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Tax rebate checks from the federal economic stimulus package have begun hitting bank accounts this week. According to a recent national survey conducted by Opinion Research Corp., 19 percent of U.S. homeowners said they would “definitely use” their rebate money to upgrade or improve their homes. An additional 5 percent are “considering using” the money for a home improvement project.
The most popular projects being considered were landscaping (23 percent), bathroom upgrade (13 percent), updating the kitchen (12 percent), interior painting (10 percent), adding attic insulation (9 percent), caulking or sealing to improve energy efficiency (4 percent) and installing energy-efficient light bulbs (4 percent).
The most common reasons homeowners wanted to improve their homes were for comfort (34 percent), aesthetics (17 percent), environmental impact (15 percent), resale (13 percent) and return on investment (8 percent).
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By: Tim McLaughlin
With stabilizing housing prices, relatively low interest rates and a good selection of properties to choose from, the biggest potential huddle a borrower will face in today’s market is financing options.
Financing has become the single most important factor for home buyers and sellers. We have seen scenarios where borrowers were preapproved for loans with 0% to 10% down payments. But as they moved toward closing they were told that, due to changes in lending requirements, they would need to put 5%, 10% or even 20% down to gain approval.
Lenders (and mortgage insurance companies) are changing their guidelines daily (literally) and made them much more restrictive. If potential borrowers show a preapproval from say one or two months ago, it may be (and probably is) no longer valid.
To many, it is like it is the 1980s all over again -> you had to discuss four things: job stability, cash, credit and income. All four had to make sense for a loan to work. Here's what it takes to get approved for a loan in this current market environment.
A Healthy Credit Score
The bar for what's considered a healthy score is decidedly higher today. “To be a successful borrower today at the best possible rate available, you have to have a FICO score of at least 700 or 720," says Keith Gumbinger, vice president of mortgage research firm HSH Associates.
Earlier this year, Fannie Mae and Freddie Mac issued a directive requiring lenders to adjust loan pricing by 0.50% to 2.75% of a loan's value based on a borrower's credit score. This makes boosting your credit score even more imperative. FHA/VA loans can still get down to a level of 580 at some points, but even that may be short lived.
A Sizable Down Payment
Forget about 100% financing. Today, even a 5% down payment may be insufficient, especially if you live in a declining market and your DCS is lower than acceptable. That's because mortgage insurers have stopped insuring loans for 100% financing (and less, in a lot of cases),
If you're buying a condo, be ready to put down even more. In many cases, condo buyers today are not only required to put down as much as 20%, but often have to prove they have enough money in the bank to cover three to six months' worth of living expenses.
Flawless Documentation
Even people with perfect credit are required to submit documentation detailing every aspect of their financial lives, from their income to the dollars and cents in their bank accounts. So-called stated-income-stated-asset loans, where borrowers weren't required to verify their income, assets and other financials, are now history, no matter how perfect your credit.
For more Market News click here
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|
| The combined total of vacation- and investment-home sales declined with the overall market in 2007, but still accounted for 33 percent of all existing- and new-home sales, which is close to historic norms, according to the National Association of Realtors®. |
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| |
April 1. This is the day upon which we are reminded of what we are on the other three hundred and sixty-four.
-- Mark Twain |
According to a late-March report by the National Association of Realtors®, sales of existing homes increased in February and remain within a fairly stable range. Single-family homes, townhomes, condominiums and co-ops rose 2.9 percent to a seasonally adjusted annual rate of 5.03 million units in February from a pace of 4.89 million in January, but remain 23.8 percent below the 6.60 million-unit level in February 2007. The sales pace has been in a fairly narrow range since last September. “We’re not expecting a notable gain in existing-home sales until the second half of this year, but the improvement is another sign that the market is stabilizing,” said NAR Chief Economist Lawrence Yun. “Buyers taking advantage of higher loan limits for both FHA and conventional mortgages will unleash some pent-up demand. As inventories are drawn down, prices in many markets should go positive later this year.” The national median existing-home price for all housing types was $195,900 in February, down 8.2 percent from a year earlier. Because the slowdown in sales from a year ago is greater in high-cost areas, there is a downward pull to the national median with relatively fewer sales in higher priced markets, the report said. Home prices in metropolitan areas indicate a positive trend. The most recent data shows roughly half of the metro areas experiencing price increases, with healthy gains in markets such as Oklahoma City and Trenton, N.J. “In other areas such as Sacramento, a rapid price decline has induced buyers to come into the market and sales are now rising,” said Yun. “The relationship between home prices, interest rates and income has improved to the point where buyers are more serious about making offers.” The national average commitment rate for a 30-year, conventional, fixed-rate mortgage rose to 5.92 percent in February from 5.76 percent in January, according to Freddie Mac. |
Check out the real estate figures in Northern NJ
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Good news! This morning, the National Association of Realtors (NAR) reported that existing home sales rose 2.9 percent nationally in February. What’s more, existing home sales in the Northeast increased 11.3 percent. In addition, the median home price in the region was up 0.4 percent from a year ago. According to Lawrence Yun, NAR chief economist, these gains are encouraging signs that the market is stabilizing.
