May. 16, 2008 - Fare play from Fannie Mae

Down payments are equalized across the country

Fannie Mae today announced a new, national policy on down payment requirements for conventional, conforming mortgages the company will purchase or guarantee.  A conventional mortgage is one which the interest rate does not change during the entire term of the loan.  A conforming loan is one which meets the standards of the lender.  

Starting June 1, 2008, Fannie Mae will accept up to 97 percent loan-to-value ratios for conventional and conforming mortgages processed through its Desktop Underwriter^® automated underwriting system, and 95 percent loan-to-value ratios for loans underwritten outside of Desktop Underwriter, in all geographic locations in the United States.

The new national down payment policy will supersede the policy the company adopted in December 2007 that required higher down payments in markets where home prices are declining. 

The stimulus package passed and signed by the President in February raises the conforming loan limit to $729,750 through 2008 from $417,000.  Read more about this.

May. 5, 2008 - Another reason why I love this Blog

1000 Watts on Chip

I've posted about 1000Watt Blog in the past.  In particular I commented on their "I'm not a lead" video that made me an instant fan.

Last week's schedule for me was jam-packed, so I needed to put a few things to the side. Blogging and reading favorite blogs took the hit.  This morning while playing catch-up, I read Marc Davison's posting. "There's something about Chip".  Again, like the video mentioned, this Blog blew me away. 

Chip's story and message is so inspirational.  He shares a simple philosophy that is often overlooked in today's business world.   It is a lesson my father taught to me when I was a boy; "Your word is your bond"; pure and simple.  Chip's message is essentially the same; be on time, deliver what you promise and offer the customer value.

Thanks to Chip and Marc for helping to keep my path on track.  

May. 5, 2008 - April 2008 Residential Sales

Franklin Township Residential Sales

The month ended with 48 Franklin Township single family residences sold between April 1 - 30, 2008. These properties sold during this period at an average of 96% of listing price.** 

The month ended with 592 active listings on the market, including 141 new listings.

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.**

Apr. 30, 2008 - Checking homeowners insurance

Following a disaster, many homeowners are stunned to discover their insurance doesn’t cover everything they lost – and sometimes doesn’t cover any of their losses. We offer these tips to fine-tune your coverage. Do so before a disaster strikes, because many changes don’t take effect until after a 30-day waiting period.

Standard homeowner policies do not cover flood damage from rising water, whether it’s coastal flooding from a hurricane’s wind-whipped storm surge or inland flooding from heavy rains. Check to see if you live in a flood-prone area. If so, ask your insurance agent about the need for flood insurance. Some homeowners may qualify for the National Flood Insurance Program, depending on their home’s location.

Not all policies cover damage caused by wind or hail. If you wish to have that coverage, call your insurance agent.

If your home and possessions have increased in value or you’ve made improvements to your property in recent years, check your coverage limits. Consider increasing your coverage if the policy doesn’t cover the current value of your home and its contents.

Standard policies usually limit payments on valuables such as jewelry, silverware, antiques, boats, guns, and computers.

If you live in a condominium, find out what coverage your condominium association provides. You may need your own homeowner’s or renter’s policy to cover any damage that may occur to your unit and its contents. Pay attention to your deductible or out-of-pocket expenses. Most policies have a higher deductible for hurricane damage.

Does your policy cover the replacement cost or depreciated value of your possessions? Most policies cover the “actual cash value,” or depreciated value, of personal belongings, which means you won’t get what you paid for your furniture, electronics and clothing if they’re ruined. It costs more to insure them for their replacement value, but you’ll have an easier time getting back on your feet.

Make an itemized inventory of your belongings, including costs, purchase dates and serial numbers. attach receipts to the inventory sheet. Your insurance company may require proof of the cost of any item for which you make a claim. Dated photos or videos of your possessions are also a good idea

Keep a copy of insurance records in a safe deposit box or with a relative or friend. These records should include your insurance policy, inventory records and the phone numbers for your agent or insurance company for reporting claims. Upon receiving an evacuation notice, you should take insurance records stored at home with you, or store duplicates in a safe deposit box.

Last but not least, you might want to check about an umbrella policy.  What is umbrella insurance?   Umbrella insurance is supplemental insurance that increases the limits of your liability for a given risk. Who needs umbrella insurance?  Anyone whose total assets significantly exceed the limits of liability of existing base insurance policies.  Premiums are generally reasonable for the coverage provided.

Remember, these tips are only general guidelines. Since each situation is different, contact a professional if you have questions about a specific issue. For your convenience, here is a list of home insurance companies in New Jersey.

