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Sentiments can turn on a dime
Posted at 9:03 AM, Sep. 7, 2010
Mortgage Matters - Sept 6, 2010
This week gave us news that the number of buyers who signed contracts to purchase existing homes rose in July, with the Pending Home Sales Index rising 5.2 percent to 79.4. The optimist in us believes this could lead to an increase in existing-home sales in September, but the pessimist in us still sees a double-digit months supply for some time.
On the other hand, “some time” might not necessarily be a long time. Economist Karl Case (of the Case-Shiller home price index) provided a useful (if not obvious) perspective on just how affordable houses are these days. In short, Case notes that four years ago, the monthly payment on a $300,000 house with 20 percent down and a mortgage rate of 6.6 percent was $1,533. Today that $300,000 house would sell (on average) for $213,000 and a 30-year fixed-rate mortgage with 20 percent down would carry a rate of about 4.2 percent and a monthly payment of $833. What's more, the 20-percent down payment would be knocked down to $42,600 from $60,000.
Case makes another cogent point in noting that in a given year, the number of completed sales is about 4 percent to 5 percent of the housing stock. Therefore, it doesn’t require a large number of buyers to change the overall direction of the market. That's a point we've been making over the past year. And even though sentiment hasn't turned for the better, it's worth noting that it can turn on a dime.
We've also noted that mortgage rates are apt to turn on a dime. To be sure, rates seem to post new lows each week, but the drops have been marginally incremental in many cases. At this point, we think it's more of a game of "chicken" – holding out for small return at big risk – than anything else. New data, like Friday's employment report, which showed a better-than-expected net loss of 54,000 jobs (mostly temporary census workers) while the private sector added a better-than-expected 67,000 new jobs, can easily produce dime-turning moments.
Franklin Roosevelt famously said in his 1932 inaugural address “the only thing we have to fear is fear itself.” Roosevelt went on to define fear as “nameless, unreasoning, unjustified terror.”
Fear is one emotion holding back the housing market today. In this case, though, it isn't nameless, unreasoning or unjustified. It's really a fear of potential conflicts. The New York Times reported how a maze of government incentives and regulations are working against each other and Fed policy to keep a floor from forming in the market. In short, one incentive for one segment of the market tends to counteract the progress in another segment.
More market participation is one incentive the government could provide that wouldn't hamper any segment. More demand is the best way to soak up excess supply and stabilize prices.
Source: Vibha Singh, Montgomery Mortgage
What to Do Within the First 24 Hours After a Flood
Posted at 2:36 PM, Sep. 1, 2010
Hurricane season is upon us
With the hurricane season upon us, the following post is presented with permission by Tom and Bev Herring and offers great advice.
Your home is your safe haven from weather. Whether your flood is caused by ground water, falling water, or busted pipes within your home, there are some practices you should do within the first 24 hours of water damage.
Take pictures of your property before you remove any water or make any repairs. You should fully document the damage for your insurer by photos or even video. A digital version of either one will do perfectly. If you do anything before documentation, you could decrease the extent of your coverage.
Protect yourself wisely. Even if the water in your home looks clean and clear, it could still be contaminated by sewage or chemicals. If you have hip or waist high waders, waterproof boots and rubber gloves, you will be fine. If you don't have access to these products, then you should stay clear.
Call your insurance company as soon as possible after the flood. If a flood has affected your entire region, your insurance adjuster may be busy handling many claims. In that case, you can contact your insurance company's headquarters.
Since groundwater flood is not typically covered by homeowners insurance, you will need to be very specific when letting your insurer know how the damage was caused.
If you have to leave your home due to a serious flood, be sure you can stay safe upon your return. You should check for structural damage before entering your home. Look for loosened or cracked foundation, warping and holes. If you suspect damage to your utilities, you should contact your utility company right away.
326 Shilling Drive
Posted at 1:11 AM, Sep. 1, 2010
Carriage Home Townhouse for Sale
326 Shilling Drive - 2bedroom 2.1 bath $274,900 NOW $264,900
LOWEST PRICED 2-STORY HOME IN THE CARRIAGE HOMES AT QUAILBROOK DEVELOPMENT
Largest Carriage Home Floor Plan, Large Rooms, Breakfast bar, FirePlace, 2nd Fl Open Den/Loft, Lg Master Bdrm w/ walk-in closet, 2 bdrm w/bath, 2nd fl Laundry, Garage, Newer AC and water heater, quiet setting, close to shopping, transportation, highways.