Check what is happening in Northern NJ.
http://www.bcnjre.com/Housing_Market_Stats/page_870680.html
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According to a mid-February report from the National Association of Realtors®, approximately half of metropolitan areas continued to show rising home prices in the fourth quarter of 2007.
Last quarter, 73 out of 150 metropolitan statistical areas showed increases in median existing single-family home prices from a year earlier, including 11 areas with double-digit annual gains and another 12 metros showing increases of 6 percent or more; 77 had price declines including 16 with double-digit drops.
NAR President Richard Gaylord said he is encouraged with plans to increase conventional loan limits. “Higher limits for FHA loans, which go into effect March 14, will be a big help to first-time buyers in high-cost markets. Higher limits for conventional loans purchased by Freddie Mac and Fannie Mae will take a bit longer – when they become available, high-income, creditworthy borrowers in high-cost areas will have access to affordable and safer financing, and that will help unleash pent-up demand,” he said.
Despite the annual decline in the fourth quarter median home price, the typical seller who purchased their home six years ago still saw a very healthy gain. The median increase in value for sellers who purchased that home in the fourth quarter of 2001 is 31.2 percent, and the median home equity accumulation is $49,000, the report said.
According to Freddie Mac, the national average commitment rate on a 30-year conventional fixed-rate mortgage fell to 6.23 percent in the fourth quarter from 6.55 percent in the third quarter. In recent weeks, Freddie Mac has been reporting the 30-year fixed rate to be under 5.7 percent.
For complete housing figures for Northern NJ click here.
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From a friend of mind.
Being a veterinarian, I had been called to examine a ten-year-old Irish Wolfhound named Belker. The dog's owners, Ron, his wife, Lisa, and their little boy, Shane, were all very attached to Belker, and they were hoping for a miracle.
I examined Belker and found he was dying of cancer. I told the family we couldn't do anything for Belker, and offered to perform the euthanasia procedure for the old dog in their home.
As we made arrangements, Ron and Lisa told me they thought it would be good for six-year-old Shane to observe the procedure. They felt as though Shane might learn something from the experience.
The next day, I felt the familiar catch in my throat as Belker's family surrounded him. Shane seemed so calm, petting the old dog for the last time, that I wondered if he understood what was going on.
Within a few minutes, Belker slipped peacefully away.
The little boy seemed to accept Belker's transition without any difficulty or confusion. We sat together for a while after Belker's death, wondering aloud about the sad fact that animal lives are shorter than human lives. Shane, who had been listening quietly, piped up, 'I know why.'
Startled, we all turned to him. What came out of his mouth next stunned me. I'd never heard a more comforting explanation.
He said, 'People are born so that they can learn how to live a good life -- like loving everybody all the time and being nice, right?'
The six-year-old continued, 'Well, dogs already know how to do that, so they don't have to stay as long.'
Live simply.
Love generously.
Care deeply.
Speak kindly.
Remember, if a dog was the teacher you would learn things like:
When loved ones come home, always run to greet them.
Never pass up the opportunity to go for a joyride.
Allow the experience of fresh air and the wind in your face to be pure ecstasy.
Take naps.
Stretch before rising.
Run, romp, and play daily.
Thrive on attention and let people touch you.
Avoid biting when a simple growl will do.
On warm days, stop to lie on your back on the grass.
On hot days, drink lots of water and lie under a shady tree.
When you're happy, dance around and wag your entire body.
