Somerset 08873

Understanding the home buyer

Michael Adams (Keller Williams Cornerstone Realty) — Wed, 29 Feb 2012 15:20:12 -0800

As the home seller, you hold the keys to three factors that will affect the sale of your home:

* The home's condition
* Asking price
* Marketing strategy

However, it's important to note that there are numerous other factors that influence a buyer, and you need to understand these consumer trends when you enter the sellers' market. The more your home matches these qualifications, the more competitive it will be in the marketplace. I can advise you on how to best position and market your Somerset, New Jersey home to overcome any perceived downsides.

Location - The most influential factor in determining your home's appeal to buyers is something you can't control: its location. According to the National Association of REALTORS(r), neighborhood quality is the No. 1 reason buyers choose certain homes. (Franklin Township was among CNN/Money's Best Places to Live in 2008 and 2010) - The second most influential factor is commute e times to work and school.

Size - While some buyers want to simplify their lives and downsize to a smaller home, home sizes in general have continued to increase over the decades, nearly doubling in size since the 1950s. Smaller homes typically appeal to first-time home buyers and "empty nesters," or couples whose children have grown up and moved out.

Amenities - Preferences in floor plans and amenities go in and out of fashion, and your real estate agent can inform you of the "hot ticket" items that are selling homes in your market. If your home lacks certain features, you can renovate to increase its appeal, but be forewarned: That's not always the right move. Using market conditions and activity in your neighborhood as a gauge, your agent can help you determine whether the investment is likely to help or hinder your profit margin and time on the market.

Somerset area buyers are looking for "hot ticket" items such as: hardwood floors, remodeled kitchens and baths in addition to energy efficient windows, heating and central air-conditioning.

What is my home worth? - Find out what your Somerset home is worth with a FREE custom evaluation including comparisons to other homes that have recently sold or are the market (CMA). You will receive the most accurate information available.To learn more and request your FREE evaluation, click here.

11 Burnham Street - A Nicely Updated 4 Bedroom Somerset Colonial

Michael Adams (Keller Williams Cornerstone Realty) — Sun, 03 Jul 2011 17:19:25 -0700

Locaton, Location, Location!

This 4 bedroom Fairway Homes Colonial represents tremendous value with renovated/custom kitchen and baths, hardwood floors, first floor den/office, full basement, 2-car garage, Andersen windows, Pella patio door, custom oak staircase, built-in cabinets, newer roof, newer steam washer and dryer, newer central AC and furnace, large fenced yard backing to golf course and located on cul-de-sac. Close to shopping, highways, parks, major hospitals, Rutgers, restaurants and nightlife. This Franklin Township home is move-in ready and a must see! For a virtual tour: www.youtube.com/watch?v=EYmob1FPOZI

Priced at $474,000

Agent: Michael Adams, e-Pro

Keller Williams Cornerstone, 2230 Route 2230, Belle Meade, NJ 08502 Office: 908.359.0893 Cell: 908.583.0409

MLS#2857674 MLS#116365

A Doctor's Advice For Purchasing A Home?

Michael Adams (Keller Williams Cornerstone Realty) — Fri, 24 Jun 2011 18:43:12 -0700

David Burrows provides a great analogy between medica care and getting a diagnosis of one's financial health when it comes tp purchasing a home...Not Knowing is Not Better! Thanks for the post, David.

Via David Burrows (Classic Realty):

I have a friend who is a doctor. We were sitting having lunch a while back and I was sharing about another friend of mine who has something going on physically. My doctor friend, after I paused for a moment, spoke up and said these words that I will never forget: "David, when it comes to physical concerns, NOT KNOWING IS NOT BETTER". I knew exactly what my friend the doctor was saying. "We can guess, we can speculate, but the fact is, until your friend has a true diagnosis, until he/she knows what they are up against, we are only guessing and nothing can truly be properly treated!"

Why this story? I mean, after all, I'm a Real Estate Agent who seldom becomes involved with individuals in reference to health concerns.

The reason for the story is this: I am constantly running into prospective home buyers within Real Estate who want to purchase a house but they haven't come to grips with one specific absolute that MUST be dealt with. They stop by and sign up at my website to search for a home. They talk with me sometimes and endeavor to persuade me to take them out looking for a house! But when the subject of their CREDIT and MORTGAGE APPROVAL comes up, I hear things like, "I believe everything is fine David, let's just go house shopping first and then I will pursue the Mortgage!" Then comes the disappointment when house hunters who procrastinated find out they can't qualify for a Mortgage and there are things to work on which of course means there is a delay they hadn't counted on! The disappointment mentioned a moment ago is huge. All the while, this has happened because they didn't want to deal with the facts! You see, in Real Estate, like when tacking health concerns, NOT KNOWING IS NOT BETTER!

When you as a home buyer know up front where you stand financially, you can then begin to fix what is wrong, if something indeed needs to be fixed. Additionally, you will be able to find a house in your price range and when that house is found - You will be able to write a sound offer in an effort to purchase it!

