Michael 's Blog

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.

Update your home's interior colors

Regardless whether you plan to place your home on the market for sale or if it is just time to freshen your space, one of the most cost effective ways to spruce up your home is with paint.  According to Dutch Boy paints, the average consumer spends 2-3 months to plan a home painting project.  Driving the trends in color this year are the economy, nature and fashion. 

Economy - With the down economy on the minds of many, it is not surprising interior home colors would trend towards the more conservative or neutral. These include light blues, lavenders, grays and beiges. Dutch Boy paints suggest adding a splash of bright color as accents.

Nature - The influence of nature encompasses the environmental movement which looks to bring the outdoors into the home's atmosphere or ambience. Colors here include shades of green, blue, yellow, brown and white.  Valspar at Lowes offers examples of these palates. 

Fashion influences suggest more saturated and intense colors often found within one's own wardrobe.  Fashion tones can introduce a sense of fun and culture. These colors might include shades of red, linen, navy and orange.  Pantone provides an online video addressing current fashion trends.  

For more information about how to choose the perfect color and frequently asked questions for staring your project visit www.dutchboy.com 

To find additional decorating ideas and advice on interior home colors, read Color Forecast 2009: All Things Bright and Beautiful   

You will also find that Lowes offers additional information on how to choose paint and other decorating tips.  

Contact me for a Lowes discount coupon* or get a coupon directly from Lowes.

*Restrictions apply

Obama's $75 million plan to save the day

NYT- Seeking to stabilize the floundering housing market, President Obama is offering a plan to help as many as 9 million families refinance their mortgages or avoid foreclosure, according to a summary released by the White House Wednesday morning.

I must admit that I have reservations about the plan President Obama is reported to have in the effort to stem the tide of rising home foreclosures.  While I fully understand and agree that "something" must be done to normalize the struggleing housing market, in order for the overall economy to rebound, I think the proposed plan falls short.

Where the plan falls short is there is no mention of homeowners who are playing by the rules and are making regular payments regrdless of the interest rate, current home value and/or falling incomes.  Many families struggle, but stay above water and Obama's plan seems to make them invisible. Help is afforded to only those who follow the rules and are on the "verge" of defaulting under Obama's proposal

The President will release his plan, later today. In the meantime, here's what the media is reporting what we should expect. Where do you fit on the housing pyramid and what do you think of the plan?

Will it motivate buyers currently on the fence?

Here's what Congress is proposing for home buyers, now - Temporary credit for home buyers: The bill increases the size of an existing temporary and refundable first-time home buyer credit to $8,000, up from $7,500. It also removes the requirement under current law that the credit be paid back if the buyer stays in the home for at least three years. And it would extend the credit's expiration date to Dec. 1, 2009, from July 1. Those eligible for this credit must have purchased a home after Jan. 1, 2009, and before Dec. 1, 2009.  The full credit is available to those making $75,000 or less ($150,000 for joint filers).

This is NOT the final language of the bill, but a summary of what congress has agreed upon; subject to a final vote and the signature of President Obama. 

Prior to the current agreement the Senate proposed a tax credit up to $15,000. So my question is would an $8,000 tax credit be enough incentive for you to purchase your first home or move up to a larger/more expensive home? 

For a complete summary of the proposed stimulus package, click here

If you have questions concerning how the stimulus might affect your ability to obtain a mortgage loan, contact your personal mortgage advisor or Matthew Zimmerman from Century 21 Mortgage.  Contact Matthew at: 732.267.8527 or email him at: matthew.zimmerman@mortgagefamily.com  Tell him Mike Adams sent you.

A Reliable Source of Information

Freddie Mac offers great advice and information to home buyers and refinancing homeowners on how to avoid the pitfalls of predatory lenders.  Freddie Mac's "Don't Borrow Trouble®" campaign exposes eleven common borrowing mistakes. Below are the top five tips.  To learn more, click here

• Say NO to "easy money." If a solicitation is really interesting, get it in writing!
• Shop around. Borrowers should talk to several lenders to find the best loan for which they qualify.
• Understand the loan terms. Borrowers should compare loan terms from different lenders.
• Find out about prepayment penalties. Borrowers should know if the loan offered to them has a prepayment penalty. 
• Make sure documents are correct. Borrowers should never falsify information or sign documents that they know to be false.

Years ago, the State of New Jersey enacted an anti-predatory law,  known as the New Jersey Homeowners Security Act  to protect consumers.    For more of what New Jersey consumers should know about predatory lending go to the Department of Banking and Finance.

January Residential Sales

According to the Garden State MLS, the month of January, 2009 ended with 24 Franklin Township single family residences sold.  Sale prices ranged between $153,000 and $653,000.

The month ended with 408 active listings on the market.

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

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.  Two are 1-story Ranch style townhomes with 2 bedrooms-2 baths.  One is a 2-story townhouse with 2 bedrooms-2.5 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 January 8th. All actively listed prices range between $249,000 and $309,800. 

There have been no Carriage Homes at Quailbrook sales since the last report. One 1-story Ranch home is currently under contract.

That's what is happening in the marketplace now, February 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. 

Take the quiz

Knowing the life expectancy of your home's components can help you to maintain and increase its value over time.  Timely replacement of kitchen appliances, cabinets and counters not only increases efficiencies but can add intrinsic value.  Do you know how long that gas range is supposed to last? 

1. Which type of warm-air furnace has the longest life expectancy? 

              Electric __       Gas  __      Oil __

2. Laminate flooring has a life expectancy of:

             15-25 years  __           20-40 years  __     Lifetime  __ 

3. Heat/Smoke Detectors have a life expectancy of:

            Less than 10 years  __           More than 10 years  __  

4. Central Air Conditioning has a life expectancy of:

            15-20 years   __          20-40 years  __      10-15 years __

5. Aluminum clad windows have a life expectancy of:

            15-20 years  __           20-40 years __       10-15 years __

For the answers to these questions and a complete study for the Life Expectancy of Home Components, produced by the National Association of Home Builders and Bank of America Home Equity, click HERE