Archive for the 'NJ First Time Home Buyers' Category
How is the Millburn/Short Hills Real Estate Market?
June 19th, 2009 Categories: Buying a Home in NJ, Millburn & Short Hills Living, NJ First Time Home Buyers
At lunch yesterday after the Center Court Member Guest,
I was asked
How is the Millburn/Short Hills Real Estate Market?
 Houses are moving after a sluggish early spring,
especially if they are priced right!
And, what priced houses are moving?
In the past month, 35 homes have gone under contract at all different price points
5Â Â Under $500,000
6Â Â $501,000 to $750,000
4Â Â $751,000 to $999,999
11 $1,000,000 to $1,499,999
5Â Â $1,500,000-$1,999,999
4Â Â $2,000,000+
Short Hills Median List Prices are falling whereas Millburn Median List Prices are holding pretty steady.
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Want to learn more about the Millburn/Short Hills Real Estate Market? Call Perri K. Feldman @ 973.650.4727 or email [email protected]
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South Orange is Still Hot for NYC Commuters
March 27th, 2009 Categories: Buying a Home in NJ, NJ First Time Home Buyers, South Orange Living
South Orange is a Terrific Town
for First Time Home Buyers.
Danielle Elliot writes in South Orange Patch how desirable Midtown Direct Train communities are for NYC transplants.
Perri Feldman, a realtor with the Summit-based Keller Williams, says the sluggish economy hasn’t substantially slowed the trend. At least 80 percent of her clients are from the New York City area. These first-time buyers are looking to put their savings into something solid, hoping that “if they do lose their jobs, they have hopefully created a nest egg with the house.â€
A nest egg that has never been so affordable. “To say that now is the time to buy is an understatement. Historically, prices and interest rates have never been this low, and first-time homebuyers want to jump in feet first. The $8,000 credit doesn’t hurt either,†said Feldman, referring to the credit available to first-time home buyers via the Obama stimulus package.
There’s also a contingent of would-be buyers fresh from digesting grim news about the economy who house-hunt with the expectation that they can find a home for a fraction of what they would have paid two years. But Feldman says they’ve been largely disappointed, and local sellers have resisted dropping their prices by large amounts.
“Along the Midtown train line is the hottest place to be,†she said. “People are low-balling, but sellers aren’t budging.â€
Patch has been slowly adding communities to their local news sites: Maplewood, South Orange, Millburn with Scotch Plains, Summit and Westfield coming soon.
Want to learn more about Homes and Towns along the Midtown Direct Train? Call Perri @ 973.650.4727 or email Perri K. Feldman about your Midtown Direct Real Estate Needs.
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Oops! But, I Did Make an Appointment!
February 10th, 2009 Categories: Buying a Home in NJ, Just Because..., NJ First Time Home Buyers
Rob Hahn, one of the smartest marketers and social media experts I know, wrote a piece on Blog Your War Stories:
After a recent Lucky Strike Social Media Club dinner — the very first one, as a matter of fact, in which the club was formed — I had the pleasure of riding in a car with two realestistas. Sarah Bandy (@sarahbandy) and Perri Feldman (@perrifeldman) are two NJ-based realtors who are just a joy to be around.
As we were rolling down the NJ Turnpike, Sarah and Perri started telling tales from showings that went akimbo and other war stories.
…First, war stories are fun. Sarah’s story about the homeowner whose cat was on the toilet doing what humans typically do on toilets during a showing drew howls of laughter from me. Perri’s tale of the one showing she did where the sellers forgot about the appointment and decided to… ah… take a mutual lunch break… and were discovered in flagrante delicto — that’s a classic story.
I promised Rob to write about more.
In case you missed last year’s classic: The Ultimate Horror Story
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New Jersey Mortgage Rates Plunge
November 29th, 2008 Categories: Buying a Home in NJ, NJ First Time Home Buyers, NJ Mortgage Update
Finally, some good news for New Jersey home buyers near the Midtown Direct Train line.
In a move to increase credit availability, the Federal Reserve and Federal Home Loan Banks announced that they would purchase up to $600 billion in Mortgage-Backed Securities (MBS), exciting news that sent interest rates for 30-year fixed-rate mortgages plummeting below 6.00% and near the lows for the year!
If you have been on the fence about buying or refinancing a home in a New Jersey community along or adjacent to the Midtown Direct Train line, now is the time to act.
Interest rates are extremely low and home prices in some areas are at 2003-2004 levels. Add to that recent declines in energy prices and lower consumer interest rates, and you have a great holiday recipe for success, but only if you give your favorite Midtown Direct realtor a call @ 973.650.4727.
Don’t wait until next week. Call today and we will help you get pre-approved. Rates have already been very volatile and this opportunity might not survive the holidays.
Falling prices are bringing out home buyers that have been waiting to buy near the Midtown Direct Train for the past twenty-four months. They are scooping up both bargains and hot properties.
This is the time for Great Home Buying Opportunities in New Jersey’s Essex, Morris & Union Counties.
