Jul. 31, 2007 - Reduced Mortgage Choices

Wamu still offers 5/25 subprime loans

The subprime mortgage market continues to adjust.  Since mid-July most lenders have stopped writing the popular 2/28 mortgage.  However, Washington Mutual home loans is offering 5/25 subprime loans.  Qualifying for a home loan will remain more difficult than the recent past.

Read more about Wamu home loans and the subprime market at Bankrate.com

Jul. 26, 2007 - Showing your home's assets

Home Staging Tips

What is a staged home?  A staged home de-personalizes and utilizes all the space to show its assets rather than merely using the space for storage. Think of staging like detailing a car. A smart auto seller would detail a car before selling it to add value.  Staging does the same thing and helps the prospect envision him/her self living in the space.  Simply put, it’s that model home in the new residential development.

With the increased inventory of homes for sale in Franklin Township and stiff competition for qualified buyers, it becomes more of a necessity to present the best possible home package.  The open ended question to home sellers is, can you afford not to place your home in the upper percentile of the best presented homes?

Here are a few tips to get you started with staging your own home:

First impressions count:  A new welcome mat, seasonal flowers and a clutter free entry sets the stage. 

Sell the space, not your stuff:  Open up and de-clutter the space. Let the prospect see what they are buying.

Paint and elbow grease work wonders:  A thorough cleaning and fresh paint in neutral colors are your best bet.

Make the kitchen sparkle:  Clean, clean, clean.  Remove all appliances and non-decorative items from countertops.  Set the table including placemats, napkins and dinnerware. Oh, did I mention to clean?

Go with the flow:  Angle furniture to add interest and arrange furniture for an easy traffic flow.

See the light:  Arrange window treatments to allow maximum natural light.  Move lamps to dark corners.

Go green:  Live plants and cut flowers add warmth at a reasonable cost.

Don’t forget the outdoors, especially this time of year:  Ensure the porch, deck or patio is clean including the furniture.  Don’t forget to replace worn cushions.   Reseal, paint or restain weathered finishes.

Warm up an empty home:  If your home is vacant, consider renting furniture for key rooms, but don’t go overboard.

For additional information or tips you are welcome to contact me.

Jul. 22, 2007 - 30 year mortgages rise

Mortgage rates increase after Bernanke's testimony

Nationally, mortgage rates rose slightly this week, despite discouraging words from the chairman of the Federal Reserve, Ben S. Bernanke, who told Congress that the housing sector will get worse before it gets better.

30-year fixed-rate mortgages rose 4 basis points, to 6.82 percent, according to Bankrate.com's survey of large lenders. A basis point is one-hundredth of 1 percentage point. One year ago, the mortgage index was 6.89 percent; four weeks ago, it was 6.76 percent.

The 15-year fixed-rate mortgage rose 4 basis points to 6.5 percent. The benchmark 5/1 adjustable-rate mortgage rose 2 basis points to 6.56 percent.

Source: Bankrate.com

Jul. 18, 2007 - Franklin Towship Home Sales

I have been providing raw data on monthly Franklin Township home sales for a while, now. But what do those numbers really mean?

Reviewing statistics for homes sold over the past several months, you can see that the local selling price has remained at approximately 97% of the listing price.  When examining Days On the Market (DOM) over the last six months, properly priced homes took 75 days to sell in contrast to 40 days in 2005.  I must add that these numbers reflect homes that were priced correctly, from the start. 

The inventory of Franklin Township housing stock on the market for the past six months has fluctuated between a low of 515 to a high of 783.  The month of June 2007 ended with 648 active listings. 

Today's local home values are similar to prices of August 2005 for houses sold. The month of June 2007 ended with an average Franklin Township selling price of $342,128.  The month of August 2005 ended with a average Franklin Township selling price of $343,354.  For long time home owners with plenty of equity, conditions are still ripe to sell your home.   

Much talk has been of a "Buyers' Market".  After a closer look, I would describe current local conditions as not so much a "buyers' market", here in Franklin Township, but one still in transition from a seller's market to a buyers' market.  

In summary, homes that are well priced and show well will find a buyer.  Don't price your home with the expectation of reaping values of 2006. Do listen to the recommendations of your real estate agent to improve how well your home shows to prespective buyers, its pricing and marketing plan.  Failing to heed these suggestions could have your home selling a competitors; when being compared. 

Jul. 12, 2007 - June residential sales

Franklin Township Residential Sales

The month of June ended with 69 Franklin Township private residences sold with an average of 66 days on the market and receiving 97% of the listing price. 

