Jan. 31, 2007 - GOP Fears Court Challenge to Tax Relief

Assembly Minority Leader doubts legality of tax credit

It has been reported in today's media that state Republicans are claiming the proposed property tax credit plan nearing final approval next week may be unconstitutional and could be voided by a court challenge.  Assembly Minority Leader Alex DeCroce, R-Morris Plains, said the income thresholds that would determine homeowners' property tax credits violate the state Constitution's "uniformity clause," which says personal characteristics, such as age and income, cannot be taken into account when taxing property.

"They are risking property tax relief that homeowners desperately need and can't afford to lose just because the Democrats refuse to play by the rules or listen to reason," DeCroce said. Republicans said they did not want to block the proposal but worried that someone else may challenge the plan in court.

I reported to you that the credit program would offer tax credits ranging from 20 percent to 10 percent, depending on income. Households earning more than $250,000 would get nothing. The plan was approved in the Assembly late Monday, by a 71-8 vote, with support from 24 of 31 Republicans.

Democrats said their plan is clearly legal.  Stay tuned....

Jan. 30, 2007 - Most Homeowners Would Get Credit on Tax Bill

Property tax cut clears hurdle

As reported on NJ.com, yesterday the state Assembly approved the centerpiece of the proposed 20% property tax relief for homeowners. The measure caps municipal tax increases, school boards and other entiites at 4%.  The state Senate takes up the bill on February 5th.  As I told you on November 10th, the proposal is instead of rebates your tax relief would come as credits that would directly reduce property tax bills. A homeowner with the average state property tax bill of $5,867 would pay about $1,173 less.

Not all homeowners will see a 20% tax cut.  Only homeowners with incomes up to $100,000 will get it.  Those making up to $150,000 will receive a 15 percent credit and homeowners with incomes up to $250,000 will receive a 10 percent credit. Exemptions are permitted for local governments that includes debt service, health care cost obligations exceeding 4 percent, some pension contributions, the offsetting state aid reductions from a pevious year, uncollected taxes exceeding 4 percent and lease payments to county improvement authorities. School districts could also claim exemptions for debt service payments, health care costs over 4 percent, and adjustments for rising enrollment.

The measure, introduced late Friday, was the culmination of six months of special legislative sessions beginning in July aimed at easing the burden on homeowners who pay the highest property taxes in the nation, an annual average of $6,000. There were some Republicans who were angered by the short amount of time provided to review the proposal. The special session was made public through open meetings and live on the internet.

In addition, the state Assembly approved measures to create a state comptroller's office and  a commission to study town mergers.

Jan. 30, 2007 - Home Remodeling

 Tips to avoid over-investing in your home

As a follow-up to my posting "Ready, Set, Go" A Seller's Checklist, below are a few suggestions on how not to over-invest in your home.  If you plan to do a little sprucing-up with the aid of contractors, now would be an ideal time to schedule.  Waiting until spring, may put you at a disadvantage, as it is peak time for contractors and getting a call back could be difficult. With that said....Do you plan to spend several thousand dollars or more on home improvements this year?  Are you making improvements as a part of getting your house ready to sell? 

Theses are just two of several questions homeowners should consider before starting a big remodeling or home improvement project, whether they're selling soon or not. The tough part is that everyone's situation is different, there's no universal formula to determine how much is too much.

Here are some questions homeowners should ask themselves before getting into the grit and grim of remodeling:

Is the remodeling project to get your home ready to sell or improve your family's living space?  If it's to improve the living space for your family, and you're planning to stay in the house for several more years, it's probably worth spending a little to achieve what you want.

Are you planning to sell soon?  If you're planning to move within the next few months or year, big-dollar projects may not be a good idea. You stand less a chance of recouping your investment.

What is the typical resale price of homes in your neighborhood?  Return depends on what's typical for your neighborhood. With a little research, you can see what the average sale price is for homes in your area and determine what your "ceiling" is for investment.

What features do typical homes in your neighborhood offer?  If your home only has one bathroom, but all your neighbors have two, adding a second bath may be a good idea. 

How much can you afford to spend?  This again speaks to the personal nature of the decision, and is impacted by whether you're planning to sell or stay in the house. If you're planning to stay for a while, you may consider breaking the project into phases so you can spread the cost out over a few years.