Delight in the simple joy of a long walk.
Be loyal.
Never pretend to be something you're not.
If what you want lies buried, dig until you find it.
When someone is having a bad day, be silent, sit close by and nuzzle them gently.
ENJOY EVERY MOMENT OF EVERY DAY!
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Automated Services
- General Tax Information - 609-826-4400 or 1-800-323-4400 (within NJ, NY, PA, DE, MD)
- Listen to prerecorded information on common tax issues
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- File your Homestead Rebate Application (Homeowners only)
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- File various business tax returns
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- Have tax forms faxed to you
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Personal Services
- Main Customer Service Center - 609-292-6400
- Have your tax questions answered by a Division representative
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- Get Information about the Homestead Rebate Program (Tenants only)
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- Get program information from a Division representative
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* Monday through Friday, 8:30 a.m. to 4:30 p.m., except State Holidays
Updated: ');
document.write(thisDay + ', ' + thisMonthNum + '/' + thisDate + '/' + thisFullYear);
//-->
Updated: Thursday, 10/04/2007
__________________________________________________________________
This information was supplied by:
Charles O. Vieni
Mortgage Development Officer
Reverse Mortgage Specialist
Voice: 201-944-0302
Cell: 201-615-6343
cvieni@sovereignbank.com
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(Excerpted from a recent Weichert press release)
Weichert Relocation Resources (WRRI) employees across North America and Europe recently participated in CommunityCare Day, a company-wide day of volunteering held twice a year in support of two of the company's most prominent corporate objectives: helping families and improving communities.
“By embracing CommunityCare Day, our colleagues throughout the world continue to exhibit a true passion for making a difference in the lives of others, whether it’s a family being relocated across the country or people in need within their own communities,” said Aram Minnetian, president of WRRI. “The success of our CommunityCare program is attributable to our colleagues’ commitment to changing lives and affecting positive change.”
Here are some of the ways WRRI employees showed their charitable spirit:
- Employees in Morris Plains, N.J., participated in a walkathon to raise awareness and donations for the local chapter of the Make-A-Wish Foundation, which grants the wishes of children with life-threatening medical conditions.
- Houston employees raised money and awareness through their participation in the Susan G. Komen Race for the Cure *** Cancer Walk.
- In Boston, employees partnered with the Greater Boston Food Bank to sort and package over 10,000 pounds of food to be shipped to local food pantries.
· Denver employees assisted with a beautification project by weeding, planting flowers and restoring native habitat.
- In Chicago, employees teamed with DuPage PADS Permanent Supportive Housing to load and deliver furniture to be used in apartments for homeless and transitional families.
· Calgary employees joined forces with the local chapter of Habitat for Humanity to assist in the construction of a home for a needy family.
· In Toronto, employees donated their time, as well as food, clothing and other personal care items, to the Halton Women’s Place for emotionally and physically abused women and children.
· Employees in London assisted teenagers with learning disabilities at the Michael Tippett School in Kennington and made a donation that will cover the cost for two of the school’s students to attend Camp Cando, a charity-run camp.
Northern NJ Homes
Northern NJ Seniors
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James M. Weichert, president and founder of Weichert, Realtors, is pleased to announce the start of the company’s 29th Annual Holiday Toy Drive to help disadvantaged children in the communities we serve.
From now through December, each of the company’s sales offices will be accepting new, unwrapped toys for distribution to financially or physically disadvantaged children within their local communities. Weichert employees throughout the United States and abroad will also participate in the yearly community service event.
At the conclusion of this event, local charities that aid needy or underprivileged children will deliver the toys during the holidays. Last year, more than 37,500 toys were distributed by charitable and service organizations in the communities Weichert serves.
Toys can be dropped off at any Weichert, Office
For more information about the 29th Annual Holiday Toy Drive, please call the manager of any Weichert, Realtors office
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Last week, the Federal Reserve cut its benchmark interest rate by a quarter point, the second cut in six weeks. Decreasing the cost of money should positively impact consumer interest rates on credit cards, car loans, home equity lines of credit, mortgage loans and other consumer borrowing. Yet, there is no guarantee when it comes to housing. In fact, the outlook on inflation is what makes mortgage interest rates move, not lower borrowing costs for banks.
