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10 Cities Boasting Mini Sales Booms

By Coccia
At Jan 16, 2009

Some cities that were hardest hit by the real downturn are experiencing mini sales booms.

Las Vegas real estate properties are down 28 percent in price, but sales of homes are up 15 percent.

Motivated buyers accounted for 64 percent of Las Vegas sales in October, says Radar Logic, a derivatives firm. That’s the highest rate in the country.

“There’s a pretty active housing market, it’s simply at a lower-priced inventory,” says Michael Feder, chief executive of Radar Logic. “And there are now bidding wars taking place over homes in foreclosure.”

Phoenix and San Diego are reporting similar experiences.

“We’re clearing out the bad news,” says Kiva Patten, a director at Merrill Lynch specializing in housing derivatives.

“By the end of 2010 – that’s where we’re calling the bottom in the forward market. You’re going to get a small price appreciation in 2011,” says Patten. “It’s not like the turn is 10 percent per year, it’ll be something like 3 percent or 4 percent.”

Source: Forbes, Matt Woolsey (01/12/09)

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20% of Homes Priced to Sell!

By Coccia
At Jan 12, 2009

In this Real Estate environment about 20% of the homes listed for sale in most towns are actually priced to sell, and 80% are priced to sit. That is why you still see homes here and there getting full list price offers, and sometimes even bidding wars. Just last month there was a home in Madison New Jersey which sold for $60,000 above asking price with just 7 days on the market.

Buyers are out there shopping for homes. Maybe even now more than a few months ago considering mortgage rates are at 5% for a 30 year fixed. The important ingredient that most homeowners are missing is to price your house according to the market. In just the last 2 weeks 3 homes closed in East Hanover ranging from $340,000 to $520,000. I am proud to say Coccia Real Estate Group sold each one of these homes. In Florham Park 5 homes closed and one of them sold for full price at $999,000. Finally, in Hanover township 3 homes closed in the past 2 weeks and again Coccia Real Estate Group sold 2 out of three for 95% of asking price or better!

When choosing to buy or sell Real Estate in a difficult market like we are in now. Every expert will tell you to use a local Real Estate Professional. Your local Real Estate Professional is Coccia Real Estate Group, LLC!

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10 Tips for Generating Buyer Interest

By Coccia
At Jan 08, 2009

Occasionally we get a house that we have a real tough time getting offers on from qualified buyers. Since I am in the business for a long time I know that it is possible to sell any house. Usually there is a reason buyers are over looking the home and it is not always price. Here is a great list that mentions issues that “put off” buyers.

FOR BUYERS: You may want to see past some of these issues because the house you pass on today may be tomorrow’s “Gem”.

10 Tips for Generating Buyer Interest

Distraught sellers who need to generate more interest in house that has been languishing on the market for months should consider 10 steps from MSNBC financial guru Laura T. Coffey

1. Can the clutter. Pack up knickknacks, pictures, piles of paper and furniture that makes the place look crowded.

2.  Let the light in. Take down any heavy drapes.
3.  Scrub-a-dub-dub. Shampoo soiled carpets, Scrub the front door. Repaint scuffed walls.

4. Tidy up the lawn and trim the shrubs.

5. Get moving on the “honey do” list. Fix everything that is in need of repair.

6.  Enhance the view. Erect a fence or plant shrubbery to improve or obscure the view of unattractive nearby properties or streets.

7.  Try weeknights. Holding an open house on Wednesday may attract a different crowd.

8.  Ask for criticism. Consult with buyers’ agents for their feedback.

9.  Send the owners away. Ask them to vacate when potential buyers come around so they can talk freely.

10.  Drop the asking price. And figure out the lowest amount you’re willing or able to accept.

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Don’t Get Frustrated! We Will Get Your Home Sold!

By Coccia
At Jan 05, 2009

This may be a difficult real estate market, but let us assure you that homes are still selling! Coccia Real Estate Group has been successful in finding buyers for the following Homes in Madison, Florham Park, Livingston, East Hanover, Montville and Hanover Township in just the last 6 months!

