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.

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.

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.

Just eighteen miles west of lower Manhattan, in the foothills of the Watchung Mountains, suburban Livingston is one of New Jersey’s most attractive addresses.  Livingston residents are within reach of every imaginable amenity, and enjoy the finest benefits of New Jersey living, including; superior schools, tree-lined neighborhoods, wonderful restaurants and shopping, unparalleled indoor & outdoor recreation options, and a convenient commute to New York City.

Centrally located and convenient to all of the wonderful amenities, this spacious sun-filled Excelsior Unit in Livingston’s desirable Regency Club is in true move-in condition.  This three-bedroom multi-level home offers an abundance of living space and special features including:

• Wood Laminate Flooring on main level hall and Dining Room
• Gas Fireplace with handsome Wood Mantle
• Pass Through Opening Between Kitchen & Dining Room
• Palladian & Transom Windows, Vaulted Ceilings
• Crown Molding
• Maple Staircase with Curved Railing
• Private Covered Balcony
• Recessed Lighting
• Washer & Dryer
• Window Treatments

Inviting Eat-in Kitchen Features:

• Granite Counters including Center Island
• Custom Wood Cabinetry
• Stainless Steel Refrigerator, Dishwasher, Range
• New Stainless Steel Microwave Oven
• Double Sink with Food Disposal

Luxurious Master Bath Features:

• Custom Cabinets with Dual Vanity Corian Top
• Deep Jetted Soaking Tub
• Large Stall Shower
• Linen Closet

The main living level is home to the large eat-in kitchen, living room with a gas fireplace and sliders leading to the covered balcony, a formal dining room with bay window, a convenient powder room, and the clean and bright utility/laundry room.  

On the bedroom level is a comfortable loft area with two deep closets, perfect for your desk, treadmill or play area.  Here you’ll find three nicely sized bedrooms including the master bedroom with a cathedral ceiling, dressing area, walk-in closet and luxurious Master Bath. All of the bedrooms and hallway feature carpet.  There is a lovely main hall bath on this level with a tub shower and vanity with Corian Top.

Livingston’s desirable Regency Club is a gated community offering 24 hour security, a Clubhouse with sauna - kitchen facilities - exercise room and billiards.  Outdoor amenities include a wonderful in-ground pool and tennis courts.  The NYC express bus leaves from the Park and Ride lot just across South Orange Avenue at the Livingston Mall.

Livingston is a town offering wonderful amenities to its residents. Here are just a few of the niceties that make Livingston a great town to call home:

• Two Town Pools; Haynes Memorial and Northland
• Proximity to New Jersey’s Finest Shopping
• Livingston Public Library (largest by volume in NJ)
• Exercise Oval
• Littell People’s Park (Playground for toddlers)
• Littell Pond, recently renovated, with fishing and ice skating
• Outdoor Tennis, Handball & Basketball Courts, and Ball Fields
• Hiking & Biking Trails and Dog Park
• Lovely Town Center
• New Town Hall & New Community/Senior Center

Livingston boasts one of New Jersey’s finest school systems. Livingston High School, a consistent first-place winner in various area math and science competitions, was recently renovated. The $50 million renovation included a new science wing, a new heath and fitness center, a new turf field and track, and an expanded music wing.

With the number of train and bus options available, getting around Livingston and the Tri-State area couldn’t be easier. Coach USA provides daily commuter service into Manhattan. The NJTransit system offers convenient service throughout New York and New Jersey.

Open spaces and green living are important to the people of Livingston. The township currently has over 470 acres of wooded parks and hiking trails, and plans to continue adding recreational facilities and nature preserves in the future. Littell Pond is the ideal place to fish in the summer and ice skate in the winter. The new skate park opened in Summer of 2010 to significant fanfare and excitement. Livingston also has a dog park, which features two distinct play areas.

Residents enjoy a wide variety of nearby choices in arts, entertainment & dining, and the incomparable Essex County Park system. Livingston is geographically positioned as one of the most convenient & beautiful towns for people commuting to New York City.

Just eighteen miles west of lower Manhattan, in the foothills of the Watchung Mountains, suburban Livingston is one of New Jersey’s most attractive addresses.  Livingston residents are within reach of every imaginable amenity, and enjoy the finest benefits of New Jersey living. Here you will enjoy a wide variety of nearby choices in arts, entertainment & dining, exceptionally talented medical specialists, and the incomparable Essex County Park system with South Mountain & Eagle Rock Reservations.  The Pointe at Livingston is a premier, gated community for those “55 and Better” who seek an extraordinary lifestyle.

Conveniently located with peaceful natural surroundings, this spacious sun-filled Beekman unit offers an open NYC Loft style floor plan and has been extensively fitted with top-of-the-line appointments, including:
 

• Gleaming Cherry Wood Flooring
• Abundance of Windows
• Tiled Entry Foyer
• High Ceilings
• Pristine Carpeting in Bedrooms
• Recessed Lighting
• Private Balcony
• Security System
• Fire Alarm System
• Intercom

Inviting Chef’s Kitchen Features:

• Granite Countertops
• Refrigerator, Dishwasher, Built-in Microwave
• Gas Cooktop and Wall Oven
• Warm toned Wood Cabinetry
• Large Island with Granite top & Breakfast Bar
• Food Disposal

Luxurious Master Bath Features:

• Dual Sink Vanity with Granite Top
• Deep Jetted Soaking Tub
• Large Stall Shower

This sophisticated unit offers an open loft floor plan that exudes a feeling of space and elegance.  The kitchen is open to the living room and has an inviting breakfast bar.  There is a formal dining area, bright living room, and a den area that could easily be converted to a third bedroom.  The master bedroom enjoys its own private bath, while the second bedroom is serviced by a full bath just outside of its door.  A powder room is available for the comfort of guests.  A bright and clean laundry room and separate utility room are located within the home, but tucked neatly out of sight.

This cosmopolitan condominium residence offers luxurious appointments and elegant amenities including a Grand Clubhouse with a multi-media theater, great room with wet bar, billiards and game room, cyber library and fitness center.  Residents of the Pointe also enjoy a large heated outdoor pool, valet parking, and the security and convenience of  the 24-hour concierge service and gate staff.

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

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

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 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.

Home prices are one factor in determining your cost of ownership, but so are interest rates and financing availability.  Interest rates are still near historic lows, infact they are the same today as they were in 1947.  Since your monthly mortgage payment is a combination of paying down your principal and paying the interest owed, if home prices come down a little further but interest rates go up, it could cost you even more to service a mortgage on an identical home!

While a home is a major investment, it is also the center of your personal life.  It’s important to live in a home that reflects your taste and values, yet is within your financial “comfort zone.”  To that end, it may be more important to lock in today’s relatively low interest rates and low home prices, rather than to hope for a further break in prices in the future.

Your buying power increases slightly over 2% with every 1/4 point drop in rates. For every full point that rates decrease, your buying power rises about 9%. This is the first time in the history of the United States that BOTH property prices AND Mortgage Rates are DECREASING! Rates will likely begin to rise toward the end of this year, and your buying power will decrease along with that rise. Many buyers have come back into the market to take advantage of this unique opportunity.

Please give us a call if I can be of any assistance in determining how much home you can afford in today’s market.