Dec. 1, 2008 - Cyber Monday quick stop

Links to one day online shopping

It's Cyber Monday and merchants claim to have a deal for you online.  Media reports state that some of the best deals will offer free shipping.  So, if you are paying for shipping, you probably aren't playing the game as hard as you might.

Happy shopping:

http://www.pricespider.com/

http://www.cybermonday.com/

http://cybermonday.idribble.com/shop/

http://www.bestcybermondaysales.com/

Nov. 30, 2008 - Levine considers gov run

Franklin Township mayor contemplates 

It was reported last week that Franklin Township's Mayor Brian Levine is considering a run for the GOP nomination for New Jersey governor.  South Brunswick resident David Brown, a businessman and inventor, has already announced his Republican candidacy for governor.

Mayor Levine is in his second term.  Read more on this story.

Nov. 26, 2008 - Thanksgiving 2008

This year, again, I am thankful for family, health, home, daily nurishment, friends, gainful employment, all of you reading this Blog and so much more.

Wishing you, loved ones and friends

The Happiest ThanksGiving

Nov. 25, 2008 - Record 1-day drop in mortgage rates

Buyers on the fence might get rewards

Reuters reports  that rates on U.S. 30-year mortgages posted a record drop of 1-1/8 percentage point to 4-7/8 percent on Tuesday, after the Federal Reserve said it would implement a $600 billion plan to support the mortgage securities market.   

This could be the perfect time frame to buy or refinance your home.

Nov. 25, 2008 - The shrinking jumbo mortgage

Time draws short for higher limits

Loans that can be purchased and guaranteed by Fannie and Freddie, called conforming loans, are cheaper than loans that cannot. Loans that exceed the conforming-loan limit are called jumbo loans.

Begining Jan. 1, 2009 the biggest loan on a single-family home that can be purchased by Fannie Mae and Freddie Mac falls to $625,500 from $729,750 in certain high-cost areas including Somerset and Middlesex counties, here in New Jersey.

In July, Congress made the law permanent but changed the formula starting in 2009 to 115 percent of each area's median home price, with a floor set by the government and a ceiling equal to 150 percent of the floor. The Federal Housing Finance Agency said the floor would remain at $417,000 for 2009, which pegged the ceiling at $625,500.

According to Bankrate.com, time is of the essence because it takes a few weeks not only to process a loan from application to closing, but to sell it on the secondary market after closing. At this late date, it's better to skip the middleman and apply directly with a lender instead of through a mortgage broker.

  State                               County                               2008 Maximum            2009 Maximum

New Jersey	Atlantic	$453,750	$417,000
New Jersey	Bergen	$729,750	$625,500
New Jersey	Burlington	$420,000	$417,000
New Jersey	Camden	$420,000	$417,000
New Jersey	Cape May	$487,500	$417,000
New Jersey	Essex	$729,750	$625,500
New Jersey	Gloucester	$420,000	$417,000
New Jersey	Hudson	$729,750	$625,500
New Jersey	Hunterdon	$729,750	$625,500
New Jersey	Mercer	$440,000	$417,000
New Jersey	Middlesex	$729,750	$625,500
New Jersey	Monmouth	$729,750	$625,500
New Jersey	Morris	$729,750	$625,500
New Jersey	Ocean	$729,750	$625,500
New Jersey	Passaic	$729,750	$625,500
New Jersey	Salem	$420,000	$417,000
New Jersey	Somerset	$729,750	$625,500
New Jersey	Sussex	$729,750	$625,500
New Jersey	Union	$729,750	$625,500

Nov. 22, 2008 - Bank of America offers transit rebate

Cash back on New York area transit

Bank of America is offerring a $10 rebate for every $100 spent on specific NYC transit systems, including bridge and tunnel, tolls until January 31, 2009. 

Qualifying purchases include those made with an enrolled Bank of America Visa check card or Bank of America Visa credit card for transportation services made directly to the transportation providers. These transportation providers include, but are not limited to: The New York Metro Transit Authority, Long Island Railroad, Metro-North Railroad, Port Authority of New York and New Jersey, Taxicabs, Buses, Tunnel and Bridge Tolls.