Here are a few additional things to keep in mind when it comes to your remodeling project:

• Because there are many variables that affect the housing market, you shouldn't expect to get a dollar-for-dollar return on a project. A $20,000 kitchen remodel doesn't necessarily mean you'll get $20,000 more for your home.
• Converting existing space into usable space, like an attic into a bedroom, finishing a basement or adding a deck, will bring a better return than adding actual square footage in the way of a new family room. The upfront costs aren't nearly as exorbitant.
• The amount of return is directly proportional to the grade of materials. When finishing a basement, for instance, wall-to-wall carpeting and drywall will bring a lot more than cheap paneling and a drop in ceiling.
• Kitchens and baths are a good area to focus on if you are going to be in your house at least five more years. These are the more costly remodeling projects, but you'll be living in the home long enough to enjoy the upgrades and are more likely to recoup the investment.
• Behind the scenes improvements that increase the house's integrity, such as a new roof, won't garner the kind of return that homeowners might expect. Buyers expect these things to be in good shape on a home.
• A common remodeling mistake is a pool. The majority of the market rejects this because of the maintenance requirements and safety issues for children. Exception: If your home is the only one on the block that doesn't have one, it could be a factor when it comes time to sell.
• Don't sink big dollars into extra landscaping. Simple is best. Add some mulch and brightly- colored flowers, don't drop several hundred dollars on brick pavers. Let the buyer do that.

Jan. 29, 2007 - Wacky Uses

And Weird Facts

Boy oh boy...This Joey Green website is just too much fun and I guarantee you will learn something new. You will find wacky uses for everyday products, weird histories, facts behind common products, experiments, links to other wacky sites and much more.  

I can't wait for the next rainy/snowy day when everyone is homebound!

Jan. 29, 2007 - Free Grove Street Art Exhibit

Cultural & Heritage Gallery at 20 Grove St.

The public is invited to view a contemporary art exhibit in the Cultural & Heritage Gallery, located in the county Administration Building at 20 Grove St, Somerville.

Fourteen artists from the Contemporary Art Group, affiliated with the Watchung Art Center, are displaying their artwork in the Cultural & Heritage Gallery through March 2.     

The gallery is open to the public from 8:30 a.m. until 4:30 p.m., Monday through Friday.  Free parking is available in the Bernie Field Parking Deck directly adjacent to the county Administration Building on High Street.

For more information, call Program Coordinator Sallie de Barcza, Somerset County Cultural & Heritage Commission, at (908) 231-7000, ext. 7246.

Jan. 29, 2007 - Ready, Set, Go!

Jan. 28, 2007 - Move out and Move Up

Check out ING Direct's fun site

ING Direct.com has created a fun site called moveoutmoveup.com to playfully prod apartment dwellers to well, move out and move up.
It points out life changes that might cause you to consider homeownership.  Oh, did I mention…it’s fun?

Jan. 28, 2007 - Garden State Home Show

Friday, Saturday and Sunday * Feb 2-4

The Garden State Home Show is coming to the GS Exibit Center located at 50 Atrium Drive.  Get to see more than 250 displays of the region’s most innovative manufacturers and sellers of window treatments, kitchen cabinetry/appliances, security systems, air conditioning/heating systems, patio/casual furniture, pools/spas, landscapers, nurseries and more!

For more information call: 732-469-4000

Jan. 27, 2007 - Franklin Township Councilman, Brian Regan, resigns

FRANKLIN (Somerset) -- The local Democratic Party must fill another hole on the Township Council following Councilman Brian Regan's resignation, which was announced at Tuesday's meeting.

Regan, citing increased job responsibilities for his resignation, follows former Deputy Mayor Wandra Ashley-Williams, who resigned from the council in October to accept a job in Washington, D.C.

For the complete Courier News story, click here.

Jan. 27, 2007 - Open House

Our Town Realty Open Houses - January 28, 2007

Let me provide you a personally escorted tour of these Century 21 Our Town Realty Open Houses, Sunday, January 28th 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.

Jan. 23, 2007 - Passports Required for Air Travel to US today

Passports required for all international air travel 

Effective today, the Departments of State and Homeland Security requires citizens of the United States, Canada, Mexico, and Bermuda to present a passport to enter the United States when arriving by air from any part of the Western Hemisphere.