View a virtual tour
Contact me for more information or schedule a showing.
Franklin Township Open Houses - August 28-29, 2010
Posted at 4:33 PM, Aug. 27, 2010
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At the time of posting there are 18 Franklin Township homes for sale and scheduled for an Open House, Saturday and Sunday. Generally, open houses are held between 1PM and 4PM. Click here to search this weekend's Open Houses.
In New Jersey it is required for real estate agents to disclose the different types of relationships possible between themselves, buyers and sellers. Learn more about real estate agency and why you might not want to venture into a public open house on your own.
Regardless of the listing agent, office or MLS service; if you are not already contracted with an agent give me a call/text or send an e-mail and I will be happy to arrange a personal tour of any Somerset or central New Jersey listed property or open house that you might find on the Internet, print media or yard sign and are qualified to purchase.
Search Keller Williams Featured Home(s) here
Search All Homes here
I Never Forget You Have a Choice
The links sent with this email will expire 60 days from 08/27/2010 * Information deemed RELIABLE but not GUARANTEED *
New credit card rules
Posted at 3:36 PM, Aug. 22, 2010
New rules in effect, today
Reasonable penalty fees - Let's say you are late making your minimum payment.
In addition, your credit card company cannot charge a late payment fee that is greater than your minimum payment. So, if your minimum payment is $20, your late payment fee can't be more than $20. Similarly, if you exceed your credit limit by $5, you can't be charged an over-the-limit fee of more than $5.
Additional fee protections
- No inactivity fees. Your credit card company can't charge you inactivity fees, such as fees for not using your card.
- One-fee limit. Your credit card company can't charge you more than one fee for a single event or transaction that violates your cardholder agreement. For example, you cannot be charged more than one fee for a single late payment.
Explanation of rate increase
Re-evaluation of recent rate increases
- Today: Your credit card company can increase your card's APR with no obligation to
re-evaluate your rate increase.
- Under the new rules: If your credit card company increases your APR, it must re-evaluate that rate increase every six months. If appropriate, it must reduce your rate within 45 days after completing the evaluation.
This set of rules is the latest in a series of regulations that implement the Credit Card Accountability, Responsibility, and Disclosure Act (the Credit Card Act). For information on protections under the Federal Reserve's other credit card rules, read What You Need to Know: New Credit Card Rules Effective Feb. 22.
Franklin Township Open Houses - Sunday, August 22, 2010
Posted at 8:19 AM, Aug. 22, 2010
At the time of posting there are 19 Franklin Township homes for sale and scheduled for an Open House, Sunday. Generally, open houses are held between 1PM and 4PM. Click here to search today's Open Houses.
In New Jersey it is required for real estate agents to disclose the different types of relationships possible between themselves, buyers and sellers. Learn more about real estate agency and why you might not want to venture into a public open house on your own.
Regardless of the listing agent, office or MLS service; if you are not already contracted with an agent give me a call/text or send an e-mail and I will be happy to arrange a personal tour of any Somerset or central New Jersey listed property or open house that you might find on the Internet, print media or yard sign and are qualified to purchase.
Search Keller Williams Featured Home(s) here
Search All Homes here
I Never Forget You Have a Choice
The links sent with this email will expire 60 days from 08/22/2010 * Information deemed RELIABLE but not GUARANTEED *
Nationwide, July housing starts rose less than expected
Posted at 8:13 AM, Aug. 17, 2010
The rate was much weaker than expected
Nationally, the U.S. housing starts rose but to a much weaker rate than expected in July, while permits for future home construction fell to their lowest level in more than a year, according to a government report on Tuesday that pointed to a weak housing market.
The Commerce Department said on Tuesday housing starts rose 1.7 percent to a seasonally adjusted annual rate of 546,000 units. June's housing starts were revised to show an 8.7 percent fall, which was previously reported as a 5 percent drop.
Read the complete article here.
Asking prices are more realistic
Posted at 7:13 PM, Aug. 12, 2010
Existing home sales are up 4.3% for second quarter
The median price for an existing single-family house in the area that includes Monmouth and Ocean counties rose 4.3 percent in the second quarter, a boost helped in part by the now-expired federal homebuyer tax credit, the National Association of Realtors (NAR) said Wednesday. The median price for a house that sold in Monmouth, Ocean, Middlesex and Somerset counties rose to $345,800 in the second quarter, up from $331,700, the price for the second quarter of last year.
