Oct. 30, 2008 - A kid's holiday

Ghosts & Goblins around Somerset

Happy Halloween

For Halloween safety tips, click here

Oct. 27, 2008 - Weekend family fun

Sugaloaf Craft Festival comes to Franklin Township

The Sugarloaf Craft Festival runs from October 31 - November 2, 2008 at the Garden State Exhibition Center.  Admission for children under 12 and parking is free.

About the festival: "Industry publications that rank the popularity of arts and crafts festivals regularly place Sugarloaf Craft Festivals in the Top 100 and often in the Top 10 in the entire U.S.  But our most important report card comes from our loyal customers."  Get Directions 

For more information or craft coupons visit http://www.SugarloafCrafts.com  or call 800-210-9900

 Discount admission coupons for the craft show must be presented individualy (cut out) to be valid.

Oct. 26, 2008 - Positive signs on the horizon?

Mortgage rates drop

Reported by Rismedia, mortgage rates reversed course in a big way this week, with the average 30-year fixed mortgage rate dropping from 6.74 percent to 6.32 percent. One week after posting the biggest one week increase since April 1987, mortgage rates staged the largest one week decline since May 1995. Tentative signs that the credit freeze is beginning to thaw, as evidenced by a drop in 1-month and 3-month LIBOR of over 100 basis points in the past week, sparked the reversal in mortgage rates.

Bankrate Mortgage Analysis and Rates

Century 21 Mortgage Information

Wells Fargo Mortgage Information

Oct. 21, 2008 - What home buyers should do now

Surefire ways to make it happen

Clearly many buyers, even with excellent credit, are unwilling to commit to purchasing a home in our current economic environment.  It has been more than one year (November 14, 2007) since I posted a "get back to basics" entry for first time home buyers. With the recent Wall Street market collapse and the global credit crunch, it might be a good to revisit just what those basics are.

Here are a few tips for prospective home buyers:

Clean up your finances Now more than ever, your credit history will determine if you qualify for a mortgage, the loan terms and mortgage rates. You could be offered a smaller loan or charged a higher rate if a lender is concerned you might not be able to repay. Consider paying down debt, especially high-interest debt such as credit cards that might flag you as a riskier borrower. For more on this read my posting, "Your credit history" 

Keep it separate Set up a separate account for your down-payment funds, so the money doesn't get intermingled with other savings and so you can keep track of how much you save. This would probably be a taxable account at a bank, credit union or brokerage firm. Once high interest debt is repaid, bank those payments.

Aim for 20 percent down I know this is easier said than done. But, aim to save 20 percent or more of the purchase price. The risk of putting down too little: If the home falls in value and you sell at a loss, you'll owe more to the lender than you receive from the buyer. In addition, many mortgages require buyers who put down less than 20 percent to get private mortgage insurance, which can add $80 to $100 to your monthly bill. And the less you put down, the higher your loan balance and therefore your monthly payment will be.

Consider a FHA home mortgage  If a higher down payment is not possible, a Federal Housing Administration FHA mortgage loan might be an alternative.  FHA loans offer a loan guarantee for mortgage companies.  The FHA is not actually lending money to you, the buyer.  The FHA simply guarantees the lender in case you, the borrower, default on your mortgage payments.  You can pay as little as a 3% of the purchase price of your home for your down payment, and finance your closing costs with your mortgage loan.

Get extra help Few first-time buyers pony up the entire down payment on their own. Nearly 23 percent of first down payments come as gifts from relatives and friends, according to a recent survey by the National Association of Realtors.

If your credit is damaged, seek professional help to improve your credit score.  When you are ready to take the first leap into home ownership, contact a mortgage advisor and get pre-approved, not just prequalified. For more information, go to Century21 Mortgage.  Consult your personal financial planner regarding any specific questions that you might have.

Disclosure - Century 21 Our Town Realty is affiliated with Century 21 Mortgage

Oct. 18, 2008 - October is National Fire Prevention Month

Safety Tips

It is way better to prevent fires than to think about trying to escape one, says Meri-K Appy, president of the non-profit Home Safety Council, based in Washington, D.C.