Source: Housemaster.com

Apr. 23, 2008 - Proposal submitted for Franklin Township new charter school

Apr. 22, 2008 - A Green Guide at a Glance

10 Easy Earth Day tips that saves money too

In 1962, Gaylord Nelson decided something needed to be done to protect the environment. The work that he began led to what we now know as Earth Day. Nelson wrote in a 1962 article, "that the state of the environment is simply a non-issue in the politics of our country."  Nelson hoped to convince President John F. Kennedy to take a stand on environmental issues. The President set out on a five-day, 11-state conservation tour in September 1963. Although Kennedy's high-profile tour was not a success, Nelson was not ready to give up.

It was September of 1969, at a conference in Seattle, when Nelson announced that he would stage a nationwide grassroots demonstration on behalf of the environment the next spring. He invited everyone in the audience to attend.  On April 22, 1970, more than 20 million demonstrators and thousands of schools and local communities participated in Nelson's demonstration. The occasion made people sit up and pay attention to environmental issues. Word about the environment began to spread.

10) When it comes to toilets, we've seen a lot of gadgets: dual-flush handles, controllable-flush handles, alternative toilets, the UnBathroom emergency toilet, a water recycling toilet and reviews of the best low-flow toilets. They're all valuable in their own way, but rather than rushing out to buy one of them, there's an even easier way to save lots of water: make your own frugal flusher. Just place a brick or similarly voluminous object in the tank of your toilet; by displacing some of the water, there's less of it to flush each time, and less valuable wet stuff goes down the drain.                        
9) We can't emphasize this one enough: replace incandescent bulbs with compact fluorescents. They're more energy efficient, last longer, and can even help clean the air in your home. There are too many other good things about them to list here, but, trust us, they're worth it.                            
8) Even though there are some good things going on in the bottled water industry, like biodegradable water bottles and this bottled water with a cause, you can't beat filtered tap water in a reusable bottle. Same goes for other widely-consumed beverages, like coffee, and if you're stuck on the aesthetics of the disposable cup, check out TreeHugger founder and fearless leader's ceramic solution.                                                                                                                                    
7) Cut flowers are pretty and smell good, but are ultimately disposable after just a few days. The next time you're in the market for some, go for a potted version instead. They last longer, improve indoor air quality and can even be self-watering. If cut flowers are a must, go for organic and look for the Veliflora sustainable floral label.                                                                                             
6) A low-flow showerhead can save you gallons of water each time you use it. We've seen 'em as low as a half-gallon per minute, and for as little as $12 US.

April 22, 2008    · Earth Day Tips 2008 · Shareholder Shout-out · Mutual Interests: Finding Your Way To a Greener Retirement · Green Living 101: Smart Eco-nomics · Household Tips to Keep Your Health and Your Savings Intact · Mommy Greenest: The Cost of Being Conscientious · The Lowdown: Drugging Our Drinking Water · Lighten Up: Dim and Dimmer · Fresh Finds: How to Green Your Lip Service

5) Instead of buying bottled water, use a water filter instead. There are some pretty strange options for filtration out there, but they can be very simple and easy to use, so get one, use it to replenish your precious bodily fluids, and you'll never buy bottled water again.                                               
4) To go the extra mile, get a rainwater storage tank; you don't even have to dig a huge hole in the yard to have one (we got all the facts at a rainwater harvesting conference). You won't be able to drink it (unless you do what this guy did, and bottle it), but your flowers, plants and garden will sure enjoy it. This will save the potable water your utility provides just for household use, and you'll use less of it.                                                                                                                                   
3) Use "Tupperware"-style reusable food containers for leftovers and lunches; you'll save miles of plastic wrap and tons of plastic bags. While you're at it, get reusable versions of other stuff, like grocery bags, gift bags and (why not?) muffin cups.                                                                      
2) Draft excluders at the base of your doors can save vast amounts of cold from getting in and heat from getting out. Your wallet will thank you, and you can do it with other doors around the house, like your fridge door, too.                                                                                                            
1) Finally, a programmable thermostat will help efficiently regulate your indoor climate; it's like TiVo for your house. Warm it up and cool it down only when you want to, live more comfortably and cheaply. Isn't that what we all want?

Source:Nationalgeographic, treehugger.com

Apr. 21, 2008 - Home buyers are looking

But, it's value they are buying

Yesterday, I held a 3-hour open house at a 2 bedroom – 2 bath ranch style townhouse (MLS # ) in the Quailbrook section of Franklin Township.  During that time, on average, potential home buyers dropped in every 15-minutes to view the home.  I can recall, in the not too distant past, holding advertised open houses and having no one respond.  I felt like the Maytag repairman of those old TV commercials. 