There is much more to the current state of the housing market. Sellers are becoming more realistic with expectations and setting the list price for their homes. Some real estate analysts, such as Jeffrey Otteau, are predicting home prices will fall the second half of the year and demand will remain low unless employment improves or another government stimulus is granted. Now that the tax credits have ended (for those who have not signed contracts before May 1, 2010) the sale of existing homes have stalled. In addition short sales are putting a downward pressure on home prices.
Read the full story.
Franklin Township Market Report - July 2010
Posted at 8:28 PM, Aug. 10, 2010
What happened in our marketplace - July
Personal batteries fully recharged after family time and a reunion in Montego Bay, Jamaica. It's back to work this week.
According to the Garden State MLS, the month of July, 2010 ended with 45 Franklin Township single family residences sold. Franklin Township sale prices ranged between $110,000 and $730,000. The average** selling price for the month is $334,777. Average days on the market (DOM) for June was 77 up from 66 the previous month. The list price to sold price ratio averaged 95%. The month ended with 460 active listings on the market ranging in price from $90,000 to $1,990,000. The month of June ended with 85 Franklin Township residential properties under contract.
That's what is happening in the Somerset, NJ marketplace now, August 11, 2010.
If you have a question about a specific property in town, or housing stats for surrounding areas, please don't hesitate to contact me.
**An average price is calculated by adding up all the values in a distribution and then dividing the sum by the total number of values contained in that distribution. To find a median value, one takes all of the values in the distribution, sorts in ascending order, lines them up and finds the middle value.
*Info. deemed RELIABLE but not GUARANTEED - ALL Room Sizes are Approx. The links will expire 60 days from 7/8/2010.
Franklin Township Open Houses - Sunday, August 8, 2010
Posted at 5:33 PM, Aug. 7, 2010
This Week's Open Houses
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Click for Virtual Tour
I will be hosting an Open House at 326 Shilling Drive, Somerset, NJ 08873 on Sunday, August 8, 2010, 1PM-3PM. You are invited to stop by this 2 Bedroom-2.1 Bath Townhouse w/Office-Den and Garage.
At the time of posting there are 15 Franklin Township homes for sale and scheduled for an Open House, this coming Sunday. Generally, open houses are held between 1PM and 4PM. Click here to search this tomorrow's Open Houses.
In New Jersey it is required for real estate agents to disclose the different types of relationships possible between themselves, buyers and sellers. Learn more about real estate agency and why you might not want to venture into a public open house on your own.
Regardless of the listing agent, office or MLS service; if you are not already contracted with an agent give me a call/text or send an e-mail and I will be happy to arrange a personal tour of any Somerset or central New Jersey listed property or open house that you might find on the Internet, print media or yard sign and are qualified to purchase.
Search Keller Williams Featured Home(s) here
Search All Homes here
I Never Forget You Have a Choice
The links sent with this email will expire 60 days from 08/07/2010 * Information deemed RELIABLE but not GUARANTEED *
Carriage Home Townhouse for Sale
Posted at 6:26 AM, Aug. 4, 2010
326 Shilling Drive - 2bedroom 2.1 bath $274,900
Largest Carriage Home Floor Plan, FirePlace, 2nd Fl Open Den, Lg Master Bdrm w/ walk-in closet, 2 bdrm w/bath, 2nd fl Laundry, NO SHOWINGS UNTIL 8/8/2010 (As per Seller) - Letter on File
View a virtual tour
Contact me for more information or schedule a showing.
Countrywide to pay $600 Million
Posted at 7:44 AM, Aug. 3, 2010
Class action lawsuit settled
Countrywide Financial Corp. agreed to pay $600 million to settle shareholder lawsuits in the largest payout so far from the mortgage meltdown.
U.S. District Judge Mariana Pfaelzer in Los Angeles on Monday gave preliminary approval to the agreement, in which the defendants admitted no wrongdoing.
The settlement would end several class-action lawsuits that claimed Countrywide concealed mounting risks as it loosened its standards for loans during the housing boom.
The Calabasas company was once the nation's largest mortgage lender and was acquired by Bank of America Corp. in 2008.
The settlement would clear former executives and financial firms that underwrote Countrywide stock and were named in the class-action suits.