Every household should have working smoke detectors on every floor and in every bedroom, Appy says. Most smoke detectors today have a life span of 8-10 years.  Every family should create and practice an escape plan so everybody knows exactly how to get out, who to help out and where to gather outside if there is a fire. You may have as little as three minutes to escape the house before a fire spreads explosively, she says. Appy talked us through some of the big fire dangers in the average home. For more tips, see mysafehome.org.

Click to play

1. Cooking. This is by far the No. 1 cause of home fires, Appy says. Especially frying, broiling and grilling. “People lose track of it,” she says: a child cries, the doorbell rings, the dog wants out and the next thing you know that pan you forgot on the stove is in flames. “Stay right there,” Appy says. “Stay by your pan. If you have to turn away, turn the fire off.” Always have the lid or a flat cookie sheet and long oven mitts handy on the counter top when you cook so you could smother a fire if need be.

Other tips:

- Never pour water on a kitchen fire.
- Rather than a fire extinguisher, try an aerosol product, Tundra Fire Extinguishing Spray (firstalert.com), which is easy to use and can smother a cooking fire from 4 feet away. If in doubt, get out and call for help.

2. Heating. In winter, heating overtakes cooking as the cause of home fires. The main danger is space heaters, especially electric ones. “Because they are small, they seem kind of harmless,” Appy says. But placed too close to furniture or draperies, or knocked over by a cat or child, they are deadly.

- Have 3 clear feet of space all around the unit.
- Never operate a space heater unless you are in the room.
- Watch children closely so they don’t get burned.
- Never go to sleep with the space heater on. Use it to warm the bedroom and then turn it off and bundle up in bed to sleep.

- Extension cords can be frayed or cracked, so avoid using them and never run them under furniture where they might be pinched.
- Use one cord per outlet plug. “You never want that kind of octopus thing going on,” Appy says.

3. Electricity: Old wiring can be a significant danger, Appy says. If your lights flicker or you smell something funny or you run extension cords all over because you don’t have enough outlets, get a licensed electrician to make sure your wiring meets code requirements.

4. Friendly fires: Candles, fireplaces, oil lamps and chimeneas feel warm and lovely, but they pose dangers too.

- Have fireplace chimneys inspected regularly for cracks or flammable creosote buildup.
- Try battery-operated electric candles.
- If you do use wax candles or oil lamps, make sure they are on a sturdy fire-proof holder and never leave the room while they are burning.

5. Smoking: It’s the No. 1 cause of fire deaths. A cigarette or cigar butt that falls on carpet, upholstery or a mattress can smolder for hours-until you’ve left the room or fallen asleep-and then burst into flames.

- If you must smoke, the best place to do it is outdoors, in a spot without combustible materials (not in the garage).
- Use a sturdy ashtray and have a cup of water handy to douse butts.
- And keep your matches or lighter locked up where children can’t get at them; playing with fire is the largest cause of child fire deaths. Don’t think hiding the lighter is enough; “kids know where it is,” Appy says. “They know it’s in your purse. They know it’s in the cabinet. And small children will move mountains to get at it.”

Contact the Franklin Towship Department of Fire Protection for more information and tips.

© 2008, Chicago Tribune. Distributed by McClatchy-Tribune Information Services.

Oct. 16, 2008 - Help for the first time buyer

H.R. 3221: Housing and Economic Recovery Act of 2008

The president signed into law a tax credit up to $7500. In order to benefit from the tax credit for first time home buyers, that was signed into law on July 30th, there are certain things that you must do to qualify.  Here is a short checklist that may help you to qualify for this government benefit: 

• This must be your first home (or you must be an individual who has not owned a principal residence in 3 years)
• To qualify for the full credit, you must earn under $75,000 per year (single) or a joint income less than $150,000 per year.  Incomes over $150,000 may qualify for a partial tax credit.
• You must have bought and closed on the home before July 1, 2009.
• The property must be located within the United States.