The fact is, most of us, unless we are paying cash, will need a Mortgage and Mortgage Approval! Why not deal with it up front so that the path is clear for your next home purchase.

David Burrows

David L. Burrows, Realtor®
Classic Realty 4200 Evergreen Lane, Suite 331
Annandale, VA 22003
Serving: Gainesville VA, Haymarket and ALL of Northern Virginia
Direct: 703.859.5188
Office: 703.637.1400
Blog: David Burrows Properties
Blog: Real Estate Starting Point
Blog: Real Estate 101
Search For A Home: Virginia Online Home Search
Real Estate Website: Burrows Properties

It is always an honor to assist Home Buyers and Sellers with their Northern Virginia Real Estate needs. If you want to search the MLS for Real Estate Listings, or even become more specific with your search, such as the Fairfax MLS, utilize the valuable tools on my website. If you are looking for a Home in Gainesville Virginia; the Haymarket Homes For Sale area; Condos For Sale In Fairfax Virginia; Fairfax Homes For Sale; or a home anywhere within the Northern Virginia Real Estate area, simply click on the appropriate link. I serve ALL of the above areas throughout Northern Virginia.

Most important, Write, Phone or Text Me with any questions.

Appraisals: Why You Must Now Sell Your House Twice

Michael Adams (Keller Williams Cornerstone Realty) — Tue, 24 May 2011 19:22:48 -0700

What is becoming the new normal

Banks have become very conservative when lending mortgage money today. With the current foreclosure challenges in the country, we can't really blame them. The requirements now necessary to qualify for mortgages have gotten much more stringent and it seems will get even more stringent as we move forward. The banks want to make sure the prospective buyer has the ability to repay the loan. However, this does not just involve the borrower buying the property.

The second way a bank can protect their investment in the mortgage is to make sure that the collateral backing that mortgage is secure. That is where the appraisal comes in. The bank wants to make sure that, should the buyer not be able to make their payments, the house they will be forced to take back will sell for an amount at least equal to the balance left on the mortgage. For that reason, the banks seem to be getting more conservative with appraisals also.

This past week, the National Association of Realtors (NAR) released their Existing Homes Sales Report. In that report, they said:

"11 percent of Realtors® report a contract was cancelled in April from an appraisal coming in below the price negotiated between a buyer and seller, 10 percent had a contract delayed, and 14 percent said a contract was renegotiated to a lower sales price as a result of a low appraisal."

One out of four real estate transactions was either cancelled (11%) or renegotiated to a lower sales price (14%) because of a low appraisal!!

Bottom Line

Every house now has to be sold twice: first, to a potential purchaser and then to the bank appraiser. And, it seems that the second sale may be the more difficult of the two. Sit with a local real estate professional and make sure you put together a plan for both sales.

Correct pricing of the property, initially, becomes one of the most effective ways to reduce the likelihood of a low appraisal negatively impacting the transaction.

Source: The KCM Crew with permission

11 Burnham Street, Somerset, NJ 08873

Michael Adams (Keller Williams Cornerstone Realty) — Tue, 17 May 2011 16:49:35 -0700

4BR/2+1BA Single Family House

offered at $474,000

Year Built	1987
Sq Footage	Unspecified
Bedrooms	4
Bathrooms	2 full, 1 partial
Floors	2
Parking	Unspecified
Lot Size	.34 acres
HOA/Maint	$0 per month

DESCRIPTION

Renovated kitchen and baths, hardwood floors, Andersen windows, Pella patio door, custom oak staircase, built-in cabinets, newer roof, newer steam washer and dryer, newer central AC and furnace, ceiling fans, large fenced yard backing to golf course and located on cul-de-sac.

This Franklin Township home is move-in ready.
Easy access to highways and public transportation.

http://postlets.com/res/5558583

5 reasons you should consider selling now

Michael Adams (Keller Williams Cornerstone Realty) — Wed, 11 May 2011 14:35:19 -0700

If you plan on moving anytime in 2011, you should strongly consider selling your house now rather than waiting. Here are five reasons why:

1.) This is when your house will get the most exposure

The spring, and particularly the month of May, is when most buyers enter the real estate market. This surge of buyers dramatically increases the exposure for your house . The best chance of getting quality offers (perhaps even multiple offers) is RIGHT NOW!

2.) Foreclosures and short sales will increase in about 90 days

The good news is that the number of people paying their mortgage on time is increasing. This will lead to less distressed property sales later this year and throughout 2012. The not-so-good news is that there is still a large inventory of existing foreclosures and short sales that will still be coming to market.

As an example, LPS reported in their latest Mortgage Monitor that:

There are still twice as many loans going 90+ days delinquent as are starting foreclosure
There are almost three times the number of foreclosure starts as there are foreclosure sales
Distressed property inventory levels are almost 45 times the rate of monthly foreclosure sales

This means that there is a backlog of properties which will start coming to the market in about 90 days as banks clear up their paperwork challenges. These properties sell at dramatic discounts. They will be your competition. Both Fannie Mae and Freddie Mac have recently discussed the magnitude of this challenge.

