Summit-NJ.com

The Market Today: May 1-15

Martha — Sat, 16 May 2009 15:02:25 +0000

The disconnect… Sellers who are pricing their homes 20-25% from the top of the market (second quarter of 2005) are seeing buyers line up to buy their homes. Buyers now have the banks as their safety net. We are hearing of many transactions having to go back to the negotiating table because the property does not appraise; even in [...]

Summit Sales - 2008 vs. 2009

Martha — Thu, 02 Apr 2009 16:10:43 +0000

Elimination of NJ Property Tax Deduction

Martha — Wed, 25 Mar 2009 18:34:57 +0000

Governor Corzine in his budget address on March 10, 2009, called for a one-year suspension for all non-senior households, regardless of income, to deduct property taxes from their state tax filings. Responding to public outrage, he recently changed direction and adjusted his budget proposal to include the restoration of the property tax deduction for senior [...]

Summit NJ Home Sales: February 2009

Martha — Fri, 13 Mar 2009 08:00:33 +0000

Millburn/Short Hills Home Sales: January-February 2009

Martha — Thu, 12 Mar 2009 04:03:22 +0000

New Providence Home Sales: January-February 2009

Martha — Thu, 12 Mar 2009 04:00:36 +0000

Why Buyers are Looking but Waiting to Buy

Martha — Mon, 02 Mar 2009 06:07:11 +0000

Buyers are out looking but are still hesitating to put ink on paper. Why? One reason is that most of the existing inventory has been around for awhile, and buyers are waiting and hoping for new and better product. Last week, a new listing in Chatham Borough had 7 offers in less than 4 days and [...]

Current Sales for Summit City - January 2009

Martha — Fri, 13 Feb 2009 08:00:56 +0000

The following chart is the current sales summary for Summit, NJ from January 1 to January 31, 2009. Current Sales - Summit City - January 2009 Address List Price Style Rooms Bedrooms Baths Sale Price DOM Price Change- 10 Edison Drive $399,000 Cape Cod 6 4 1.1 $365,000 34 11% 58 W END AVE $400,000 Colonial, Fixr 7 4 1.1 $400,000 5 0% 90 NEW ENGLAND $599,000 Town Unit 6 2 2.1 $522,600 34 22% 12 WEBSTER AVE $689,000 Colonial 7 3 2.0 $619,000 71 11% 65 Blackburn Place $1,830,000 Colonial 9 5 3.1 $1,425,000 193 22% 193 BLACKBURN $2,800,000 Colonial 11 5 5.2 $1,790,000 98 35% 144-A Kent Place $1,950,000 Colonial 9 4 3.1 $1,950,000 312 New const 17 Ridge Road [...]

Market Update: This Weekend’s Bidding War

Martha — Wed, 11 Feb 2009 08:00:26 +0000

This past weekend, there were two offers on a house in Madison; after 5 months, it finally found its level and two buyers were confident enough to rally for it. There were other buyers that wanted it but could not bring themselves to compete. So what happened here? These were motivated sellers that wanted to sell, [...]

Buying a Home in NJ - Title Insurance

Martha — Tue, 03 Feb 2009 08:00:51 +0000

Title insurance is required in all states. Title insurance falls under the jurisdiction of the New Jersey Department of Banking and Insurance. Title insurance is probably the most expensive item one is required to pay for when buying a home (except the 1% luxury tax on any home over a million dollars). When purchasing property, [...]

Think Like a Billionaire: Now is a Great Time to Buy!

Martha — Mon, 26 Jan 2009 08:00:00 +0000

As I have been saying for a few months now, it’s a great time to buy! There are many good properties on the market, mortgage rates are excellent and are predicted to tip under 5%! As mentioned in my December 16th post, this is the time to buy - when everyone else is on the sidelines. Savvy [...]

Bidding Wars?

Martha — Fri, 23 Jan 2009 23:08:45 +0000

Yes, even with low sales volume, we are seeing bidding wars. Buyers who are actively searching today are typically very well-versed on market conditions - they know what is and is not a good value. Pricing a home today is a comprehensive process - a fine balance between statistics and a listing broker’s familiarity with other properties [...]

Property Tax Appeal Time: April 2009

Martha — Sat, 17 Jan 2009 02:50:44 +0000

There was a great article in the Star Ledger (Nov. 23) business section that was all about challenging your property taxes. Before filing for an appeal (before April), you will need to find out your town’s average tax ratio, which can be found at “Reducing property taxes possible, but not likely” - NJ.com. Divide your [...]

NAR Cost vs. Value Report - 2008

Martha — Wed, 14 Jan 2009 08:00:04 +0000

With more and more people staying put and holding onto their existing homes, many are thinking about tackling small renovation projects. My clients call me asking me for my thoughts because they know that trends come and go and, with our NEW REAL ESTATE MARKET, there are things that current buyers do not see value in. A good resource, [...]

Home Sweet Home

Martha — Mon, 12 Jan 2009 08:00:52 +0000

Since September 2008, we have seen the world spin on its axis at lightning speed. Today, four months later, Americans are finding deep satisfaction in the simple things in life: the love of family, friends and comforts of home. At the same time, we’re reducing costs, spending and carbon footprint because it’s important and the right thing [...]

New Service from Google: FREE 411

Martha — Sat, 10 Jan 2009 21:11:39 +0000

Google has launched a new service that will save you from those expensive calls to Information. Here is how it works: Dial : 1-800-GOOG-411 ( 800-466-4411) from any phone State the City & State, and business type Your call is then connected for FREE… * Your telephone company may apply usual charges for making a phone call or receiving an [...]

Absorption Rate and Current Supply: Summit & Surrounding Communities

Martha — Mon, 05 Jan 2009 08:00:53 +0000

Click on the link below to view a chart that shows the current market activity for Summit, Short Hills, Chatham(s), Madison, Harding Township,Mendham Township & Borough, New Providence, Berkeley Heights, Warren, Watchung and Bernards Township since June 1, 2008 though December 31, 2008 Absorption Rate & Current Supply Absorption Rate = the average number of sales per month. Current Supply = [...]

Starting the New Year with Good News!

Martha — Fri, 02 Jan 2009 08:00:55 +0000

Happy New Year! I always like to start a new year with good news, so here it is: 1) The foreclosure rate in New Jersey did not go up in November! There are 2 foreclosures for every 10,000 households. (Source: Jeffrey Otteau) 2) Mortgage Interest Rates: Conforming loans are hovering around 5%, with jumbo and super jumbo rates posting [...]

Market Activity: November-December 2008

Martha — Thu, 01 Jan 2009 08:00:40 +0000

There is so much information available to the average consumer, whether it’s via television, print, Internet or word of mouth. Today more than ever, it is critical when buying a home that one aligns themselves with a local real estate sales associate who is in the market and understands all its intricate details. A New York Times article from December [...]

Happy New Year to All!

Martha — Thu, 01 Jan 2009 00:57:26 +0000

I would like to thank all of you who read my blog; I truly appreciate your time and interest. Wishing you a healthy, prosperous and happy 2009! Sincerely, Martha McDonnell Lois Schneider Realtor