Nov. 30, 2008 - Levine considers gov run

Franklin Township mayor contemplates 

It was reported last week that Franklin Township's Mayor Brian Levine is considering a run for the GOP nomination for New Jersey governor.  South Brunswick resident David Brown, a businessman and inventor, has already announced his Republican candidacy for governor.

Mayor Levine is in his second term.  Read more on this story.

Nov. 26, 2008 - Thanksgiving 2008

This year, again, I am thankful for family, health, home, daily nurishment, friends, gainful employment, all of you reading this Blog and so much more.

Wishing you, loved ones and friends

The Happiest ThanksGiving

Nov. 25, 2008 - Record 1-day drop in mortgage rates

Buyers on the fence might get rewards

Reuters reports  that rates on U.S. 30-year mortgages posted a record drop of 1-1/8 percentage point to 4-7/8 percent on Tuesday, after the Federal Reserve said it would implement a $600 billion plan to support the mortgage securities market.   

This could be the perfect time frame to buy or refinance your home.

Nov. 25, 2008 - The shrinking jumbo mortgage

Time draws short for higher limits

Loans that can be purchased and guaranteed by Fannie and Freddie, called conforming loans, are cheaper than loans that cannot. Loans that exceed the conforming-loan limit are called jumbo loans.

Begining Jan. 1, 2009 the biggest loan on a single-family home that can be purchased by Fannie Mae and Freddie Mac falls to $625,500 from $729,750 in certain high-cost areas including Somerset and Middlesex counties, here in New Jersey.

In July, Congress made the law permanent but changed the formula starting in 2009 to 115 percent of each area's median home price, with a floor set by the government and a ceiling equal to 150 percent of the floor. The Federal Housing Finance Agency said the floor would remain at $417,000 for 2009, which pegged the ceiling at $625,500.

According to Bankrate.com, time is of the essence because it takes a few weeks not only to process a loan from application to closing, but to sell it on the secondary market after closing. At this late date, it's better to skip the middleman and apply directly with a lender instead of through a mortgage broker.

  State                               County                               2008 Maximum            2009 Maximum

New Jersey	Atlantic	$453,750	$417,000
New Jersey	Bergen	$729,750	$625,500
New Jersey	Burlington	$420,000	$417,000
New Jersey	Camden	$420,000	$417,000
New Jersey	Cape May	$487,500	$417,000
New Jersey	Essex	$729,750	$625,500
New Jersey	Gloucester	$420,000	$417,000
New Jersey	Hudson	$729,750	$625,500
New Jersey	Hunterdon	$729,750	$625,500
New Jersey	Mercer	$440,000	$417,000
New Jersey	Middlesex	$729,750	$625,500
New Jersey	Monmouth	$729,750	$625,500
New Jersey	Morris	$729,750	$625,500
New Jersey	Ocean	$729,750	$625,500
New Jersey	Passaic	$729,750	$625,500
New Jersey	Salem	$420,000	$417,000
New Jersey	Somerset	$729,750	$625,500
New Jersey	Sussex	$729,750	$625,500
New Jersey	Union	$729,750	$625,500

Nov. 22, 2008 - Bank of America offers transit rebate

Cash back on New York area transit

Bank of America is offerring a $10 rebate for every $100 spent on specific NYC transit systems, including bridge and tunnel, tolls until January 31, 2009. 

Qualifying purchases include those made with an enrolled Bank of America Visa check card or Bank of America Visa credit card for transportation services made directly to the transportation providers. These transportation providers include, but are not limited to: The New York Metro Transit Authority, Long Island Railroad, Metro-North Railroad, Port Authority of New York and New Jersey, Taxicabs, Buses, Tunnel and Bridge Tolls.

For more information visit:  Bank of America

Nov. 18, 2008 - Somerset Water Emergency

Boil drinking water

You might have noticed low water pressure today. New Jersey American water and Somerset County have issued a 24 hr boil water alert.  A 60-inch main break occurred late this morning on Weston Canal Road in Franklin Township disrupting water service to customers in parts of Middlesex, Union and Somerset Counties. New Jersey American Water crews are working to isolate the area of impact. Once isolated, pressure should return to residents of the affected area within hours.  Information will also be provided on New Jersey American Water’s website at www.newjerseyamwater.com, under the Alerts Notifications section.

