Summit-NJ.com

Summit Area Market Snapshot

Martha — Sat, 22 Nov 2008 01:35:02 +0000

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 Failed to sell: units that either expired or were withdrawn from the market since listed in July 1, 2008.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 [...]

Buyers Beware: Flood Insurance Requirements

Martha — Thu, 13 Nov 2008 16:11:04 +0000

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 [...]

Sellers Offer Creative Marketing Strategies for Buyers

Martha — Sun, 09 Nov 2008 08:00:33 +0000

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 [...]

Home Buying Opportunity…YES, things are selling!

Martha — Fri, 07 Nov 2008 05:08:51 +0000

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

Martha — Wed, 29 Oct 2008 08:00:02 +0000

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

Short Sale Facts for Buying a Home in New Jersey

Martha — Mon, 27 Oct 2008 08:00:07 +0000

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 [...]

Daylight Savings Time ends on Sunday, November 2!

Martha — Thu, 23 Oct 2008 21:34:37 +0000

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: How Much Can I Mortgage?

Martha — Wed, 15 Oct 2008 08:00:06 +0000

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: Your Income

Martha — Mon, 13 Oct 2008 08:00:12 +0000

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: Your Credit Score

Martha — Sat, 11 Oct 2008 19:26:12 +0000

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?

Martha — Wed, 08 Oct 2008 08:00:43 +0000

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 [...]

Tips for Buying a New Home Today

Martha — Mon, 06 Oct 2008 08:00:40 +0000

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 [...]

What’s Going On Around Town

Martha — Fri, 03 Oct 2008 08:00:35 +0000

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 [...]

What’s Going On Around Town

Martha — Wed, 01 Oct 2008 08:00:54 +0000

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 [...]

Summit Sales Statistics: June - September

Martha — Mon, 29 Sep 2008 08:00:03 +0000

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 [...]

Japan to launch carbon footprint labeling!

Martha — Sat, 27 Sep 2008 08:00:40 +0000

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 Monthly Magazine: Annual School Report Card 2008

Martha — Wed, 24 Sep 2008 04:40:18 +0000

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?

Martha — Thu, 18 Sep 2008 08:00:32 +0000

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 [...]

New Jersey Real Estate Market Snapshot

Martha — Mon, 15 Sep 2008 08:00:07 +0000

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 [...]

Living Green at Home - Water-Saving Tips

Martha — Fri, 12 Sep 2008 08:00:18 +0000

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 [...]