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Yesterday is Gone

Thu, 29 Apr 2010 15:34:01 EST

Yesterday is gone, so while those historically low interest rates of a few months ago are unlikely to return; indicatively, now is the time to take advantage of today’s rates before they continue their trend upward.

Let’s look at the reality of the dollar amounts; specifically, for a 30 year fixed, comparing a 5.0% interest rate to a 5.5% interest rate on both a monthly and annual basis.
For purposes of this analysis, let’s also assume that monthly taxes and insurance remain equal for all situations and therefore, need not be factored.

The monthly mortgage payments (principal plus interest) are as follows:
A rate of 5.0% means a monthly mortgage payment of $1,879.
A rate of 5.5% means a monthly mortgage payment of $1,988.

The comparison of those rates then, on a monthly basis is $109 and on an annual basis, this is a difference of $1,308.

The Mortgage Banker’s Association anticipates at year end the interest rate will be at 6.0%; that means a monthly payment of $2,100. Comparing the monthly and annual to a 5.0% rate, the differences are $221 and $2,652, respectively. Over the life of the loan, that is a difference of more than $79,000!

Clearly, while historically lower rates are gone, there is no time like today to purchase a new home.

Please call today to speak to one of our exceptional brokers at Signature Financial Mortgage at 201-760-2700.

Let’s run your numbers today…

Because yesterday is gone!

No Time Like Today

Mon, 26 Apr 2010 11:52:37 EST

No time like today…
To purchase your next home. While those historical low rates set a few months ago are not here to welcome us into the spring housing market, it is still a great time to purchase your new home.

The Federal Reserve stopped its emergency $1.25 trillions dollar program to buy mortgage debt; the result is now a trend towards increasing interest rates. In light of this halt by the government, the Mortgage Bankers Association anticipates a continuous rise in interest rates, with the 30-year mortgage rate going to 5.5% by late summer and as high as 6 percent by the end of the year.

According to an April article in the New York Times written by Nelson D. Schwartz, “The shift is sure to come as a shock to consumers whose spending habits were shaped by a historic 30-year decline in the cost of borrowing.”

In that same article, Schwartz notes that the bottom-line impact will be psychological fallout from not being able to buy more while paying less. Inevitably, that seems to be the quagmire we are now in.

As a mortgage broker, even the lowest rates of the day I can offer to a client don’t satisfy a desire to get the most for their home buying dollar. There are two sentiments, the “if” and the “if only.” If I wait longer, maybe rates will go down. If only, I purchased last year. There is a frustration of having missed the boat on those historically low interest rates and hoping to catch the next wave of a decline.

In October of 1981, interest rates peaked at 18.2%. On a $100,000 loan then, a monthly payment equaled $1,523 as compared to $556 today. As Schwartz comments, “No one expects rates to return to anything resembling 1981 levels. Still, for much of Wall Street, the question is not whether rates will go up, but rather by how much.”

Rates are available now well below 6.0%. Sellers are willing to negotiate on their asking price, some even willing to contribute between 4-6.0% off sales price on qualifying buyers. With market conditions as they are and where they may go, there is no time like today.

Take advantage of today’s rates before they go up.

Reach out to one of our exceptional mortgage brokers at Signature Financial Mortgage, 201-760-2700 because there truly is…

No Time Like Today!

ABBOTT & CASERTA REALTORS HOSTS ANNUAL AWARDS LUNCHEON

Tue, 06 Apr 2010 10:40:11 EST

For Immediate Release in all publications
Contact Elizabeth Roldan 201-447-6600
Abbott & Caserta Realtors

Ridgewood- Abbott & Caserta Realtors held their Annual Awards Luncheon Thursday, March 25th. Robert Abbott and Ralph Caserta hosted the event held at Tre Vochi in Ridgewood. On hand were all the Abbott & Caserta agents and staff. The annual awards luncheon is held to award all the agents in the company as well as those who did the most transactions in categories like Most Sales and Most Listings Sold. Among the award winners were Agnes Broderick for the Highest Referral Conversion Ratio and Steve Guevara for the Most Outgoing Referrals. Most Listings Sold for the Ho Ho Kus and Wyckoff offices went to Deborah Graske and Donna Nicolich respectively. Donna Nicolich also had the Most Sales in the Wyckoff office and Pamela Stetson had the Most Sales in the Ho Ho Kus office. The Top Office Producer award went to Donna Nicolich in the Wyckoff office and Pamela Stetson in the Ho Ho Kus. Also recognized were Donna Nicolich, Pamela Stetson, and Deborah Graske who joined the Abbott & Caserta Million Dollar Club and to Randy Canonico and Susan Whelton who were awarded the 10 year Diamond Pin for their loyalty and hard work being with the company for 10 years consecutively. Top honors went to Deborah Graske of the Ho Ho Kus branch office who was awarded the coveted Company MVP award not only for her stellar production in 2009 but for her support of Abbott & Caserta programs and the company mission statement. Congratulations to all the winners. A great time was had by all. You can check out more photos and videos on Facebook and the Abbott & Caserta channel on YouTube. For more information regarding Abbott & Caserta real estate agents and their accomplishments or if you’re interest in buying or selling, you can visit www.njhouse.com or call anyone of their offices.

