real estate news: Real Estate Tip of the Day. - 11/09/14 01:24 AM
To make progress in uncertain times, let go of what you thought your real estate was worth. Value on paper is not real money. Real estate is always worth as much as a lender will extend in credit or a buyer will pay. Paper values may rise and fall, but you have no dollars and no loss until real estate is mortgaged to borrow against accumulated equity or it is sold to release equity.
 
North/Central NJ 
Town Listings This web page provides all the current real estate listings as a public service for home buyers, sellers and residents of many North/Central … (2 comments)

real estate news: New Jersey Real Estate Market Daily Information & Updates - 01/09/11 02:08 AM
NJ Estates Real Estate Group Newsletters and BlogsNew Jersey Estates has many newsletters and blogs that are filled with useful current information on the
Real Estate market.
Click on the links below. Please note: All links open up in a separate window  
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real estate news: Buyer Consultation: Financial Options and Qualifications Section - 12/20/10 01:03 AM
You need to have a segment in your buyer consultation to focus on the five specific areas of a buyer's financial picture. Don't let a prospect get away with the response, "Don't worry. I have that handled." When someone said that to me, I began to worry more than usual. It was a clear sign, in most cases, that they didn't have it handled. The five specific areas to discuss are type of financing, where to obtain it, the difference between pre-qualifying and pre-approval, earnest money deposit, and access to funds.

1. Type of financing
We want to express to … (2 comments)

real estate news: Use Experts to Navigate Homebuying Process, - 12/10/10 12:14 AM
In a growing atmosphere of the do-it-yourself mentality, some wonder should I take on the homebuying process on my own. It's certainly been done, but, more often than not, homebuyers turn to the experts when it comes time to making, what will often be, their most expensive purchase.

Here are just a few reasons why it's a good idea to use an expert real estate agent to help you navigate the homebuying process.
1. Knowledge is power. Real estate agents work in the field every day. They're immersed in markets that buyers, likely, have less opportunity and time to study. … (1 comments)

real estate news: 10 Reasons to Buy, If you are still unsure, be sure to read these ten reasons to buy. - 12/08/10 12:25 AM
Owning a home has been a part of the American Dream for decades. If you are still unsure, however, whether or not homeownership is the move for you, be sure to read these ten reasons to buy.

1. Low Interest Rates. It's true! Interest rates are currently at historical lows. This means over the course of your loan, you'll pay less interest. And it also means monthly payments will be a smaller, more manageable amount.
2. Mortgage Interest Deduction: While this deduction may not be available for much longer, for now you can still use this great tax advantage!
3. … (0 comments)

real estate news: Pending Sales Rose in October, up 10.4 percent from September. - 12/07/10 12:11 AM
Lawrence Yun, chief economist for the National Association of Realtors (NAR), reports, "It is welcoming to see a solid double-digit percentage gain, but activity needs to improve further to reach healthy, sustainable levels. The housing market clearly is in a recovery phase and will be uneven at times, but the improving job market and consequential boost to household formation will help the recovery process going into 2011."

Housing affordability is bringing buyers to the market, say industry leaders. And the proof is in the numbers. Pending home sales rose in October, up 10.4 percent from September.
Lawrence Yun, chief economist … (1 comments)

real estate news: 2010 Homebuyer Survey Contains Valuable Information for Agents and Sellers - 11/29/10 11:17 PM
One of the most useful research projects of the National Association of Realtors® (NAR) is the annual survey of homebuyers and sellers. The 2010 version (Profile of Home Buyers and Sellers 2010) became available in November of this year.

The information is based on answers to an eight-page questionnaire mailed to 111,000 consumers who purchased a home between July 2009 and June 2010. (Names and addresses were provided by Experian, a company that maintains an extensive database of recent homebuyers that is derived from county records.) There was a 7.9 percent response rate.
In 2010, first-time homebuyers constituted 50 percent … (0 comments)

real estate news: Determining Factors of a Qualified Prospect - 11/26/10 04:36 AM
Do they want it? Do they have to have it? Those are the key questions to review in your head while talking with the prospect. If they are hoping for or would like something to happen, the likelihood of it happening diminishes.

