Michael 's Blog

Broadband service tops the list among current users

A national study of U.S. broadband consumers by RVA LLC Market Research and Consulting shows that 82% of those buyers who have had broadband service over fiber all the way to the home rank it as the leading real estate development amenity. Four other key prospective features ranked lower among buyers shopping for a new home. In another RVA study, very high-speed Internet-such as over fiber-ranked second only to landscaping and setting on a list of 23 amenities, ahead of features such as pools, home automation, shops, a fitness center, a dog park, a golf course, Wi-Fi at the pool area, day care or concierge services. 

A national random survey of more than 600 fiber-to-the-home (FTTH) consumer users was conducted in May. Respondents were asked a series of perceptual questions and also were asked to test and report their current Internet speeds. Both surveys were done for the Fiber-to-the-Home Council. The survey showed that end-to-end fiber broadband service tops green space, a security patrol, a community pool, a park or a fitness center among sought-after amenities by the home buyers. 

Mike Render, CEO of RVA LLC, said: "The indication is that the personal space and connectivity really matter to the home buyer now, compared with public facilities; it's where home owners actually spend their time, and broadband is an increasing part of that time, so they want the best," With the pace of change in both technology and in broadband services, moving into a home that is already wired for the future can be a distinct advantage.

According to Bill Heilig, Verizon vice president of corporate marketing, social trends also affect the quest for fiber-based service. He said, "Teleworking is on the rise again, and nothing beats a 25 or 50 megabit-per-second downstream link for just-like-at-work service,"

       Click to view

NJAR reacts to NAR's report

The New Jersey Association of Realtors (NJAR) in a press release reacted to the National Association of Realtors (NAR) findings that first-time buyers are the key to a successful recovery of the NJ real estate market.

Reacting to the (NAR) 2009 Second Quarter Metropolitan Statistical Area (MSA) Home Prices/State Resales report, NJAR's Executive Vice President Jarrod C. Grasso said, "the home price data signifies an unprecedented opportunity for home purchasers, particularly first-time buyers. Single family homes, apartment and condominium units are more affordable now than they have been in years."

"Signs of vibrant activity are evident in the New Jersey resales statistics," added Grasso. Although sales in the Garden State are 10.8 percent lower than they were in the second quarter of 2008, the seasonally adjusted, second quarter 2009 rates are up 11.8 percent from the first quarter of this year. This shows that buyers are entering the marketplace, thus lowering the inventory and driving up demand.

Though median sales price data indicates levels below those of a year ago, nearly all MSAs that cover New Jersey showed an increase in the second quarter of 2009 when compared to the first. Increasing prices paired with slight rises in interest rates signify that market stabilization is under way. Grasso commented, "The time to act is now, since prices may continue this strong, upward trend. We also anticipate sales to increase in the coming weeks and months as more buyers complete their first purchases in time to receive the tax credit."

To view a video of NARs Economic Report click here

As the clock winds down to expiration of the $8,000 federal tax credit at 11:59 p.m. on November 30, 2009, the opportunity lessens for financially capable first-time buyers to capitalize on the market and obtain the homes of their dreams.

Reported to you, first, in my August 5th posting, How the new regulation Z may affect U, I still encourage first-tme buyers looking to benefit from the $8,000 tax credit to act sooner rather than later to begin the process of procurrining a mortgage and finding a home.

July 2009 Franklin Township Monthly Market Report

According to the Garden State MLS, the month of July, 2009 ended with 43 Franklin Township single family residences sold.  Sale prices ranged between $171,500 and $715,000 .

The month ended with 400 active listings on the market ranging in price from $119,900 to $1,265,000 The month ended with 55 residential properties under contract.

That's what is happening in the marketplace now, August 6, 2009

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.**  The links will expire 60 days from 08/06/2009.