TOP TEN REASONS TO SHORT SALE YOUR HOME

Tue, 30 Mar 2010 13:04:27 EST

1. POTENTIALLY AVOID, SLOW DOWN OR STOP A FORECLOSURE OR PRE-FORECLOSURE.

2. POTENTIALLY MINIMIZE THE EFFECTS OF MORTGAGE DELINQUENCY ON YOUR CREDIT REPORT AND SCORE.

3. POTENTIALLY GET SOME OR ALL OF YOUR CLOSING, HOME REHABILITATION AND SALE COSTS PAID FOR.

4. POTENTIALLY REDUCE OR ELIMINATE THE AMOUNT YOU OWE YOUR LENDER(S).

5. POTENIALLY AVOID TAX REPERCUSSIONS/IMPLICATIONS.

6. POTENTIALLY GET ANY TAX, WATER AND/OR SEWER ARREARAGES PAID FOR BY YOUR LENDER(S).

7. POTENTIALLY GET ALL YOUR REALTOR COSTS AND COMMISSIONS PAID FOR BY YOUR LENDER(S).

8. POTENIALLY AVOID PUBLIC NOTICE AND DISCLOSURE OF DELINQUENCY AND FORECLOSURE.

9. POTENIALLY AVOID EMBARRASING AND ANNOYING COLLECTIONS PHONE CALLS.

10. POTENIALLY REDUCE YOUR STRESS AND GAIN PEACE OF
MIND WHILE KNOWING YOUR HOMES FUTURE.
*Please note: The information contained in this bulletin does not constitute legal advice. Before preparing to short sale your home you should seek legal advice. Legal information is not the same as legal advice – the application of the law is specific to an individual’s circumstances. We recommend you consult with our office or your own lawyer if you want professional assurance that our information, and your interpretation of it, is appropriate to your particular situation. This information should not be reproduced and is the intellectual property of the Law Offices of Peter C. Humblias, LL

Mahwah Resident is an Abbott & Caserta Realtors

Tue, 06 Apr 2010 09:44:23 EST

Ho-Ho-Kus, NJ - The Abbott & Caserta Realtors Multi-Million Dollar Club winners includes a longtime local Mahwah resident, Pamela Stetson. Pamela has been a consistent Top Ten Agent Club member for 5 years in a row and she has consistently ranked in the top pool of agents for the company.

Pamela joined Abbott & Caserta after more than 18 years as a corporate advertising, marketing and public relations executive in Fortune 500 companies. “She was also instrumental in helping our company develop our Certified Home program,” said Robert Abbott. “This program offers a major competitive advantage for our listings. Certified Home gives buyers the peace of mind they need when making a purchase decision.” A listing that carries the Certified Home Logo assures that the home has been inspected for both radon and other home inspection issues; carries a one year homeowner warrantee; title search; flood certification and even includes among other things --- a handy-man service to help make repairs. This marketing program was really the first of its kind for the real estate industry.

“Advertising, branding and marketing are my strengths. It is what I love to do,” Pam continued. “I love to develop a strategy that will help buyers and seller’s come together. Today, over 80 % of buyers find a property on the internet. I pride myself my ability to market a property through great photography and personalized internet presence for each of my listings.”

Pamela has been buying and selling her own properties since college. She has also designed, built and or renovated several homes. "We have purchased, leased and sold nearly a dozen properties in New Jersey. We have built two homes in Mahwah in the last 16 years. I not only love a challenge, real estate is still an excellent long-term investment. I would love to share that hands-on experience with my buyers and sellers."

Pamela is happily married to her husband, Gary Wong. They have two children that attend the public schools in Mahwah. Pamela is also active in the town's recreation community and has coached baseball, basketball and soccer. In fact, Pam is a NJ F-licensed travel soccer coach. She can be seen on many fields around the area volunteering her time to help children keep active, learn sports and teamwork.
And, she loves to write...about the things she loves.
You can find her at www.PamelaStetson.com or www.activerain.com/Agent007 .

At-home consultations to home buyers or sellers

Wed, 24 Feb 2010 14:45:42 EST

For many years, Tydale Developers, a premier builder and remodeler in Bergen County, has been helping people create the home of their dreams. We are proud to announce a program to help you better serve your clients, whether you are working with the buyer or seller. Tydale Developers is now providing free at-home consultations to home buyers or sellers in the areas of home maintenance and repair, in addition to our remodeling and new home construction.

The advantages to your Buyers - Potential home buyers may be nervous of the cost of certain types of repair. Our skilled contractors will meet with your client to go over any concerns, questions or even their wish list. By getting these estimates, you client becomes more knowledgeable and is in a better position to make an offer.

The advantages to your Sellers - Sometimes a seller doesn't know whether to sell their home and trade up or if they should do the addition of their dreams. We are in a position to help them make that decision. Our job would be to give them an estimate to do what they want to their existing home. You, the agent, would be able to give them comps before construction and then after; while also showing them homes they could purchase and move up.

New Horizons School of Real Estate Course Schedule

Wed, 24 Feb 2010 15:18:14 EST

Course Schedule

RE Salesperson Night class:(6:30pm-10:15pm) $399
March 16-May 20, 2010 (Tuesday and Thursday)
April 19- June 23,2010 (Monday and Wednesday)
May 25- July 29, 2010 (Tuesday and Thursday)
June 28- September 1, 2010 (Monday and Wednesday)

RE Salesperson Day Class (8:00-3:30) $399
March 15- March 26, 2010
May 10- May 21, 2010
May 24- June 4, 2010
June 14- June 25, 2010

RE Salesperson Saturday Class (8:00-3:30) $399
April 24-June 26, 2010

RE Brokers Course ( 5 weeks 8am-3:30pm) $999
April 19- May 21, 2010

Is a Real Estate Career for you?

Mon, 22 Feb 2010 14:51:29 EST

Do you like helping people? Are you a self starter and an organized person? Do you have an entrepreneurial spirit? If the answer is yes to these questions, then you may have the qualities to succeed in real estate sales. This career will allow you to contribute to others while at the same time help with your self growth. Flexible hours and unlimited earning makes this career more exciting than ever. Today technology is playing an ever more important aspect of this field. Sales agents with computer skills and the ability to use the internet to merit themselves will have an advantage. To find out more about a rewarding career contact us at 201-447-6600 or email us at Robert@njhouse.com.