3.) Interest rates have risen over the last six months

Interest rates have stabilized recently. However, in the last six months, interest rates have climbed over 1/2%. Every time the rates increase 1/4%, approximately 250,000 buyers are eliminated from qualifying for a mortgage. In an environment of volatile rates, waiting could mean that there will be fewer buyers eligible to purchase your house. It also could mean that you will pay a higher rate on the next home you buy.

4.) Qualifying for a mortgage is about to get even more difficult

Besides increasing rates, there are other factors that will hinder a buyer's ability to qualify for a mortgage as we move forward. Lending standards have been getting tighter over the last year. And as the government debates the new proposed guidelines (QRM), banks are gearing up for even more stringent standards.

Morgan Stanley recently stated:

"Recent developments in issues such as GSE reform, Dodd-Frank securitization rules, and foreclosure settlement issues suggest a tighter and more expensive environment for mortgage credit."

This may impact any potential purchaser for your property and may also impact your next purchase.

5.) It's time to get on with your life

Probably the most important reason to sell is so you can get on with your life. You placed your home on the market for a reason. Do not allow a less-than-stellar housing market prevent you from reaching your goals as an individual or as a family. Think about the reasons you decided to move in the first place. Are these reasons still important to you? If you have to take less than you were originally hoping to get for your house, your family has a question to ask each other: Is the dollar difference in sales price worth putting off our plans? Only you and your family know the answer to that question.

Bottom Line

If you plan to sell this year, the reasons above prove that selling now makes more sense than waiting to later in the year. Sit with a real estate professional in your area today to fully understand your best option.

Source:KCM Crew with permission

S & P Case-Shiller Report Released

Michael Adams (Keller Williams Cornerstone Realty) — Tue, 26 Apr 2011 18:32:58 -0700

The Standards & Poors Case-Shiller report was released earlier today. The S & P Case-Shiller index, tracks the value of residential real estate in 20 metropolitan regions across the United States. The methodology, developed by Karl E. Case, an economics professor at Wellesley College, and Robert J. Shiller, an economics professor at Yale, collects data monthly on sales of existing single-family houses.

According to the report, housing prices peaked during the spring of 2006 then begain a 36-month decline. This was followed by a 13-month national increase which generated a 5% gain in prices. The current index is 139.27 which is just above the first low (in housing prices) of 139.26 which occurred April 2009. Economist are saying the rebound in home prices, which ended last June, was artificially inflated by gvernment initatives; in addition to a decreased supply of foreclosed properties. Nationwide, distressed properties now account for more than 30% of sales with a discount of approximately 34% off conventional sales.

It is anticipated conditions will begin to improve once the economy recovery gains traction and job growth improves. What this means for sellers is that in today's market, pricing must be ahead of it, in order to attract offers. Properties that offer a perceived value are selling! For home buyers, home prices are near the bottom of 2009 along with low mortgage interest rates. Depending upon your particular circumstances, this could be the ideal time to buy.

FHA mortgage insurance increases

Michael Adams (Keller Williams Cornerstone Realty) — Wed, 20 Apr 2011 16:09:58 -0700

FHA Mortgages Are Now More Expensive

FHA loans are guaranteed by the federal government. Should a home owner default on her monthly payments, the U.S. Department of Housing and Urban (HUD) development has committed to paying the lender a percentage of the default on the debtor's behalf. Part of the payments made on an FHA loan is based on a monthly insurance fee, otherwise known as a mortgage insurance premium (MIP). The second increase in MIP since October 2010 took effect on Monday 18, 2011. The upfront MIP remained unchaged at 1%.

What this means is on a $200,000 loan the monthly payment inceased by $42. This is in addition to a previous increase of $58 per month last October. Why the increase? According to David H. Stevens, FHA Commissioner, capital reseves have been below 2% for the previous two accounting periods. Raising the the premiums will allow the FHA to increase revenues.

This news coupled with the last six month's upward mortgage rate trends with rates at 4.75% today opposed to 4% Otober 8, 2010. This should have buyers and sellers who are sitting on the fence to jump squarely into the market, with both feet.

4 reasons to buy now

Michael Adams (Keller Williams Cornerstone Realty) — Sat, 16 Apr 2011 02:52:17 -0700

Heare are four great financial reasons why you should not wait before taking the plunge into homeownership.

Interest Rates are Increasing

Interest rates have increased almost 3/4 of a point in the last six months. Most experts expect rates to continue to increase through the year. Interest rates along with price determine the overall cost of a home. Even with prices softening, if interest rates rise, it may be less expensive to buy now rather than wait.

The 30-Year Mortgage May Disappear

There has been much debate regarding government's role in providing support for homeownership. There are several experts who believe If Fannie Mae and Freddie Mac's roles are eliminated, or even limited, it may be the end to the 30-year mortgage. This concern is addressed in MSN Real Estate's Is it curtains for the 30-year mortgage?

QRM Requirements Could Be Much More Stringent

Here are proposed changes to the requirements for a ‘qualified residential mortgage':

Certain mortgage types would be eliminated
You would need to put a minimum of 20% down
You would need a minimum 690 FICO score
The ratios of income to both the mortgage payment and overall debt would become much more conservative (28% and 36%)

There would be loans available to purchasers who don't qualify under the new rules. However, they will probably be more expensive to the buyer (both in rate and costs).

Rents Are Expected to Increase

The supply of available rentalsis decreasing and the demand is increasing. That will lead to an increase in rental costs throughout the year. The Wall Street Journal this week quoted a report by Reis, Inc:

"Expect vacancies to continue declining, and rents rising through the rest of 2011 at an even faster pace."

Bottom Line

You may be waiting on the sidelines to see if prices will continue to depreciate before you purchase a home. The mortgage expense is a major piece in the overall financial picture of homeownership. Make sure you consider it when timing your decision.

Reposted with permisssion: The KCM Crew

Franklin Township Market Report - March 2011

Michael Adams (Keller Williams Cornerstone Realty) — Mon, 11 Apr 2011 19:36:05 -0700

What happened in our marketplace - March

According to the Garden State MLS, the month of March, 2011 ended with 30 Franklin Township single family residences sold. Franklin Township sale prices ranged between $134,000 and $619,900. The average** selling price for the month was $262,678. Average days on the market (DOM) for March was 120. The list price to sold price ratio averaged 95%. The month ended with 438 active listings on the market ranging in price from $95,000 to $1,250,000. The month of January ended with 94 Franklin Township residential properties under contract.

That's what is happening in the Somerset, NJ marketplace now, April 11, 2011.

If you have a question about a specific property in town, or housing stats for surrounding areas, please don't hesitate to contact me. **An average price is calculated by adding up all the values in a distribution and then dividing the sum by the total number of values contained in that distribution. To find a median value, one takes all of the values in the distribution, sorts in ascending order, lines them up and finds the middle value.

Source: Garden State MLS, L.L.C. **Info. deemed RELIABLE but not GUARANTEED - ALL Room Sizes are Approx.** The links will expire 60 days from 4/11/011.

OK. You Win. Stop Listening to Real Estate Agents!

Michael Adams (Keller Williams Cornerstone Realty) — Tue, 05 Apr 2011 23:05:57 -0700

Each day we attempt to give truthful insight on the current housing market. If we report what is perceived as negative news, some in the real estate community come down on us hard. However, when we explain that we think now is a great time to buy, we get an avalanche of feedback from the general public attacking us for being nothing more than puppets for real estate agents across the country. Today, we don't want you to listen to what we think about the opportunities that exist for buyers in this market. Instead, we want to report on what some members of the investment community are saying.

The Wall Street Journal

Jim Woods wrote an article earlier this year for Market Watch, part of the Wall Street Journal's digital network. Its title: Why your best investment is a house. Mr. Woods compared the investment potential of real estate against other asset classes such as stocks and precious metals. Here was his conclusion.

One reason your best investment right now could be a home has to do with the relative upside of getting in on an asset class while it's at the bottom versus buying into other asset classes that could be near a top. Consider for a moment the tremendous upside we've seen in stocks, precious metals and agricultural commodities over the past 12 months...

If you're a long-term investor looking to put money to work, now is not really the best time to get into any of these three asset classes. However, with home sales starting to improve, and with prices now possibly forming a bottom, real estate could well be the asset class that represents the best low-risk buying opportunity out there today...

Mr. Woods went on to talk about the financing portion of the purchase:

Yes, mortgage rates still are near historical lows, but if we see these rates rise, then the cost of a new home could climb significantly. So, now could really be the best time to pull the trigger on that home purchase - and it could also be your best investment right now.

Fortune Magazine

Shawn Tully, senior editor at large for Fortune penned an article last week which was titled: Real estate: It's time to buy again. In the article, Mr. Tully explained:

Forget stocks. Don't bet on gold. After four years of plunging home prices, the most attractive asset class in America is housing.

Let's state it simply and forcibly: Housing is back. Two basic factors are laying the foundation for dramatic recovery in residential real estate. The first is the historic drop in new construction ... The second is a steep decline in prices, on the order of 30% nationwide since 2006, and as much as 55% in the hardest-hit markets. The story of this downturn has been an astonishing flight from the traditional American approach of buying new houses to an embrace of renting. But the new affordability will gradually lure Americans back to buying homes. And the return of the homeowner will start raising prices in many markets this year.

Bottom Line

Neither of the two media sources mentioned above has ever been accused of cuddling up to the National Association of Realtors. However, both have come to the same conclusion. It's time to buy real estate. Perhaps we should listen to them.