For more information visit:  Bank of America

Nov. 18, 2008 - Somerset Water Emergency

Boil drinking water

You might have noticed low water pressure today. New Jersey American water and Somerset County have issued a 24 hr boil water alert.  A 60-inch main break occurred late this morning on Weston Canal Road in Franklin Township disrupting water service to customers in parts of Middlesex, Union and Somerset Counties. New Jersey American Water crews are working to isolate the area of impact. Once isolated, pressure should return to residents of the affected area within hours.  Information will also be provided on New Jersey American Water’s website at www.newjerseyamwater.com, under the Alerts Notifications section.

BOIL WATER ADVISORY GUIDELINES

The public water supplier in our area may at times need to issue a boil water advisory to general users of the public water system. This may be due to a storm event, water main break, or another form of system disturbance. The following information is provided for residential water users from the New Jersey Department of Health and Senior Services in the event that your public water supplier issues a boil water notice.

During a Boil Water Advisory

• Do not consume tap water that has not been disinfected, ice or drinks made from tap water that has not been disinfected, or raw foods rinsed with tap water that has not been disinfected.

• Disinfect water by
  • Boiling at a rolling boil for 1 minute.
  • Filtering through a “reverse osmosis” filter.
• Use safe alternative sources of potable water. These include bottled water, and treated or distilled water.
• Sanitize dishes by washing in a dishwasher that has a dry cycle or a final rinse that exceeds 113 degrees F for 20 minutes, 122 degrees F for 5 minutes or        162 degrees F for I minute.
• Hand-washed dishes should be rinsed for one minute in a dilute bleach solution  (1 tablespoon per gallon) and allowed to air dry.
• It is acceptable to wash clothes.
• Provide pets with boiled water after it is cooled.

Upon Removal of a Boil Water Advisory

• Flush household water pipes. As a general guidance, run cold water faucets for three minutes each if they have not been used in the last 24 hours.
• Flush home automatic ice makers. Make three batches of ice cubes and discard all three batches.
• Drain and refill your hot water heater if set at a temperature below 113 degrees F.
• Run water softeners through a regeneration cycle.

Please feel free to contact your local health department, or the Somerset County Department of Health at (908) 231-7155, for further information.

Nov. 18, 2008 - Time capsule opened in Franklin Township

A 90 year old retired teacher reflects

I came across this Star-Ledger video documenting the opening of a 1957 time capsule, here in Franklin Township and it got me thinking; do folks really still do fun stuff like this anymore? I recall several times in my childhood that we placed items in a time capsule to be opened "sometime in the future". Honestly, I have no idea if they ever were recovered, as I moved away from my home town.

Nov. 12, 2008 - Obama and housing expectations

A top priority for the new prez-elect

President-elect Barak Obama will face high expectations to stem the housing and credit crunch facing American homeowners and prosepctive buyers. According to the unofficial FHA and Mortgage Guide, these are expectations of the incoming Obama administration:

• 90 Day Moratorium on Foreclosures - It appears to coincide with what banks such as Citibank announced yesterday.  California’s goverrnor, Arnaold Schwarzenegger, has already proposed an identical moratorium with a 90 day delay as well. 
• Refinance Existing Mortgages Through FHA and Fannie & Freddie - The Bush administration has already begun it's plan to assist nearly 3 million homeowners prevent foreclosure.  Critics are already saying that the Federal Housing Finance Agency program would not do enough to prevent "unnecessary foreclosures."  Although the Hope For Homeowners program has been off to a sluggish start, Obama points out that making mortgage modifications will be necessary to stimulate this economy.
• A New Presidency and Many Changes - The next year brings many changes our ways- some which are highly anticipated and some which people have people anxiously standing by to hear. We’ve already caught a glimpse of next years 2009 FHA Loan Limits, as well as the increase in down payment requirements to 3.5%. As of right now though, it seems modifying existing mortgages will be the key focus for both the FHA and president-elect Obama in the near future.

For more on this topic click here

Nov. 11, 2008 - Because of you, we are free

We Honor You

Do you confuse Veterans Day with Memorial Day? Both holidays celebrate our veterans service, but with one significant difference. Learn the history of Veterans Day.

To all who served in conflicts including: WWl, WWll, the Koren War, Vietnam, Lebananon, Grenada, Libya, Panama, Persian Gulf, Somalia, Haiti, former Yugoslavia, Kosovo, Afghanistan, and Iraq; we salute you.

Most Americans don't know that more than 1.2 million African Americans served during World War II.  Gen. George S. Patton's bold armored advance across France in 1944 is credited historically as a significant contribution to the Allied victory in Europe in World War II, including Normandy. Nearly 75 percent of all Red Ball Express drivers were African American.  Thanks dad.

Photo: Geoffrey S. Adams, Jr.                                                                                                                                    Source: U.S. Department of Defense

Nov. 10, 2008 - Brunswick Square Mall Craft Show

Show runs from Nov 11-16

Brunswick Square Mall Craft Show 

 Featuring regional and local exhibitors

Nov. 10, 2008 - Survey shows downturn of FSBO successes

2008 NAR Profile of Home Sellers

1. Only 1% of sellers chose an agent based on his or her commission. 13% of sellers did not know commissions and fees are negotiable.
2. 46% of sellers said the real estate agent initiated a discussion of compensation.
3. Home sellers’ median age was 47 and the average income was $91,000.
4. 75% of home sellers were married couples. Home sellers averaged 6 years in their home.
5. Primarily, sellers want agents to price their home competitively, market the property, find a buyer and sell within a specific timeframe.
6. Sellers moved a median distance of 19 miles.
7. 42% of sellers offered incentives to attract buyers.
8. Nationally, homes sold for an average of 96% of the listing price. 86% of sellers were satisfied with the selling process.
9. 52% of sellers were trading up to a larger home, while 22 percent were downsizing.
10. 81% of sellers used a full-service brokerage.

Special Findings For Sale By Owner (FSBO)

1. The level of for-sale-by-owner transactions was 13%, up slightly from a record-low market share of 12 percent in both 2007 and 2006.
2. 45% of FSBOs were “closely held” between parties who knew each other in advance and not placed on the open market.
3. Factoring out properties that were not placed on the open market, the actual number of homes sold without professional assistance is 7%– the rest are unrepresented sellers in private transactions (matching the results in the 2007 study and marks a downtrend from 10 percent sold on the open market in 2004.
4. The median home price for sellers who used an agent was $211,000 vs. $153,000 for a home sold directly by an owner, but according to NAR, “there were important differences between the two. Unassisted sellers were more likely to be in a rural area or small town where sellers are more likely to know potential buyers. In addition, the home was more likely to be a mobile or manufactured home, and the owner’s income was lower than that of sellers using agents.”
5. The most difficult tasks reported by unrepresented sellers are selling within the planned length of time, getting the right price, preparing the home for sale, and understanding and performing paperwork.

Source: National Association of Realtors

Nov. 9, 2008 - Survey Shows Rise in First-Time Buyers

2008 NAR Profile of Home Buyers

1. The number of first-time buyers rose 5% from 2006. Lawrence Yun, NAR chief economist said, “Although modest, this is a meaningful gain for the 12-month period ending at the close of June, and more recent independent data show a stronger uptrend in first-time buyers who are helping to reduce excess inventory.”
2. The median age of first-time buyers went down a year from 31 to 30 years over 12 months.
3. The median first-time buyer income was $60,600.
4. The national average price of the first-time buyer purchase was $165,000.
5. First-time buyers plan to stay in the home for 10 years, up from 7 years in 2007.
6. The median downpayment by first-time buyers was 4%, up from 2% in 2007.
7. Zero down purchases fell from 45% in 2007 to 34% in the current survey.
8. First-time buyers that made a down payment, 69% used savings, 26% received a gift (usually from parents), 7% received a loan from a relative or friend, and 16% tapped into a 401(k) fund, stocks or bonds.
9. First-time buyers chose a fixed-rate mortgage 92% of the time.
10. Home buyers used a variety of resources in searching for a home: 87 percent used the Internet, 85 percent used a real estate agent, 62 percent yard signs, 48 percent attended open houses and 47 percent looked at print or newspaper ads.