What is required to be a Real Estate Agent in New Jersey
• 75 Hour course $399
• State Exam
• High School Education
• $75 Fee
• Affiliation with a broker
• Board Dues
• MLS Dues
• ETO Dues
• NAR and NJAR Dues
• Training – Super Start
• Training – Super Pro
• Training – Super Success

Fix Mortgage Rates fall again!

Sat, 10 Oct 2009 13:07:57 EST

According to Bloomberg news and the Bergen Record, mortgage rates for 30 year fixed home loans fell for the second consecutive week. Borrowing costs are at near record lows. The average 30 year rate dropped to 4.87 percent. It was at 4.94 the week of Sept. 27, 2009. A fifteen year rate is now at 4.33 percent. Because of these low rates, home-loan applications rose to the highest level since May 2009. Low rates, falling home prices and the $8,000 government tax credit are increasing the demand for housing. The National Association of Realtors reported on Oct. 1st that the index of pending home sales jumped 6.4% in August resulting in it's seventh consecutive gain.

Now is the time to buy. Get in on some of the great prices and interest rates before competition increases and before the $8,000 tax credit expires. It is set to expire on November 30, 2009. Abbott and Caserta Realtors can help you with all of your real estate needs. Send us an e-mail at info@njhouse.com and someone will get back to you right away. Visit our website at www.njhouse.com. We'll be glad to make your dream of a new home come true!

Pending home sales index rises. Only 66 days left for the $8,000 tax credit!

Mon, 05 Oct 2009 19:22:21 EST

The pending-home index rose 6.4 percent in August. This is the highest level since March of 2007. This information was reported by the National Association of Realtors. The index tracks sales contracts that were signed on existing homes and is designed to forecast actual sales. This figure rose for the past seven consecutive months.This is the first time that this has happened since tracking began in 2001. Buyers are rushing to complete their purchase before the Nov. 30 $8,000 tax credit deadline. If you're thinking of buying a home or condo, now is the time! There are only 66 days left and an extension has not yet been approved by the federal government.

If you need any help of information, Abbott and Caserta Realtors would be very happy to assist you. E-mail us today at:
info@njhouse.com.

Abbott and Caserta Realtors
Sycamore Ave.
Ho Ho Kus, NJ

Clarification Regarding Short Sale Transactions

Mon, 09 Nov 2009 13:57:24 EST

Recently, NJAR® was advised that an issue had been raised regarding whether or not real estate licensees are required to be licensed as “debt adjusters” in order to negotiate with lien holders, including lenders, when they are handling short sales. NJAR® has been working with the Department of Banking and Insurance (DOBI) and the Real Estate Commission (REC) to clarify the guidelines for real estate licensees so that they may perform the necessary services when negotiating short sales under their real estate licenses, rather than need to seek additional debt adjuster licenses.

As result, DOBI issued an opinion on October 28, 2009, stating that real estate licensees do not have to be separately icensed as debt adjusters and can communicate with lien holders of record against the listed property where the following factors are present:

1. The real estate licensee is acting in the course of providing brokerage services to a seller in accordance with the terms of a previously executed listing agreement between the seller and the licensee's brokerage firm; and

2. The real estate licensee receives no consideration other than payment from his/her broker for the brokerage services specified in such a listing

House Passes Military Housing Tax Credit Extension

Mon, 09 Nov 2009 13:58:40 EST

On October 8, 2009, the United States House of Representatives unanimously passed H.R. 3590, the Service Members Homeownership Tax Act of 2009. This bill extends the $8,000 first-time home buyer tax credit for one year to members of the military serving overseas at least 90 days in 2009 . H.R. 3590 must also be approved by the U.S. Senate before it can be sent to President Obama to be signed into law.

In addition, on October 9, 2009, Congressman John Adler (D-3), a member of the House Financial Services Committee, held a press conference at the Burlington Camden County Association of REALTORS® with NJAR® 2009 President Diane Dilzell to express support for extending the first-time home buyer tax credit set to expire on November 30, 2009. For photos from the press conference, visit NJAR®'s federal issues webpage. For more information on the press conference and comment from Diane Dilzell, visit the NJAR® In the News webpage.

Real Estate Commission Readopted Rules Take Effect

Mon, 09 Nov 2009 13:59:17 EST

On September 21, 2009, the rules governing real estate licensees in New Jersey readopted with amendments by the New Jersey Real Estate Commission (REC) became effective. Under the new rules, licensing fees for broker of record, sole proprietor broker and broker-salesperson are decreased from $285 to $270. The fee for a salesperson's license is decreased from $175 to $160. In addition, the fee for a criminal history check and fingerprint scan will be determined and paid directly to a State-contracted vendor under the readopted rules.

Freehold Township Passes Directional Signs Ordinance

Mon, 09 Nov 2009 13:59:43 EST

On October 27, 2009, the Freehold Township Committee adopted an ordinance allowing the placement of up to six directional signs for homes being sold in the township, providing that the signs are at least 1/2 mile apart from each other. Under the newly adopted ordinance, no permits are required to place directional signs in Freehold Township. NJAR® worked with the Monmouth County Association of REALTORS® to reach out to the Freehold Township Committee regarding this issue.

