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 ar... 04/26/2011

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 t... 04/20/2011

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 c... 04/15/2011

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 co... 04/11/2011

New two and three bedroom single family homes are now available in Franklin Township, New Jersey. This is part of a redevelopment plan approved by the Township Council and the Township's Redevelopment Agency.  Leewood Renaissance developers purchased the property in order to build affordable housing in the area. Home start at $99,990 and flexible mortgage arrangements are available for qualified buyers. All of the homes are Energy Star certified. 04/10/2011

If you would like to know a liitle more about what your Somerset County, NJ home may be valued at as compared with other similiar houses, townhouses or condos in you area, I would be glad to help you find that number. What I can provide is an estimate of value based on other homes that have been or are presently listed in the (GSMLS) Garden State Multiple Listing Service. Obviously sales that have taken place within the last three months would be a good comparison. Please email me at steve147@comcast.net with you name and phone number and expect a courtesy call from me within 24 hours. I am a licensed real estate agent. 03/19/2011

As a New Jersey real estate agent residing in Somerset County I have heard it mentioned that some homeowners that either miss a mortgage payment, haven't missed a mortgage payment or are just worried if they might miss a future mortgage payment sometimes don't really know where to go to get answers. It's the time delay between worring what to do and finally taking action to correct a situation that is critical. Help is out there. A knowledgeable realtor would by my first choice. Some people may be of the opinon that once they fall behind in mortgage payments that there is no further hope left for them. I think this is due in large part to the coldness of some banks and the time delay that it takes for them to respond to a concern of the mortgagor. However, there other options. Some of t... 01/18/2011

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 ... 08/12/2010

For the 2nd time in 2 years MONEY MAGAZINE picks Franklin Township as one of the best places to live in the United States: FRANKLIN NAMED ONE OF AMERICA'S BEST PLACES TO LIVE FRANKLIN TOWNSHIP, New Jersey-July 13, 2010-Franklin Township officials were pleased to hear  that the Township was named No. 34 in Money Magazine's 100 Best Places to Live 2010. Franklin held the top ranking of  New Jersey towns that made the list.   The magazine wrote, "It isn't rare to come across a cow crossing in Franklin. Despite being just an hour away from New York City, this 46-sauare-mile township contains quite a bit of farmland. There are miles of walking trails overlooking green pastures. Recreation opportunities are varied, including cricket fields and skateboard ramps. The township's rich cultural di... 07/20/2010

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 r... 07/17/2010

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 repres... 07/10/2010

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, plea... 07/10/2010

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 noo... 06/24/2010

Please join me at my Open House in Quailbrook Cluster Homes on Sunday, June 13, 2010 from 1-4 PM. Beautiful 2 Bedroom/2.5 Bath Townhome; 159 PICADILLY COURT SOMERSET, NEW JERSEY 08873   06/11/2010

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 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 represe... 06/05/2010

This Week's Open Houses At the time of posting there are 28 Franklin Township homes for sale scheduled for an Open House, this coming Saturday and Sunday. Generally, open houses are held between 1PM and 4PM. 2048 Amwell, 54 Castleton and134 Pear Tree are scheduled for Saturday. Click here to search this week's Open Houses.  In New Jersey it is required for real estate agents to disclose the different types of relationships possible between themselves, buyers and sellers. Learn more about real estate agency and why you might not want to venture into a public open house on your own. Regardless of the listing agent, office or MLS service; if you are not already contracted with an agent give me a call/text or send an e-mail and I will be happy to arrange a personal tour of any Somerset or c... 06/05/2010

This Week's Open Houses At the time of posting there are 31 Franklin Township homes for sale scheduled for an Open House, this coming Saturday and Sunday. Generally, open houses are held between 1PM and 4PM.  Click here to search this week's Open Houses.  In New Jersey it is required for real estate agents to disclose the different types of relationships possible between themselves, buyers and sellers. Learn more about real estate agency and why you might not want to venture into a public open house on your own. Regardless of the listing agent, office or MLS service; if you are not already contracted with an agent give me a call/text or send an e-mail and I will be happy to arrange a personal tour of any Somerset or central New Jersey listed property or open house that you might find o... 05/22/2010

This Week's Open Houses At the time of posting there are 8 Franklin Township homes for sale scheduled for an Open House, this coming Saturday and Sunday. Generally, open houses are held between 1PM and 4PM.  Click here to search this week's Open Houses.  In New Jersey it is required for real estate agents to disclose the different types of relationships possible between themselves, buyers and sellers. Learn more about real estate agency and why you might not want to venture into a public open house on your own. Regardless of the listing agent, office or MLS service; if you are not already contracted with an agent give me a call/text or send an e-mail and I will be happy to arrange a personal tour of any Somerset or central New Jersey listed property or open house that you might find on ... 05/14/2010

This Week's Open Houses   If you wish more information, don't hesitate to contact me directly. If you qualify for the home buyer's tax credit, you have less than two weeks to enter a binding contract.  A binding contract is defined as one that has concluded attorney review.  Not working with a Realtor? You don't have a minute to waste. Contact me now! Regardless of the listing agent, office or MLS service; if you are not already contracted with an agent give me a call/text or send an e-mail and I will be happy to arrange a personal tour of any listed property or open house that you might find on the Internet, print media or yard sign. At the time of posting the following 27 Franklin Township properties are scheduled for an Open House, this coming Saturday and Sunday. Generally, open hou... 04/16/2010

What you can do to help sell your Somerset home Is your home priced realistically?   Buyers are using online tools to search information concerning your home's value. In today's market, you can't be greedy or price your home based upon what you might need to move on.  Often it will take the expertise of a Realtor to come up with a realistic asking price.  Setting an aggressive asking price will attract a greater number of prospective buyers and discourages lowball offers. What sellers don't realize is a house priced too high only helps to highlight the comparable homes in the area.  While your home is listed, it is constantly being compared to similar homes on the market. Buyers can't be bamboozled with all the information available on the internet. Buyers are looking for perceived valu... 04/06/2010