 
Call Perri K. Feldman if you want to learn more about Midtown Direct real estate: South Orange, Maplewood, Millburn, Short Hills, Summit, Chatham, Madison, Morristown, Livingston and West Orange 973.650.4727 or email [email protected]
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How NOT to Mess Up Your NJ Mortgage
November 17th, 2008 Categories: Buying a Home in NJ, NJ First Time Home Buyers, NJ Mortgage Update
Those last few days before closing on a new home in New Jersey can be nerve wracking. Â
I asked Tom Wragg (First Choice Bank) to put together this list for my first time home buyers in New Jersey:
From Contract to Close: How NOT to Mess Up Your NJ Mortgage
In this environment, it is important to adhere to the following guidelines in New Jersey in order for your mortgage company to maintain your mortgage until closing:Â
- Keep in Touch with your Mortgage Banker
- Make them aware of any significant changes in income, assets or employment
- You should be speaking with your Mortgage Banker at least once a week when you are in process
- Keep your Mortgage Banker informed
- Let them know everything so they can preserve your transaction
- Communication is the key to any successful relationship
- Don’t make any large deposits into the bank without telling your Mortgage Banker
- Gifts are OK as long as underwriting knows about it
- Tell your Mortgage Banker in advance if you plan to make any deposits that don’t match your standard cycles
- Keep Your Job
- Quitting your job or getting fired when you are trying to buy a house in NJ is a No-No
- Getting a new job in the same industry is generally OK
- You Must tell your Mortgage Banker immediately
- No Big Ticket Purchases That Will End Up on Your Credit Report
- Any automobile, second home, investment property or business investments should be run by your Mortgage Banker as this could effect the total amount of the mortgage you qualify for
- Make sure to tell your Mortgage Banker if you plan to buy something, with financing, during the mortgage process
- Sell Your Current Home Before Buying the Next One
- Make every effort to either sell or rent your current home as lenders are now adding contingencies for sale or rental of your current property before they will allow you to buy the next one
- If your sale falls through, if you cannot sell or if you cannot rent out the current property you MUST tell your Mortgage Banker
- Don’t Move
- If you are planning to move residences before you close on a mortgage you MUST tell your Mortgage Banker
 i.     An unannounced change in address is a red flag for mortgage companies and underwriters
ii.     If you are planning to move before you close you MUST tell your Mortgage Banker
- If you are planning to move residences before you close on a mortgage you MUST tell your Mortgage Banker
- Raises and Bonuses are OK
- If you get a raise or a bonus you MUST tell your Mortgage Banker
- Increased income is excellent and fantastic and can sometimes get you a higher loan amount in NJ or better your underwriting scenario
- Share this information with your Mortgage Banker
- Do Not Apply Elsewhere
- If you plan to apply for more than one mortgage you should tell your Mortgage Banker
- No one wants to work for nothing – making multiple applications without telling your Mortgage Banker is dishonest and selfish
- Apply with one lender and make it stick – don’t waste people’s time by deciding to go with another lender at the very last minute
- Shop for Homeowner’s Insurance
- Getting a good rate on Homeowner’s Insurance is a must
- Make sure you are comparing different quotes and different coverage levels depending on your needs
- Make sure you get a copy of the Declaration Page and the Paid Receipt to your Mortgage Banker
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The House Burned Down 24 Hours B4 Closing!!!
November 14th, 2008 Categories: Just Because..., NJ First Time Home Buyers
Everything was in place. We were soooo close…
The house had been on the market for only two weeks. It was in disrepair and a wonderful investment opportunity for my buyer clients. The home was moments away from foreclosure in a transitioning neighborhood with growth potential.
The buyers were able to pay cash for the property. No need to worry about current mortgage concerns.
The offer was accepted.
And then it hit the fan…or so I thought.
There were two sets of owners. Each with their own lawyer. A judge had to get involved to resolve their individual rights. Needless to say it was messy. My buyers held their breath.
The judge agreed to the sale.
The banks agreed to the sale.
The title search was clean.
Mortgage payoffs were in place.
Tax lien payoffs were in place.
Time of the essence was served.
Time of the essence was extended.
The seller found an apartment.
Final monies were transferred.
All parties agreed on place and time of closing.
Twenty-four hours to go…
The call came at 8am.
THE HOUSE BURNED DOWN
Fire engines took hours to get the house under control. Thankfully, noone was hurt.
There is nothing left.
You can’t make this stuff up!!!
Stay tuned…don’t know what tomorrow will bring.
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How to Set Up a Simple Home Network in Your New Jersey Home
November 12th, 2008 Categories: Buying a Home in NJ, Getting Your NJ Home In Order, NJ First Time Home Buyers
One of the first questions I am asked after homeowners close on their new home along the Midtown Direct Train line is “How do we set up our home network?” and “Who do you know that can help us out?”
Here are five tips to consider when setting up a simple home network:
Here are five tips to consider when setting up a simple home network:
1) Get wired-wireless networks are convenient, reasonably priced, and fairly easy to set up for basic operation. But they never work as reliably or as secure as a wired network. If it’s possible, run Ethernet cable to PCs, particularly desktop models that won’t move around.