Here in Franklin Township, the real estate market for lower “price point” homes, including condominiums and townhomes, appears to be on the path of a rebound. This spectrum of the marketplace is attracting empty nesters looking to downsize as well as first time buyers.  With our close proximity to Rutgers University, one potential buyer was considering a purchase to house his child, attending the school in the fall.  In addition, the purchase was being seen as an investment and renting to a roommate was planned to offset the costs of ownership.

The local real estate market appears to be “normalizing” and buyers are showing interest again.  It is clear….buyers are looking for perceived value, regardless of price. What this means to sellers is that not only must your home be priced well from day-one, it must stand out from the crowd. 

“Standing out” can be the achieved through improvements that you have made while living there including but not limited to an updated kitchen and/or bath, newer floor coverings/finishes, fresh paint, de-cluttering, staging and ultra-cleaning your home.  Pricing the home to reflect the lack of improvement that today’s buyers expect to find can also make the home “stand out”.  Find out what type of homeowner you are and get an idea of how much work it will be to prepare the house to appeal to potential buyers by taking a quiz by Royal LePage, a Canadian real estate company.

You can find more tips to prepare your home in the “Home Sellers” section of this Blog.

Apr. 15, 2008 - The Somerset Slim Down

Second year's challange underway

The free challenge is sponsored by Somerset Medical Center's Sports Performance and Rehabilitation Center, the Somerset Patriots, the Somerset County Board of Chosen Freeholders, Somerset County Park Commission, the Somerset County Business Partnership and the Mayor's Wellness Campaign.

Those who lose 10 pounds or more will be eligible to win a variety of prizes, including a spa getaway, courtesy of Somerset Medical Center's Sleep for Life, and an exercise bike valued at $500, sponsored by Reps Fitness Supply in Somerville.

Additional information about Somerset Slim Down and a complete list of weigh-in locations and upcoming events are available by visiting somersetmedicalcenter.com or calling (908) 203-6236.

Apr. 13, 2008 - Today's Open Houses

Local area open houses, April 13

Be certain to check Our Town Realty Open Houses

Apr. 11, 2008 - School Board Elections

Elections to be held April 15th

Your sample ballot was mailed earlier this week with some errors concerning polling places.  New ballots are to be mailed by Saturday, April 12, 2008.  In the meanrtime, here is a link to the correct locations: http://www.franklintwpnj.org/polling-locations-school-election.html

Next year's budget was approved and calls for a tax rate increase of 3 cents per $100 of assessed value. That means school taxes will increase about $125 a year for the average township homeowner.  Board members unanimously approved the $136.4 million budget, which includes major increases in spending for staff training, special-education instruction and support services, energy costs, health benefits and charter school tuition.

A PowerPoint presentaion of the approved 2008-2009 budget is available online at: http://www.franklinboe.org/boardofed/budget_present_08.pdf

CIVILIAN ABSENTEE BALLOT APPLICATION INSTRUCTIONS                                            Print and complete the form below to apply for a Civilian Absentee Ballot.

Mail to:  Brett A. Radi, Clerk Of Somerset County, 20 Grove Street, P.O. Box 3000, Somerville NJ 08876-1262

Mail requests for an absentee ballot must be postmarked no later than seven (7) days prior to the election for which they are being requested. Registered voters may apply in person for an absentee ballot up until 3 p.m. the day before the election. For further information about absentee ballots, call the Somerset County Clerk's Office at (908) 231-7006. For information about voter registration, call the Somerset County Board of Elections at (908) 231-7084.

Apr. 8, 2008 - Walgreens offers free prints

Free photos on April 9th

Here’s the link to the printable coupon. Take it in to any participating Walgreens store this Wednesday, April 9th along with your roll of film or disposable camera, and there is no charge for one set of 4X6 prints and negatives.

The one-hour photo service may be slow on this day, due to high volumes of processing. I would plan on dropping off your film and expecting to get it later in the day. Also, it might be a great time to take advantage of some additional deals that Walgreens is offering, including:

• 200-speed 35 mm film (24 exp) for 99 cents with coupon
• Size D and C batteries (4-pack) for 99 cents with coupon
• Scotch Tape (3-pack) for 99 cents with coupon
• Wal-itin 24-Hour Allergy Relief (30 ct.) FREE after Rebate!