Former CEO Angele Mozilo, former President David Sambol, former CFO Eric Sieracki and former board members were named in the litigation.
The company is being investigated by the Securities and Exchange Commission, which filed a lawsuit accusing Mozilo, Sambol and Sieracki of misleading investors.
The company and Mozilo are also under criminal investigation by the Justice Department and the attorneys general of California. Other states have also sued on behalf of borrowers.
"It is the largest settlement of any shareholder case to come out of the subprime crisis this far," said Joel Bernstein, attorney for the New York state and city pension funds that were the lead plaintiffs.
The settlement doesn't cover investments in mortgage-backed securities sold by Countrywide.
Countrywide's accounting firm, KPMG, which signed off on the lender's financial statements from 2005 to 2006, agreed to pay an additional $24 million as part of the settlement.
Source: LA Times
It's Official
Posted at 1:47 PM, Jul. 28, 2010
Vacation mode is in full effect
I'm taking some family time and will return on or about August 3rd.
Franklin Township Open Houses - Saturday & Sunday, July 24-25, 2010
Posted at 6:47 PM, Jul. 23, 2010
This Week's Open Houses
At the time of posting there are 21 Franklin Township homes for sale scheduled for an Open House, this coming Saturday and Sunday. Generally, open houses are held between 1PM and 4PM. Click here to search this week's Open Houses.
In New Jersey it is required for real estate agents to disclose the different types of relationships possible between themselves, buyers and sellers. Learn more about real estate agency and why you might not want to venture into a public open house on your own.
Regardless of the listing agent, office or MLS service; if you are not already contracted with an agent give me a call/text or send an e-mail and I will be happy to arrange a personal tour of any Somerset or central New Jersey listed property or open house that you might find on the Internet, print media or yard sign and are qualified to purchase.
Search Keller Williams Featured Home(s) here
Search All Homes here
I Never Forget You Have a Choice
The links sent with this email will expire 60 days from 07/23//2010. ** Information deemed RELIABLE but not GUARANTEED **
Local household hazardous waste drop-off
Posted at 11:11 AM, Jul. 18, 2010
Drop off dates for Franklin Township Residents
Franklin Township residents can safely dispose of household hazardous waste at the Sewerage Authority building. The program is free, but proof of residency is required.
August 7, 2010
9 a.m. – 2 p.m.
Franklin Township Sewerage Authority
70 Commerce Drive, Somerset
Tires and used consumer electronics (computers and televisions) will not be accepted as part of the household Hazardous Waste program Drop off for these items 1st Saturday of each month.
Somerset County Recycling Center
8 a.m. to 2 p.m.
40 Polhemus Lane
Bridgewater
For information, call 908-231-7031 or visit www.solidwaste@co.somerset.nj.us/recycle
Franklin Township Open Houses - Saturday & Sunday, July 17-18, 2010
Posted at 3:40 PM, Jul. 16, 2010
This Week's Open Houses
At the time of posting there are 29 Franklin Township homes for sale scheduled for an Open House, this coming Saturday and Sunday. Generally, open houses are held between 1PM and 4PM. Click here to search this week's Open Houses.
In New Jersey it is required for real estate agents to disclose the different types of relationships possible between themselves, buyers and sellers. Learn more about real estate agency and why you might not want to venture into a public open house on your own.
Regardless of the listing agent, office or MLS service; if you are not already contracted with an agent give me a call/text or send an e-mail and I will be happy to arrange a personal tour of any Somerset or central New Jersey listed property or open house that you might find on the Internet, print media or yard sign and are qualified to purchase.
Search Keller Williams Featured Home(s) here
Search All Homes here
I Never Forget You Have a Choice
The links sent with this email will expire 60 days from 07/16//2010. ** Information deemed RELIABLE but not GUARANTEED **
Why the house is lingering on the market
Posted at 8:14 PM, Jul. 13, 2010
Understanding Overpricing
By far, the number one reason why properties do not sell in a timely manner is overpricing. Sellers, actually, do themselves a disservice when their home is overpriced. Aside from creating a preceived greater value for comparable homes, overpriced homes increase day on market stats for the entire area. This increases inventory and places downward pressure on overall local housing prices.
Overpricing:
It’s the number one reason why properties don’t sell in a timely manner. Why do so many sellers do themselves the disservice of overpricing their homes? Here are a few of the most common reasons.
