Click the following link to view a market snapshot for Summit, NJ and the surrounding areas.
Summit Area Market Snapshot
*Included: Only properties listed since July 1, 2008.
Failed to sell: units that either expired or were withdrawn from the market since listed in July 1, 2008.
Note: Entry level (under $500,000) continues to fuel the market. This is […]

After Hurricane Katrina, FEMA altered the national flood maps, pushing the flood zone further out, increasing the insurance pool.  Many of my clients received letters from their mortgage company stating that they now had to pay for flood insurance.  Most of them have owned their homes for many years and had never had any close […]

Today’s northern New Jersey real estate market is not without its challenges, mostly due to limited optimal inventory and buyer psychology.  Today, a good real estate agent is spending a great deal of time and effort bringing both parties (buyer and seller) to a consensus.  Sellers are apprehensive about leaving money on the table, and […]

Yes, homes that are located in top locations (streets and neighborhoods), aggressively priced, updated and staged are selling quickly, sometimes in competitive situations.  All in all, the market is trudging along with the bulk of the activity under the $500,000 price point.
This is a beacon of hope since the entry level is what fuels the […]

Foreclosure Data for New Jersey (Source:  Otteau Valuation Group)
Two foreclosures for every 10,000 households in New Jersey.
National Average:                    .07%          90,893
New Jersey:                          .02%           748 units per month
Pennsylvania:                       .02%           922 units per month
New York:                            .01%           827 units per month
Connecticut:                       .001%          84 units per month
California:                            .25%          33,205 units per month

If you’re thinking about buying a home in New Jersey, you may encounter what’s known as a “short sale.” 
Short sales occur when a seller paid too much for their current home and has no equity or if a seller over-mortgaged and the loan balance exceeds the value of the property.
A seller must qualify for a […]

Fire officials around the country urge people to use this occasion to change the batteries in your home’s smoke and carbon monoxide detectors.  Almost all homes in America have these life-saving devices, but in one-third of them, the batteries are dead or missing, putting families and neighbors at risk.  Before going to bed on November […]

Buying a Home:  New Financing Guidelines
HOW MUCH CAN I MORTGAGE?
Based on my income, how much of a mortgage can I obtain?  Many things go into qualifying for a mortgage.  To get a rough estimate, multiply your gross income by 3.5.
Depending on your other liabilities, such as car loans and credit cards, the amount may go […]

Buying a Home:  New Financing Guidelines
YOUR INCOME
Whether you’re purchasing a home here in New Jersey or somewhere else, the financing guidelines are all the same.  When you’re seeking a lender, your income will be one of the determining factors to obtain a mortgage loan.
Lenders want to see two years of continuous and uninterrupted employment and […]

Buying a Home:  New Financing Guidelines
YOUR CREDIT SCORE
To qualify for a good mortgage rate, your credit score should be above 720.  Mortgages are still attainable if your score is in the mid-500s, but your rate will be considerably higher.  But don’t fret…there are things you can do to improve your credit score! 
Your balances on your […]

Why should I buy a home today?  There are MANY reasons why you shouldn’t delay in buying the home you’ve always wanted.
Rates are good and hovering between the high 5’s and low 6’s!
Sellers that really want to sell are open to listen to offers!
Sellers are willing to work with buyers and consider home sale contingencies […]

Here are a few pointers to help prepare you for a successful and responsible home search.
Once you have identified a town(s), a call to town hall is a must to inquire about any special or new tax assessments.  The last thing you want is a surprise!
Have an idea of what your closing costs are going […]

If you work in downtown Summit, you’re well aware of how critical parking is for shoppers, merchants, business owners and employees. With numerous new developments on line, parking demands will surge. The City of Summit (Parking Assessment Survey) is currently studying a few proposals submitted by the consulting firm to analyze current and future needs […]

Summit Farmers Market just got better with the addition of Brownie Points Bakery, offering a wide array of home-baked goodies.  Brownie Points Bakery is located at 3 Beechwood Road.  I took home a generous slice of melt-in-your-mouth pound cake, which I ended up having to share!  If you haven’t been downtown on a Sunday, stop by […]