You might also want to look at other FREE After Rebate products from this month’s Easy Saver Rebate Catalog, including: Aquafresh Extreme Whitening Toothpaste, Colgate 3600 Clean Manual Toothbrush, SoyJoy bar, Just For Men Haircolor, Tums Quickpack, and jane Be Pure Mineral Blush. (Offer expires April 26, 2008

Two nearby locations are: 920 Hamilton St.  (732) 545-9118‎                                                            3125 State Route 27  (732) 398-3808‎

Here are a few more online money saving links: http://www.moneysavingmom.com/, http://Bradsdeals.com, http://Retailmenot.com, http://Currentcodes.com, http://Thedailygreen.com, http://Couponcabin.com

Apr. 7, 2008 - March 2008 Residential Sales

Franklin Township Residential Sales

The month ended with 59 Franklin Township single family residences sold between March 1 - 31, 2008. These properties sold during this period at an average of 98% of listing price.** 

The month ended with 550 active listings on the market, including 149 new listings.

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.**

Apr. 5, 2008 - Online mortgage quotes…anonymously

Zillow.com announces Mortgage Marketplace 

On April 3^rd, Zillow.com launched a new online service allowing shoppers to request mortgage quotes without submitting a name, address, phone number or social security number.  Borrowers reveal their identities only after contacting the lender of their choice.   

It has been reported that Spencer Rascoff, Zillow's CFO and vice-president for marketing said, "This is a huge step forward in terms of putting borrowers in control and giving them access to information."  It appears to be in step with what today's tech saavy home buyer wants.  However, according to Yahoo! News, there is potential harm to borrowers who seek a loan using Mortage Marketplace before getting advice from mortgage professionals regarding the best type of loan to obtain.

Zillow's role in this new service is merely connecting borrowers with lenders.  Zillow is best known for it’s “zestimates” of home values and their “make me move” features.  I commented on Zillow’s local accuracy in our Franklin Township market, in February.  In the end, this new feature seems to be just another lead generator for lenders.

Read more about Mortgage Marketplace here.

Apr. 4, 2008 - Local wildlife's buffet

Creating a deer & rabbit resistant garden

Residing here in Franklin Township, I’ve not had more frustration than dealing with deer and rabbits attacking my tiny garden. The last 4 - 5 years my problem has seemed to have worsened. But then again, those were also housing boom years that destroyed some of the wildlife’s natural habitats. Consequently, I had cut back on my gardening.

Spring has arrived and I’m thinking of giving my garden another chance with deer and rabbit resistant plants and flowers. It seems that many deer resistant flora are also rabbit resistant. I’m finding these pests will eat just about anything if hungry enough. Deer have a tendency to nibble on items that are unpalatable if they are located in their feeding area. But, the following plants are said to offer some hope: Allium, Artemesia, Baptisia, Buddleia, Clethra, Caryopteris, Digitalis, Festuca, Lavender, Miscanthus, Monarda, Nepeta, Pennisetum, Perovskia, Rugosa roses, Salvia, Santolina and Viburnum.

The use repellents can also be affective. But, different repellents should be rotated. I found a recommendation to mix a raw egg with a gallon of water and sprinkle this on the plants every couple of days would help protect the plants from the marauding deer. Spray more often during the active growing season as plants will "grow out" of the repellent quickly.

For more information, Rutgers University’s Cooperative Extension has an extensive list of Landscape Plants Rated by Deer Resistance and good luck with your summer garden.

Apr. 3, 2008 - This weekend's Open Houses

Local area open houses, April 5 - 6

To view a list of open houses this weekend, click the above icon.

Be certain to check Our Town Realty Open Houses

But, why wait until the weekend? Be ahead of the crowd by scheduling a private showing today. And don't miss my Featured Homes

Contact me directly via e-mail or call (908) 583-0409

Learn about Buyer Agency and why home buyers should not venture into open homes alone.

Apr. 1, 2008 - Home Maintenance tips for spring

Preparing your home for warmer weather

Here's a partial checklist to help keep your home in top shape.  Regular home maintenance will preserve the value in your house and keep minor problems escalating into major ones.

• Inspect your smoke detectors. Make sure that there is one on each floor of your home. Test them and change the battery every three months or as needed.
• Check the light bulbs in all your fixtures to be sure that they are the correct wattage as recommended by the manufacturer.
• Replace all high-intensity bulbs (such as halogen) with fluorescent bulbs that don't produce as much heat.
• Check your electrical outlets for potential fire hazards such as frayed wires or loose fitting plugs. Be sure not to overload electrical outlets, fuse boxes, extension cords or any other power service.
• Keep a multi-purpose fire extinguisher accessible that is filled and ready for operation.
• Have your air conditioning system inspected by a professional as recommended by the manufacturer.
• Check for damage to your roof, and clean gutters and downspouts to keep debris from accumulating.
• Check your water heater for leaks and corrosion.
• Clean and/or replace your furnace filter.
• Clean the clothes dryer exhaust duct and space under the dryer. Remove all lint, dust, and pieces of material or cloth.
• In your yard, remove all dead trees and keep healthy trees and bushes trimmed and away from utility wires.
• Safely store oil and gas for lawn equipment and tools in a vented, locked area.
• Repair driveway and walkways that are cracked, broken or uneven to provide a level walking surface.