Mortgage rates are at historical lows. It isn’t likely they’ll get significantly lower unless we enter a recession. The good news is that there are no signs of an imminent recession. In fact, on Friday, the Labor Department announced that employers boosted payrolls by a surprisingly strong 166,000 in October, the most in five months. - Mortgage rates might not come down at exactly the right time for some buyers. Even if they do, the dream home some buyers are considering now might not be available at the same time as the interest rates go down. This could be a good time to purchase your dream home.
- Nobody can predict the future. Everyone is trying to guess what the market is going to do. Wait - Wait - Wait and it may be like that stock you wanted to buy one time. Mortgage rates are down, and home inventory is up. This could be a good time to purchase your dream home.
Find your next home here.
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Bergen, Passaic, Essex, and Sussex Counties:
- Number of homes sold in September lowest in four years.
- Average sale price for all counties are up slightly for the year.
- Inventory has doubled in Bergen and Passaic Counties. Inventory in Passaic and Essex Counties are up slightly, and inventory in Sussex County is up about 41%.
Click Below To See Details:
http://www.bcnjre.com/Housing_Market_Stats/page_870680.html
Receive available home listings automatically by e-mail:
http://www.SearchBergenCountyHomes.com
_______________________________________________________
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http://www.savatree.com/treevideo
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Forbes has released its annual ranking of the “Most Expensive ZIP Codes” in the nation. The rankings are based on median house prices, which were found to have increased in many areas across the country. Alpine, N.J. (07620) saw median home sale prices jump from $1.06 million to $3.4 million from July 2006 to June 2007, earning it the top spot on the list of the 500 “Most Expensive ZIP Codes.”
In addition to Alpine, the list also includes 28 other towns where Weichert, Realtors has sales offices, as well as numerous towns that are in the Weichert, Realtors market area. Take a few moments to review the following list and/or visit the Forbes Web site to see how you might be able to incorporate the Forbes rankings into your marketing efforts or when assisting buyers.
Weichert, Realtors Offices Represented on Forbes “Most Expensive ZIP Codes” List
#1 – Alpine, NJ (07620)
#25 – New Vernon, NJ (07976)
#52 – Short Hills, NJ (07078)
#80 – Franklin Lakes, NJ (07417)
#82 – Great Falls, VA (22066)
#94 – Sea Girt, NJ (08750)
#109 – Larchmont, NY (10538) and Rye, NY (10580)
#121 – Greenwich, CT (06831)
#127 – Greenwich, CT (06830)
#157 – Westport, CT (06880)
#158 – Chevy Chase, MD (20815) and Potomac, MD (20854)
#201 – Bethesda, MD (20816) and McLean, VA (22101)
#214 – Rumson, NJ (07760)
#244 – Stamford, CT (06903)
#251 – Fairfax Station, VA (22039)
#269 – Mountain Lakes, NJ (07046)
#294 – Chester, NJ (07930)
#299 – Mendham, NJ (07945)
#327 – Summit, NJ (07901)
#339 – Warren, NJ (07059)
#342 – Tenafly, NJ (07670)
#366 – Bethesda, MD (20817)
#396 – Arlington, VA (22207)
#417 – Wyckoff, NJ (07481) and Chatham, NJ (07928)
#461 – Holmdel, NJ (07733)
#462 – Watchung, NJ (07069)
