Jan. 28, 2008 - The new passport card might be for you

A cheaper way to cross the border

Begining February 1, 2008, U.S. citizens may begin applying in advance for the new U.S. Passport Card. 

What is a Passport Card?  The Department of State is issuing this passport card in response to the needs of border resident communities for a less expensive and more portable alternative to the traditional passport book. 

The passport card will facilitate entry and expedite document processing at U.S. land and sea ports-of-entry when arriving from Canada, Mexico, the Caribbean and Bermuda.  The card may not be used to travel by air. 

The card will have the same validity period as a passport book: 10 years for an adult, five for children 15 and younger.  For adults who already have a passport book, they may apply for the card as a passport renewal and pay only $20.  First-time applicants will pay $45 for adult cards and $35 for children. 

You may apply at the Somerset Post Office, Somerset and/or Middlesex County Clerk's office. To learn more about the Passport Card, click HERE

Jan. 26, 2008 - A Somerset 08873 milestone

Today is a somewhat momenteous day for Somerset 08873.  This is the 300th posting!  I sincerely hope you have benefited from my efforts and that you will continue to follow my musings and observations of the local Franklin Township real estate marketplace.

Michael

Now, on to the news:

Mailing of Tax Bill Delayed

The Statement of State Aid figure for the 2008 1st & 2nd quarter tax bill requires the Township to use 2008 certified property values.  These values are not certified until mid January and will result in a late mailing of the tax bills.

The anticipated mailing date for tax bills is January 25, 2008. The grace period will be extended seven days. The new date will be printed on the tax bill.

Radon Testing Kits 

There are only a few days remaining!  Franklin Township Health Department will offer Radon Testing kits to residents at the reduced cost of $10 each, unitl January 31, 2008 or while supplies last.  Kits can be purchased at the Department of Health and Community Resources Building at 935 Hamilton Street.   Only checks or money orders can be accepted.  Please call 732-873-2500, extension 372 for availability.

Radon is a colorless, odorless, tasteless radioactive gas that comes from the radioactive decay of naturally occurring uranium in the soil.  It can seep into homes and buildings through small cracks in the foundation, sump pumps or soil in crawlspaces, and build up to dangerous levels.  Radon can be detected with a simple test and fixed through well-established venting techniques,   

For more information on radon, radon testing and mitigation go to EPA's Web site www.epa.gov/radon; or call the national toll-free hotline at 1-800-SOS-RADON (1-800-767-7236). 

Heat and Assistance resources for residents New Jersey residents may be eligible for energy assistance programs to help them pay their utility bills or prevent interruption in their gas or electric services. Contact the New Jersey Board of Public Utilities for more information:  1-800-624-0241 Winter Termination Program prevents New Jersey's residential gas and electric customers who participate in certain programs from having their gas or electric service disconnected during the winter months.  For eligibility information, call 1-800-624-0241. New Jersey Statewide Heating and Referral Energy Service, Inc. (NJ SHARES)provides assistance to eligible individuals and families living in New Jersey who are in need of temporary help in paying their energy bills.  For more information call 1-866-657-4273. The NJ Lifeline Credit Program offers assistance with electric and natural gas payments to persons who meet eligibility requirements.  For more information, call 1-800-792-9745. The Low Income Home energy Assistance Program (LIHEAP) helps pay for heating costs and may cover certain medically-necessary cooling expenses.  For an application or information, New Jersey residents can call 1-800-510-3102. The NJ Universal Service Fund (USF) makes energy bills more affordable for low-income customers.  Applications are accepted all year; call:  1-866-240-1347. Notification Programs: Customers can sign up with their local electric and gap companies to receive notice of scheduled interruption in gas or electric service before services are discontinued. Consumers can avoid estimated bills and save money by sending meter readings (via online, phone or postcard) to their utility companies: PSE&G – 1-800-436-7734 211 Referral Service A Department of Homeland Security funded program that will connect persons in need of essential services (heat, housing, emergency repairs, child/eldercare needs, etc.) to social services programs and charities that may be able to offer assistance.  Call 2-1-1 to locate resources or to provide help.