This change in travel document requirements is the result of recommendations made by the 9/11 Commission, which Congress subsequently passed into law in the Intelligence Reform and Terrorism Prevention Act of 2004. These new travel document requirements make up the Departments' Western Hemisphere Travel Initiative (WHTI).

The first phase involves travel by air and requires all citizens of the United States, Canada, Mexico, and Bermuda to have a passport or other accepted document that establishes the bearer's identity and nationality to enter or re-enter the United States from within the Western Hemisphere. The final rule for the air phase of the WHTI rule was published in the Federal Register on November 24, where it can be viewed at www.regulations.gov . That rule is also available on the Department's consular web site, travel.state.gov and on the Department of Homeland Security's web site, www.dhs.gov.

U.S. citizens can find information about how to apply for a passport at travel.state.gov or by calling 1-877-487-2778.

Jan. 22, 2007 - Flu Shots Tuesday, Jan. 24th

Jan. 22, 2007 - 10 Ways to Save for a Down Payment

Find the cash for your down payment

Boost your savings with these great tips to come up with a down payment on your first home. 

Also, don't forget the tax break I told you about last month for people who buy homes in 2007. Legislation now allows taxpayers who itemize their deductions to deduct premiums paid for mortgage insurance, also known as PMI, which typically is required for homebuyer purchase with less thann a 20% down. payment.  Click on the links, below for the details at BankRate.com on the 10 ways to get that down payment.

10 ways to come up with a down payment:

1. Pay off your plastic.   6. Get a gift. 2. Ladder CDs to boost savings.   7. Ask for a raise. 3. Use special programs.   8. Get a second job. 4. Tap your IRA.   9. Look for lost loot. 5. Borrow from your 401(k).   10. Auction off unwanted items.

Jan. 15, 2007 - Martin Luther King Day

  Celebrating the Life of Dr. Martin Luther King, Jr

January 15, 1929 - April 4, 1968

Letter From A Birmingham Jail

I Have A Dream

Jan. 14, 2007 - A Message From Congressman Rush Holt

12th District of NJ Update

Our congressional representative, Rush Holt, sends the following newsletter updating issues of Iraq, the 110^th Congress' agenda, and remembering  Martin Luther King.  Should you wish to contact him, visit his website at: http://www.holt.house.gov/

Dear Michael,

Rather than heed the word of the American people (and the Iraq Study Group, leading generals, and Iraqi leaders) that we reduce our role in Iraq, this week the President announced he would send 21,500 more troops to Iraq, as well as extend the length of combat tours for ground troops. I oppose both decisions. Iraq’s civil war cannot be “won” by the United States. Only Iraqis can end their bloody civil war. Our role should be to help move along the reconciliation process. The best way for Congress to do that is to begin the withdrawal of our combat forces, to prohibit funding for continuous combat operations after a certain date unless authorized by Congress, to cap the number of advisors deployed in Iraq, to forswear permanent bases in Iraq, and to condition economic and military aid to Iraq’s government on constitutional and institutional reforms (all Iraqis must benefit from oil revenues, death squads must be purged from the security forces, etc.). If the President will not voluntarily move our nation’s Iraq policy in this direction, Congress must take the lead to do so.

The 100 Hours Agenda So Far

Jan. 13, 2007 - Americans struggle to afford housing

Salaries have not seen modest gains, according to a study

CNN/Money Magazine reported this past Wednesday how Americans are struggling to afford housing.  This does not come as earth shattering news to any active Realtors and real estate agents, here in the Somerset/ Middlesex/Hunterdon areas. Nor is it news to first time buyers.

While the median home price for the third quarter of 2006 in the largest 202 metropolitan areas was reported to be $248,000; I reported, earlier this month, that for December 2006 the average Franklin Township home sold for $322,679.  Barbara Lipman, research director for the nonprofit Center for Housing Policy,  was quoted in the article saying, "American workers are really not gaining ground and they're so far behind in the first place."

