Finally, some good news for New Jersey home buyers near the Midtown Direct Train line. In a move to increase credit availability, the Federal Reserve and Federal Home Loan Banks announced that they would purchase up to $600 billion in Mortgage-Backed Securities (MBS), exciting news that sent interest rates for 30-year fixed-rate mortgages plummeting below 6.00% and near the lows for the year! If you...
NJ First Time Home Buyers
Those last few days before closing on a new home in New Jersey can be nerve wracking. I asked Tom Wragg (First Choice Bank) to put together this list for my first time home buyers in New Jersey: From Contract to Close: How NOT to Mess Up Your NJ Mortgage In this environment, it is important to adhere to the following guidelines in New Jersey in order for your mortgage company to maintain your...
Everything was in place. We were soooo close... The house had been on the market for only two weeks. It was in disrepair and a wonderful investment opportunity for my buyer clients. The home was moments away from foreclosure in a transitioning neighborhood with growth potential. The buyers were able to pay cash for the property. No need to worry about current mortgage concerns. The offer was...
One of the first questions I am asked after homeowners close on their new home along the Midtown Direct Train line is "How do we set up our home network?" and "Who do you know that can help us out?" Here are five tips to consider when setting up a simple home network: Here are five tips to consider when setting up a simple home network: 1) Get wired-wireless networks are convenient, reasonably priced,...
New Jersey Home Buyers should benefit from the new FHA and Fannie Mae-Freddie Mac conforming loan limits released by the US Department of Housing & Urban Development on March 6, 2008. The new loan limits for FHA and Fannie Mae-Freddie Mac are now calculated at 125% of the HUD published median prices, with a floor of $271,050 and $417,000, respectively, not to exceed $729,750. Use this link to find...
As expected, average sales prices continue to rise in Millburn/Short Hills and Montclair with sustaining prices in the remainder of Essex County. All indications are that entry level homes ($400,000-$600,000) in these communities will benefit from falling interest rates...thus stimulating growth as we enter the key spring selling season. To find homes for sale in Essex County search Midtown Direct...
Every couple of months I get this email about New Jersey "truisms" that this Jersey Girl can appreciate...so I thought I would share it with you. This latest email came from Debbi out of Blaine, Minnesota from my Millburn High School graduating class (way back when.) Facts about NJ If you've ever lived in Jersey...you'll appreciate this!!! New Jersey is a peninsula. Highlands, New Jersey has the...
The Parrot Mill Inn located in CHATHAM, N.J. plays host to the "Mommy Nest," a retreat for new moms in New Jersey.The NY Times wrote an article on the Mommy Nest yesterday. I wish this was available seventeen years ago!!!What a wonderful idea to help new mothers adjust to breast-feeding, sleep deprivation and the joys of motherhood. At $500 a night, moms can get help from lactation consultants and the...
Homes continued to sell in New Jersey during December 2007. Prices were down about 11% from the previous month. Average Days on Market (DOM) were only two months in December versus three months in November. Why? Sellers realized that well priced homes will sell and Buyers took advantage of year end "specials." Below are the December (12/1/2007€“12/31/2007) closed sales of single family homes...
Another First Time Home Buyer Disaster Please Dont Let This Happen to You Janis Gagliardi, a real estate expert in Port Orange Florida, shared this DISASTER story of a First Time Buyer in her PortOrangeJuice. Anyone, Anywhere in the country buying their first home should follow her advice: €œWe searched and found a beautiful home for a young couple a few months back and successful negotiated and went...
Wells Fargo is tightening the guidelines on a regular basis. You may not be in a distressed area but the guidelines are much tighter then 6 months ago and far tighter versus a year ago. Wells Fargo has increased the FICO requirement on jumbo loans from 620 to now a minimum score of 680. The max DTI went from 50% down to 45%. I know Wells Fargo is usually the front runner in jumbo pricing so if you are...
Just came across this article from CNN:Money.com that helps to explain the subprime freeze plan on interest rates €“ it looks like the majority of the people out there in this situation may not qualify for the assistance they so desperately need. Your buyers are sure to appreciate this insight The new foreclosure prevention program may leave out most distressed subprime borrowers. //...
For many Americans, the purchase of a home is the single largest investment they will ever make. Home-ownership is an integral part of the American dream, yet like anything else, purchasing a home comes with certain risks. Homeowners insurance and flood insurance help protect you from loss or damage due to theft, fire, or acts of nature. But what if your ownership itself was challenged? Title...
Congratulations!!! You just placed a bid on a home in NJ over $1,000,000, and the seller agreed to your price!!! Did you know that you will owe the State of New Jersey 1% of the total purchase price for any property purchased with a sales price of $1,000,000 or higher? Welcome to the NJ Buyer's Mansion Tax. The fee is paid to the County Clerk where the property is located. Both residential and...
OPEN HOUSE SUNDAY November 4th, 1€“4pm 33StephanieDrive.com Wow!!! Only $1,185,000 Over one acre and a half mile to the NYC train. Twenty Minutes to Newark Airport. Great Schools. Wonderful Community. Stirling, NJ. A great place to live. Located on a quite cul-de-sac in the Autumn Crest section of Stirling, this spectacular 6900 sf * Colonial home boasts 16 rooms including 6 bdrms, 4 full baths, and...
Hot New Jersey Real Estate Markets…Think LOCAL! I just had to share a piece from Keller Williams Realty International: TOP STORY: Gary Keller: The only market that matters is yours! Last week on the Today Show, during a segment on the national real estate market, CNBC’s Jim Kramer uncompromisingly stated, “now is the absolute worst time to buy!” Concerned that remarks such...
Wow!!! I just received this letter from the Millburn Parent Teacher Organization (PTO) written by the Superintendent of Millburn Schools: "Please see the letter I received from Dr. Brodow this morning. Congratulations to Dr. Niegel, Mr. Miron, Dr. Brodow and the entire faculty, staff and student body for all of their hard work." €œIm pleased and proud to let you know that this morning the United...
I love living in Short Hills, an area of Millburn Township. Not only did I grow up here, but I'm also raising my kids here. They are currently in Millburn High School. Buyers new to the area are always asking me why the town is so great...here are the Top Ten reasons: 1. Commuting to NYC. You can be at Penn Station within 41 minutes on an Express Train from Short Hills or...