Real Estate Information

Livingston’s Cal Ripken Baseball Club is offering a competitive baseball league for 11 and 12 year olds (birthdates between May 1, 1999 and April 30, 2001). There will only be one level of play, with 11 and 12 year olds playing together. This league is intended to be supplemental to Little League for those children that want to take their baseball game to the “next level.” All games will be played on a larger field with 50 foot pitch and 70 foot base paths and regular baseball rules. Games will be played in Livingston at the Northland Complex and will be scheduled accordingly so they do not conflict with Little League, Soccer or Lacrosse. The season will run from early April to mid-June. To register, go to http://www.lcrbc.com/. For more information, please e-mail jon_fetner@ml.com.

Essex County Executive Joseph N. DiVincenzo, Jr. announced there is still time for golfers to renew their Golf ID Cards with the Essex County Department of Parks, Recreation and Cultural Affairs and receive an “Early Bird” discount on the registration fee.

The “Early Bird” discount of $5.00 is being offered to golfers who renew their County Golf ID Cards before Thursday, March 15th. Golfers who currently pay the “adult” rate can renew their Golf ID Cards by mail or in person to lock in the reduced adult rate of $35.00. (The regular adult rate is $40.00.) All other rates are not discounted.

For complete information on renewal options and course rates, visit the Essex County Golf site.

Home sellers today must convince a new era of buyers returning to the market that their homes stand for value and quality.

The time-honored open house event remains a terrific way to expose your property to many consumers and gain distinction from the competition. While your real estate professional will advertise and manage the event, it is up to you to ensure that your home is seen in the best light possible. Remember, you only have one chance to make a first impression, so approach your open house event as your property’s showcase. Here are several ways to make your property shine, inside and out.

Start with the outside. Do a visual check of the front of the house from across the street. Does your property have curb appeal? It should look inviting, with a trimmed lawn and flowerbed and a freshly painted front door. Polish door handles and knockers and replace worn items such as a rusty doorbell. Consider adding a new doormat and flowering plants at the entrance. Don’t forget to wash your windows and clean any oil or rust spots from the driveway.

Be sure to inspect the side and back yards. Add some flowering plants to the back as well. Clean and rearrange the outdoor furniture to look inviting. Put away gardening tools, and tidy around the grill area.

Now focus on the inside of the home where cleanliness, space, smell and lighting are vital. First get your house in tip-top condition by cleaning and clearing away clutter. Steam clean and vacuum the carpet. Make sure your floors are waxed and shiny. Touch up nicks on walls and make sure the porcelain sinks and tubs and metallic fixtures shine.

Be conscious of any lingering odors such as smoke, pets or strong-smelling foods. You may need to air out your home prior to your open house event. Consider grinding fresh lemons in the garbage disposal. And don’t forget to empty all trash containers.

Look at your countertops in the kitchen and bathrooms and the tops of your bureaus. Do they seem cluttered? Clear away and store as much as possible. You want your home to seem spacious.

Next, set the mood. Let your prospective buyers picture your home as their own. Rearrange the furniture so that rooms look more spacious, or consider removing furniture and accessories.

Lighting is also important to creating a desirable atmosphere. Bright lights provide a cheerful environment and make a small space appear larger. Pull back all the drapes and open the blinds. Turn on all the lights. Make sure all light sockets have fresh bulbs. Use softer lights for rooms in which you want a warm, cozy feeling.

Don’t forget little touches such as fresh flowers, lighted candles in the bathrooms, new logs in the fireplace, or a bowl of fresh fruit on the kitchen counter. You may even want to set your dining-room table with color-coordinated table settings.

Home buying is steeped in emotion. Sellers shouldn’t rely on buyers to use their imagination; they must capture buyers’ imagination. Remember that buyers may see seven or eight homes in a single day. The most memorable home will be the one that seemed the brightest, the most spacious and the most cheerful.

Tight lending guidelines have weighed on the U.S. housing market during its ongoing recovery.  Most lending institutions during the past two years raised their credit score requirements to as high as 650, making it nearly impossible for many people to obtain a loan.

Wells Fargo made it a little easier for homebuyers this past year, when the lender lowered its credit score requirements on FHA mortgages.

            “Under its new policy, Wells Fargo will accept borrowers with credit scores of 500 to 579 if those borrowers can make a down payment of at least 10%”, said Robert Lentini, a mortgage expert who blogs for the website thetruthaboutmortgage.com.  “For borrowers with credit scores of 580 to 599, borrowers must put down 5%.  Borrowers with credit scores of 600 or higher can make a 3.5% down payment.”