5 Andrea Terr

8 Fairview Ave

8 Kingsbridge Dr

24 Cedar Street

15 Wildwood Ave

36 Bunker Ave

31 W. Wilson Ave

5 Tuscan Place

11 Samuel Street

95 Edgewood Dr

19 Yorktown Terr

6 Prospect Place

30 Hilltop Circle

30 Birchtree Dr

7 Springbrook Road

6 Afterglow Way

10 Briant Ave

38 Overlook Trail

318 Main St

24 Hunter Dr

55 Patriots Road

521 Willis Road

103 Woodland Ave

364 Ridgedale Ave

We would ask you to consider giving us the opportunity of explaining what we do differently to successfully market homes. We have been able to guide many sellers just like you through this competitive market, resulting in their house selling quickly and for the most money possible.

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Fed Action Creates Best Interest Rates in 50 Years, Realtors® Report

By Coccia
At Dec 30, 2008

WASHINGTON, December 17, 2008

The National Association of Realtors® applauds the actions of the Federal Reserve Board in lowering interest rates for home buyers and homeowners who need to refinance. This will significantly impact housing sales and values in Florham Park, East Hanover and Hanover Township.

“NAR has been aggressively calling for mortgage rate reductions, and the Fed’s action to slash interest rates, coupled with the actions by the Federal Housing Finance Agency and the Department of the Treasury, has driven down interest rates to make the dream of homeownership once again attainable for thousands of Americans,” said NAR President Charles McMillan.

Mortgage rates, which had averaged 6.3 percent in the third quarter, have recently fallen into the 4 percent range in some parts of the country. “That is the lowest rate in nearly 50 years and will bring buyers back to the market,” McMillan said. “We are pleased that the government heard our message and responded to our call for action.”

NAR has estimated that a one percentage point decrease in mortgage rates will increase home sales by more than 500,000 homes. “To boost the economy, it is critical to stem the rising tide of foreclosures and boost home buyer confidence in the housing market.” McMillan said. “Lower interest rates coupled with increased foreclosure mitigation are the key ingredients to stabilizing the housing market and preserving communities and homeownership.”

NAR continues to call on the federal government to maintain the higher loan limits passed in the economic stimulus bill earlier this year and to expand the $7,500 tax credit for first-time home buyers to all buyers and to eliminate the credit repayment requirement. “Together, all of these actions will stimulate and stabilize the housing market and begin an overall economic recovery,” McMillan said.

Coccia Real Estate Group, LLC

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New Listing On Annabelle Lane in Florham Park

By Coccia
At Dec 19, 2008

We just listed your new home on 10 Annabelle Lane in Florham Park.  A truly wonderful example of a beautiful lot and spectacular location.

This 4 bedroom, 4.5 bath Contemporary was built especially for its current owners in 1988. You will be impressed the 1st time you arrive at this elegant home positioned nicely on an oversized 1.19 acre lot. Have no concern for traffic or privacy because you are one of only a few homes located on the secluded cul-de-sac.

Entertaining is a dream with a bright, open and airy floor plan that is approximately 5,000 square feet of living space.  Impress your friends with a 18’ x 25’ Great room,  15’ x 20’ family room (complete with floor to ceiling stone fireplace), eat-in-kitchen (with center island) and formal dining room, all with cathedral ceilings and a total of 10 skylights. 

The 32’ Master bedroom boosts plenty of room and offers all one would expect of a house of this caliber. The private bathroom is  an enormous 15’ x 15’ and contains a stall shower, oversized whirlpool tub and his & her vanities. The master suite is complete with a walk-in closet and sliding glass door access to a 4 season, private sunroom.

The 2nd floor of this home is what really makes this house stand out from others. The loft and “suspended hallway” overlooks most of this 1st floor and is abound with windows and skylights.  There are also three other bedrooms all complete with central vacuum and an entire house intercom system. The main bath is also quite large with a separate tub and stall shower.

The basement / ground level is completely finished and offers lots of possibilities for many different configurations. It features a separate entrance, a full bath and a layout conducive for an au pair or in law suite. If you need a third garage, one of the recreation rooms is easily converted.

The exterior of this majestic home is California Redwood and Penn Stone. The garages are side-loading and feature an interlocking paver stone driveway.  The deck is a very large 30’ x 62’ and is accessible from sliding glass doors from the sun room, great room and family room.  Exterior lighting surrounds the front and rear of the property as does the in-ground sprinkler system in the professionally landscaped yard.  The centerpiece of the rear yard has to be the custom free form heated in-ground swimming pool complete with “kool” deck and raised separate whirlpool.  No need to go into the house to shower after a dip – just use the Redwood cabana with full bath and storage for all your pool items.

This house is priced to sell at $1,125,000.