What is most important to understand is this credit really is an interest-free loan that must be repaid over 15 years or sooner, if the house is sold. Blogger and Kansas real estate agent, Ron Mowery, provides a very good overview of what this law provides.  You can also find more information at NHAB.

Oct. 13, 2008 - For NJ time is running out

Voter registration ends tomorrow

If you are not registered to vote in the November presidential elections, in order to vote you must register by October 14, 2008.  To register in New Jersey you must be a US citizen, at least 18yrs of age on October 14, 2008 and a resident of the county for 30 days before the election.

Tuesday, November 4, 2008

 Presidential Election

Oct. 11, 2008 - Carriage Homes at Quailbrook - October 2008 Report

What’s happening in the marketplace, now – October 11

According to the Garden State MLS, currently there are six (6) 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.

Three are new listings since the last report to you on September 4th. All listed prices range between $285,000 and $322,500. 

There were no sales since my last report to you:

That's what is happening in the marketplace now, October 11th.

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. 

Oct. 11, 2008 - Open House - 2 Bdrm/2.5Bth Townhouse

94 Driftwood Drive - $269,000

OPEN HOUSE

I invite you to tour this Quailbrook Townhouse Sunday, October 11, 2008, 1pm-4pm.

This home Priced to sell.  Move in Now!  Freshly painted throughout, new carpeting on 1st floor and stairway.  New high energy efficiency furnace (7/08).  Eat in Kitchen has new electric stove, wood cabinets, DW, Fridge, disposal and ceramic tile floor.  New A/C coil.  Spacious LR with FP, Den, DR and Loft, 2 BRS, 2.5 baths and garage. 

More pictures and details here

Directions: Eaton Ave to Demott Lane. Left on New Brunswick Rd. Left on Driftwood Drive.

Oct. 7, 2008 - Today was the day that was

A rollercoaster of a ride today

I started my day by attending a Century 21 sponsored seminar by motivational speaker, Mike Lipkin.  His message was not neccessarily designed for REALTORs, but inspirational, nonetheless.  One of his messages was keeping your eye on the prize.  And, his style and delivery was, somewhat, unique in that Mike's perspective is a world perspective.  You see, he is a South African living in Canada. While not emersing himself into our presidential politics, he informed the audience of perceptions outside our borders of the race for the White House.

Mike spoke of preparedness, being present, being generous, thinking big, listenening magnetically and energizing yourself; among other topics.  Now, all of this is not new to me, but it has helped me to refocus and recharge.  We all get distracted at times, right?

With the stock market tanking another day, I realized this evening how strongly I absorbed his message.  Yesterday morning I called my 401K administrator and made an appointment to make changes to my plan today.  I went into the meeting intent upon cutting my loses.  I wanted to protect my assests, as best I could. However, I did retain an open mind to what the expert had to say.  She was honest enough to say nobody knows how far this market will swing.  She did make it clear that she would do whatever I instructed her to do and I didn't need to make a decision today.

At at the end of the day, with mind over emotion, I remained in the game.  I had taken Mike's message to heart.  Unknowingly, at the time,I recognized the prize, for me and my family, is a more secure retirement that unfortunately will come now later rather than sooner.

As I write this, looking back over the last twenty-four hours, I went from two emotional highs; learning a nephew became a father for the first time and getting pumped by a motivational speaker to learning the market plunged 500 points, to making modest, not radical, changes to investments.  On top of it all, the evening was capped with the presidential debate without a stated plan, by either party, to get us out of this economic mess. Coney Island's Cyclone was never as wild a ride as my emotions have run today.  I think I will sleep well tonight knowing tomorrow I'll renwew my commitment to raise the level of my service to my clients and customers.