1. Strong motivation
Motivation is simply the desire to do something. The stronger the desires on the part of the Buyer, the easier it will be for you to satisfy or even exceed their expectations. The stronger the motivation, the lower the expectations they will have for a property or your service. A low motivation prospect is willing … (4 comments)

real estate news: Special Homeowner Relief Extended to More 'Hardest Hit' States - 10/21/10 01:27 AM
More qualified homeowners struggling with unemployment or under-employment in additional states have been targeted by two expanded foreclosure-prevention efforts from the Obama administration.

First, from the U.S. Department of the Treasury's Housing Finance Agency (HFA) Innovation Fund for the Hardest Hit Housing Markets (the Hardest Hit Fund), comes $2 billion in additional assistance available for HFA programs for homeowners struggling to make their mortgage payments due to unemployment.
Earlier this year the Hardest Hit Fund launched with $1.5 billion going to only five states Arizona, California, Florida, Michigan and Nevada, where home values have fallen more than 20 percent from … (0 comments)

real estate news: Holiday Season: Party Etiquette, Have no fear! We have you covered. - 10/20/10 12:58 AM
We are rounding our way into the holiday season. And with that time comes parties, gatherings, and family meals. Are you unsure what proper etiquette is for these affairs?

1. RSVP: This is an abbreviation of the French term, "répondez, s'il vous plaît." It means to please reply to the host/hostess on whether or not you will be able to attend. Many guests feel these days that the RSVP is optional, but the rules of good etiquette, and thus a good guest, dictate that you reply. Among other things, it helps the host plan for the amounts of food and … (1 comments)

real estate news: Real Estate Outlook: Bank of America Halts Foreclosures - 10/18/10 12:20 AM
It's announcement has been received with mixed reviews. Many homeowners on the brink of foreclosure are breathing a temporary sigh of relief, as Bank of America announced it would become the first major bank to halt both foreclosure proceedings and sales. This will take effect in each of the 50 U.S. states.

The decision comes on the heels of mounting political pressure, namely that from Senator Christopher Dodd, chairman of the Senate Banking Committee, and the impending November 16th hearing on foreclosures.
The temporary cessation of foreclosure proceedings will give Bank of America time, in the wake of the mortgage … (1 comments)

real estate news: Real Estate Outlook: Pending Sales Rise - 10/11/10 02:02 AM
Pending sales rose 4.3 percent, and were up in all regions except the Northeast, which saw a 2.9 percent decline. Lawrence Yun, NAR chief economist, said the latest data is consistent with a gradual improvement in home sales in upcoming months. "Attractive affordability conditions from very low mortgage interest rates appear to be bringing buyers back to the market," he said. "However, the pace of a home sales recovery still depends more on job creation and an accompanying rise in consumer confidence."

 
The recent recession and slow recovery has wreaked havoc on businesses and households, alike. And according to … (0 comments)

real estate news: Out-Of-Work Borrowers Getting Loans and they might not have to pay all the money back. - 10/08/10 12:47 AM
The unemployed are getting loans and they might not have to pay all the money back. HUD is offering bridge loans to people who are out of work and have fallen behind on their mortgage payments. Earlier this week, The U.S. Department of Housing and Urban Development (HUD) announced a new loan program available in 32 states and Puerto Rico. "It's a $1 billion initiative," says Lee Jones with HUD.

The detailed release from HUD states, "The program will offer a declining balance, deferred payment "bridge loan" (non-recourse, subordinate loan with zero interest) for up to $50,000 to assist … (0 comments)

real estate news: Resale Fees, They are making headlines across the nation, and for good reason. - 10/07/10 12:22 AM
Resale fees, also known as capital recovery fees or private transfer fees, are fees that a seller pays to the developer, each and every time the home sells for a specified period of time.

