The Impact Foreclosures May Have On Bernardsville New Jersey Property Values The word I'm getting from several reliable sources is that the banks are finally getting their foreclosures paperwork in order, which means they will start bringing larger numbers of distressed properties to market over the next six months. We must realize that this influx of discounted foreclosure inventory will have an impact on the values of neighboring homes. And, yes, that absolutely could have an affect on Bernardsville NJ real estate. The question is just how large an impact?  At first blush, as Bernardsville residents we may think that few if any homes will become foreclosures, and we'd probably be right. Truth betold, houses in the 2-million plus range are not going to be foreclosed on. However, there ... 05/31/2011

Price Adjustments for Bernardsville New Jersey Homes for Sale for the Week of May 23, 2011 Although home sales are flat for most of the country including New Jersey, we in Bernardsville NJ are slightly ahead of the impending "double dip" in home prices that we're hearing about in the media. At the current time, we are running neck-to-neck with Bernardsville NJ home sales for 2010, which included the end of year push by many to capitalize on the Homebuyer Tax Credit that ended last June. So, that's the good news. However, that does not preclude the fact that we are still experiencing a slightly softening market for Bernardsville NJ Homes for Sale. Below is a listing of the price adjustments made for the week of May 23 . . . Price Adjustments for Bernardsville New Jersey Homes for Sale fo... 05/30/2011

In today's volatile market you need an experienced professional more than ever to sell or buy a Bernardsville NJ Home! A real estate transaction can be loaded with land mines. For your protection, you should have a true expert to help guide you through the dangerous "explosions" that can happen during various phases of the process. For example . . . Finding a buyer willing to pay fair market value for your home at a time that there are mass inventories of foreclosures and short sales takes a true real estate professional. Finding reasonable financing can also be tricky in today's lending environment. You need a skilled negotiator In today's market, hiring a talented negotiator could save you thousands, perhaps tens of thousands of dollars. Each step of the way - from the original offer,... 05/29/2011

Why Now Is A Great Time To Buy Bernardsville New Jersey Homes For Sale If you've been following my iOnBernardsville BLOG for awhile, you will have seen a few posts that present reasons why now is such a great time to buy Bernardsville NJ Homes For Sale. What I've done is expanded upon some of those posts and added a few new ones to produce "Why Now Is A Great Time To Buy." If you're a Bernardsville NJ homeowner and you know someone who is "on the fence" about buying property right now, send them the link to my 13-page booklet where I fully explore what I believe and what others (outside of real estate per se) think about the current opportunities. If you're a Bernardsville NJ Home Seller, then this document will help bolster your enthusiasm toward today's Bernardsbille real estate marke... 05/26/2011

Bernardsville New Jersey Homes for Sale : Now You Must Sell Your Home Twice! Banks have become very conservative when lending mortgage money today. With the current foreclosure challenges facing the country, can we really blame them? The requirements now necessary to qualify for mortgages have gotten much more stringent and it seems they will get even more stringent as we move forward. The banks want to make sure the prospective buyer has the ability to repay the loan. However, this does not just involve the borrower buying the property. The second way a bank can protect their investment in the mortgage is to make sure that the collateral backing that mortgage is secure. That's where the appraisal comes in. The bank wants to make sure that, should the buyer not be able to make their pay... 05/25/2011

Bernardsville New Jersey Property Owners : The New Jersey HomeKeeper Program May Help Keep You From Foreclosure or Short Sale. If you or someone you know, in Bernardsville NJ or anywhere in the state, are having difficulty making mortgage payments because of a lost job or because employment income has been reduced you may find the help you need in the New Jersey HomeKeeper Program. If you or someone you know is looking for work but need short-term assistance to help keep a home until employment is found you should check out you options throught the New Jersey HomeKeeper Program. Or if the mortgage payments have been made without a problem but now have arrearages due to a recent period of unemployment or underemployment . . . help may be available through New Jersey HomeKeeper. The New J... 05/18/2011

Bernardsville New Jersey Property Owners : NJ's Petroleum Underground Storage Tank Remediation, Upgrade & Closure Fund has been depleted The New Jersey Department of Environmental Protection (NJDEP) has sent out a notification to the National Association of Realtors (NAR) that the Petroleum Underground Storage Tank Remediation, Upgrade & Closure Fund (UST Fund) has been depleted. Therefore retroactive to May 3rd new UST Fund applications for both "leaking" and "non-leaking" tank programs will not be processed. These programs had previously provided grants to property owners for the removal, replacement and, if needed, remediation of petroleum tanks. Both programs are suspended until further funding becomes available. Applications are no longer being accepted for the "non-leaking" tank p... 05/18/2011

Bernardsville New Jersey Homes For Sale : Moving Up? Doing It Now May Make Sense An issue that may have a gigantic impact on the housing market later this year is the lowering of the conforming loan limits. Without an act of Congress, these limits will return to the lower limits that existed prior to 2008. Today, I'd like to shed a little light on this issue and what it means to someone thinking about buying either a first home or move-up home valued over $400,000 in certain markets in the country.  What is the ‘Conforming Loan Limit'?  The ‘conforming loan limit' sets the maximum loan amount, which either Fannie Mae or Freddie Mac are allowed to purchase individual loans. If a loan is larger than this limit, it is considered a ‘jumbo' loan and is automatically disqualified from being s... 05/16/2011

Bernardsville New Jersey Homes for Sale : