Buyers are out looking but are still hesitating to put ink on paper.  Why?
One reason is that most of the existing inventory has been around for awhile, and buyers are waiting and hoping for new and better product.  Last week, a new listing in Chatham Borough had 7 offers in less than 4 days and [...]

The following chart is the current sales summary for Summit, NJ from January 1 to January 31, 2009.
Current Sales – Summit City – January 2009

Address

List Price 

Style

Rooms

Bedrooms

Baths

Sale Price

DOM

 Price  Change-

10  Edison Drive

$399,000

Cape Cod

6 

4

1.1

$365,000

34

11%

58  W END AVE

$400,000

Colonial, Fixr

7 

4

1.1

$400,000

5

0%

90  NEW ENGLAND

$599,000

Town Unit

6 

2

2.1

$522,600

34

22%

12  WEBSTER AVE

$689,000

Colonial

7 

3

2.0

$619,000

71

11%

65  Blackburn Place

$1,830,000

Colonial

9 

5

3.1

$1,425,000

193

22%

193  BLACKBURN

$2,800,000

Colonial

11 

5

5.2

$1,790,000

98

35%

144-A  Kent Place

$1,950,000

Colonial

9 

4

3.1

$1,950,000

312

New const

17  Ridge Road [...]

This past weekend, there were two offers on a house in Madison; after 5 months, it finally found its level and two buyers were confident enough to rally for it.  There were other buyers that wanted it but could not bring themselves to compete.  So what happened here? 
These were motivated sellers that wanted to sell, [...]

Title insurance is required in all states.  Title insurance falls under the jurisdiction of the New Jersey Department of Banking and Insurance.  Title insurance is probably the most expensive item one is required to pay for when buying a home (except the 1% luxury tax on any home over a million dollars).  When purchasing property, [...]

As I have been saying for a few months now, it’s a great time to buy!  There are many good properties on the market, mortgage rates are excellent and are predicted to tip under 5%!  As mentioned in my December 16th post, this is the time to buy - when everyone else is on the sidelines. 
Savvy [...]

Yes, even with low sales volume, we are seeing bidding wars.  Buyers who are actively searching today are typically very well-versed on market conditions - they know what is and is not a good value.  Pricing a home today is a comprehensive process - a fine balance between statistics and a listing broker’s familiarity with other properties [...]

There was a great article in the Star Ledger (Nov. 23) business section that was all about challenging your property taxes.  Before filing for an appeal (before April), you will need to find out your town’s average tax ratio, which can be found at “Reducing property taxes possible, but not likely” – NJ.com.  Divide your [...]

With more and more people staying put and holding onto their existing homes, many are thinking about tackling small renovation projects.  My clients call me asking me for my thoughts because they know that trends come and go and, with our NEW REAL ESTATE MARKET, there are things that current buyers do not see value in.  A good resource, [...]

Since September 2008, we have seen the world spin on its axis at lightning speed.  Today, four months later, Americans are finding deep satisfaction in the simple things in life:  the love of family, friends and comforts of home.  At the same time, we’re reducing costs, spending and carbon footprint because it’s important and the right thing [...]

Google has launched a new service that will save you from those expensive calls to Information. Here is how it works:
Dial : 1-800-GOOG-411 ( 800-466-4411) from any phone
State the City & State, and business type
Your call is then connected for FREE…
 * Your telephone company may apply usual charges for making a phone call or receiving an [...]

Click on the link below to view a chart that shows the current market activity for Summit, Short Hills, Chatham(s), Madison, Harding Township,Mendham Township & Borough, New Providence, Berkeley Heights, Warren, Watchung and Bernards Township since June 1, 2008 though December 31, 2008
Absorption Rate & Current Supply
Absorption Rate = the average number of sales per month.
Current Supply = [...]

Happy New Year!
I always like to start a new year with good news, so here it is:
1)  The foreclosure rate in New Jersey did not go up in November!  There are 2 foreclosures for every 10,000 households. (Source: Jeffrey Otteau)
2)  Mortgage Interest Rates: Conforming loans are hovering around 5%, with jumbo and super jumbo rates posting [...]

There is so much information available to the average consumer, whether it’s via television, print, Internet or word of mouth.  Today more than ever, it is critical when buying a home that one aligns themselves with a local real estate sales associate who is in the market and understands all its intricate details.
A New York Times article from December [...]

 
I would like to thank all of you who read my blog; I truly appreciate your time and interest.  Wishing you a healthy, prosperous and happy 2009!
Sincerely,
Martha McDonnell
Lois Schneider Realtor

Buy what you can afford.  I usually recommend that buyers look at a home purchase with a five-year plan in mind.  The inclination is to buy a home in better condition with less space and work and before you know it, the home is too small.  If you think you may have to sell in less [...]

People continuously ask me, “How is the Market?”  This blog is a good reflection of my opinions, but sometimes it’s good to get another perspective, especially from someone with an unsurpassed track record:  Warren Buffet.
I like Mr. Buffet…he’s candid, admits his mistakes, learns from them, but most importantly, has his eyes wide open to the [...]

When looking at the number of listings posted on Garden State Multiple Listing Service for Morris, Union & Somerset counties since September 1, 2008, 534 properties have been pulled off the market or expired.  They have failed the market.
Since listed in September, there are a total of 4260 active units, 511 under contract and 339 [...]

Prepare Yourself Financially

Frequently, we hear of good intentioned buyers who learn they have a low credit score only after getting a mortgage pre-approval.  Once you begin your home search, whether this is your first or move-up home, run your credit.  This can be done online for free or you can go to any of the [...]

What a Bargain!
When you think you have found a bargain, look good and hard.  Underpriced properties do not linger on the market – they go fast. And even in this current market, they sell competitively.  Remember, with the stock market as it is today, there are many cash rich buyer investors on the sidelines looking [...]

Buying a home has always been a tremendous personal and financial endeavor.  Now more than ever, one must understand the “rules” and dynamics of a new market place!  To follow is my insider perspective of how to buy a home in our current real estate market.
Part One
Today it is critical that you physically see what [...]

As mentioned in my October 29 blog post, there are approximately 2 foreclosures for every 10,000 households in New Jersey, or an average of 748 units per month, the third lowest level in the country after Connecticut and New York.
After spending a great deal of time researching sheriff sale data for Morris & Somerset counties [...]

Summit Sales Statistics July 1, 2008 to November 15, 2008
Up to $500,000
20 Units Sold
Average Days on Market:  73 days
Average List Price:  $416,000
Average Sale Price:  $393,000     -6% adjustment
$500,000 to $750,000
11 Units Sold
Average Days on Market:  113 days
Average List Price:  $676,000
Average Sale Price:  $594,000     -14% adjustment
$750,000 to $1,000,000
9 Units Sold
Average Days on Market:  81 days
Average List Price:  [...]

I get asked daily from active and previous clients, “What is the market like these days?”  In a nutshell, I am busy showing property and trying to keep up with buyers who want to renegotiate terms and accepted offers, even at the closing table.  Deals take days to put together and, many times, go south [...]

The Federal Reserves’ infusion of cash into the banks Monday has resulted in a significant drop of almost 1% in the interest rate on 30-year fixed rate loans.  As it stands today (count on it changing), interest rates on a loan of up to $417,700 are 5.375%.  This is the lowest they have been since [...]

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