Read more about it here

Jan. 11, 2007 - Discount Real Estate Brokers Face New Hurdles

Objective Criteria Screens out Discount Real-Estate Brokers' Listings

The Wall Street journal reports that a revised policy approved by the National Association of Realtors this week may make it harder for discount brokers to draw attention to homes they list for sale.

The revised policy states that brokers must use "objective criteria" if they screen out some listings. The criteria could include location, type of property, compensation offered for agents who find a buyer, or the level of service provided by the listing company. Thus, listings from brokers providing limited service for lower fees could be excluded from other brokers' sites. Read the complete story by clicking here

Jan. 10, 2007 - Alzheimers Association Family Support

If you have a family member or know of a neighbor afflicted with Alzheimer’s disease or other dementias there is a local support group available. 

Every third Wednesday of the month at 1:00 PM a family support group meets at the Somerset Assisted Living, 350 DeMott Lane, Somerset, NJ 08873.  Contact: Bonnie Schellhas or Toby Erlich (732-568-1155) for more information.  Go online for 24-hour support or to read more on this subject at the Alzheimer’s Association 

Jan. 7, 2007 - December Residential Sales

Franklin Township Residential Sales

The month of December ended with 49 Franklin Township private residences sold with an average of 82 days on the market and receiving 97% of the listing price. This is a 1% reduction in price from the previous month and 9 additional days on the market.   

The month also ended with 516 active listings which remained on the market an average of 103 days; up from 89 days last month.

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: 12/2006 Period 2: 12/2006

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  179  292,170  274,425  93  21  272,330  259,900  22  25  254,008  249,900  104  25  249,233  242,000  76  97%  3  162  368,426  349,900  103  17  369,329  365,000  23  18  349,516  347,900  69  11  302,591  305,000  90  96%  4  152  526,764  459,900  113  14  536,821  429,000  27  10  456,940  439,900  75  11  442,905  409,950  86  97%  5+  23  704,683  564,900  125  3  933,300  1,100,000  27  0  00  00  0  2  690,000  670,000  102  96%  TOWN  516  403,603  350,000  103  55  405,690  349,900  24  53  324,734  289,900  87  49  322,679  281,430  82  97%

ALL TOWNS 516 403,603   103 55  405,690   24 53 324,734   87 49 322,679   82 97%

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

Jan. 4, 2007 - The Art of House Hunting

8 Tips to Help in Your Search

 Here are 8 steps you should take if searching for your next home, after you have secured a pre-approved mortgage and your downpayment.  A special thanks goes out to Michelle Dawson, Realty Times.

The Art of House Hunting: 8 Tips to Help in Your Search

 Armed with your down payment and your pre-approved mortgage loan, the next step is finding the house that will best meet your family's needs. With realistic expectations, patience, and plenty of research, you'll be well on your way. 

Once you narrow it down to the neighborhoods you like, you'll want to determine the maximum house price you can afford. Even though you're pre-approved for a set loan amount, it doesn't mean you can afford it. You'll want to factor in other expenses, including retirement and college savings, vacations, and home maintenance and repairs, when you calculate how much you can afford for a monthly payment. And don't forget to budget for homeowners insurance and property taxes.

Next, differentiate your needs versus your wants. You need three bedrooms, but a fourth room would be nice for a play room or guest room. You need a two-car garage, but a larger one would be nice for storage. You need a functional kitchen but want hardwood floor. You need two bathrooms but want a luxurious master suite. You get the picture.

As you begin on your house-hunting venture, you may want to prepare a checklist, perhaps in a table form on your computer. Break it down between exterior and interior characteristics. Make notes on each feature and give each a 1 to 10 score.

Some of the exterior features to rate might include size of yard, quality of fence, paint condition, roof condition, window conditions, garage, back yard. When it comes to interior, think about square footage; the floor plan; condition of walls; the size, quality, and functionality of the various rooms; and closet and storage space.

Your checklist should also include any other general factors you deem important - the amount of traffic, the appearance of the neighborhood in general, safety in the area, the reputation of local schools, etc.

Meanwhile, Freddie Mac, the stockholder-owned corporation chartered by Congress in 1970 to create a continuous flow of funds to mortgage lenders in support of homeownership and rental housing, and other industry experts make additional suggestions, including:

Take a camera with you to capture an image of each house you look at that makes it to the "maybe" list.