 Source: Franklin Township

Jan. 24, 2008 - When the price is right

It's time to get off the fence

Fellow Blogger and NJ Realtor, Jim Flanagan, commented the other day on Sunday's New York Times article, "Buyer's Hear This" by Antionette Martin. Jim is absolutely on target that rather than being buried deep in the pages of the real estate section, this NY Times article should have been front page news. 

The NY Times article highlights the bold statements from such highly regarded analysts as Jeffrey Otteau; who publishes the Otteau Report.  The Otteau Report provides comprehensive market-level data and analysis for all 21 of New Jersey’s markets. Mr. Otteau  was quoted to say, "Spring 2008 will present a unique opportunity that has never before occurred in the housing market, namely lower home prices and low mortgage interest rates,”  Just today, Marketwatch.com reported about the "lowest fixed rate mortgages in nearly four years". That makes it a great time to buy a home.

The article also supports what I reported to you last year, in a posting titled, "Moving up in a buyer's market".  If you plan to remain in the same neighborhood and trade up to a larger home, it is a great time to sell and buy. 

Homes, here in Franklin Township, that are priced well and show well...do sell and don't linger on the market.  With the aid of a knowledgeable realtor, make the home you plan to sell be the "shiniest penny" in the jar by pricing it to today’s market; being ready to make adjustments as necessary; presenting a fresh, clean appearance and being agreeable to innovative marketing. 

It's too bad that good news about New Jersey real estate isn't concidered sensational enough to make the front page.   

Jan. 20, 2008 - Springime could be a little less taxing

Private Mortgage Insurance becomes deductible

In the wake of the President’s proposal, last week, to give tax payers a rebate this spring and with tax season looming only months away, you should know that Congress has made Private Mortgage Insurance (PMI) tax deductible for some. When less than 20% down payment is provided, PMI protects the lender, guarding against a situation in which a borrower defaults, leaving the lender unable to recover costs after foreclosing on the loan. The Mortgage Forgiveness Debt Relief Act of 2007 extends relief orinally provided by the Tax Relief and Health Care Act of 2006 through 2010 for home buyers meeting certain criteria.

This legislation typically helps first time buyers who fail to reach a down payment of 20% of the purchase price.  It is anticipated that homeowners will save a total of $91 million when they file their tax returns in 2008, according to estimates prepared by the mortgage insurance industry.

Read more about this subject in the Wall Street Journal, Online.

Jan. 17, 2008 - This is all about you

And I get it

Within the conventions of old school sales there are methods of gaining new clients and customers. Some sales agents prospect for "leads".  Others incorporate "drip e-mail campaigns"  Still others follow up with their "contacts" and place warm and cozy images with family; even including the household pooch on their websites.

There are even websites developed to produce leads for salespeople.  What these folks are missing is that no one wants to be "sold" anything.  But, buyers do want to buy.

I came across 1000Watt Blog.com (now, an instant fan) and a particular video there that blew me away.  It is titled, "I am not a lead".

Watch now

Jan. 14, 2008 - Selling out there on your own?

Get the help you need, now!

FACT:  Between January 1 and December 31, 2007 area real estate professionals recorded 713 single residential home sales in Franklin Township*.

Selling a Somerset home is not as simple as placing a sign in the yard, an ad in the paper, maybe signing up at forsalebyowner.com or fsbo.com and standing back while the buyers come running to bid.

If you’re tempted to market your home without the aid and advice of a real estate professional, by definition, you will be an unrepresented seller trying to find a buyer who will most likely be represented by a real estate professional.  Take a moment to think about these few questions:

Are you able to reach a wide range of possible buyers?
The Multiple Listing Service (MLS) is one of the most powerful tools to expose your home to potential buyers.  Experience also shows home sales are made by matching a seller with a buyer from an extensive network of contacts. These contacts don’t come from ads but from building relationships and the MLS. Without that network of real estate agents and their pool of qualified buyers to show your house to, unrepresented sellers are reduced to hit-or-miss advertising.

Can you size up a potential buyer’s ability to finance the purchase of your home?
The mortgage “crisis” has been in the news for months, now.  Many weeks can be wasted waiting for a mortgage approval that lenders can’t give to unqualified loan applicants. Real estate professionals routinely pre-qualify house hunters and show them only property they can afford. Real estate professionals don’t like to waste time either.

