Dec. 31, 2006 - 3,000 Heroes Gone

The year ends with 3,000 soldiers dead in Iraq.

Sadly, the year ends with 3,000 American service men and women who have given their lives in Iraq.

Their faces, their stories and an analysis of the war is reported in the New York Times.  After reaching the article click on any of the squares to view the face of a fallen American hero.

Dec. 31, 2006 - What Will Happen to Real Estate in 2007?

Real Estate Predictions for 2007

I suppose one needs to reflect upon the past to ponder what might come tomorrow. I'm thankful that this past year was one of professional growth for me. I continue to establish myself as a Realtor of choice, here in Somerset, NJ.   I completed the certified E-Pro program, started this blog, expanded my network of fellow Realtors and increased the ranking of my website on several major search engines.  Continued real estate education and certification is high on my agenda for 2007.

Browsing the Internet, I came across Elizabeth Weintraub's, of About.com, predictions for the 2007 real estate market.  It will be interesting to revisit these predictions this time next year to see which (if any) of Ms Weintruab's thoughts hold to be true. They are as follows:

1. More single women will buy homes than ever before

2. Home prices will remain soft

3. Agents will negotiate record numbers of counter offers

4. Buyers will pass overpriced homes

5. Buyers will demand upscale features

6. Sellers will hire home stagers

7. Agents will take overpriced listings

8. Virtual tours will gain popularity

9. More than 59% of listings will featgure a price reduction within 30 days 

10. Buyers will be more selective when choosing an agent

I must admit that a few of these predictions are already trending and I believe they will carry over into the new year.  Read more of Ms Wientraub's post on About.com

Good will to you and your loved ones.  May the New Year bring you Peace, Health and a Satisfying Real Estate Transaction, whether buying or selling.

HAPPY NEW YEAR!

Dec. 29, 2006 - Christmas Tree Disposal

Dec. 28, 2006 - Get your mortgage info here

Consumer Handbook on Adjustable Rate Mortgages

Dec. 28, 2006 - Franklin sheds light on Indian culture

Indigo Arts opened its doors in October.  It is the first exclusively Indian arts gallery in New Jersey.  An exhibition will be presented 6 p.m. Jan. 5 at the Arsha Bodha Center, 84 Cortelyou Lane, in the Somerset section of Franklin Township.

For more information visit the website, call (908) 791-0050 or email Indigo Arts.

Dec. 28, 2006 - Around the town updates

I hope everyone is enjoying the holiday season.  Below are a few quick updates of what's happening around our town and county:

The county Recyling Center will be closed on Monday, Jan. 1, in observance of New Year's Day.

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QUAIL BROOK SENIOR CENTER
625 New Brunswick Rd., Somerset, NJ
(732) 563-4213

Line Dancing - Every Monday at 10:00, and Friday at 9:30

Healthy Bones - Monday and Thursday, 1:00

Country Western Dance Lessons w/Ann Gant – Wednesday, 1:30

Chair Exercise – Every Tuesday, 11:00

Rummikub – Monday and Thursday

Crochet Group – Every Friday

Bingo – Every Thursday, 11:00

Senior Fitness (Video) – Every Tuesday & Wednesday

Jan. 8 – Elvis Presley’s Birthday Bash

Jan. 12 – “Fraud Protection” – NJ Healthcare

Jan. 19 – Hat Day – Wear Your Favorite

Jan. 25 – Professional Story Teller – Wanda Goldsworthy performs

Jan. 30 and 31 – 55 Alive Mature Driver Program, 10:00 – 2:00, (Call to register by Jan. 19, Fee $10)

Dec. 19, 2006 - Holiday Break

Well....barring any earth shattering news, I will be away from the blog until after the Christmas holiday. 

May you, your loved ones and friends enjoy this holiday season. 

May the New Year bring to you, Peace, Health and Happiness.

Sincerely,

Michael

Dec. 19, 2006 - Overpricing your home

  Pricing your home right 

In today's housing market, pricing your home competitively is crucial to getting it sold.  Buyers are much more selective than they were a year ago. Buyers want a perceived value, today.  Overpricing your home, even though you can lower the asking price, sends a message to buyers that the seller is out of touch with current housing conditions. 

As a seller, you must understand the mindset of your potential buyer and the emotional attachment that is made in purchasing a home.  Rather than making an offer that the buyer thinks will offend the seller whose asking price is too high, s/he might choose to wait and see if the price will be reduced, delaying the sale at best.  At worst, the buyer will walk away.  There's plenty of inventory for buyers to choose from.