For more information, call Coccia Real Estate Group at 973-887-2500

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Great Real Estate Opportunities Are Out There!

By Coccia
At Dec 15, 2008

Lately, I have seen some pretty incredible housing opportunities come across my desk for East Hanover, Florham Park, Hanover Township and Parsippany. Just two years ago it was impossible to find a nice house in any of these areas without paying an arm and a leg. Well, as of December 2000 that has certainly changed.

In Whippany we have an unheard of opportunity to purchase a brand new home from a great builder and be involved in the construction process the entire way through. This lot is in one of the town’s most desirable neighborhoods and the lot is about ¾ of an acre. Inside, you will find 4 bedrooms, 2.5 baths, full basement, cathedral ceilings, great room, large baths and closets and much more. About 3,800 sq ft.

In Florham Park we have 10 Annabelle Lane for sale. This is a rare chance to get into an untouchable neighborhood for right around 1,100,000.00 dollars. This 3,700 sq ft. house sits on 1.19 acres and is located right on a cul-de-sac. It features a large deck, in-ground swimming pool and cabana with full bath. Just a few years ago this street required 1.3 million dollar entrance fee.

In East Hanover the opportunities are endless. If you are looking for new construction you can find a quality built new home on Lumac Drive for $849,900 or a wonderful ranch for $450,000.Looking for a Hanover Park townhome? We have several available between $350-420,000.

Mortgage rates are also at all-time lows ranging from 5% to 6.25%. If you are looking to buy in Florham Park, Whippany, Cedar Knolls, East Hanover or Parsippany give Coccia Real Estate Group a call. We live, work and play here!

We are experts in our towns. Call 973-887-2500 today

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Selling homes in a Challenging Market

By Coccia
At Dec 02, 2008

This is the era of change, we need and want it. People are looking to improve their standard of living and have more opportunity in the future. We need to know that anything is possible and we still have the same opportunities that were afforded to us in the past.

Despite what you read and hear everyday Coccia Real Estate Group is listing and selling Real Estate in the Morris County area.

Whatever the economic circumstance, towns like Florham Park, East Hanover and Hanover Township all have low taxes, great schools and offer an excellent place to live. They are somewhat insulated from the extreme conditions felt in other New Jersey towns that are not as fortunate.

Coccia Real Estate agents are sure to highlight the attractions of each town and manifest the value of investing in Real Estate in there attractive areas. We don’t listen to what the newspapers are printing and the cable news stations are saying. We concentrate on the positive and what tremendous Real Estate “bargains” are out there. Many are in a negative state of mind for some time now. We have to be constantly reminded that for every negative there is a positive. Look for a change and you shall be rewarded with opportunities. The American writer Elbert Hubbard who said “The line between failure and success is so fine that we are often on the line and don’t know it.” True success comes when we are positive and grab the opportunities that are in front of us.

Here at Coccia Real Estate Group you will never see us giving up and blaming the Economic downturn or the Real Estate market. We constantly find ways to sell homes and that is the reason we will celebrate a 35% increase in sales revenue this year!

If you are looking to buy, sell, rent or try a career in Real Estate call Coccia Real estate Group today at 973-887-2500.

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Coccia Real Estate Group Is Selling Homes in East Hanover!

By Coccia
At Nov 21, 2008

If you were to perform a search on the Garden State Multiple Listing Service for homes currently “Under Contract” in the town of East Hanover you would notice that Coccia Real Estate Group has 100% of the market.

Coccia Real Estate Group is an aggressive Real Estate office with a team of more than 20 agents who live, work and play in the area. “Coccia” is one of the few offices that has doubled in office space in a year when most other Real Estate offices are closing their doors. We know this town better than any other local office and especially better than a Real Estate office out of the area.

Our Custom Marketing Plan is a very important part of our Strategy and a technique we utilize for every house, townhouse and condo we list. It consists of weekly advertising in the area’s print advertising such as the “Eagle newspapers”, FlorhamParkHanover this week, and the Star Ledger.

We also believe in a strong internet presence. We place every home we list on the following websites: GSMLS.com, Realtor.com, CocciaRealEstate.com, Craigslist.com, Trulia.com, Zillow.com and NJHomes.com. Our agents all have digital cameras and take plenty of photos of the interior and exterior of our properties. Buyer’s love viewing these photos online, as well as in our private “Virtual Viewing Room” located inside our newly renovated office.