BOIL WATER ADVISORY GUIDELINES

The public water supplier in our area may at times need to issue a boil water advisory to general users of the public water system. This may be due to a storm event, water main break, or another form of system disturbance. The following information is provided for residential water users from the New Jersey Department of Health and Senior Services in the event that your public water supplier issues a boil water notice.

During a Boil Water Advisory

• Do not consume tap water that has not been disinfected, ice or drinks made from tap water that has not been disinfected, or raw foods rinsed with tap water that has not been disinfected.

• Disinfect water by
  • Boiling at a rolling boil for 1 minute.
  • Filtering through a “reverse osmosis” filter.
• Use safe alternative sources of potable water. These include bottled water, and treated or distilled water.
• Sanitize dishes by washing in a dishwasher that has a dry cycle or a final rinse that exceeds 113 degrees F for 20 minutes, 122 degrees F for 5 minutes or        162 degrees F for I minute.
• Hand-washed dishes should be rinsed for one minute in a dilute bleach solution  (1 tablespoon per gallon) and allowed to air dry.
• It is acceptable to wash clothes.
• Provide pets with boiled water after it is cooled.

Upon Removal of a Boil Water Advisory

• Flush household water pipes. As a general guidance, run cold water faucets for three minutes each if they have not been used in the last 24 hours.
• Flush home automatic ice makers. Make three batches of ice cubes and discard all three batches.
• Drain and refill your hot water heater if set at a temperature below 113 degrees F.
• Run water softeners through a regeneration cycle.

Please feel free to contact your local health department, or the Somerset County Department of Health at (908) 231-7155, for further information.

Nov. 18, 2008 - Time capsule opened in Franklin Township

A 90 year old retired teacher reflects

I came across this Star-Ledger video documenting the opening of a 1957 time capsule, here in Franklin Township and it got me thinking; do folks really still do fun stuff like this anymore? I recall several times in my childhood that we placed items in a time capsule to be opened "sometime in the future". Honestly, I have no idea if they ever were recovered, as I moved away from my home town.

Nov. 12, 2008 - Obama and housing expectations

A top priority for the new prez-elect

President-elect Barak Obama will face high expectations to stem the housing and credit crunch facing American homeowners and prosepctive buyers. According to the unofficial FHA and Mortgage Guide, these are expectations of the incoming Obama administration:

• 90 Day Moratorium on Foreclosures - It appears to coincide with what banks such as Citibank announced yesterday.  California’s goverrnor, Arnaold Schwarzenegger, has already proposed an identical moratorium with a 90 day delay as well. 
• Refinance Existing Mortgages Through FHA and Fannie & Freddie - The Bush administration has already begun it's plan to assist nearly 3 million homeowners prevent foreclosure.  Critics are already saying that the Federal Housing Finance Agency program would not do enough to prevent "unnecessary foreclosures."  Although the Hope For Homeowners program has been off to a sluggish start, Obama points out that making mortgage modifications will be necessary to stimulate this economy.
• A New Presidency and Many Changes - The next year brings many changes our ways- some which are highly anticipated and some which people have people anxiously standing by to hear. We’ve already caught a glimpse of next years 2009 FHA Loan Limits, as well as the increase in down payment requirements to 3.5%. As of right now though, it seems modifying existing mortgages will be the key focus for both the FHA and president-elect Obama in the near future.

For more on this topic click here

Nov. 11, 2008 - Because of you, we are free

We Honor You

Do you confuse Veterans Day with Memorial Day? Both holidays celebrate our veterans service, but with one significant difference. Learn the history of Veterans Day.

To all who served in conflicts including: WWl, WWll, the Koren War, Vietnam, Lebananon, Grenada, Libya, Panama, Persian Gulf, Somalia, Haiti, former Yugoslavia, Kosovo, Afghanistan, and Iraq; we salute you.

Most Americans don't know that more than 1.2 million African Americans served during World War II.  Gen. George S. Patton's bold armored advance across France in 1944 is credited historically as a significant contribution to the Allied victory in Europe in World War II, including Normandy. Nearly 75 percent of all Red Ball Express drivers were African American.  Thanks dad.

