associate, Callaway Henderson Real Estate 