The month also ended with 648 active listings which remained on the market. This is an increase of 34 new properties from the previous 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: 6/2007 Period 2: 6/2007

BY TOWN: Franklin Twp. (2708)

#Beds Active Listings New Listings Under Contract Sold Listings SP/LP   # Avg. LP Med. LP # Avg. LP Med. LP # Avg. LP Med. LP Avg. DOM # Avg. SP Med. SP Avg. DOM   0 0 00 00 0 00 00 0 00 00 0 0 00 00 0 0% 1 7 196,500 152,900 2 147,450 145,000 2 151,400 149,900 14 3 145,000 145,000 24 97% 2 214 293,981 279,900 54 288,391 275,000 28 277,682 274,900 63 24 295,558 282,000 59 97% 3 190 378,696 345,000 48 386,653 339,900 22 379,568 339,900 73 24 360,104 340,000 54 97% 4 191 517,180 450,000 41 522,629 454,000 14 490,607 410,000 59 17 443,794 418,000 101 97% 5+ 46 700,526 649,900 5 658,540 649,900 5 532,700 449,900 83 1 440,000 440,000 89 96% TOWN 648 412,416 349,900 150 394,319 337,500 71 365,639 320,000 65 69 350,078 335,000 66 97%

ALL TOWNS 648 412,416   150 394,319   71 365,639   65 69 350,078   66 97%

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

Jul. 9, 2007 - Quailbrook Senior Center Hosts Luau

Senior Center Event

The Quail Brook Senior Center, located at 625 New Brunswick Rd., will host an “Hawaiian Luau” at 11 a.m. on Thursday, July 12.   

The luncheon menu will include a ‘Polynesian surprise’ and entertainment will be provided by Jerry Castaldo. 

Admission to center programs and activities is free.  If you wish to have lunch, please contact the senior center by 10:30 a.m., at least one business day in advance, to make a reservation.  A suggested donation of $1.50 is recommended for lunch. 

The Quail Brook Senior Center is one of seven centers operated by the Somerset County Office on Aging.  The senior center offers a variety of educational, recreational and entertaining activities for seniors, including wellness programs and health screenings. 

For more information, contact Manager Ellen Baxter, Quail Brook Senior Center, at (732) 563-4213.

Jul. 5, 2007 - News you can use

July Highlights

1. Americans with Disabilities Act Anniversary—July 26

Did you know that 18 percent of Americans have some kind of disability and that, after the age of 80, that number jumps to 72 percent? Check out USA.gov’s link to the U.S. Census Bureau to see more statistics about Americans with disabilities.

Thanks to the Americans with Disabilities Act—signed into law on July 26, 1990—those with disabilities are guaranteed equal opportunities in employment, public services and accommodations, and telecommunications. Visit DisabilityInfo.gov, the federal government’s one-stop web site for people with disabilities.

Visit USA.gov’s new page, Blogs from the U.S. Government, to find a list of active and archived blogs from federal agencies. You can read about the National Endowment for the Arts’ Big Read initiative; follow the observations of a scientist from Global Learning and Observations to Benefit the Environment (GLOBE); keep up with anti-drug efforts from the Office of National Drug Control Policy; and more.

USA.gov will continue to update this page as new federal blogs emerge.

Until September 30, 2007, citizens can re-enter the U.S. by air using a government-issued photo ID and official proof that they’ve submitted a passport application. Visit USA.gov’s link to the U.S. State Department for additional information on passport processing times.

4. How Warm Are Coastal Waters?

Before you go to the beach this summer, check out the National Oceanographic Data Center’s Coastal Water Temperature Guide. Average water temperatures were calculated over long periods, ranging from several years to several decades.

Ocean conditions are less variable than air temperatures, but knowing the water temperature ahead of time may help you to select a location or plan your beach activities. Monthly averages are presented for the Gulf Coast and two-week averages are presented for the Atlantic and Pacific Coasts, where there is more variation in water temperatures. 

Some general water safety rules include:

• Learning to swim
• Knowing the potential hazards of your water environment
• Staying out of the water in bad weather
• Swimming with others—not alone
• Avoiding alcohol while swimming, diving, or boating

Jul. 5, 2007 - Check your Buget Pulse

Online help to track personal finances

I discovered a terriffic online tool for tracking your personal finances.  It is called Budget Pulse.  The site allows you to manage all of your income and expenses.  You can set several finanacial goals with set timelines, such as saving for your downpayment for that first home, retirement or a child's college education. 

One downside is that it won't intergrate with your online bank.  However, that little fact also provides an added layer of security for you.  Best of all, it free!  Now there is no reason not to gain control of your bills.