2) Stay cheap-if you have multiple PCs to network or a laptop to move around the house, wireless might be the best option. But most people need not bother yet with the latest generation of wireless, the “N” generation (or 802.11n) routers. They cost at least twice as much as the older “G” generation (802.11g). Added speed is the primary benefit but isn’t needed unless a network is trying to push huge files around the house, such as high-definition TV. If someone’s doing that, they don’t need this primer. The N routers can cover more ground, so large homes might warrant the extra cost.
3) Secure your Wireless - many wireless networks get shared with neighbors and strangers because homeowners don’t make them secure. A nice gesture, perhaps, but unsafe. If a network is going wireless, Be warned that although you don’t think you have anything of value to be stolen, a hacker can use your Internet ramp to cause damage to a network, send out a virus, and many other harmful things and you will be the one questioned by authorities as it was your IP address used to do the damage. Secure your network, it’s not worth the trouble.
4) Backup your data - There is nothing worse than knowing your pc was working one moment and not knowing what happened the next. Then realizing your data has been lost forever. Your once in a lifetime pictures, $ well spent on music, word files from 3 years ago. Automated backup drives are very affordable and can be found at most computer stores. Just configure to backup every night at 3am and enjoy the peace of mind.
5) Lock it down-while a router can control who connects to a network, security software adds needed protection for any home network. Be sure your Virus Protection is running the current years software. Most Virus companies will allow you to renew, renew, renew - but why renew 2004 software when you can buy the new 2009 current virus fighting software for the same price.Â
As for who to call?
Lori A. Mason
SourceOne Solutions
908.272.2191
www.sourceone-solutions.com
[email protected]
Do you have any other questions about homes along the Midtown Direct Train line? Call Perri K. Feldman @ 973.650.4727
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Will NJ Home Buyers Benefit From New Loan Limits?
March 8th, 2008 Categories: Buying a Home in NJ, NJ First Time Home Buyers, NJ Mortgage Update
New Jersey Home Buyers should benefit from the new FHA and Fannie Mae-Freddie Mac conforming loan limits released by the US Department of Housing & Urban Development on March 6, 2008.Â
The new loan limits for FHA and Fannie Mae-Freddie Mac are now calculated at 125% of the HUD published median prices, with a floor of $271,050 and $417,000, respectively, not to exceed $729,750.
Use this link to find out the new limits in your area. This will take you to the “mortgage limits” page at the HUD website.Â
- On that page, enter your state and county information.
- Chose the type of loan from the “Limit Type” drop-down box: FHA Forward (HUD’s name for the temporary FHA loan limit), Fannie/Freddie or HECM.
- Then click the “send” button at the bottom of the page.
- On the results page, you’ll see the new loan limit for the type of loan you selected for your area.
Realtor.org also provides a county-by-county listing of the new loan limits here.
The impact of these loan limit increases on the New Jersey housing market could be significant. Lower interest rates across the board should result with this infusion of capital into the mortgage market. In addition, there will be a direct impact on high-cost areas of New Jersey (ie. Short Hills, Summit, Livingston) that previously required borrowers to take out costlier jumbo mortgages.
NOW is the time to Refinance or BUY A NEW HOME
in New Jersey.Â
If you need any New Jersey Real Estate advice please contact
Perri K. Feldman at 973.650.4727
or email [email protected]
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Essex County New Jersey Home Sales January 2008
February 15th, 2008 Categories: Buying a Home in NJ, NJ First Time Home Buyers, Recent New Jersey Home Sales
As expected, average sales prices continue to rise in Millburn/Short Hills and Montclair with sustaining prices in the remainder of Essex County.
All indications are that entry level homes ($400,000-$600,000) in these communities will benefit from falling interest rates…thus stimulating growth as we enter the key spring selling season.Â
To find homes for sale in Essex County search Midtown Direct Homes or call Perri @ 973.650.4727.
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Facts About New Jersey
February 7th, 2008 Categories: Buying a Home in NJ, NJ First Time Home Buyers
Every  couple of months I get this email about New Jersey “truisms” that this Jersey Girl can appreciate…so I thought I would share it with you. Â
This latest email came from Debbi out of Blaine, Minnesota from my Millburn High School graduating class (way back when.)
Facts about NJ
If you’ve ever lived in Jersey…you’ll appreciate this!!!
New Jersey is a peninsula.
Highlands, New Jersey has the highest elevation along the entire eastern seaboard, from Maine to Florida.
New Jersey is the only state where all of its counties are classified as
metropolitan areas.
New Jersey has more race horses than Kentucky.
New Jersey has more Cubans in Union City (1 sq mi.) than Havana, Cuba.
New Jersey has the densest system of highways and railroads in the US.
New Jersey has the highest cost of living.
New Jersey has the highest cost of auto insurance.
New Jersey has the highest property taxes in the nation.
New Jersey has the most diners in the world and is sometimes referred to
as the “Diner Capital of the World.” Read the rest of this entry »
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