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Bergen County Home Sales
Residential 1-Family
Market Absorption Rate
August 2007
9.0
(7+ = Buyers Market)
| Bergen County Single Family |
| Month |
Ave. Sale Price (x1000)
'04 '05 '06 '07 |
Homes Sold
'04 '05 '06 '07 |
Days On The
Market
'04 '05 '06 '07 | Sales Price
%
Increase / Decrease
'04 - '05 '05 - '06 '06 - '07 |
| January | $488 | $553 | $783 | $615 | 471 | 447 | 382 | 610 | 75 | 79 | 134 | 99 | +13.5 % | + 42 % | - 27 % |
| February | $526 | $629 | $726 | $599 | 379 | 380 | 346 | 531 | 83 | 84 | 148 | 102 | +19 % | + 15 % | - 21 % |
| March | $540 | $606 | $671 | $572 | 506 | 458 | 431 | 665 | 88 | 80 | 139 | 95 | +11 % | + 11 % | -17 % |
| April | $506 | $567 | $615 | $657 | 739 | 757 | 388 | 677 | 74 | 81 | 81 | 92 | +12 % | + 8 % | 07 % |
| May | $535 | $582 | $771 | $668 | 636 | 560 | 554 | 535 | 67 | 69 | 80 | 94 | +9 % | + 32 % | -15 % |
| June | $579 | $684 | $721 | $669 | 863 | 828 | 659 | 635 | 65 | 63 | 69 | 94 | +18 % | + 5 % | -08 % |
| July | $695 | $660 | $678 | $708 | 945 | 763 | 666 | 644 | 64 | 61 | 70 | 79 | -6 % | + 3 % | 04 % |
| August | $552 | $705 | $763 | $706 | 777 | 934 | 667 | 620 | 56 | 57 | 76 | 79 | +28 % | + 8 % | -08 % |
| September | $551 | $669 | $646 | | 667 | 711 | 468 | | 59 | 60 | 89 | | +23 % | - 3 % | |
| October | $564 | $592 | $624 | | 648 | 803 | 517 | | 73 | 119 | 87 | | +05 % | +5 % | |
| November | $639 | $686 | $646 | | 592 | 542 | 430 | | 74 | 120 | 92 | | +07 % | - 6 % | |
| December | $548 | $639 | $653 | | 750 | 570 | 527 | | 75 | 129 | 92 | | +17 % | + 2 % | |
Yearly
Inc/Dec | 12% | 17% | 2 % | 8 % | | | | | | | | | | | |
Condominiums (Townhouses)
Market Absorption Rate
August 2007
8.3
(7+ = Buyers Market)
| Bergen County Condominiums/Townhouses |
| Month |
Ave. Sale Price
(x1000)
'04 '05 '06 '07 |
Homes Sold
'04 '05 '06 '07 |
Days On The
Market
'04 '05 '06 '07 | Sales Price
%
Increase / Decrease
'04 - '05 '05 - '06 '06- '07 |
| January | $334 | $392 | $340 | $406 | 157 | 171 | 124 | 245 | 60 | 58 | 72 | 104 | +13% | - 15 % | + 19 % |
| February | $303 | $365 | $484 | $434 | 149 | 147 | 113 | 202 | 84 | 75 | 99 | 103 | +21% | + 32 % | - 12 % |
| March | $324 | $424 | $435 | $407 | 161 | 182 | 179 | 291 | 68 | 61 | 78 | 99 | +24% | + 3 % | - 7 % |
| April | $347 | $464 | $463 | $439 | 168 | 221 | 190 | 279 | 67 | 53 | 88 | 103 | +34 % | 0 % | - 5 % |
| May | $360 | $429 | $467 | $438 | 183 | 216 | 207 | 241 | 61 | 68 | 87 | 101 | +19 % | + 9 % | - 6 % |
| June | $392 | $430 | $489 | $439 | 256 | 283 | 219 | 195 | 58 | 55 | 83 | 90 | +10 % | + 14 % | -11% |
| July | $434 | $460 | $448 | $449 | 262 | 233 | 199 | 204 | 53 | 53 | 86 | 82 | +6 % | - 3 % | 0 |
| August | $389 | $448 | $490 | $442 | 225 | 298 | 193 | 332 | 54 | 54 | 89 | 85 | +15 % | + 9 % | -11 % |
| September | $371 | $466 | $436 | | 231 | 235 | 280 | | 71 | 55 | 91 | | +26 % | - 7 % | |
| October | $361 | $432 | $433 | | 214 | 197 | 154 | | 63 | 62 | 76 | | +20 % | 0 % | |
| November | $380 | $450 | $422 | | 182 | 197 | 157 | | 57 | 62 | 82 | | +18 % | - 6 % | |
| December | $408 | $524 | $462 | | 246 | 327 | 214 | | 70 | 42 | 81 | | +28 % | - 13 % | |
Yearly
Inc/Dec | 22% | 28% | -13% | - 5% | | | | | | | | | | | |
Prior Month's Figures May Be Adjusted.
Information obtained from the New Jersey Multiple Listing Service
Information deemed reliable subject to errors and omissions.