Source: The KCM Crew

We Think We’re Going to Believe Grandpa

Michael Adams (Keller Williams Cornerstone Realty) — Tue, 22 Mar 2011 18:22:27 -0700

There are those currently debating the financial advantages of owning a home. Some are looking at studies and reporting that homeownership has never really been a great investment.

One of these people is Jack C. Francis, a former Federal Reserve economist and professor at Baruch College. He said in a recent CNBC article:

"For generations, parents and grandparents have been telling us that the way to get ahead was to buy a house and keep making payments with a fixed interest rate and after 20 or 30 years it would be way up in value and that was your nest egg in old age. You could either live in it rent free or sell it and use the proceeds to rent an apartment."

The article goes on to explain the rest of Mr. Francis' comment:

That was good advice until 2006 when home prices collapsed, he says, and it "may become good advice 10 years from now, but right now it's not."

Mr. Francis bases his conclusions on a study he completed which covered the years 1978 through 2008. In his study it showed that home prices increased annually by 5.7% and that the S&P 500 increased by 10.8%. Based on this information, Mr. Francis gives the following advice:

To students who come to him for guidance on whether to buy or rent in the near term, however, Francis has one word of advice: wait. "I keep telling them this is not the time to buy," he says.

Let's take a closer look at this conclusion.

1. We have our own study.

Mr. Francis did a study over a thirty year period which did not include the last 3 years. If we look at the same categories since January 2000 (covering one of the worst decades in American real estate history), we find that home values GAINED 42% while the S&P LOST 4.7%. It all depends on which set of data you choose to use.

2. The proper comparison is rent vs. buy.

All of these comparisons claim that putting your money into a different investment vehicle other than real estate might make sense. What they are not taking into consideration is that the investor will still have a housing expense. They will still need money for shelter. They cannot just take their money for shelter and buy other assets with it. A person can't live in their 401k or their IRA. This leads us to...

3. In most markets today, owning is LESS expensive than renting.

Trulia recently came out with their Rent vs. Buy Index. The report shows:

that it is more affordable to buy than to rent a two-bedroom home in 72 percent of America's 50 largest cities.

For more on this issue including a 50 city breakdown, click here.

4. Current mortgage opportunities may never be available again

The government has driven mortgage interest rates to all time lows. You can still get a 5% rate and guarantee it for 30 years. Both of these opportunities may soon disappear. Mortgage rates will increase as the economy improves and the Fed no longer feels pressure to keep rates low. The 30 year mortgage may soon be a thing of the past if suggested mortgage reforms come to be. You can lock in your housing expense for 30 years if you purchase. Renting is like having an adjustable rate loan with no cap that readjusts EVERY year. Which way do you think a landlord will readjust it?

For more on this, click here.

5. Most Americans see more to homeownership than financial value.

Last week, Fannie Mae released the National Housing Survey. The survey reported:

96% of all homeowners said homeownership has been a positive experience.
84% of Americans still believe that owning a home makes more sense than renting. Even 68% of renters believe owning makes more sense.
2 in 3 Americans believe that lifestyle benefits of homeownership (65%) are superior to the financial benefits (32%).

Bottom Line

There are more and more studies being done on the value of homeownership. We think we will trust in what our parents and grandparents said. Your mortgage payment is money you put into your savings. Your rent payment goes into the garbage.

Reposted with permission from the KCM Crew on March 22, 2011

Do you have an emegency preparedness plan?

Michael Adams (Keller Williams Cornerstone Realty) — Mon, 21 Mar 2011 00:15:31 -0700

Emergency Preparedness

The earthquake and tsunami that devastated northern Japan on March 11th reminds us to ensure we and our households are prepared for an emergency that can strike close to home. The northeastern United States, including New Jersey, can be susceptible to earthquakes, tornadoes and hurricanes. Here is what you can do to be prepared:

Make a kit- Build an emergency supply kit by considering your family's unique needs, like eye glasses and prescription medications.

Have a plan- Create a family plan with a designated meeting place and consider simple steps that will protect your family until you can be with them.

Be informed- Learn about the types of emergencies that could take place in your community, including where you live, where you work and where your children attend school.

Learn a first aid skill such as CPR, or study up on general first aid practices. Learn about first aid classes offered by your local Red Cross office
Subscribe to alert services. Many communities now have systems that will send instant text alerts or e-mails to let you know about bad weather, road closings, local emergencies, etc. Learn what your community offers by visiting your local Office of Emergency Management web site.

If you want addtional tips, Homeland Security provides a list of 30.

You can help the Japanese people affected by donating to the Red Cross. Go to www.redcross.org and donate to Japan Earthquake and Pacific Tsunami. People can also text REDCROSS to 90999 to make a $10 donation to help those affected by the earthquake in Japan and tsunami throughout the Pacific.