Consumer Financial Protection Agency Act Passes

Mon, 09 Nov 2009 14:00:10 EST

On Thursday, October 22, 2009, the House Financial Services Committee (HFSC) passed H.R. 3126, the Consumer Financial Protection Agency (CFPA) Act of 2009. This bill will remove the ability of the banking and lending regulatory agencies to write new consumer protection laws and give oversight of several existing statutes, such as the Truth and Lending Act (TILA) and the Real Estate Settlement Procedures Act (RESPA), to the new agency. The CFPA is intended to better protect consumers by working to ensure the safety and soundness of financial institutions. HFSC Chairman Frank and his staff crafted an exemption from the bill, however, to ensure that the traditional practices of real estate professionals will not be subject to the authorities of the CFPA.

H.R. 3126 is now headed to the House floor and will be voted on in the next two to three weeks; however, there is no companion bill in the Senate. Stay tuned to the Week in Review e-newsletter and www.njar.com for future updates on this bill

Triple Play Discounts Extended Until November 20!

Mon, 09 Nov 2009 14:00:58 EST

Your chance to save on the premier real estate event of the tri-state area has been extended! Registrants can now take advantage of discounted rates when registering online for the 2009 Triple Play REALTOR® Convention & Trade Expo until November 20. Forgo print forms and save $10 by submitting your registration information online today. The price is $65 for members and $125 for non-members.

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2nd Quarter Metro Market and Wealth Gain Reports Released

Mon, 09 Nov 2009 14:01:25 EST

The NATIONAL ASSOCIATION OF REALTORS® (NAR) has released both the metro market and wealth gain reports for the 2nd quarter of 2009. The metro market reports provide insights into the fundamentals and direction of the nation's largest metropolitan housing markets, evaluating a number of factors affecting home prices, including the local job market, foreclosure rates, housing inventory and debt-to-income and mortgage-servicing-costs-to-income ratios. The wealth gain reports examine homeowners' equity accumulation over the years. Download reports for the Atlantic City, Edison, Trenton-Ewing, and Newark-Union regions on NJAR®'s Local & State Reports webpage.

Upcoming NJAR® Events

Mon, 09 Nov 2009 14:01:53 EST

Short Sales and Foreclosures Seminar Series: NJAR® and your local boards/associations will present the next seminar in the series, Short Sales and Foreclosures: The Real Estate, The Financial, The Legal, on Thursday, November 5 at the Upper Montclair Country Club in Clifton, N.J. Register today to receive guidance on how branch out into the short sale and foreclosure market from experienced instructors. Space is limited, and the cost is $15.00 per member. If you are unable to attend these upcoming events, please note the other confirmed event dates listed on the webpage.
Regional Event: There will be a Region 4 education event on Thursday, November 5, at Adelphia's Restaurant in Deptford, N.J. The event will feature speaker, Tom Lundstedt, who will present a morning session from 9:00 a.m. to 12:00 p.m. titled, "How to Double Your Income by Working with Real Estate Investors," and an afternoon session from 1:00 to 4:00 p.m. titled, "Money, Taxes and Real Estate." The cost is $15.00 per person at the door. Click here for registration information.

Get the REAL Story® Emphasizes Tax Credit Success

Mon, 09 Nov 2009 14:02:28 EST

As part of the Get the REAL Story® public education campaign, NJAR® produced a new video, Couple Buys First Home, Taking Advantage of $8K Credit, featuring the REAL story of Mark and Jen, an engaged couple from Smithville, NJ. The video has been posted on the Get the REAL Story® YouTube channel. This video was also entered in the National Association's tax credit video contest.

Two new Get the REAL Story® testimonials – Family Heads South for More Space, Homeownership and Taking Advantage of HMFA Program, Woman Becomes Homeowner – have also been posted to www.REALstoryNJ.com. Pass the links on to your clients, colleagues and friends to get the word out about great housing opportunities across the state and spread the message that the successful first-time home buyer tax credit program should be extended and expanded passed its November 30 deadline.

NJAR® Executive Vice President Jarrod Grasso's recent op-ed urging Congress to extend and expand the home buyer tax credit has also been featured in several newspapers throughout New Jersey including:

The Star Ledger
The Herald News
The Gloucester County Times
The Times of Trenton
Grasso's comment was also featured in the Asbury Park Press article “Home run.”

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DoD Homeowners Assistance Program for Military Released

At the end of September, the Department of Defense (DoD) and Army Corps of Engineers published the final rules for the Homeowners Assistance Program (HAP), as it applies to Members of the Armed Forces permanently reassigned during the mortgage crisis. The American Recovery and Reinvestment Act (ARRA), passed in February, provided new relief for active duty military personnel who have been permanently relocated, and face or have faced a loss on the sale of their home. The program applies to those who purchased their property before July 1, 2006, and whose reassignment was ordered at least 50 miles away, between February 1, 2006 and September 20, 2012. The property has to have served as the primary residence, and the recipient must not have received HAP aid previously. For full information and an application, visit the DoD HAP website.

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Governor Signs Underground Storage Tank Funding Law

On October 1, 2009, Governor Jon S. Corzine signed A-3739 into law. This new law, which NJAR® strongly supported, allows homeowners replacing or closing petroleum underground storage tanks (UST's) to apply for reimbursement from the state before actually doing work on their UST. Prior to this law, homeowners had to expend their own funds before applying for reimbursement. In addition, the state will have to issue written confirmation to a homeowner that they are eligible for reimbursement funds to close or replace their UST before any work is actually done.

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HUD Releases RESPA FAQs Along With Table of Contents

On September 18, 2009, the Department of Housing and Urban Development (HUD) posted expanded Frequently Asked Questions (FAQs) on the new RESPA rule. The FAQs include information on completing the new GFE and HUD-1 which become mandatory on January 1, 2010. This most recent HUD release of RESPA FAQs is part of a series of releases during the summer and includes a helpful Table of Contents for all of the FAQs issued by HUD on the new rule.