Source: National Association of Realtors

Nov. 9, 2008 - October 2008 Residential Sales

Franklin Township Residential Sales

The month ended with 50 Franklin Township single family residences sold between October 1 - 31, 2008.  Sale prices ranged between $135,000 and 685,000.

The month ended with 507 active listings on the market. This is an increase from 420 active listings last month.

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.**

Nov. 3, 2008 - Carriage Homes at Quailbrook - November 2008 Report

What’s happening in the marketplace, now – November 3, 2008

According to the Garden State MLS, currently there are seven (7) homes actively listed for sale in this Franklin Township development, at the time of posting.  Five are 2-story townhomes with 3 bedrooms-2.5 baths.  One is a 2-story 2 bedroom-2.5 bath, with den and one is a 2 bedroom-2bath ranch.

Two are new listings since the last report to you on September 4th. All listed prices range between $279,000 and $322,500. 

There was one sale since my last report to you on October 11th: 378 Hawkshead Way ($304,800) 2-story, 3 bedroom-2.5 bath townhome.

That's what is happening in the marketplace now, November 3, 2008

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. 

Oct. 30, 2008 - A kid's holiday

Ghosts & Goblins around Somerset

Happy Halloween

For Halloween safety tips, click here

Oct. 27, 2008 - Weekend family fun

Sugaloaf Craft Festival comes to Franklin Township

The Sugarloaf Craft Festival runs from October 31 - November 2, 2008 at the Garden State Exhibition Center.  Admission for children under 12 and parking is free.

About the festival: "Industry publications that rank the popularity of arts and crafts festivals regularly place Sugarloaf Craft Festivals in the Top 100 and often in the Top 10 in the entire U.S.  But our most important report card comes from our loyal customers."  Get Directions 

For more information or craft coupons visit http://www.SugarloafCrafts.com  or call 800-210-9900

 Discount admission coupons for the craft show must be presented individualy (cut out) to be valid.

Oct. 26, 2008 - Positive signs on the horizon?

Mortgage rates drop

Reported by Rismedia, mortgage rates reversed course in a big way this week, with the average 30-year fixed mortgage rate dropping from 6.74 percent to 6.32 percent. One week after posting the biggest one week increase since April 1987, mortgage rates staged the largest one week decline since May 1995. Tentative signs that the credit freeze is beginning to thaw, as evidenced by a drop in 1-month and 3-month LIBOR of over 100 basis points in the past week, sparked the reversal in mortgage rates.

Bankrate Mortgage Analysis and Rates

Century 21 Mortgage Information

Wells Fargo Mortgage Information

Oct. 21, 2008 - What home buyers should do now

Surefire ways to make it happen

Clearly many buyers, even with excellent credit, are unwilling to commit to purchasing a home in our current economic environment.  It has been more than one year (November 14, 2007) since I posted a "get back to basics" entry for first time home buyers. With the recent Wall Street market collapse and the global credit crunch, it might be a good to revisit just what those basics are.

Here are a few tips for prospective home buyers:

Clean up your finances Now more than ever, your credit history will determine if you qualify for a mortgage, the loan terms and mortgage rates. You could be offered a smaller loan or charged a higher rate if a lender is concerned you might not be able to repay. Consider paying down debt, especially high-interest debt such as credit cards that might flag you as a riskier borrower. For more on this read my posting, "Your credit history" 

Keep it separate Set up a separate account for your down-payment funds, so the money doesn't get intermingled with other savings and so you can keep track of how much you save. This would probably be a taxable account at a bank, credit union or brokerage firm. Once high interest debt is repaid, bank those payments.

Aim for 20 percent down I know this is easier said than done. But, aim to save 20 percent or more of the purchase price. The risk of putting down too little: If the home falls in value and you sell at a loss, you'll owe more to the lender than you receive from the buyer. In addition, many mortgages require buyers who put down less than 20 percent to get private mortgage insurance, which can add $80 to $100 to your monthly bill. And the less you put down, the higher your loan balance and therefore your monthly payment will be.

Consider a FHA home mortgage  If a higher down payment is not possible, a Federal Housing Administration FHA mortgage loan might be an alternative.  FHA loans offer a loan guarantee for mortgage companies.  The FHA is not actually lending money to you, the buyer.  The FHA simply guarantees the lender in case you, the borrower, default on your mortgage payments.  You can pay as little as a 3% of the purchase price of your home for your down payment, and finance your closing costs with your mortgage loan.