2010 Somerset and Middlesex Counties Election Results

Michael Adams (Keller Williams Cornerstone Realty) — Wed, 03 Nov 2010 06:35:34 -0700

Franklin Township election results

House of Representatives 12th District

31/31 100.00%

Under Votes	75
Over Votes	0

	Vote Count	Percent
DEM - Rush Holt	7,100	60.03%
REP - Scott Sipprelle	4,630	39.14%
Non - Kenneth J. Cody	93	0.79%
Write-In	5	0.04%
Total	11,828	100.00%

Sheriff

245/247 99.19%

Under Votes	2262
Over Votes	0

	Vote Count	Percent
DEM - Richard Arline	34,882	42.15%
REP - Frank Provenzano	47,818	57.78%
Write-In	60	0.07%
Total	82,760	100.00%

Surrogate

245/247 99.19%

Under Votes	2722
Over Votes	0

	Vote Count	Percent
DEM - Benjamin Laves	35,153	42.75%
REP - Frank Bruno	47,042	57.20%
Write-In	40	0.05%
Total	82,235	100.00%

Board of Chosen Freeholders

245/247 99.19%

Under Votes	2750
Over Votes	0

	Vote Count	Percent
DEM - Joseph DeMarco	36,398	44.25%
REP - Patricia ''Pat'' Walsh	45,795	55.68%
Write-In	54	0.07%
Total	82,247	100.00%

Click here for more Somerset County election results

For Middlesex County election results click here

Anyone using RealtyJuggler?

Michael Adams (Keller Williams Cornerstone Realty) — Fri, 29 Oct 2010 13:46:19 -0700

Is there anyone out there using this alternative to Top Producer? If yes, how would you rate the product that costs only $99 per year?

Comparison Between Top Producer 7i / Top Producer 8i and an Alternative called RealtyJuggler

Thanks for your feedback.

Putting a “home” team together

Michael Adams (Keller Williams Cornerstone Realty) — Tue, 12 Oct 2010 23:53:14 -0700

The value of your Realtor®

All home buyers, but especially first time home buyers, can benefit from building a team of professionals who will guide them through the process, successfully. Without guidance, a number of problems can cost you money and possibly result in having the deal fall apart. The mistake that buyers make is the belief the Realtor's® value ends with providing access to potential homes. The reality is the "quarterback" of your home buying team is your trusted Realtor®. S/he can provide you with a list of qualified names of recommended advisors, from local mortgage lenders, to lawyers, homeowner insurance and home inspectors for you to consider and interview as part of your team. And don't forget that you are also a team member in this process.

Choosing a Realtor® - You want a Realtor® who will listen to your wants and needs in finding a home for you. S/he should communicate with you in a style that matches yours and is comfortable for you. Locating the right home for you becomes easier when the Realtor® fully understands your criteria and can customize the search only to those homes that meet your needs; saving you time.

Finding a Mortgage Lender - You will likely need financing to purchase your home. Ask your Realtor® to provide a list of lenders successfully used by other clients, as a starting point. You want to use a solid mortgage lender with a successful track record of closing on time. The FDIC provides advice on finding the best mortgage.

Hire the Right Lawyer - Anyone who has seen the hilarious movie, My Cousin Vinnie, knows what can happen when choosing the wrong attorney. Although not required, if you are purchasing a central or northern New Jersey home, customary practice is to hire a lawyer. You want a local and experienced real estate attorney who can help you avoid legal mistakes that could cost you headaches and extra money in the long term. Trust your Realtor® to provide a list of seasoned local lawyers specializing in real estate transactions to select from, if you don't have a personal referral to another. An additional resources is Findlaw

The Home Inspection - You want to hire a licensed and certified home inspector. The time that you spend finding an experienced home inspector can save you both time and money in the long run. In today's digital world, you want an inspector who utilizes the latest technology and can provide a comprehensive report, including a summary. Rely upon your Realtor® to provide a list of qualified home inspectors to choose from. Another resource is http://www.nachi.org

Financing a condo? Five things you should know

Michael Adams (Keller Williams Cornerstone Realty) — Thu, 07 Oct 2010 20:32:20 -0700

From Fox Business and HSH.com - "While condominiums took the brunt of home value loss in many places across the country, they also represent some of the biggest bargains around. Here's what you should know before shopping for a condominium and a condo loan.

For most people, buying a condo means financing a condo. In today's lending environment, financing a condo is not an easy accomplishment. Learn what's required for a condominium loan so you don't waste your time on units you can't finance or even afford."

Five things that you should know:

The condo catch-22

Fannie and Freddie financing

FHA condo loans

How can you get a condo development approved?

Condos and mortgage insurance: Good luck

Read the entire article

326 Shilling Drive

Michael Adams (Keller Williams Cornerstone Realty) — Wed, 01 Sep 2010 08:56:28 -0700

Franklin Township Carriage Home at Quailbrook Townhouse for Sale

326 Shilling Drive - 2bedroom 2.1 bath $274,900 NOW $264,900

UNDER CONTRACT IN JUST 50 - DAYS!!!