Oct. 6, 2008 - 400,000 CountryWide mortgage holders to get help

B of A to rewite some loans

Reported earlier today, Bank of America, who acquired Countrywide, agreed to pay more than $8 billion to modify home loans, allowing some to forgo foreclosure and keep their homes.  This is the results of law suits filed in California and Illinois.  Other states joining the settlement are Arizona, Connecticut, Florida, Iowa, Michigan, North Carolina, Ohio, Texas and Washington.  Charges were made that predatory lending practices were employed. 

The mortgage aid includes revising customers' payments so they don't exceed 34 percent of income. Other options include reducing interest rates and adjusting principal so that borrowers don't wind up actually losing equity under some payment plans.  Countrywide settled with the states without admitting any wrongdoing.

Under the agreement's terms, Countrywide will reduce principal balances in some cases and cut interest rates in others. Rates could decline to 2.5 percent, depending upon a borrower's ability to pay, and remain at that level for five years. Then the rate would adjust to prevailing interest rates charged by Fannie Mae on its fixed-rate mortgages.

Hopefully, this becomes a model in New Jersey and across the country to help stem the rise in home foreclosures and provides relief to the current housing crisis.

"This settlement will help homeowners stay in their homes, which ultimately helps investors and also helps communities," said Illinois Attorney General Lisa Madigan, a Chicago Democrat.

More at : MSNBC

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Oct. 5, 2008 - Rabid cat confirmed

Franklin Township Health Department Memo

A rabid cat in the area of Willow Avenue was confirmed in a memo from our local Health Department.  Rabies is curable but left untreated can be fatal in humans and pets.  The Franklin Township Health Department Director, Water Galanowsky, offers these rabies reminders:

Have your pets vaccinated against rabies.

A rabies vaccination shot will help protect your dog, cat or ferret from rabies. Make sure your pets stay up to date on their vaccination shots.

Do not go near wild animals.Stay away from stray animals.

Raccoons, skunks, foxes, bats and other wild animals may be infected with rabies and should not be touched.

Do not go near wild animals. Have your pets vaccinated against rabies.  A rabies vaccination shot will help protect your dog, cat or ferret from rabies. Make sure your pets stay up to date on their vaccination shots.   Cats and dogs that roam outdoors are more likely to be infected with rabies and may bite you. Do not try to feed or pet them.

Make sure that your home and yard do not attract wild animals. -  Keep garbage cans tightly covered.  Do not leave pet food outdoors. Cap chimneys and seal places where animals can get in and hide. 

If you are scratched or bitten by an animal - wash the wound with lots of soap and water. Call your doctor right away. Call the Franklin Township Animal Control at 732-873-2500, extension 255 (during business hours) or  Franklin Township Police Department (evenings and weekends) 732-873-2300. 

For more information call: 732-873-2500, ext. 371

Oct. 4, 2008 - September 2008 Residential Sales

Franklin Township Residential Sales

The month ended with 53 Franklin Township single family residences sold between September 1 - 30, 2008.  Sale prices ranged between $190,000 and 610,000.

Oct. 1, 2008 - Find your FICO score-free

Equifax offers free report

It has become more important than ever to know your FICO score as well as checking your credit reports with the three major agencies: Equifax, Experian and TransUnion. 

According to the site, Equifax is offering a free FICO report to the first 10,000 applicants*.  FICO scores are used by lenders to make fast credit risk decisions of how likely consumers will pay their credit obligations.  Generally the higher the score, the less risk the person represents. 

With the tightening credit market, borrowers will likely need a score of 700 and above for a home mortgage loan.  The lender will make the final decision considering additional factors such as your employment history, salary and debt-to income ratio. 

Again, the offer is free, without obligation.  However, you may opt for upgrades for various monthly fees.  I obtained mine, choosing to accept only the free offer.  Regardless, no credit card is required.  Get your free FICO score here.

Go to https://www.annualcreditreport.com to get your free credit report.  You may choose to receive all three annual reports together or apply for each separately at 4-month intervals.  The later option will allow you to monitor your credit for unusual activity over the course of the year.

* Per the site, 10,000 applicants have been reached and the free offer is no longer available -10/4.