 If you haven't heard about resale fees, then it's time you did. They are making headlines across the nation, and for good reason.
When you buy a house, how often do you read every line of your sales contract? If new legislation fails to pass, you'll need to read before signing anything.
Resale fees, also known as capital recovery fees or private transfer fees, are fees … (2 comments)

real estate news: Winners Never Cheat - 10/05/10 01:27 AM
The author points out that, in difficult financial times, certain things may go out of style. One of them is attention to values and integrity.

Thanks to RE/MAX broker Stuart Thomas for bringing to our attention the timely book, Winners Never Cheat, by Jon M. Huntsman (Wharton School Publishing, 224 pages). Reading it could prove to be a valuable and meaningful experience for agents and brokers alike. Winners Never Cheat was first published in 2005 and carried the subtitle "Everyday Values that We Learned as Children (but may have forgotten)." Today, the current, revised edition specifies "Even in Difficult Times."
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real estate news: American Dream Attracting More Foreigners - 09/30/10 12:46 AM
The recently released 2010 study, which queried Realtors for a year ending in March 2010, found that 18 percent of all Realtors were estimated to have completed at least one international sale, compared to 12 percent last year.


They comprise only a small share of homebuyers in the U.S., but more and more foreign buyers are coming to America for the homeownership piece of the dream.
More than a quarter of Realtors, 28 percent, reported working with at least one international client in the past year, up from 23 percent during the previous Profile of International Home Buying Activity.
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real estate news: New Short Sale Bill Submitted to Congress - 09/28/10 02:49 PM
U.S. Representative Robert Andrews (D-N.J.) and Tom Rooney (R-Fla) offered up new legislation to Congress last week. H.R. 6133, "Prompt Decision for Qualification of Short Sale Act of 2010," is an effort from Congress to help keep potential buyers from walking away from short sales, simply because lenders take months to respond to their offers.

The National Association of REALTORS are a strong supporter of the bill. Their President, Vicki Cox Golder, said, "The short sale, which requires lender approval, is an important instrument for homeowners who owe more than their home is worth. While the lending community has worked … (3 comments)

real estate news: Agency Relationships Need to Be Clear - 09/28/10 02:27 PM
Sometimes people expect more of a real estate agent than they ought to. This is not just a comment about agents' abilities; it also has to do with their allegiances. It is an issue of agency. There are two common instances where misperceptions may occur. One is where an unrepresented buyer engages an agent of the seller. The other is when an unrepresented seller is approached by an agent of a buyer.

Typically, the former might occur when a buyer comes into an open house. He or she shows an interest in the property; discusses it with the listing agent … (3 comments)

real estate news: Disgruntled Short Sale Buyers Moving To "New" Homes - 09/01/10 12:41 AM
"I purchased a new home because I will never ever go through a short sale nightmare again in my lifetime," said buyer Lynn Buonviri. Her dream short-sale fell through when the seller cancelled without telling anybody, refused to move out, and would not come to the door. The fact that she had just arrived after pulling a trailer 1,000 miles for the scheduled final inspection, did not help.

Disgruntled Short Sale Buyers Moving To "New" Homes
Recently, Tampa Bay Realtor Christine Hensley's $153,000, 1800-square-foot ten-year old short sale cancelled unexpectedly. The seller allegedly could not get comfortable with what he … (1 comments)

real estate news: Three of the New Realities of Successful Online Marketing. - 08/16/10 12:57 AM
The Internet has been the game -- changer in real estate. Be honest: did you ever think -- back in 2005, even -- that more than 80% of all homes sales would begin on the Internet? Well, that day came years ago, yet most of the agent base continues to miss out on Internet sales.

This shows why new methods and technologies need to be investigated and considered by any agent serious about succeeding online, because one glaring question remains unanswered: Simply put, how can it be that 80+% of home sales begin online but that 90+% of agents … (3 comments)

 
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Paul F. Stillwaggon

NJ Estates Real Estate Group, Weichert Realtors

Warren, NJ

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