Can you set a price on your home realistically and accurately?
Price your home too high; I guarantee it will languish on today's market and you will help to sell your competitor’s house. Price it too low, and you’ll lose money. Unless you have the same information that real estate agents receive daily, chances are you’ll set your price over or under current market value.

Are you experienced at negotiating and creating legal contracts?
Buyers of homes sold by the owner typically offer much less than the asking price and may expect sellers without agents to share the "savings" on the brokerage commission. Negotiations can be most effective when emotions are removed from the equation.

Are you prepared to spend possibly many days glued to your home?
If buyers can not see your home when it is convenient for them, you can not sell it.  Remaining ready to show your home on short notice could make you a permanent home sitter.  Providing an electronic lock box allows a large network of real estate agents, with potential buyers, access to your home.

Can you be sure that the people entering your home are genuinely interested in buying, not in taking advantage of your "open house" and unprotected presence?
Real estate professionals both screen house hunters and accompany them as they go through your rooms. Technology allows agents to record the activity of other real estate agents who show or previews your home.

As a certified e-Pro REALTOR, I’d like to help you sell your home even if you are determined to go it on your own. 

Working with a real estate professional does not necessarily mean listing with an agent. 

Get the e-book, “450 Ideas To Help Your Home Sell Faster” absolutely free.  Simply send me your name and e-mail address.  It will be on its way to you without further obligation.  I will also be happy to connect you with a mortgage professional who can instantly determine whether any potential buyer can actually qualify for a loan (possibly at your Open House).  Just ask!

Contact me today and write: “Send me 450 Ideas” in the Additional Comments box. 

* Source: Garden State MLS - Information is deemed reliable but not guaranteed.

Jan. 13, 2008 - NJ residential landlords...take notice

New law includes single and two family rental units

Landlords of single family and multiple family residential homes should take notice.  On January 4, 2008, New Jersey Governor ,Corzine, signed into law legislation that expands the scope of lead paint inspection requirements for multiple dwelling units to also include single-family and two-family rental dwelling units here in Somerset and all of New Jersey. This new law is effective immediately.

The law mandates the New Jersey Department of Community Affairs to inspect houses for lead based paint hazards at least once every five years. In addition, the new law requires every owner of a tenant-occupied single or two-family residential property to register with the Department of Community Affairs. Property owners who fail to comply with these registration requirements will be subject to a $200 penalty for each delinquent registration.

The law does not apply to properties that have been certified to be free of lead-based paint, were constructed in or after 1978, that are used as seasonal rental units, or properties certified as having a lead-free interior by a professional inspector.  Any company offering to perform evaluation or abatement in New Jersey must be certified.

The NJ Department of Community affairs provides a profile of certified lead abatement contractors.  You should contact the Lead Hazard Abatement Program by telephone at (609) 633-6224 or by fax at (609) 633-1040 to verify the contractor's certification status prior to having evaluation or abatement services performed.

Jan. 10, 2008 - Deadline for NJ primary

January 15th is your last chance to register

It is too late to change party affliation.  But you have until January 15th to register for the February 5, 2008 Presidential Primary elections, here in New Jersey.

For more information and FAQs visit the League of Women Voters.

Jan. 7, 2008 - Pssst, Secrets...

Lenders don't want you to know

The right or wrong decision when signing your home mortgage can mean thousands of dollars difference in interest paid. There are very important considerations to evaluate before you commit to a 15 or 30 year note. For many of us our mortgage payment is the most important financial decision we'll ever make. Doesn't it make sense to know as much as possible about the financing of our home? Take the time to thoroughly investigate all of your options!

Unbelievably, many of us sign the first mortgage placed in front of us. Typically the excitement of the new home purchase reduces the mortgage to not much more than an afterthought. What you read here could save you hundreds or even thousands of dollars. Your real estate professional has established relationships with the top lenders in your area. By aligning yourself with a professional agent you ensure that all the financial steps are taken care of properly and economically. 