What's happening in the marketplace, now - August 6, 2009

According to the Garden State MLS, currently there are two (3) homes actively listed for sale in this Franklin Township Townhouse development, at the time of posting.  The three available are one 2-story townhouses with 3 bedrooms-2.5 baths and two single level ranches with 3-bedrooms-2 baths. View these active listings.

There is one new listing since my last report to you on July 6, 2009.  The three actively listed home prices range between $249,000 and $309,000. 

There have been no Carriage Homes at Quailbrook sales since the last report. One property is currently under contract for sale.

That's what is happening in the marketplace now, August 6, 2009.

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. 

Source: Garden State MLS, L.L.C. **Info. deemed RELIABLE but not GUARANTEED - ALL Room Sizes are Approx.**  The links will expire 60 days from 08/06/2009.

Consumer disclosures and the Truth in Lending Act (TILA)

Regulation Z" is a federal regulation requiring creditors to provide full disclosure of the terms of a loan including the terms or the loan and the annual percentage rate (APR). Changes that became effective July 30, 2009 requires that lenders must comply with new rules under the Truth in Lending Act (TILA) as required under the Mortgage Disclosure Improvement Act (MDIA) which was part of  The Housing and Economic Recovery Act of 2008.

These changes are expected to slow the timeline for obtaining a new mortgage or refinacing to a minimum of two months - at best.  There are some predictions the new reality might be a timeline of up to four months.  This is because it is anticipated that many lenders may add their own time restrictions as a safety precaution against violating the new waiting periods and thereby cause additional delay to the mortgage process. Failure of lenders to adhere to the proper waiting periods for certain disclosure items resets the waiting period requirements.  In addidtion, new changes in Reg Z may result in higher lender costs which are likely to be passed on to borrowers.

Here is a summary of the changes*: 

The new requirements apply to all mortgages secured by a borrower's home, including primary and second homes and refinancings. Investor loans continue to be exempt. 

• Lenders must give good faith estimates of mortgage loan costs within 3 business days after the consumer applies for a loan (early disclosure). The lender may not collect any fees before the disclosure is provided, except for a reasonable fee for obtaining a credit report.

• The closing may not take place until expiration of a 7 day waiting period after the consumer receives the early disclosure. 

• Consumers may shorten or waive the 3 day and/or 7 day waiting periods for a "bona fide personal financial emergency," but only after receiving an accurate TILA disclosure.  In the final rule's preamble, the Fed stated that it "believes waivers should not be used routinely to expedite consummation for reasons of convenience." The Fed decided not to insulate lenders from liability even where a consumer modifies or waives the waiting periods.

 • If the annual percentage rate (APR) changes by more than 0.125 percent, the lender must provide a corrected disclosure to the borrower and wait an additional 3 business days before closing the loan. The APR includes not only the interest rate on the loan but certain other costs related to settlement, so it will be important for any fees that affect the APR to be as accurate as possible, as early as possible, to minimize the need for a corrected TILA. 

Source: National Association of Reators (NAR)

Franklin Township - Saturday and Sunday, August 1-2, 2009

Regardless of the listing agent, office or MLS service; if you are not already working with an agent, give me a call or send an e-mail and I will be happy to arrange a personal tour of any listed property or open house that you might find on the Internet, print media or yard sign. Contact Me

There is no need to feel overwhelmed. Click here for Buyer Advice.  And most importantly, as a buyer read why you might not want to venture out on your own... http://tinyurl.com/acv5zx           

At the time of posting the following properties are scheduled for an Open House, this coming Saturday and/or Sunday.  Click here to view pictures of this week's Open Houses. The following are featured homes this weekend in Franklin Township and surrounding areas from Century 21 Moretti Realty http://tinyurl.com/c64npd 

Listing information provided by Garden State MLS  **Info. deemed RELIABLE but not GUARANTEED - ALL Room Sizes are Approx.**   The links will expire 60 days from 07/31/2009.