For a complete guide to spring home maintenance go to HGTV.com

Mar. 29, 2008 - Lower price equals value

Study finds low list price works

New data from a New Jersey consulting firm suggests over-priced homes not only take longer to sell, they consistently sell for thousands of dollars less than similar homes that were priced lower in the first place.

The study by Otteau Valuation Group measured and analyzed more than 15,000 transactions annually over a period of several years. The same pattern emerged in every price range, regardless of whether the properties in question were entry-level or luxury million-dollar homes: Sellers who priced their home below the market from the beginning, often received a higher price and a faster sale.

"We haven't hit bottom yet," said Jeffrey Otteau, a long-time consultant and appraiser. "For every buyer that comes to the market there are two, or three or more sellers who put their home on the market."

Read the entire article at NJ.com

Mar. 25, 2008 - Is it the time to buy now?

The answer could be...yes

Well, the super rich certainly think it’s the time to buy real estate!  The Wall Street Journal and Business Week magazine both published articles about business titans, foreigners and celebrities who are buying up luxury properties.  Granted, financing might not be as crucial for them as it is for others.

So, what does this trend mean for mere mortal buyers cautious about making an offer on a home they really like today?  The reality is that serious buyers might not want to wait.  Inventories are high, giving a tremendous choice of homes.  Local home prices have come down and mortgage rates are historically low. 

What are the benefits of not delaying a planned home purchase?  

1. The tax deductions you’re eligible to take for mortgage interest, property taxes and Private Mortgage Insurance (PMI), for those who qualify, greatly increase the financial benefits of homeownership. You will reap these benefits sooner. 
2. Buying sooner gets you away from paying rent and starting to build equity in your home over the long term.  Although real estate moves in cycles, sometimes up, sometimes down, over the years, real estate has consistently appreciated.
3. Waiting could mean the home that you really want went to another buyer. 
4. Waiting for lower home prices might not equate into the overall savings buyers might expect. Recently, Time magazine made the argument that home prices and mortgage rates do not necessarily sync. 

The article explains the purchase of a $218,900 home today with an interest rate of 5.5% ends up with monthly payments less than a dollar apart when compared to purchasing the same home a year from now at $197,010, a decrease of 10% in price, but with an interest rate of 6.0%.  The selling price savings evaporates with the increase in interest rates.

Mar. 22, 2008 - Private Mortgage Insurance short on money

PMI must raise cash

Private mortgage insurer PMI Group Inc. acknowledged it will need to raise "significant additional capital" in order to continue writing new business after posting a $1 billion net loss in the fourth quarter -- much of it through its ownership stake in troubled bond insurer FGIC Corp.  Although PMIs own mortgage insurance operations generated a $236 million net loss in the final quarter of 2007, it was the company's 42 percent stake in FGIC that put the biggest dent in the company's bottom line, accounting for $776.1 million of the net loss for the quarter. PMI's net loss for the full year was $915.3 million.

Source: Inman News

Mar. 19, 2008 - Somerset youth get to party, play and learn

Safe Night program scheduled for Friday, April 5th 

“2008 marks the ninth year that the county has been holding a ‘Safe Night’ program, which brings youth together to openly discuss important and relevant topics such as resolving conflicts peacefully, managing emotions and preventing violence in a fun-filled, safe environment,” said Freeholder Deputy Director Rick Fontana.

Somerset County's youth program is open to students in grades seven through 12.  The evening is planned by their peers and adults in a safe environment..  This year’s “Safe Night’ program is scheduled for Saturday, April 5, from 6 to 10 p.m. at Franklin Middle School, located at 415 Francis St., Somerset.  This year’s theme is “Mardi Gras,” and students are invited to wear a mask and beads.   The registration deadline is March 28, and seating is limited to the first 200 registrants.There is a $5.00 admission fee which includes refreshments and door prizes. 

For tickets and more information about the “Safe Night” program, call Sarah Murchison of the Somerset County Department of Human Services at 908-704-6307 or e-mail her at: murchis@co.somerset.nj.us.  Click here for a brochure and registration form.