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FHA Delays Implementation of New Condominium Rules

The Federal Housing Administration (FHA) has delayed the implementation of rules that place condominium projects in FHA's 203(b) Single Family Program. These new rules were to originally take effect on October 1, 2009, but have now been delayed to apply to all mortgage applications received on November 2 or later.

On September 8, 2009, the NATIONAL ASSOCIATION OF REALTORS® (NAR) President Charles McMillan discussed NAR's recommendations for enhancing said rules at a meeting with FHA Commissioner David Stevens. NAR is calling for:

1. A reduction in the owner-occupancy requirement,
2. Eliminating or increasing the FHA concentration limit,
3. Reducing the pre-sale requirement, and
4. Clarification of the reserve study requirement.

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Members-only areas of the NJAR® website at www.njar.com require a 9-digit National REALTOR® Database System (NRDS) number login. If you do not know your NRDS number, it can be found on the membership card sent to you by the National Association or on the mailing labels of REALTOR® Magazine. You can also obtain your NRDS number by calling your local board/association or by visiting https://reg.realtor.org/roreg.nsf/retrieveID?OpenForm and entering your last name and license number.

The Month in Review is provided as a service to New Jersey's designated REALTORS®. There is no charge for subscribing. To unsubscribe, please click the unsubscribe link below. Do NOT reply to this e-mail. This mailbox is for distribution only.

NJAR® provides news, legal and legislative updates as well as information on a variety of real estate related topics solely for the use of its members. Due to the wide range of issues affecting its members, NJAR® publishes information concerning those issues that NJAR®, in its sole discretion, deems the most important for its members. The content and accuracy of all articles by persons not employed by or agents of NJAR® are the sole responsibility of their author. NJAR® disclaims any liability or responsibility for their content or accuracy. Where such articles contain legal advice or standards, NJAR® recommends that REALTORS® seek legal counsel with regard to any specific situation to which they may seek to apply the article. Articles appearing in the Week in Review express the personal views of the respective writers and are not an official expression from the New Jersey Association of REALTORS®. All rights reserved. Reproduction prohibited without permission.

E-mail: news@njar.com | www.njar.com

DoD Homeowners Assistance Program for Military Released

Mon, 09 Nov 2009 14:02:57 EST

At the end of September, the Department of Defense (DoD) and Army Corps of Engineers published the final rules for the Homeowners Assistance Program (HAP), as it applies to Members of the Armed Forces permanently reassigned during the mortgage crisis. The American Recovery and Reinvestment Act (ARRA), passed in February, provided new relief for active duty military personnel who have been permanently relocated, and face or have faced a loss on the sale of their home. The program applies to those who purchased their property before July 1, 2006, and whose reassignment was ordered at least 50 miles away, between February 1, 2006 and September 20, 2012. The property has to have served as the primary residence, and the recipient must not have received HAP aid previously. For full information and an application, visit the DoD HAP website.

Governor Signs Underground Storage Tank Funding Law

Mon, 09 Nov 2009 14:03:23 EST

On October 1, 2009, Governor Jon S. Corzine signed A-3739 into law. This new law, which NJAR® strongly supported, allows homeowners replacing or closing petroleum underground storage tanks (UST's) to apply for reimbursement from the state before actually doing work on their UST. Prior to this law, homeowners had to expend their own funds before applying for reimbursement. In addition, the state will have to issue written confirmation to a homeowner that they are eligible for reimbursement funds to close or replace their UST before any work is actually done.

HUD Releases RESPA FAQs Along With Table of Contents

Mon, 09 Nov 2009 14:03:48 EST

On September 18, 2009, the Department of Housing and Urban Development (HUD) posted expanded Frequently Asked Questions (FAQs) on the new RESPA rule. The FAQs include information on completing the new GFE and HUD-1 which become mandatory on January 1, 2010. This most recent HUD release of RESPA FAQs is part of a series of releases during the summer and includes a helpful Table of Contents for all of the FAQs issued by HUD on the new rule.

FHA Delays Implementation of New Condominium Rules

Mon, 09 Nov 2009 14:04:14 EST

The Federal Housing Administration (FHA) has delayed the implementation of rules that place condominium projects in FHA's 203(b) Single Family Program. These new rules were to originally take effect on October 1, 2009, but have now been delayed to apply to all mortgage applications received on November 2 or later.

On September 8, 2009, the NATIONAL ASSOCIATION OF REALTORS® (NAR) President Charles McMillan discussed NAR's recommendations for enhancing said rules at a meeting with FHA Commissioner David Stevens. NAR is calling for:

1. A reduction in the owner-occupancy requirement,
2. Eliminating or increasing the FHA concentration limit,
3. Reducing the pre-sale requirement, and
4. Clarification of the reserve study requirement.

The Real Estate market has already turned the corner!

Wed, 30 Sep 2009 14:42:41 EST

The real estate market has already turned the corner, though we are not out of the woods yet, now is the perfect time to take advantage of the low interest rates, they are currently at 4.875% - 5%. The selling prices are low and there's the first time home buyers $8,000 tax credit which expires on November 30, 2009. You may never get another opportunity like this again. According to MarketWatch, the market value of U.S. homes in 20 major cities rose by 1.6% in July and compared to June. This is the third monthly increase in a row. This information is based on the Case-Shiller home price index released on Tuesday by Standard and Poor's. This is surely an indication that we are on an upward turn.

If you would like to live in beautiful Bergen County, New Jersey, contact us at INFO@njhouse.com and someone will get back to you right away.

Visit our website at www.njhouse.com.

Don't miss out on this great opportunity to own an home in northern New Jersey. The time is right, the price is right and now is the time to act!