Personal goals.
For some, the desire to “beat” the guy next door who sold his home last month by fetching more money results in overpricing. For others, it’s a refusal to accept that their home is worth less than they’d like it to be, or less than what they paid for it.
They aren’t serious about selling.
Some homeowners – those who lack any determined motivation to sell – will list their homes at an unrealistically high price in the hopes that someone will bite. If someone does, great; if not, no harm done, as the owner doesn’t have to move. This is known as “testing the market.”
Lack of professional guidance.
Some homeowners list their homes without professional representation. Because of their lack of current market knowledge, many sellers end up overpricing their properties. Others are misled by family, friends or the Internet into believing they can get a certain amount for the property.
They let their financial needs determine their asking price.
Rather than basing their asking price on what comparable homes in the area are selling for, some sellers overprice because they’re moving to a higher-priced area or have debts to pay off and need the extra funds.
If you’re considering putting your property up for sale, remember that a local professional Realtor can provide the information – and objectivity – you need to price your property to sell.
Somerset county goes back to the future
Posted at 5:24 AM, Jul. 12, 2010
Three drive-in movies planned
Family fun awaits on three consecutive Fridays, July 16, July 23, and July 30, 2010 with the show beginning at 8:30 p.m. each night. The free films will be presented under the stars on a big screen in the Duke Island Park Band Shell.
July 16 – Fantastic Mr. Fox - PG
An urbane fox cannot resist returning to his farm raiding ways and then must help his community survive the farmers' retaliation.
July 23 – The Tooth Fairy - PG
A bad deed on the part of a tough minor-league hockey player results in an unusual sentence: He must serve one week as a real-life tooth fairy.
July 30 – Night at the Museum, Battle for the Smithsonian - PG
Security guard Larry Daley infiltrates the Smithsonian Institution in order to rescue Jedediah and Octavius, who have been shipped to the museum by mistake.
Refreshments will be available and families are encouraged to bring lawn chairs and/or blankets for their evening of open air family entertainment. For weather updates call 908-722-1200, ext. 351 during the evening prior to the show.
Find more information and activities at the Somerset County Park Commission
Franklin Township and Hillsborough Open Houses - Saturday & Sunday, July 10-11, 2010
Posted at 4:06 PM, Jul. 9, 2010
This Week's Open Houses
Last weekend due to the holiday, Open Houses were few to be found. At the time of posting there are 44 Franklin Township and Hillsborough homes for sale scheduled for an Open House, this coming Saturday and Sunday. Generally, open houses are held between 1PM and 4PM. Click here to search this week's Open Houses.
In New Jersey it is required for real estate agents to disclose the different types of relationships possible between themselves, buyers and sellers. Learn more about real estate agency and why you might not want to venture into a public open house on your own.
Regardless of the listing agent, office or MLS service; if you are not already contracted with an agent give me a call/text or send an e-mail and I will be happy to arrange a personal tour of any Somerset or central New Jersey listed property or open house that you might find on the Internet, print media or yard sign and are qualified to purchase.
Search All Homes here
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I Never Forget You Have a Choice
The links sent with this email will expire 60 days from 07/09/2010. ** Information deemed RELIABLE but not GUARANTEED **
Franklin Township Market Report - June 2010
Posted at 3:55 PM, Jul. 8, 2010
What happened in our marketplace - June
According to the Garden State MLS, the month of June, 2010 ended with 85 Franklin Township single family residences sold. Franklin Township sale prices ranged between $168,900 and $720,000. The average** selling price for the month is $306,777. Average days on the market (DOM) for June was 66 down from 89 the previous month. The list price to sold price ratio averaged 96%. The month ended with 447 active listings on the market ranging in price from $90,000 to $1,990,000. The month of June ended with 86 Franklin Township residential properties under contract.
That's what is happening in the Somerset, NJ marketplace now, July 8, 2010.
If you have a question about a specific property in town, or housing stats for surrounding areas, please don't hesitate to contact me.
**An average price is calculated by adding up all the values in a distribution and then dividing the sum by the total number of values contained in that distribution. To find a median value, one takes all of the values in the distribution, sorts in ascending order, lines them up and finds the middle value.
*Info. deemed RELIABLE but not GUARANTEED - ALL Room Sizes are Approx. The links will expire 60 days from 7/8/2010.
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