Photo: Geoffrey S. Adams, Jr.                                                                                                                                    Source: U.S. Department of Defense

Nov. 10, 2008 - Brunswick Square Mall Craft Show

Show runs from Nov 11-16

Brunswick Square Mall Craft Show 

 Featuring regional and local exhibitors

Nov. 10, 2008 - Survey shows downturn of FSBO successes

2008 NAR Profile of Home Sellers

1. Only 1% of sellers chose an agent based on his or her commission. 13% of sellers did not know commissions and fees are negotiable.
2. 46% of sellers said the real estate agent initiated a discussion of compensation.
3. Home sellers’ median age was 47 and the average income was $91,000.
4. 75% of home sellers were married couples. Home sellers averaged 6 years in their home.
5. Primarily, sellers want agents to price their home competitively, market the property, find a buyer and sell within a specific timeframe.
6. Sellers moved a median distance of 19 miles.
7. 42% of sellers offered incentives to attract buyers.
8. Nationally, homes sold for an average of 96% of the listing price. 86% of sellers were satisfied with the selling process.
9. 52% of sellers were trading up to a larger home, while 22 percent were downsizing.
10. 81% of sellers used a full-service brokerage.

Special Findings For Sale By Owner (FSBO)

1. The level of for-sale-by-owner transactions was 13%, up slightly from a record-low market share of 12 percent in both 2007 and 2006.
2. 45% of FSBOs were “closely held” between parties who knew each other in advance and not placed on the open market.
3. Factoring out properties that were not placed on the open market, the actual number of homes sold without professional assistance is 7%– the rest are unrepresented sellers in private transactions (matching the results in the 2007 study and marks a downtrend from 10 percent sold on the open market in 2004.
4. The median home price for sellers who used an agent was $211,000 vs. $153,000 for a home sold directly by an owner, but according to NAR, “there were important differences between the two. Unassisted sellers were more likely to be in a rural area or small town where sellers are more likely to know potential buyers. In addition, the home was more likely to be a mobile or manufactured home, and the owner’s income was lower than that of sellers using agents.”
5. The most difficult tasks reported by unrepresented sellers are selling within the planned length of time, getting the right price, preparing the home for sale, and understanding and performing paperwork.

Source: National Association of Realtors

Nov. 9, 2008 - Survey Shows Rise in First-Time Buyers

2008 NAR Profile of Home Buyers

1. The number of first-time buyers rose 5% from 2006. Lawrence Yun, NAR chief economist said, “Although modest, this is a meaningful gain for the 12-month period ending at the close of June, and more recent independent data show a stronger uptrend in first-time buyers who are helping to reduce excess inventory.”
2. The median age of first-time buyers went down a year from 31 to 30 years over 12 months.
3. The median first-time buyer income was $60,600.
4. The national average price of the first-time buyer purchase was $165,000.
5. First-time buyers plan to stay in the home for 10 years, up from 7 years in 2007.
6. The median downpayment by first-time buyers was 4%, up from 2% in 2007.
7. Zero down purchases fell from 45% in 2007 to 34% in the current survey.
8. First-time buyers that made a down payment, 69% used savings, 26% received a gift (usually from parents), 7% received a loan from a relative or friend, and 16% tapped into a 401(k) fund, stocks or bonds.
9. First-time buyers chose a fixed-rate mortgage 92% of the time.
10. Home buyers used a variety of resources in searching for a home: 87 percent used the Internet, 85 percent used a real estate agent, 62 percent yard signs, 48 percent attended open houses and 47 percent looked at print or newspaper ads.

Source: National Association of Realtors

Nov. 9, 2008 - October 2008 Residential Sales

Franklin Township Residential Sales

The month ended with 50 Franklin Township single family residences sold between October 1 - 31, 2008.  Sale prices ranged between $135,000 and 685,000.

The month ended with 507 active listings on the market. This is an increase from 420 active listings last month.

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.**

Nov. 3, 2008 - Carriage Homes at Quailbrook - November 2008 Report

What’s happening in the marketplace, now – November 3, 2008

According to the Garden State MLS, currently there are seven (7) homes actively listed for sale in this Franklin Township development, at the time of posting.  Five are 2-story townhomes with 3 bedrooms-2.5 baths.  One is a 2-story 2 bedroom-2.5 bath, with den and one is a 2 bedroom-2bath ranch.

Two are new listings since the last report to you on September 4th. All listed prices range between $279,000 and $322,500. 

There was one sale since my last report to you on October 11th: 378 Hawkshead Way ($304,800) 2-story, 3 bedroom-2.5 bath townhome.

That's what is happening in the marketplace now, November 3, 2008

If you have specific questions about a Carriage Home proprerty or any local property, email me at: mjadams@century21.com or call (908) 583-0409.