Take advantage of the $8,000 first time buyer credit. Deadline is November 30, 2009

Sat, 26 Sep 2009 15:26:13 EST

Did you know that you will be eligible to received an $8,000 credit if you are a first time buyer or you have not purchased a home in three years? This credit is only available for your primary residence.

The IRS has provided the following information regarding the tax credit.

First-time home buyers may be able to take advantage of a tax credit for homes purchased in 2008 or 2009. The credit:

*
Applies to purchases that close after April 8, 2008, and before Dec. 1, 2009.
*
Applies only to homes used as a taxpayer’s principal residence.
*
Reduces a taxpayer’s tax bill or increases his or her refund, dollar for dollar.
*
Is fully refundable, meaning the credit will be paid out to eligible taxpayers, even if they owe no tax or the credit is more than the tax owed.

The credit is claimed using Form 5405.

You have until Nov. 30, 2009 to take advantage of this credit.

For more information, please contact Abbott and Caserta Realtors e-mail us at info@njhouse.com.

Abbott and Caserta Realtors

10 Sycamore Ave.

Ho Ho Kus, NJ 07423

info@njhouse.com

Robert Abbott of Abbott & Caserta Realtors Answers The Million Dollar Question

Tue, 02 Dec 2008 14:30:57 EST

Robert Abbott of Abbott & Caserta Realtors Answers
The Million Dollar Question

What will happen to the real estate market in 2009? Some will say it is doom and gloom with no hope in sight, while others, more realistic and level-headed, have high hopes for the Northern NJ real estate market in the coming year.
First, we have to understand that all markets are not alike and react differently at different times. Northern NJ is one of the strongest real estate markets in the country. The seven year appreciation rate for New Jersey homeowners is 80.4%, more than double the national rate of 37.8%! Source: NATIONAL ASSOCIATION OF REALTORS®. A diversified economic community, top schools, one of the highest per capita income levels and the highest property values, all mean that this is a “blue chip” area. “Blue chip” areas hold their values with less fluctuation than other areas. According to the National Association of Realtors®, the Northern NJ median sale price of homes ($450,700), are the highest in New Jersey. (See chart) Bergen County did not have the over development and speculation like Florida, Nevada, and California which will take much longer to recover.
Secondly, history has shown that the cycle of a down market is approximately three to four years. The Bergen county market has been down cycle in the number of units sold for the past three and a half years. Therefore the timing is right for a balancing of the market! Don’t assume when you hear that the market is down the prices are plummeting rather it is a function of the number of units sold. According to the 2007 New Jersey Home Buyer and Seller Profile, the typical seller has lived in their home for seven years. A June 2008 report issued by the NATIONAL ASSOCIATION OF REALTORS® found that within those seven years the typical New Jersey homeowner will have accumulated nearly $156,300 in housing equity.
Thirdly, buying today is the smart investor’s choice. Price adjustments have already been made in the marketplace and a number of financial factors make buying attractive: a lowered interest rate, a first time home buyer tax credit, and the increased Federal Housing Administration (FHA) loan limit. Contrary to public belief, mortgage money is available through your local public banking institution. All of these measures will encourage Garden State residents to enter the housing market. The timing is right to buy for the first time buyer as well as to buy up for a larger home. The phrase “TIMING IS EVERYTHING” cannot be truer than it is today!

Helpful Hints Before Going to an Open House

Mon, 10 Nov 2008 11:41:39 EST

It’s Saturday afternoon and you still have a few more errands to run. While you’re driving you pass by a sign that says “Open House Sunday 1-4” and think to yourself, I want to go see that house tomorrow…If you’re in the market to buy a new home, going to Open Houses is a great way to see what’s out there. However, before you go, here are some helpful hints so that you make the best use of your time:
1. Before you venture out, have an idea of what you can spend. Be sure to speak with a mortgage representative so that you stay within your price range.
2. Be sure to focus on one town at a time. If you have a desire to live in say one of 3 towns, it’s best to visit one town at a time so you don’t get overwhelmed.
3. Take pen and paper with you so you can take notes. In this world of digital technology, you may want to bring your camera to take a photo of the outside to help you remember your notes later.
4. Be sure to sign the register when you enter the Open House. This information is for the seller so they have a record of who has visited that day. If you are working with a Realtor who could not be with you that day, be sure to have their business card to give to the Agent sitting the open house.
5. Bringing the kids with you? That’s great! Just be sure to keep them with you at all times so that they don’t hurt themselves or. Remember, this is unfamiliar territory for them and their safety comes first.
6. Tell the agent what you think about the home even if it’s not one that you would buy. Feedback is always great because it helps the seller make the home more appealing to the right buyer.
If you want more information about attending Open Houses or you’re looking for the right Agent to work with you for your buying needs, feel free to contact me.
Kimberly A. Cohen
Realtor Associate
550 Sylvan Avenue
Englewood Cliffs, NJ 07632
(201) 569-1002 office
(201) 569-3002 fax
(201) 390-0423 cell
kimberlycohen@optonline.net

Rentals are a Great Option for Both Buyers and Sellers

Fri, 31 Oct 2008 12:04:57 EST

It seems that everyone is on pins and needles about the market these days and rightfully so. When I get up in the morning, one of the first things I do is turn on 1010 Wins so I can find out what’s happening on Wall Street which in turn affects the Real Estate market. With all that is going on, I tend to look on the bright side of things. You may be in a position where you are ready to buy a home but just don’t want to make that commitment because of your uncertainty of the market. A seller is ready for someone to buy their home, but things are moving much slower than they would like finding a buyer.
I’m not going to tell you anything you may not have heard already. But if you haven’t, think about renting. You can rent in the town that you actually want to buy in and then you will really know if you like the town. Due to the current market conditions, many homes are on the market both for sale and for rent. If you’re working with a Realtor, ask them if the seller has a “Rent with Option to buy”: this is when the tenant (buyer) has the option to buy the property at a specified time period down the road. Also, consider asking about “Rent with right of first refusal”: this gives the tenant the courtesy of being offered the option to purchase the home before anyone else or the right to match or surpass an offer that has been placed on the home. So, when the time is right, you will be able to purchase the home of your choice.
So, there is a light at the end of the tunnel, because there is always an option and it may be renting. For more information on rental options, please feel free to contact me.