LOWEST PRICED 2-STORY HOME IN THE CARRIAGE HOMES AT QUAILBROOK DEVELOPMENT

Largest Carriage Home Floor Plan, Large Rooms, Breakfast bar, FirePlace, 2nd Fl Open Den/Loft, Lg Master Bdrm w/ walk-in closet, 2 bdrm w/bath, 2nd fl Laundry, Garage, Newer AC and water heater, quiet setting, close to shopping, transportation, highways.

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Contact me for more information or schedule a showing.

Existing home sales are up 4.3% for second quarter but there is more to the story

Michael Adams (Keller Williams Cornerstone Realty) — Thu, 12 Aug 2010 23:23:20 -0700

The median price for an existing single-family house in the area that includes Monmouth and Ocean counties rose 4.3 percent in the second quarter, a boost helped in part by the now-expired federal homebuyer tax credit, the National Association of Realtors (NAR) said Wednesday. The median price for a house that sold in Monmouth, Ocean, Middlesex and Somerset counties rose to $345,800 in the second quarter, up from $331,700, the price for the second quarter of last year.

There is much more to the current state of the housing market. Sellers are becoming more realistic with expectations and setting the list price for their homes. Some real estate analysts, such as Jeffrey Otteau, are predicting home prices will fall the second half of the year and demand will remain low unless employment improves or another government stimulus is granted. Now that the tax credits have ended (for those who have not signed contracts before May 1, 2010) the sale of existing homes have stalled. In addition short sales are putting a downward pressure on home prices.

Read the full story.

326 Shilling Drive

Michael Adams (Keller Williams Cornerstone Realty) — Tue, 10 Aug 2010 00:15:41 -0700

A 2 Bedroom, 2.1 Bath Townhouse - $274,900 REDUCED - $264,900

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MLS# 2791556 - This bright Carriage Home at Quailbrook Townhouse (Dorchester model) located in Somerset's Quailbrook section of Franklin Township has the largest floor plan in the development.

In addition this home has a Vermont slate foyer, leaded glass front door, Kitchen w/solid oak cabinets and breakfast bar, family room w/wood burning fireplace, 2nd floor office/den, 2nd floor laundry, large bedrooms w/baths, newer central AC, newer water heater, 1 car garage, cable ready. Convenient to Rutgers, hospitals, highways, New Brunswick's restaurants and night life.

Broker's Open House - Wednesday, August 11, 2010, Noon-2PM Public Open House - Saturday, August 14, 2010, Noon-3PM

Why the house is lingering on the market

Michael Adams (Keller Williams Cornerstone Realty) — Sun, 18 Jul 2010 02:09:47 -0700

Understanding Overpricing. By far, the number one reason why properties do not sell in a timely manner is overpricing. Sellers, actually, do themselves a disservice when their home is overpriced. Aside from creating a preceived greater value for comparable homes, overpriced homes increase day on market stats for the entire area. This increases inventory and places downward pressure on overall local housing prices.

Overpricing. It's the number one reason why properties don't sell in a timely manner. Why do so many sellers do themselves the disservice of overpricing their homes? Here are a few of the most common reasons.

Personal goals. For some, the desire to "beat" the guy next door who sold his home last month by fetching more money results in overpricing. For others, it's a refusal to accept that their home is worth less than they'd like it to be, or less than what they paid for it.

They aren't serious about selling. Some homeowners - those who lack any determined motivation to sell - will list their homes at an unrealistically high price in the hopes that someone will bite. If someone does, great; if not, no harm done, as the owner doesn't have to move. This is known as "testing the market."

Lack of professional guidance. Some homeowners list their homes without professional representation. Because of their lack of current market knowledge, many sellers end up overpricing their properties. Others are misled by family, friends or the Internet into believing they can get a certain amount for the property.

They let their financial needs determine their asking price. Rather than basing their asking price on what comparable homes in the area are selling for, some sellers overprice because they're moving to a higher-priced area or have debts to pay off and need the extra funds.

If you're considering putting your property up for sale, remember that a local professional Realtor can provide the information - and objectivity - you need to price your property to sell.

Carriage Homes at Quailbrook - June 2010 Sales

Michael Adams (Keller Williams Cornerstone Realty) — Sun, 11 Jul 2010 01:34:34 -0700

What's happening in the marketplace

Carriage Homes at Quailbrook townhomes are located near Demott Lane featuring models ranging from the 2 bedroom, 2 bath ranch style homes to 2 bedroom, 2.5 baths two story homes with family room and a second floor den. Then there are 3 bedrooms, 2 ½ bath homes with family room. All homes have single car garages. Many have a fireplace which might be either gas or wood burning. Some units offer French doors leading into the large master bedroom and some have a greenhouse window in the kitchen. Some units also have decks.

According to the Garden State MLS, currently there are 4 homes actively listed for sale in this Franklin Township Townhouse development, at the time of posting. All four are two story 3 bedroom, 2.1 bath townhomes. However, they represent different floorplans. View* these four active listings.