Events near Somerset

What's Cooking? A Display of Kitchen Tools & Accessories  Through 01/15/2010

16 Maple St., East Brunswick, NJ 08816

www.eastbrunswickmuseum.org

(732) 257-1508

Estate Park and Nature Tour  07/24/2009 - 07/26/2009

80 Route 206 South, Hillsborough, NJ 08844

www.dukefarms.org

 (908) 722-3700 

An Introduction to Native Plants for the Home Gardener  07/25/2009

80 Route 206 South, Hillsborough, NJ 08844

www.dukefarms.org

(908) 722-3700

Rutgers Gardens Open House and Wine Tasting Festival   07/25/2009

112 Ryders Ln., New Brunswick, NJ 08901

www.rutgersgardens.rutgers.edu

(732) 932-8451   

Wonder Walk for Families: Mysteries of the Meadow  07/25/2009

80 Route 206 South, Hillsborough, NJ 08844

www.dukefarms.org

 (908) 722-3700   

Scenic Bike Tour of Duke Farms  07/25/2009

80 Route 206 South, Hillsborough, NJ 08844

www.dukefarms.org

 (908) 722-3700

 Jersey Summer Beatles Bash III  07/25/2009

15 Livingston Ave., New Brunswick, NJ 08879

www.statetheatrenj.org/beatles_bash_3

(732) 246-7469 

 Coping With Deer - 07/26/2009 2:00p

Franklin Township Library

485 DeMott Lane, Somerset, NJ 08873

(732) 873-8700  Registration Required

May 2009 Franklin Township Monthly Market Report

According to the Garden State MLS, the month of May, 2009 ended with 30 Franklin Township single family residences sold.  Sale prices ranged between $130,000 and $617,500 .

The month ended with 401 active listings on the market ranging in price from $120,000 to $1,265,000. There are 100 residential properties under contract.

That's what is happening in the marketplace now, June 6, 2009

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.**

What's happening in the marketplace, now - June 5, 2009

According to the Garden State MLS, currently there are two (2) homes actively listed for sale in this Franklin Township Townhouse development, at the time of posting.  The two available are 2-story townhouses with 3 bedrooms-2.5 baths. View these active listings.

There are no new listings since my last report to you on May 4, 2009.  Both actively listed prices range between $298,000 and $299,000. 

There has been one Carriage Homes at Quailbrook sale since the last report; 246 Glastonbury Ln, 3-bdrm/2.5 baths - $300,000. *DOM=19

Two properties are currently under contract for sale and one additional is in attorney review.

That's what is happening in the marketplace now, June 5, 2009.

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. 

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

Franklin Township - Sunday, March 28-29, 2009

Regardless of the listing agent, office or MLS service; if you are not already working with an agent, give me a call or send an e-mail and I will be happy to arrange a personal tour of any listed property or open house that you might find on the Internet, print media or yard sign. Contact Me

There is no need to feel overwhelmed. Click here for Buyer Advice.  And most importantly, as a buyer read why you might not want to venture out on your own... http://tinyurl.com/acv5zx           

At the time of posting the following properties are scheduled for an Open House, this coming Saturday and/or Sunday.  Click here to view pictures of this week's Open Houses.

Listing information provided by Garden State MLS  **Info. deemed RELIABLE but not GUARANTEED - ALL Room Sizes are Approx.**  

Events near Somerset 08873 

Dairy Day      03/28/2009 - 03/28/2009

103 College Farm Road

North Brunswick, NJ 08902

www.agriculturemuseum.org   (732) 249-2077  

Morning Rhymes for Toddlers  03/27/2009 at 10.30am & 11:30am

Public Library - 485 DeMott Lane, Somerset, NJ 08873

Babies and toddlers develop oral language skills and have some fun as they take part in this active nursery rhyme program with their parents or grandparents. No registration is necessary. 

Guitar Hero - Teens (grades 7-12)  03/29/2009 at 1.30pm

Public Library  - 485 DeMott Lane, Somerset, NJ 08873

Teens - Bring your friends and play Guitar Hero on the big screen! Snacks will be provided. Meets in the Community Room.