Today’s buyers are savvy and well educated and want information NOW. Most of our buyers find us through the internet and demand a state of the art website like CocciaRealEstate.com. Our new website has the ability to contact buyers by email and alert them of new listings that meet their criteria. This year we have found about 58% of our buyers through the internet. This figure is only supposed to increase over the next five years.

When choosing a Real Estate company for East Hanover, Florham Park, Whippany or Cedar Knolls choose a Realtor with a Reputation you can Trust: COCCIA REAL ESTATE GROUP!

Chris Coccia
Coccia Real Estate Group
434 Ridgedale Avenue, Suite 12
East Hanover, N.J. 07936
973-887-2500
www.CocciaRealEstate.com

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Who Can Predict the Real Estate Market?

By Coccia
At Nov 14, 2008

Economists pour through reams of statistical data and draw conclusions based on history. Surely they must be the ones that can tell us what is going to happen with the real estate market going forward, right? No. Unfortunately, they can’t. They can use their data to make sweeping generalizations about the national real estate market, but the information does not translate properly to local markets. However, this does not stop them from using the mass media to alarm the public with their findings.

So, it must be the REALTORS® who work in various LOCAL markets that can tell you what’s going to happen in their area. After all, REALTORS® have all of the relevant local data. Surely they must know what is going to happen, right? Not exactly. Although we know how much homes are selling for, which listings are expiring and which homes are currently on the market, we can hypothesize about the near future, but we certainly cannot give any guarantees as to what the local real estate market will do in the coming months.

So if it’s not the economists and it’s not the REALTORS®, then who is this guru that can tell buyers when to buy and sellers when to sell? It’s almost December, so it must be….Santa Claus! Of course not.

Give up? The answer is a homeowner living in a small town in New Jersey. I know that you must find this shocking because I sure did. If you’re finding this hard to believe, please read the following example of this homeowner’s wizardry.

This homeowner was trying to sell his home. It was on the market for the whole summer with a listing price of $439,000. The three month listing expired, and he put the home back on the market with another REALTOR® with a listing price of $419,000. About five months after the home first went on the market, a buyer that I’m working with made an offer of $380,000. The homeowner countered the offer at $390,000. The two sides were deadlocked, but if there was a way to get this deal done, I was going to make it happen.

The mortgage broker that I recommend regularly has been working with me on using a point buy-down system.Most 1st- time buyers think that they have to buy the points to reduce their mortgage rate, but it can also be done by the sellers. Since these buyers were already working with my mortgage broker, we decided to have a sit-down meeting about using this point buy-down system to increase their offer. The system requires some explaining, For now let’s just say that using this system creates a win-win situation.

This home was priced slightly above average, and its condition would be considered above average for the area.The comparables show that similar homes sold for around $400,000 in the past six months. However, this home had gotten somewhat stale on the market, and the offers weren’t coming in. At this point, there were no buyers willing to make offers in the $400,000 range for this particular home.

The buyers that made the offer through me had credit scores hovering near 800. They had a more significant down payment to put down than many other buyers in the area. The buyers intended to apply for a 30-year fixed loan, showing full documentation. Being that they were renters with no lease, they were willing to close within 30 days, which is no easy feat in our area, where most closings take 60-90 days. These were dream buyers coming in at a very fair price.Through creative financing, we got the offer up to $388,000.

I explained the point buy-down system to the homeowner, and showed him how both parties would benefit by using this strategy. He seemed to understand fully, and said that he just needed to talk it over with his wife. The next day, the other agent called me and told me that the homeowner decided not to take this offer. Over $2000! Are you kidding me? The agent then told me that the homeowner decided that even at $390,000, he wasn’t making enough money on the home. In fact the exact wording was that he was “losing too much money on the home!” I was left speechless, but here is the best part.

The facts show that this home sat on the market for three months with one broker at $439,000 and expired. It sat for another two months with another broker at $419,000 and had only one other offer that never came to fruition because the buyers couldn’t get financing. The homeowner decided that if he waits a year, then the home will sell for around $450,000 – $460,000. This is based on his opinion of what’s going to happen, and absolutely no factual data to support this claim.

Please don’t think that prices in Northern New Jersey are going to go back up in 1 or 2 years. I can’t guarantee anything but I don’t think there is even one expert that predicts that by 2010 we are going to see a 5% or greater gain. Real Estate prices will go back up but you have to have some patience. Please call us for an expert opinion on what your home is worth.

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