Kimberly A. Cohen
Realtor Associate
550 Sylvan Avenue
Englewood Cliffs, NJ 07632
(201) 569-1002 office
(201) 569-3002 fax
(201) 390-0423 cell

A “GREEN” BUILDER

Tue, 28 Oct 2008 09:17:57 EST

Tydale Developers is a Bergen County business that uses energy efficient products without compromising the integrity of today’s modern home.
To meet stringent energy efficient and environmentally friendly building requirements, Tydale incorporates “going green” with non-porous or insulated foundations, framing using Oriented Strand Board, insulation, sheet rock, double paned, argon gas windows, paint that is Volatile Organic Compounds and solvent free, tankless water systems, heating and air conditioning systems at 90% high efficiency, Energy Star appliances, 30 year warranty roofs, and more. Tydale also promotes xeriscaping: a creative approach to water conservation and plantings. Using a debris carting company that recycles most of its collection is also a priority for Tydale. “Although building ‘green’ can be a challenge, the benefits for the home owner will last a lifetime,” states Frank Adam, Project Manager at Tydale.

These enhancements are outlined in “Nature’s Home” - a program Tydale Developers has designed to set environmentally friendly standards in home building. According to Susan Whelton, a manager at Abbott & Caserta Realtors, “High efficiency products enhance a home’s value and make it more attractive to home buyers.” This is one way Tydale continues its commitment to quality home-building in Bergen County. The company has also expanded its portfolio to include commercial construction, rehabilitation and renovation. To preview a home under construction using green standards contact Tydale Developers by calling 201-444-3911.

Get Your Home Ready for the Holidays and the Spring Market Now!

Thu, 23 Oct 2008 09:26:26 EST

I was in the store the other day looking for a Halloween costume for my son and a few isles down from the Halloween costumes and decorations were isles filled with decorations for the holidays. It got me to thinking that lots of people take this time of year to do a pre-holiday cleaning in their homes and what better time to do it if you’re thinking of selling in the spring. If you’re going to clean up and clean out anyway, just go the extra mile to prepare your home for its upcoming sale.
Here are some tips for getting your home ready for the holidays and giving you a jump start on your spring cleaning:
1. Start by taking a look around each room and see what items can be removed to help de-clutter it.
2. Ask a friend to come over and help you move furniture from the walls so that you can vacuum up behind it.
3. This might be a good time to move furniture around in the room(s) to show of the space
4. If you haven’t exchanged your summer clothing for winter yet, this is also a good time to go through your clothing and give away what you no longer wear.
5. Now your house is ready for a thorough cleaning which includes dusting, mopping and vacuuming.
6. Don’t forget to take photos of your home inside and out and give them to your Realtor to use when preparing your home to be listed.
Now you’re ready to put up your holiday decorations. When the spring comes, you will have already accomplished quite a bit and will only have to do some tidying up inside the house. Now you can focus on the outside of the house giving it curb appeal for future buyers.

Kimberly A. Cohen
Realtor Associate
550 Sylvan Avenue
Englewood Cliffs, NJ 07632
(201) 569-1002 office
(201) 569-3002 fax
(201) 390-0423 cell
kimberlycohen@optonline.net

Taking the Stress Out Of Commercial Sales

Tue, 16 Sep 2008 10:11:32 EST

Commercial Real Estate transactions are more complicated than residential

sales, especially when there are issues involving soil contamination or other

environmental issues. Abbott & Caserta Realtors has been having ongoing

seminars helping buyers and sellers understand and overcome obstacles. The

next seminar will be September 25th at 7:00 pm at their Englewood Cliffs

Office, 550 Sylvan Avenue. Jeffrey Mason Esq, will explain the legal issues

and how to protect yourself. Stephen Fauer, of Environmental Strategies Inc

will explain site investigation, health and safety issues, and the process of

remediation and compliance. The seminars are free of charge, but your

reservation must be made to secure your seat. If you would like to attend or

be notified of future seminars please call Laura Fisherman at 201-569-1002.

ABBOTT & CASERTA REALTORS HOSTS ANNUAL FALL KICK-OFF BREAKFAST

Tue, 16 Sep 2008 10:07:03 EST

Waldwick- Abbott & Caserta Realtors held their Annual Fall Kickoff Breakfast Meeting on Friday September 12th. Robert Abbott and Ralph Caserta opened the meeting addressing over 70 agents. Major topics discussed were Abbott & Caserta Realtors upcoming two day sale (October 25 & 26) and a commercial investment seminar (September 25). The meeting also introduced the launch of their newly redesigned website, called www.njhouse.com. Key highlights of the site more search features for homes information, school and town information, and the introduction of the “A & C Blog” where buyers and seller can receive weekly updated information on current market conditions in Bergen County. Announced were “The 3rd Quarter Company’s Top 10 Award Winners”. In Ho-Ho-Kus office: Deborah Graske, Patricia Palmeri, Agnes Broderick, Eleanor “Elly” Portsmore, Dorothy Monopoli, From the Wyckoff office: Amy DeBellis, Janeanne “Nan” Mitchell, Esperanza Burri, Roseann Thompson. Finally, from the Englewood Cliffs office, Uzi Marom. Congratulations to all the winners. For more information regarding Abbott & Caserta Realtors real estate agents and their accomplishments or if you’re interest in buying or selling, you can visit www.njhouse.com or contact any one of our four offices.