Century 21 Moretti Realty and Century 21 Our Town Realty join forces

Earlier today the Century 21 offices of Moretti Realty and Our Town Realty joined forces for the purpose of expansion.  The new entity will be known as Century 21 Moretti Realty with office locations at 225 Maple Ave, South Plainfield and 852 Easton Ave, Somerset, New Jersey.

With combined sales of $135 million  and 75 sales associates, the company will be among the top Century 21 companies in the State of New Jersey.  Century 21 Moretti will be servicing Middlesex, Somerset, Hunterdon, Union, Mercer and Monmouth counties.  Toni Moretti, co-owner, said "The cultures of both companies compliment one another while our combined strenghts offer our customers more marketing resources."  

I couldn't agree more with Toni Moretti. Building upon the strenghts of these two well established and respected companies will only serve to benefit our customers and clients.  I am excited by this announcement and by the new opportunities it will bring me to provide greater services to you.

This tweet says it all

I came across this older "tweet" from an Ohio home inspector who was attempting to sell his home on his own without without success.  Need I say more? 

You can follow me at: http://www.twitter.com/somerset08873

Is it time to refinance?

Literally, time will tell.  Possibly as early as tomorrow mortgage rates may reflect the Federal Reserve's stunning plan to buy up to $300 billion of long-term government bonds and $750 billion in additional mortgage-backed securities guaranteed by Fannie Mae and Freddie Mac. The national average rate on 30-year, fixed mortgages was 5.15% on Wednesday, according to financial publisher HSH Associates, up slightly from a day earlier. Rates could drop up to .50%.

Here are two ways refinance may benefit you:

As homeowner #1 - A long time home owner with a mortgage balance of $87,800 might save more than $26,800 in interest charges over the life of the loan by refinancing from 5.75% to 4.75% and reducing the loan from 30 years to 20 years.  In this scenario, the monthly payment would actually increase approximately $7.40 a month while paying 2 points at closing.    You would need to stay in your current home for at least 24 months in order to yield savings.  That's how long it will take for the monthly interest savings to offset the closing costs attributable to refinancing.

As homeowner #2 - Using the same basis numbers of a remaining $87,800 balance with a rate reduction of 5.75% to 4.75% and paying 2 points at closing but refinancing for 30 years the monthly savings would be approximately $102.  However, you would pay an additional $1,885 (approx.) in interest charges over the life of the mortgage.

Consult your financial or mortgage advisor to see how refinancing may benefit you.  Compare current refinancing rates with the HSH Showcase of Lenders

With Spring just days away, homeowners may begin thinking of home improvements. if you are thing of refinancing to extract home equity to improve your home's energy efficiency you might be eligible for up to a 30% tax credit.  For more information, visit EnergyStar.gov

Save the Homeowners tax deduction 

Governor Jon Corzine, to a joint session of the New Jersey Legislature, announced plans to eliminate the ability for all non-senior households, regardless of income, to deduct property taxes from their state tax filings. 

At a time when the global economic crisis weighs heavy on the minds of Garden State residents, this proposal is counterproductive and will hinder recovery efforts.  The loss of the deduction will make it even more difficult for families struggling to afford to stay in their homes.

This is impotant for homeowners and future homeowners, alike.  Please join with me and let our state representatives know that this ill conceived plan is unacceptable.

To learn more about this issue now, Click here to take action.  Please share this posting with neighbors, family, friends and co-workers.   As the leading advocate for homeowners and the real estate industry in the state, the New Jersey Association of REALTORS (NJAR) is adamantly opposed to this proposal. 

What's happening in the marketplace, now - March 7, 2009

According to theGarden State MLS, currently there are five (5) homes actively listed for sale in this Franklin Township Townhouse development, at the time of posting.  Two are 1-story Ranch style townhomes with 2 bedrooms-2 baths.  Three are a 2-story townhouse with 3 bedrooms-2.5 baths. View these active listings.

There is one new listings since the last report to you on February 6th. All actively listed prices range between $249,000 and $322,500. 

There has been one Carriage Homes at Quailbrook sale since the last report; an updated Ranch, 327 Shilling, for $260,000. One 2-story 2-bedroom/2.5 bath townhousench home is currently under contract.

That's what is happening in the marketplace now, March 7, 2009.

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. 

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

February 2009 Franklin Township Monthly Market Report

click to view

According to the Garden State MLS, the month of February, 2009 ended with 20 Franklin Township single family residences sold.  Sale prices ranged between $80,000 and $755,000.

The month ended with 346 active listings on the market. There are 59 residential properties under contract.

That's what is happening in the marketplace now, March 7, 2009

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.**

Events near Somerset 08873 

Financial Independence & Security for Every Stage of a Woman's Life - 3/7 at 10.30am

Public Library  485 DeMott Lane, Somerset, NJ 08873

Registration required, visit the reference desk or call 732-873-8700 X#111.

Music with Ann Wild for kids - 3/7 at 2.30pm

Public Library  485 DeMott Lane, Somerset, NJ 08873

This program is for Franklin Township residents only.  Children must be accompanied by parent or grandparent. For more information call 732-873-8700

Theater Workshop - Teenprov - 3/8 at 2.00pm

Public Library  485 DeMott Lane, Somerset, NJ 08873

A fast paced, one-hour workshop presented bythe George Street Playhouse, New Brunswick. To register, contact Amanda Decker, Young Adult Librarian, email: adecker@franklintwp.org   or 732-873-8700 x #101

Rutgers Historical Tour - 3/7/2009  12:30pm

71 Hamilton St, New Brunswick, NJ 08901

http://ruinfo.rutgers.edu/visitingRU/historictours   (732) 445-5745  

Sunday Recital Series  Category: Concerts/Music Events - Until 3/31/2009

5 Paterson St., New Brunswick, NJ 08901

www.christchurchnewbrunswick.org (732) 545-6262

The Devil's Music: The Life and Blues of Bessie Smith Category: Theatre - 3/3-29/2009

9 Livingston Avenue, New Brunswick, NJ 08901

www.GSPonline.org   (732) 246-7717  

Home Show  Category: Expos - 3/06-08/2009

97 Sunfield Ave., Edison, NJ 08837

http://www.showoffice.com/pages/nj/exhibit.html    (732) 417-1400 

Outside In: Chinese x American x Contemporary Art  Category: Art  Until 06/07/2009 

Nassau Street, Princeton, NJ 08544

http://artmuseum.princeton.edu/    (609) 258-3788  

Greater NJ Record & CD Show  Category: Arts & Culture - 3/8/2009

304 RT 22 West, Springfield, NJ 07081

www.izzymusic.com/record_shows.htm   (973) 376-9400

Details released yesterday

Yesterday the Obama administration released more details of the American Recovery and Reinvestment Act of 2009 that features a maximum $8,000 tax credit for first-time buyers (only) who purchase a home on or after Jan. 1, 2009 and before Dec. 1, 2009.  A first-time buyer is defined under the tax credit as an individual who has not owned a home in the last three years.

Additionally, qualifying details were given for homeowners seeking to modify their mortgage terms or refinance to avoid foreclosure. 

The temporary credit is only available for home purchases made from January 1, 2009 to before December 1, 2009 and is equal to 10 percent of the cost of the home, up to a maximum credit of $8,000. (For example, a home purchased for $80,000 or more would qualify for the full $8,000 credit while a $70,000 home would only qualify for 10 percent or $7,000) 

Eligible properties include anything that will be used as a principal single-family residence including condos and townhouses.  Search for local homes.