1. Utilize a Lender With Established Ties to an Agent - Lenders are much more flexible with the real estate agents who have done business with them previously. This relationship then establishes them as a team. The lender and agent work effectively together, referring each other business. That's why a good agent can make substantial difference in setting up the most economical financing. And the right financing can, literally, save you tens of thousands of dollars over the life of your loan!
2. Don't Attempt Paperwork Alone - All the paperwork required to complete the purchase of a home can be quite intimidating and frustrating for a home buyer. Make sure you have your lenders help you with all the paperwork. Get help from your team, your lender and agent. Their expertise will help alleviate the stress and it will prove to be invaluable before you sign your mortgage.
3. Look at All Your Options - Make sure you see at least 5 loan programs for your mortgage. Lenders have at least 10 programs and should work with you and your agent on deciding what is best for your circumstances. Evaluate all your options. After all it's your money you're spending - not theirs!
4. Demand Service - There is little difference between a bank, savings and loan, or a mortgage broker when it comes to the competitiveness of their loan rates. The difference is in the service they provide. It is their job to serve you! You want to get the loan approved and move into your new home as quickly as possible, but don't overlook the fact that you are the one spending the money and they are the ones who should cater to your needs. Don't let the process become so intimidating that you lose that understanding.
5. Stay in Complete Touch - You should receive a written report from your lender about every step. This will ensure that no details are overlooked and there will be no surprises.
6. Negotiate a Flexible Loan - Don't just accept the terms they lay down in front of you. Lenders are in the business of loaning money and they want your business. Make sure you examine every option available to you. If you negotiate a variable rate loan, many lenders have the ability to move you into a fixed loan if rates start going up. Make sure that you understand whether or not that is an option in the package you are looking at.
7. Don't Give Up on the First No - Initial decisions are not always final decisions. Going to a higher authority can sometimes get you the loan, but do so with the assistance and compliance of your lender and agent. Many times special circumstances when explained properly to the person in charge, will win you the loan.
8. Don't Wait for the Bottom of the Market - The odds of you hitting the bottom of your market are about like the odds of you hitting your state lotto! You will almost never hit the bottom of a market. And trying to time it exactly right is often costly. It usually causes a person or family to miss out on the opportunity to purchase a very nice property. You're better off simply negotiating the best rate and terms you can at the time you find a property. If interest rates go down, you can refinance. This is a much better approach because you won't miss out on the property you've spent so much time locating.
9. Be Honest With Your Lender - Your lender wants to help you with your loan. The only time they get paid is when you get approved. The more information (good or bad) you provide your lender, the easier it will be for them to get an approval. It helps them present the loan in the best light. This in turn helps the loan get the highest approval rating.
10. Become Completely Educated - Pick your lender's brain. Lenders will teach you all about your various options, even if you haven't found the right property yet. They will be very patient with you while you are looking, especially if you have aligned yourself with the right agent. They understand all the up-front work will pay off in future business. Your agent will then continue to refer people to the courteous and service-minded lender on down the line.
11. Get Prequalified - Lenders will provide you with a certificate of pre-qualification. By getting prequalified you know exactly what financial parameters to stay within. Your agent and lender will consult with you and help you get qualified for the loan that best fits your needs. Many times they are able to get you a larger loan than you may have thought possible.
12. Better Yet, Get Pre-Approved - When you are ready to look at potential homes, you become a stronger buyer by having your lend pre-approve your traget loan amount.  Sellers will know you have the financial ability to close the deal.  Apply to get pre-approved, today.

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    The original author is not known. It is not our intention to infringe upon copyrighted material. If you are the original author of any of these articles, please let us know so that we may provide appropriate credit.

Jan. 5, 2008 - December 2007 Residential Sales

Franklin Township Residential Sales

The month ended with 37 Franklin Township single family residences sold between December 1 - 30, 2007.

The month ended with 499 active listings on the market, including 44 new listings.

If you have a question about a specific property in town, or stats for surrounding areas, please don't hesitate to contact me.

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

Jan. 2, 2008 - Supercharge your motivation

Tips to help get you on your way

Happy New Year everyone!

Jay White gives us tips to jumpstart our motivation on DumbLittleMan.com

Benefits. Get real clear about why you plan to do certain things.

Baby Steps. Begin each day with a small step towards your goal.

Plan Your Day Everyday. It only takes about 5-10 minutes.

Click here for all of his tips.

If like me, you are motivated to lose a few pounds this year, here is a free website to help you achieve your goals.  It is called SparkPeople.com.  Here you will find tools to help you:

with meal plans; a fitness tracker; calorie counter; a program to track any type of goal and  much more.