Inman News columnist,  Dian Hymer, has written the article, Overpricing a home could lead to no sale and offers a few more tips to sellers. For the full text, click here.

Dec. 15, 2006 - First Time Buyers Look Again

Affordability of homes in our area has hindered first time buyers, but with the market corrections taking place, first time buyers may be ready to take a second look.  However, this time buyers will be more discerning with the amount of resale inventory.

Sellers need to do everything that might distinguish their home from their competition.  That means: creating curb appeal, keeping an immaculately clean home, de-clutter, freshen a tired room with a coat of fresh paint, order a home inspection to identify what may need repairs and fix them. 

The minor maintenance/repairs needed for your home might seem unimportant to you because it becomes the "norm".  You see it day-in, day-out.   The little things that you don't notice around the house, needing attention, are exactly what your potential buyer will!  

If you are not already working with a real estate agent, contact me for additional ideas on how to ready your home for sale.

Read yesterday's, The Wall Street Journal published report on first time buyers.   

Dec. 14, 2006 - Tax deduction for Mortgage Insurance

Tax Break for Homebuyers

There's a break for people who buy homes in 2007. The legislation allows taxpayers who itemize their deductions to deduct premiums paid for mortgage insurance, also known as PMI, -- which typically is required when homebuyers purchase their homes with less than 20% down. Currently, only the interest paid on a mortgage is deductible.

The new insurance-premiums deduction will apply only to mortgage insurance contracts issued in 2007 and will be available only to taxpayers whose adjusted gross incomes do not exceed $110,000 ($55,000 for married taxpayers filing separately). The move is expected to save a typical tax filer $200 to $400 a year.

Bankrate.com provides more details and caveats to this tax break.  Contact your mortgage lender or tax advisor to learn how the legislation might benefit you.

Dec. 10, 2006 - Developer and Council Dems Sued in state Superior Court.

Franklin group sues developer and Council Dems

It was reported in Sunday's Courier News Sunday that Democratic members of the Franklin Township Council and the "former head of a local political party" are accused of colluding with developer Jack Morris on the affordable housing plan to build 600 homes and a Home Depot on Bennetts Lane in a complaint filed in state Superior Court.

Read the entire article here

Dec. 10, 2006 - Drive thru flus shots!

Somerset's First Flu Drive Thru

Adult residents are invited to roll up their sleeves at the first Somerset County drive-thru flu clinic on Tuesday, Dec. 19, from 4 to 6:30 p.m.  The clinic will be held at the South County Public Works Facility in Hillsborough, located at 410 Roycefield Road.  Drivers are asked to approach Roycefield Road from Dukes Parkway West for the clinic. 

No pre-registration is necessary.  The vaccine will be given on a first-come, first-served basis to individuals age 18 and older.  The cost of the flu shot is $5.   Medicare will not be accepted at the clinic.  The vaccine will not be given to residents who are allergic to eggs or egg products, have a history of Guillian-barre syndrome or are pregnant.   Pregnant women and children are advised to see their healthcare provider if they wish to receive a flu shot.  Because the vaccine is administered in the upper arm, participants are asked to wear short-sleeve shirts under sweaters or coats.  

For more information, contact the Somerset County Health Department at (908) 231-7155. 

Dec. 9, 2006 - Travel, TSA, security wait times

Airport security wait times

The TSA has developed a calculator to determine estimated wait time to clear airport security.  Comments posted to Lifehacker.com tend to substantiate the estimated times.  Regardless, I think this is pretty cool!

Dec. 8, 2006 - Bargain Holiday Shopping

This story originally broke mid August, but with the Holiday shopping frenzy upon us and budgets busting, (at least mine is) I thought it was a good time to introduce it again.

NY Knick basketball guard,Stephon Marbury, put his name on a line of quality athletic shoes and sportswear.  What is highly unusual is that his clothing line is priced well below what one would expect.  What would  you say to finding high quality basketball shoes for $15.00 and clothing priced at less than $10 per piece?  The shoes are produced in China and  constructed using the same materials as the other top-end basketball sneakers.  You can preview the complete line of shoes and clothing at Mr. Marbury's website.  The only place to buy these items is at Steve and Barry Stores.  There are four locations, here in New Jersey. On-line purchases are not available.