Buyers may claim the credit on their federal tax return to reduce their tax liability. If the credit is more than their total tax liability that year, the buyer will get a refund check for the balance.

For married joint filers, both must meet the first-time homebuyer test to take the credit on a joint return.

There are income guidelines on the credit. Individuals with an adjusted gross income up to $75,000 (or $150,000 if filing jointly) are eligible for the full tax credit. The credit is phased down for those earning more and is not available for those with an income above $95,000 (or $170,000 if filing jointly).

The new tax credit does not have to be repaid if the buyer stays in the home at least three years. But if the home is sold before that, the entire amount of the credit is recaptured on the sale.  

People who purchased homes under the 2008 $7,500 tax credit program will still be required to repay that credit to the government over a 15-year period.

For current homeowners seeking help, here's more of what you need to know.

Events near Somerset 08873

Sunday Recital Series

Category: Concerts/Music Events 09/07/2008 - 03/31/2009

5 Paterson St.

New Brunswick, NJ 08901

www.christchurchnewbrunswick.org

732) 545-6262

Myth and Modernity: Ernst Barlach's Images of the Nibelungen and Faust      02/21/2009 - 06/07/2009

Category: Art

Nassau Street

Princeton, NJ 08544

http://artmuseum.princeton.edu/

(609) 258-3788

Rutgers Historical Tour   02/28/2009 - 02/28/2009

Category: Historic Events

71 Hamilton St

New Brunswick, NJ 08901

http://ruinfo.rutgers.edu/visitingRU/historictours/

(732) 445-5745

The Deutsche Kammerphilharmonie Bremen    03/01/2009 - 03/01/2009

Category: Theatre

15 Livingston Ave.

New Brunswick, NJ 08901

www.statetheatrenj.org

(732) 246-7469

Princeton Country Dancers' Community Family Dance     03/01/2009 - 03/01/2009

Category: Concerts/Music Events

45 Stockton Street

Princeton, NJ 08542

www.princetoncountrydancers.org

(609) 924-6763

All About Maple Syrup      03/01/2009 - 03/01/2009

Category: Family/Festivals

103 College Farm Road

North Brunswick, NJ 08902

www.agriculturemuseum.org

(732) 249-2077

Piles of Paperwork   -02/28/2009

Franklin Township Public Library

Are you buried under paperwork? Professional organizer Eva Abreu teaches us how to carve time from busy schedules to work on personal documents. Cut through the piles of piles, decide what to keep, what to toss, what to shred and what to organize and have on hand in case of an emergency.

Registration is required, call the reference desk at 732-873-8700 X#111.

Diverse Cultures, Diverse Sounds, Musical Instruments from around the world  - 02/28/2009

Franklin Township Public Library

What can we use to make music bedisides our voices?  Participants will expreience a multisensory explorationof music by seeing nd touching instruments from around the world and learn a little about the culture that created each instrument.

Registration is required.  Call the reference desk at 732-873-8700 x#111

Theater Workshop: Create-a-Play   03/01/2009

Franklin Township Publick Library

"Create-a-Play" is an interactive workshop for children, ages 5-7. Children will use a favorite story to create a unique short play using theater games, storytelling and creative dramatic techniques. This workshop is sponsored by the New Jersey Theater Alliance and New Jersey Library Association.

To register for this free program call the Children's Department, 732-873-8700 ext. 112, or email Amanda Decker, adecker@franklintwp.org.

Theater Workshop: On your Feet   03/02/2009

Franklin Township Publick Library

If you're itching to act and are between the ages of 8 and 12, this is the workshop for you! "On Your Feet" is a one-hour workshop that will focus on creating stories off the top of your head and sharing them with others. This workshop is led by theater professionals from the George Street Playhouse and is sponsored by the New Jersey Theater Alliance and the New Jersey Library Association.

To register for this free program, call the Children's Department, 732-873-8700, ext. 112 or email Amanda Decker, adecker@franklintwp.org.