            Quicken Loans, Inc. adapted similar policies— dropping to a minimum 580 FICO score.  “There are folks who have steady incomes and a solid payment history but were temporarily affected by the economy or a life event in some way.  These challenges can lower their credit score significantly,” said Quicken Loans Inc.’s Chief Economist Bob Walters in a company statement. “We believe that a credit score, on its own, is not the sole arbiter of a person’s credit worthiness.  This change will open up credit to a significant group of people and allow them to again have access to purchase or refinance a home.”

            Such developments have been welcome news to FHA Commissioner David Stevens, who earlier this year urged lenders to lower their minimum credit score requirements to help the real estate industry as a whole.  Stevens said that stringent requirements have constrained home sales by as much as 20% over the past year.  

 Con Hartnett can be reached at 973-214-5542.  Prudential New Jersey Properties is an independently owned and operated member of Prudential Real Estate Affiliates, Inc., a Prudential company.  Equal Housing Opportunity.

A lot of home on a quiet dead-end street in West Orange, NJ.  This home has a fantastic 26' chef's kitchen with high-end appliances and an abundance of cabinet space. There are four bedroom on one level, and a separate bedroom suite with a full bath on another level - perfect as a guest or nanny suite.

On top of a quiet and private Cul-de-sac, surrounded by the natural beauty of Randolph, New Jersey, 23 Chelsea Drive is a home that delights your senses and imagination.  Additional high resolution photos can be found at:

http://essexcountylistings.com.realproserver.com/property/23-CHELSEA-DR-Randolph-New-Jersey

Did you miss the first time homebuyer's tax credit?  You might be the lucky one.  Frank Gatto of Home Capital shows how you can save more than $8000 with the low rates available with an FHA loan.

Click on the image below to see a full-sized explanation of the real math that can save you real money!

Looking Forward to 2010

Local Optimism

We are increasingly optimistic about the local housing market in the first two quarters of 2010, in spite of the the financial and employment woes that continue to plague the economy nationwide.

Potential homebuyers who have been standing on the sidelines are now feeling the urgency of record low mortgage interest rates, lower home prices and the expiration of the Federal Home Tax Credit, which expires in June.  These factors set the stage for a market surge in October, as the original tax credit was drawing to a close.

Unsold inventory is also furthering the housing recovery, as the number of homes being offered for sale in New Jersey has declined for the 6th straight month.  On January 4, 2010 the active GSMLS residential inventory in Livingston totaled 90 homes,  compared to an April 2009 high of over 160 unsold homes.  The trends of rising home sales and falling inventory represent the basic building blocks of a housing market recovery.

First-Time Buyers are Back!

Affordability is coming back into focus, and first-time buyers (FTB’s) are once again finding opportunity in the housing market.  FTB’s are the people that are needed to ignite the market.

For every first-time home buyer that closes a transaction, there are four more transactions that are a direct result of their purchase.  The money from FTB's purchase moves from closing table to closing table over the next 24 hours, as other sellers use it to move-up or downsize.

Because the stability of interest rates is uncertain and the Federal Tax Credit requires that buyers be in contract by the end of April, we expect the local housing market to begin percolating sometime in late January to early February.

It appears that the recent surge in home sales will repeat itself during the 1st and second quarters of 2010 as the home buyer tax credit nears expiration.   2010 holds the promise of seeing the first strong “Spring Market” for homes sales since the housing downturn began in 2005.  As a result, home prices should should remain stable in the coming year, and in some instances may realize very modest gains.

The combination of lower home prices, attractive interest rates, and the Federal Housing Tax Credit stimulated the housing market, and was evidenced by a 3rd quarter closed-sale volume increase at the Regency Club of 350% over a sluggish 2nd quarter.

The number of home sales has been trending higher even in the face of rising unemployment. September home sales were 29% higher for the month than they were in 2008. This is attributable to the combined effects of improved housing affordability and the federal home buyer tax credit. The affordability gains are due to the combined effects of recent home price declines coupled with continued low mortgage interest rates.

It appears that the long-awaited stabilization of the New Jersey housing market has begun, with primary markets no longer experiencing home price declines, and lower unsold inventory in local markets.

Because buyers have been standing on the sidelines during the events of the past few years, there is a lot of pent-up demand for housing. The combination of factors that are now in place hold a promise for what should be the first real "Spring Market" in five years.

We are confident that homeowners who market their homes early in 2010 will benefit from a more vibrant market.

Opportunity is knocking for those considering homeownership for the first time, and now also to current homeowners! 

The $8,000 federal tax credit for first-time home buyers is being extended, and the deal is being sweetened: Now existing homeowners can get $6,500 from the government if they buy another house.

Congress approved the $10.8 billion tax break Thursday, and the president signed it into law on Friday, November 6th.

The $8,000 incentive for first-time buyers has been in effect since January, but it was due to end Nov. 30. Now buyers have until April 30, 2010 to sign a purchase contract and until June 30, 2010 to close escrow.