Dec. 7, 2006 - Open Houses

Our Town Realty Open Houses - December 10, 2006 

Let me provide you a personally escorted tour of these Century 21 Our Town Realty Open Houses, Sunday December 10th or any other time that is more convenient for you.

Read why you might not want to venture on your own to an open house and Understanding Agency.  As your Buyer Agent, I will also be a disclosed Dual Agent, as these properties are the listings of other Our Town Realty Realtors. 

Should you have question regarding agency or you wish to visit other properties, regardless of whom the listing agent or office might be, phone me at (908) 377-9262  or send an email.  I will be happy to answer your question(s) and/or schedule an appointment to view the property interest.

Dec. 7, 2006 - Library to Temporarily Close

The Franklin Township Public Library will temporarily close it doors on December 11, 2006 for approximately two weeks.  This is required to set up shelving and move materials into the newly completed building.

For more details click here.

Dec. 5, 2006 - Home Trends We Never Saw Coming

Reported in today's CNN/Money.com: There are 5 new trends of what buyers want according to the results of surveying 923 real estate agents, brokers and executives.

They are:

1. Upscale garages

2. Caving or a personal space

3. Rejuvenation rooms

4. Heated patios

5. Snoring rooms

Click on the CNN/Money link for the whole story.

Dec. 4, 2006 - The Basics of Basis

The difference between paying taxes or avoiding them  

Some days I just can't see the forest for the trees.  This morning, after checking my emails, reading the headlines and my latest rss feeds I "discovered" RealTown Featured Entries on RealTown Blogs; a terrific feature that had been there all along. One entry that caught my eye was Rooftop Views , written by Andi Durban, on the subject of basis.

Andi referenced The Motley Fool website and its article The Basics of Basis.  For those homeowners who might not have a clue what this is all about, Andi points to the article that states, “Basis is a concept used by our friends at the IRS to figure out whether you've had a gain or loss on your home. It's whatever it cost you to buy your house. (Stocks follow the same concept, but I'm going to stick with homeownership here.)  With homes, you can increase your basis when you make improvements to the property. Why does this matter? Well, when you go to sell your home, you subtract the basis from the sales price to determine your gain.  A lot of the gain or profit on a home isn't taxed, but if you're in a hot real estate market -- or you plan to live in your house for 25 or 30 years -- keeping track of your basis can make the difference between paying taxes or avoiding them.”

So, go ahead and check out this very good article.  Of course confer with your financial advisor to learn how basis directly affects you.

Dec. 3, 2006 - November Residential Sales

Franklin Township Residential Sales

The month of November ended with 58 Franklin Township private residences sold with an average of 73 days on the market and receiving 98% of the listing price.  The month also ended with 589 active listings which remained on the market an average of 89 days.

If you have a question about a specific property, or stats for surrounding areas, please do not hesitate to contact me.  

AREA MARKET ANALYSIS REPORT - BY TOWN, BEDROOMS (Month To Date)

SEARCH CRITERIA County Code: 27 Town Code: 2708 Period 1: 11/2006 Period 2: 11/2006

BY TOWN: Franklin Twp. (2708)

#Beds Active Listings New Listings Under Contract Sold Listings SP/LP   # Avg. LP Med. LP Avg. DOM # Avg. LP Med. LP Avg. DOM # Avg. LP Med. LP Avg. DOM # Avg. SP Med. SP Avg. DOM   0-2  219  290,788  279,900  81  44  299,587  295,400  17  20  249,285  237,900  63  17  261,053  252,000  72  97%  3  170  366,274  349,900  89  21  365,042  359,000  18  12  320,029  299,000  97  18  358,217  347,000  70  97%  4  172  514,451  469,000  97  19  487,095  480,000  14  9  432,993  409,900  110  19  456,456  370,000  76  98%  5+  28  674,393  569,900  103  3  541,633  465,000  20  3  626,167  698,700  98  4  567,700  555,000  69  99%  TOWN  589  396,125  349,900  89  87  364,683  339,900  17  44  331,852  289,900  84  58  376,367  350,000  73  98%

ALL TOWNS 589 396,125   89 87  364,683   17 44 331,852   84 58 376,367   73 98%

© Copyright, Garden State MLS, L.L.C. **Info. deemed RELIABLE but not GUARANTEED - ALL Room Sizes are Approx.**

Dec. 2, 2006 - Senior Center's December Schedule

QUAIL BROOK SENIOR CENTER
625 New Brunswick Rd., Somerset, NJ
(732) 563-4213