Thomas Della Piazza  invites you to search for your dream home at PropertyinSummit.com. With interest rates at historical lows, and housing inventories high, now may be the best time to start your dream home search.   SummitToday Real Estate and PropertyinSummit.com bring you the  the information you need to take that first step.  SummitToday Real Estate is your source for links to community and municipal websites. PropertyinSummit.com is your search engine for finding a home. For more information, please contact Thomas Della Piazza, Sales Associate at Weichert Realtors Summit NJ. at 908-227-0147 or TommyDP@verizon.net.

I am pleased to announce my association with Weichert  Realtors in Summit NJ.   I am extremely excited to work in my hometown and be of assistance with those that call on me to help them with their real estate needs.  In the coming days, I will be linking my new Weichert Realtor personal web page PropertyinSummit.com  to the Summit Today site. Both sites will serve as a valuable resource for those interested in obtaining real estate or community information about Summit and it's surrounding areas.  Whatever your real estate needs may be, please feel free contact me at tommydp@verizon.net or by cell at 908-227-0147  

David Farber investigates the origins of todays economic housing and market crisis in CNBC's "House of Cards". What caused the financial collapse of today?  Don't miss The "House of Cards which airs again Sunday March 29 at 8pm ET. If you can't watch it live, set your DVR. You will not want to miss David Farber interview Buyers, Lenders, Investors, and Federal Reserve Chairman Alan Greenspan.  Could Alan Greenspan have stopped this bubble from bursting?? See what he had to say.. For more information on CNBC's the The "House of Cards" click here Posted by Thomas Della Piazza, Coldwell Banker Realtors Summit NJ.

New Jersey Governor Jon Corzine has announced his plan to eliminate the NJ State Property Tax Deduction for all non-senior households regardless of income. The New Jersey Association of Realtors (NJAR) which opposes this plan is calling on New Jersey residents to join them in fighting the passing of this harmful proposal. If passed, this plan will undoubtedly cost homeowners hundreds of dollars as they will be unable to deduct property taxes from their state filings.  As a New Jersey Homeowner and local Realtor, I would like to reach out to all my friends and clients to join in the fight and to take action on this issue by visiting the NJAR site and sending a message to Governor Corzine, your Assembly-person and State Senator. To Say No To Elimination of NJ Property Tax Deduction please click here. Posted by Thomas Della Piazza, Sales Associate Coldwell Banker Realtors Summit NJ.

Here is a great explaination of Tax credits currently available for first-time homebuyers.  CNNMONEY.COM explains the differences between the Economic Recovery Act of 2008 and the recently signed stimulus package of 2009. The Economic Recovery Act of 2008 gives a tax credit of $7500.00 for first-time homebuyers that purchased after April 1, 2008 and before January 1, 2009.  Walter Updegrave of CNNMONEY describes it as an interest free government loan that can  be paid back over time.  The current stimulus package of 2008 allows for an $8,000.00 tax credit for first-time homebuyers that purchase between January 1, 2009  and November 30 of 2009.  You can claim it on your 2008 tax return and it does not have to be repaid as long as you stay in your home for at least 36 months. For more information on tax credits for homebuyers and to read the rest of the report by CNNMONEY.COM, please click here Posted by Thomas Della Piazza, Sales Associate, Coldwell Banker  Realtors, Summit NJ.

Money 101 published by CNNMoney.com is   "An easy to follow guide to help gain control of your finances".  The lessons in Money 101 start with "Setting Priorities",  "Making a Budget", "Investing"," Buying a Home", "Planning for Retirement" and more. I found most of the information to be very helpful , but as a real estate professional I had particular interest in Lesson #8, "Buying a Home". Money 101 begins with a few "Top Things to Know" like when to buy, cleaning up your credit, getting pre approved, and finding a real estate professional. If you are looking to buy or sell a home there are definitely things you should know and Money101 is a great place to start.  Also included in the post, "Are you ready to own?" which discusses owning vs renting, "Getting the Right Money" emphasizing credit, "Picking a Team" that is selecting a realtor, "The Hunt" finding a home and "Closing the Deal". If you are selling your home, there are also plenty of selling tips for you as well.   To find out more about Money101  please click here,  and remember that if you are buying or selling a home, it is highly advised that you seek the advice of a real estate professional. Posted by Thomas Della Piazza, Coldwell Banker  Realtors Summit, NJ 908-227-0147

The National Association of Realtors has launched a site to help educate the public on the advantages of using a realtor.  The site http://www.housingmarketfacts.com/ points out the benefits of homeownership. Did you know that home values nearly double every ten years.?"  Learn about the advantages of homeownership and more at HousingMarketFacts.Com.  The (NAR) recommends this site for both buyers and sellers and encourages both to find a realtor to help them with all of their real estate needs. Posted by Thomas Della Piazza, Coldwell Banker Realtors.  

Originally Posted by on http://SummitToday.com

As a Realtor in the Summit, NJ area, I recently received a call from a homeowner that was interested in selling his home because he could no longer afford it.  He purchased the property  in 2004 with no money down and refinanced it a year later for $40,000.00 more than what he paid for it.  Last week, I performed a Comparable Market Analyses (CMA) for him and determined that he now owes more than his home is worth.  If he were to sell his home today, he would not only have to come up with enough money to pay off his mortgage, but also to pay for costs associated with listing the property. He is one of many homeowners that are heading for foreclosure.  

 Over the last several years, it was easy to obtain a mortgage. We hear on a daily basis about the increase in the number of foreclosures, and about the subprime lending issue that has put many homeowners in a state of financial disarray. According to a recent report, the national foreclosure rate is one in every 501 households. The majority of these foreclosures are the result of subprime adjustable rate loans or teaser rates that are about to reset. When the resetting occurs, the loans become unaffordable and the buyer must either try to sell, refinance, or eventually ends up defaulting on the loan. 

Today's market requires homeowners to know the value of their home before they take additional loans against it.  It is too risky to refinance your home, or take equity lines that exceed the value of your property.  Homeowners can find out the value of their home by asking a local realtor for a CMA or by getting a professional appraisal done.   I advise buyers when seeking financing to completely understand the terms of their mortgage and to work with a consultant that they can trust.   If you do not know anyone in the mortgage business, ask your real estate agent to recommend one.

Posted by Thomas Della Piazza, Sales Associate. Coldwell Banker  Realtors, Summit NJ  TommyDP@verizon.net