Get extra help Few first-time buyers pony up the entire down payment on their own. Nearly 23 percent of first down payments come as gifts from relatives and friends, according to a recent survey by the National Association of Realtors.

If your credit is damaged, seek professional help to improve your credit score.  When you are ready to take the first leap into home ownership, contact a mortgage advisor and get pre-approved, not just prequalified. For more information, go to Century21 Mortgage.  Consult your personal financial planner regarding any specific questions that you might have.

Disclosure - Century 21 Our Town Realty is affiliated with Century 21 Mortgage

Oct. 18, 2008 - October is National Fire Prevention Month

Safety Tips

It is way better to prevent fires than to think about trying to escape one, says Meri-K Appy, president of the non-profit Home Safety Council, based in Washington, D.C.

Every household should have working smoke detectors on every floor and in every bedroom, Appy says. Most smoke detectors today have a life span of 8-10 years.  Every family should create and practice an escape plan so everybody knows exactly how to get out, who to help out and where to gather outside if there is a fire. You may have as little as three minutes to escape the house before a fire spreads explosively, she says. Appy talked us through some of the big fire dangers in the average home. For more tips, see mysafehome.org.

Click to play

1. Cooking. This is by far the No. 1 cause of home fires, Appy says. Especially frying, broiling and grilling. “People lose track of it,” she says: a child cries, the doorbell rings, the dog wants out and the next thing you know that pan you forgot on the stove is in flames. “Stay right there,” Appy says. “Stay by your pan. If you have to turn away, turn the fire off.” Always have the lid or a flat cookie sheet and long oven mitts handy on the counter top when you cook so you could smother a fire if need be.

Other tips:

- Never pour water on a kitchen fire.
- Rather than a fire extinguisher, try an aerosol product, Tundra Fire Extinguishing Spray (firstalert.com), which is easy to use and can smother a cooking fire from 4 feet away. If in doubt, get out and call for help.

2. Heating. In winter, heating overtakes cooking as the cause of home fires. The main danger is space heaters, especially electric ones. “Because they are small, they seem kind of harmless,” Appy says. But placed too close to furniture or draperies, or knocked over by a cat or child, they are deadly.

- Have 3 clear feet of space all around the unit.
- Never operate a space heater unless you are in the room.
- Watch children closely so they don’t get burned.
- Never go to sleep with the space heater on. Use it to warm the bedroom and then turn it off and bundle up in bed to sleep.

- Extension cords can be frayed or cracked, so avoid using them and never run them under furniture where they might be pinched.
- Use one cord per outlet plug. “You never want that kind of octopus thing going on,” Appy says.

3. Electricity: Old wiring can be a significant danger, Appy says. If your lights flicker or you smell something funny or you run extension cords all over because you don’t have enough outlets, get a licensed electrician to make sure your wiring meets code requirements.

4. Friendly fires: Candles, fireplaces, oil lamps and chimeneas feel warm and lovely, but they pose dangers too.

- Have fireplace chimneys inspected regularly for cracks or flammable creosote buildup.
- Try battery-operated electric candles.
- If you do use wax candles or oil lamps, make sure they are on a sturdy fire-proof holder and never leave the room while they are burning.

5. Smoking: It’s the No. 1 cause of fire deaths. A cigarette or cigar butt that falls on carpet, upholstery or a mattress can smolder for hours-until you’ve left the room or fallen asleep-and then burst into flames.

- If you must smoke, the best place to do it is outdoors, in a spot without combustible materials (not in the garage).
- Use a sturdy ashtray and have a cup of water handy to douse butts.
- And keep your matches or lighter locked up where children can’t get at them; playing with fire is the largest cause of child fire deaths. Don’t think hiding the lighter is enough; “kids know where it is,” Appy says. “They know it’s in your purse. They know it’s in the cabinet. And small children will move mountains to get at it.”

Contact the Franklin Towship Department of Fire Protection for more information and tips.

© 2008, Chicago Tribune. Distributed by McClatchy-Tribune Information Services.