Passaic County Home Sales
Residential Sales - All Types
Market Absorption Rate
August 2007
13.37
(7+ = Buyers Market)
| Passaic County Residential - All Types |
| Month |
Ave. Sale
Price (x1000)
'04 '05 '06 '07 |
Homes Sold
'04 '05 '06 '07 |
Days On The
Market
'04 '05 '06 '07 | Sales Price
%
Increase / Decrease
'04 - '05 '05 - '06 '06 - '07 |
| January | $327 | $373 | $394 | $403 | 228 | 243 | 227 | 190 | 76 | 82 | 66 | 94 | +15 % | + 6 % | + 2 % |
| February | $301 | $358 | $368 | $365 | 184 | 187 | 160 | 164 | 82 | 76 | 80 | 93 | +16 % | + 3 % | 0 |
| March | $328 | $379 | $406 | $397 | 255 | 250 | 231 | 86 | 80 | 74 | 74 | 89 | +15.5 % | + 7 % | - 3 % |
| April | $315 | $368 | $403 | $389 | 284 | 271 | 246 | 215 | 68 | 66 | 78 | 93 | +17 % | + 10 % | - 4 % |
| May | $331 | $376 | $386 | $405 | 272 | 287 | 293 | 268 | 73 | 62 | 73 | 90 | +13.5 % | + 3 % | 5 % |
| June | $330 | $390 | $406 | $412 | 406 | 429 | 352 | 255 | 66 | 63 | 73 | 82 | +16 % | + 4 % | 1 % |
| July | $390 | $397 | $430 | $411 | 429 | 349 | 268 | 261 | 63 | 60 | 66 | 66 | +2.5 % | + 8 % | - 5% |
| August | $356 | $410 | $409 | $410 | 342 | 388 | 307 | 269 | 81 | 63 | 74 | 82 | +15 % | 0 % | 0 |
| September | $336 | $400 | $385 | | 313 | 333 | 242 | | 68 | 68 | 80 | | +19 % | + 4 % | |
| October | $388 | $413 | $413 | | 320 | 250 | 228 | | 68 | 64 | 84 | | +6.5 % | 0 % | |
| November | $349 | $387 | $395 | | 279 | 238 | 226 | | 65 | 64 | 78 | | +11 % | + 2 % | |
| December | $358 | $397 | $408 | | 331 | 291 | 252 | | 70 | 71 | 83 | | +11 % | + 3 % | |
Yearly
Inc/Dec | 9 % | 11 % | 3 % | 1 % | | | | | | | | | | | |
Prior Month's Figures May Be Adjusted.
Information obtained from the Garden State Multiple Listing Service
Information deemed reliable subject to errors and omissions.
Essex County Home Sales
Residential Sales - All Types
Market Absorption Rate
August 2007
11.5
(7+ = Buyers Market)
| Essex County Residential - All Types |
| Month |
Ave. Sale
Price (x1000)
'04 '05 '06 '07 |
Homes Sold
'04 '05 '06 '07 |
Days On The
Market
'04 '05 '06 '07 | Sales Price
%
Increase / Decrease
'04 -'05 '05 -'06 '06 -'07 |
| January | $374 | $425 | $527 | $548 | 307 | 353 | 327 | 299 | 65 | 62 | 58 | 83 | + 14 % | +24 % | 4 % |
| February | $353 | $404 | $496 | $475 | 288 | 279 | 300 | 251 | 74 | 64 | 63 | 88 | + 14 % | +23 % | - 4 % |
| March | $361 | $453 | $541 | $505 | 371 | 375 | 381 | 301 | 74 | 66 | 71 | 81 | + 25 % | + 19 % | - 7 % |
| April | $387 | $455 | $492 | $526 | 387 | 442 | 335 | 336 | 71 | 63 | 71 | 72 | + 18 % | + 8 % | 4 % |
| May | $421 | $498 | $563 | $553 | 445 | 476 | 445 | 362 | 64 | 56 | 61 | 69 | + 11 % | + 13 % | - 2 % |
| June | $455 | $502 | $566 | $563 | 677 | 610 | 556 | 482 | 51 | 51 | 57 | 68 | + 10 % | + 13 % | 0 |
| July | $560 | $523 | $547 | $628 | 640 | 611 | 539 | 415 | 52 | 49 | 53 | 64 | - 7 % | +4.5 % | 15 % |
| August | $427 | $529 | $532 |
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