The following are Summit sales statistics for June 2008 through September 23, 2008.
Active Listings                    136 properties                    $225,000 to $9,900,000
Under Contract                   25 properties                      $299,000 to $4,250,000
Sold                                   23 properties                     $259,000 to $4,500,000
Days on the Market            79 days
List vs. Sold                        97% of list price   

412 Morris Ave
$299,900
Condo
$280,000
 - $19,000
25

73 River Road
$309,999
Cottage
$300,000
-$9,000
58

67-75 New England
$389,000
Condo
$389,000
asking
0

16 Mountain Ave 
$450,000
Colonial
$575,000
+125,000
21

12 Baltusrol Place
$450,000
Colonial
$375,000
-$75,000
36

107 W End Ave
$459,900
Colonial
$450,000
-$9,000
28

2 Ascot Way
$479,900
Split Level
$465,000
-$15,000
34

19 Yale St
$579,000
Split Level
$505,000
-$74,000
103

19 Ashland Road
$529,000
Colonial
$529,000
asking
9

44 Oak Ridge Avenue
$829,000
Colonial
$570,000
-$49,000
640

185 Ashland Rd
$599,000
Colonial
$572,000
-$28,000
58

24 […]

Like Great Britain and France, Japan is requiring manufacturers of consumer products to include the carbon footprint for each product, from distribution to disposal, on product labels.  Japan is still working out a standardized method of calculation.  While many large corporations have embraced the regulation, critics feel the methodologies are too vague and will confuse […]

New Jersey has 316 high schools throughout the state.  Based on SAT scores and state-mandated high school proficiency assessments, the following school districts were rated in the Top 10 percent by New Jersey Monthly Magazine.
  1     Millburn/Short Hills
10     Chatham
15     Berkeley Heights
17     New Providence
22     Summit
27     Westfield
29     Cranford
Martha McDonnell
973-885-2074
MarthaMcDonnell@verizon.net
 

Did you know…

New Jersey is the most densely populated, 11th most populated and the 4th SMALLEST state in the nation.  (U.S. Census Bureau)
New Jersey has the second highest household income ($64,470) in the nation after Maryland ($65,144).  (U.S. Census Bureau)
New Jersey is 7th in the nation for high school graduation rates.  (Digest of Education Statistics)
80% of […]

REAL ESTATE MARKET SNAPSHOT:
What we hear about the real estate market day in and day out are national trends.  Northern New Jersey commuter towns serviced by the Midtown Direct and Peapack Gladstone lines, the market I serve*, have seen inventory levels comparable to 2004 since January of this year.  At the same time, the absorption […]

Do you know what the Top 2 household water wasters are?
Flushing toilets and taking showers!
Here are some water-saving tips you can use in your home:
Tip 1:  Replace old toilets with either HET (high-efficiency toilets), which use no more than 1.6 gallons per flush, or a Dual Flush Toilet, which uses 0.8 gallons for a half flush […]

Are you thinking of renovating?  Here are some tips for living green at home:
Painting or Staining:  Look for eco-friendly or zero VOC (Volatile Organic Compounds) paints, such as Serena and Libby.
Replacing Cabinetry:  Today, there are many alternatives to using formaldehyde-laden, particleboard-based cabinetry.  Seek out manufacturers who use sustainably harvested soft and hard woods (Grass Cabinetry and […]

Most national banks started offering the new conforming loan amount of $729,750 this week.
The following New Jersey counties are eligible:  Bergen, Essex, Hudson, Hunterdon, Middlesex, Monmouth, Morris, Ocean, Passaic, Somerset, Sussex, Union.
The rates being offered are slightly lower than jumbo and slightly higher than the conforming amount of $417,000.
As it stands, these loans are offered […]

Hi and welcome to my new look, Summit-NJ.com website. For those of you who have been here before, you’ll notice a fresh new look to the entire website with great links to loads of information!
If this is your first time - then I welcome you to take a look around. If you’re looking to move […]