There were no Carriage Homes at Quailbrook sales for the month of June. One 3 bedroom-2.1 bath townhome is in under contract.

That's what's happening in the marketplace, now. July 8, 2010.

* Learn more about real estate agency and why you might want a buyer's agent. If you have specific questions regarding a Carriage Home property or any property in the Somerset, Franklin Township and/or surrounding areas, email me at mjadams629@gmail.com, Follow me on Twitter, facebook or call directly: 908.583.0409

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Source: Garden State MLS, L.L.C. **Info. deemed RELIABLE but not GUARANTEED - ALL Room Sizes are Approx.** The links will expire 60 days from 7/8/2010. The agent on this site does not represent the association in any way, but is very familiar with the complex (lives there) and is in a position to best represent you in the purchase or sale of a unit in this complex.

Franklin Township Market Report - June 2010

Michael Adams (Keller Williams Cornerstone Realty) — Sun, 11 Jul 2010 01:29:04 -0700

What happened in our marketplace - June

According to the Garden State MLS, the month of June, 2010 ended with 85 Franklin Township single family residences sold. Franklin Township sale prices ranged between $168,900 and $720,000. The average** selling price for the month is $306,777. Average days on the market (DOM) for June was 66 down from 89 the previous month. The list price to sold price ratio averaged 96%. The month ended with 447 active listings on the market ranging in price from $90,000 to $1,990,000. The month of June ended with 86 Franklin Township residential properties under contract. That's what is happening in the Somerset, NJ marketplace now, July 8, 2010.

If you have a question about a specific property in town, or housing stats for surrounding areas, please don't hesitate to contact me.

**An average price is calculated by adding up all the values in a distribution and then dividing the sum by the total number of values contained in that distribution. To find a median value, one takes all of the values in the distribution, sorts in ascending order, lines them up and finds the middle value. *Info. deemed RELIABLE but not GUARANTEED - ALL Room Sizes are Approx. The links will expire 60 days from 7/8/2010.

Upcoming Festivities around Somerset

Michael Adams (Keller Williams Cornerstone Realty) — Thu, 24 Jun 2010 22:43:25 -0700

You can enjoy two multi-cultural festivals right here in Franklin Township begining tomorrow. The Lebanese Festival will be held all weekend at the St. Sharbel Maronite Catholic Church, located on Easton Avenue. The event promises to include Lebanese artifacts, cultural displays, religious souvenirs, novelty T-shirts, games, raffles, prizes, music and home made foods. Admission is is free. The event will take place from 6 p.m. to 10 p.m. Friday, noon to 11 p.m. Saturday and noon to 10 p.m. Sunday. For more information go to: http://tinyurl.com/29b6f9x

In less than two miles you can culturally travel from Lebanan to the Carribean on Saturday, June 26th. The Jamaica Organization of New Jersey presents the Central New Jersey Carribean Festival 2010. This one day free event begins at noon until 7 p.m. Vistors will enjoy a children's magic show, a parade, carribean foods and music. Get more information at: http://jaorgnj.org/events.php

Are you looking for a way to beat the heat? The Villagers Theater concludes the production of Ragtime on June 27th. Musical theater right in our own backyard. Reserved seating is $18 for Adults and $16 for Seniors/Students. For tcket information and showtimes go to: http://tinyurl.com/26fqmt8

You can support Elijah's Promise, a charity that provides food for low income people in central New Jersey. This year's Chef's Night will take place Monday, June 28th 6 p.m. at the Palace at Somerset Park, Somerset, NJ This year there are more than 30 partticapating restaurants and the ticket includes a free wine tasting. For more information go to: http://www.elijahspromise.net

Already on facebook? Keep pace with local activities and housing reports at Somerset and Central New Jersey Living. Just go to: http://www.facebook.com/sacnjl

Carriage Homes at Quailbrook - May 2010 Sales

Michael Adams (Keller Williams Cornerstone Realty) — Sat, 05 Jun 2010 12:44:40 -0700

What's happening in the marketplace

According to the Garden State MLS, currently there are 5 homes actively listed for sale in this Franklin Township Townhouse development, at the time of posting. All five are two story 3 bedroom, 2.1 bath townhomes. However, they represent different floorplans. View* these five active listings.

There was one Carriage Homes at Quailbrook sale for the month of May; 315 Shilling Drive, a 2 bedroom-2 bath ranch - $247,000. One 3 bedroom-2.1 bath townhome is in attorney review.

That's what's happening in the marketplace, now. June 4, 2010.

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Source: Garden State MLS, L.L.C. **Info. deemed RELIABLE but not GUARANTEED - ALL Room Sizes are Approx.** The links will expire 60 days from 6/4/2010. The agent on this site does not represent the association in any way, but is very familiar with the complex (lives there) and is in a position to best represent you in the purchase or sale of a unit in this complex.