Prep for your OPEN HOUSE /// Tie your events to your marketing campaign

Tue, 16 Sep 2008 10:03:13 EST

Deciding whether or not to have an open house is one of the first conversations you should have with your realtor --- before the term of the listing begins. This tactic should be part of the overall marketing strategy for your home and it should be included with a specific goal or purpose and most importantly, frequency of these events should be decided --- UPFRONT.

These marketing events should never be --- just thrown on the schedule or done as a last minute effort to appease your seller. Viewing these events as an actual marketing tactic to support the sellers ( and realtors ) goals will provide the most effective results.
1. Develop a plan of action. This is the first step you should do. Sit with the seller and map out the frequency and time frames. Once a month. Twice a month, etc. Explain why.
2. Create ADs with a themed campaign. This should include one of the top three things that the seller thinks are the best attributes of the home. For example; GREAT FLAT LOT, Cul-de-sac Location.
3. Create flyers in support of the theme. Don't forget to include all relevant photos, site plans, taxes and details.
4. Repeat. Repeat. Repeat. Keep the theme going throughout the ad, marketing and open house campaign and feature those items at the Open House.
5. Check dates and Times. Make sure the Open House dates don't conflict with major holidays, religious or sporting events.
6. Politely ask the sellers to leave. Make sure the sellers leave the home during the sale period. It is awkward for buyers to look in closets and express opinions about the home when the seller's are there.
7. Put pets out of sight. Ask sellers to make arrangements for pets to be either away from home or properly caged. Not everyone is a dog or cat lover. And, you don't want buyers to think about cleaning carpets or have them think about potential allergens in the home.
8. Bring in the Light. Showcase the home by opening blinds & window treatments and set out fresh flowers. Turn all the lights on. Candles are also suggested BUT keep them in the kitchen for safety reasons.
9. Professionally clean the home. It pays to have a professional service clean prior to the open house. All dishes should be away; laundry out of sight; and clutter gone. I always bring a broom; air freshener; counter wipes; and small wrapped snacks or waters.
10. Put personal items away. This includes jewelry, photos, valuables, sentimental items and financial papers and credit cards. All should be put safely away.
REMEMBER --- Do not over schedule open houses. This gives a perception of desperation to the sale of your home.
After the open house, follow-up with all attendees and realtors alike. Then, sit with your seller to review. Communication is key to the success of this tactic. And, the open house should be viewed as ONE part of the overall campaign for success.

For more information about buying or selling your largest financial asset, Contact Me at:
CupaT@aol.com or read my blog at http://activerain.com/blogs/agent007 .

-------------------------------------------------
Thinking of buying or selling your home in Northern New Jersey?

Also see www.GeorgianCourt1.com , www.MerrittDrive.com, www.StoneFenceRd.com, www.TimberlineLane.com for more GREAT HOMES!
Let me help you. Know the sales value of your new home and your new neighborhood * based on actual market comps. Allow me to present a Comparative Market Analysis to you that is customized to your home, finances and your specific needs.

This will give you detailed information about pricing and selling your home in the current market or BUYING your home in your new neighborhood.
For more information about buying or selling your largest financial asset, contact me at CupaT@aol.com.
Copyright - Pamela Stetson 2008, http://www.pamelastetson.com/
Abbott & Caserta Realtors, 10 Sycamore Avenue, HOHOKUS, NJ 07423 201.447.6600 x 007
All information is deemed reliable but not guaranteed.

Condos and Co-Ops

Tue, 16 Sep 2008 10:04:10 EST

Condos and co-ops usually appeal to first time buyers, either single or young married couples, or empty nesters. Condos are generally easier to sell as they require a smaller down payment and the only buyer qualification is the ability to obtain a mortgage.

Co-ops usually require a much larger amount down (25%) and an income ratio of 3 or 4 to 1. This means that if the combination of a mortgage payment and the monthly maintenance were to be $2,000 per month, the prospective owner would need a monthly income of $8,000 if the ratio were 4 to 1; $6,000 if the rations were 3 to 1. The prospective buyer would also have to be approved by the Co-op board members.

Some factors that affect the selection of a particular building and unit are:

o Location
o Building amenities – lobby, door person, gym, garage, pool, etc.
o Financial stability of the association –audited financial report
o Monthly Maintenance charges
o Pending or existing assessments (existing ones usually must be paid in full by the seller, pending ones become the responsibility of the buyer)
o Community rules concerning pets, parking, carpeting, etc.
o Price

• Selling a condo (listing side) will require that you obtain the following
documents prior to the closing:
o Copy of audited financial statement of the association
o Master insurance policy information
o Rules and regulations of the community
o One time fees by the management company

• Selling a co-op (buyer side) will require a great deal of additional financial information about the buyer – at least two years of the first page of their IRS tax return.
• An offer to purchase a co-op is done on a special form, not the standard
NJMLS Contract form.

Co-op Versus Condo?

Factor Condo Co-Op
Form of Ownership Deed Shares in Corporation
Board Approval of Purchaser Not required Required
Income Ratio of 4:1 or 3:1 Not required Required
Allow rental of unit Yes Usually not allowed
Maintenance Charge includes taxes No Yes
Purchase Price Higher Lower
Monthly Maintenance Lower Higher
Maintenance Charge includes heat No (usually) Yes (usually)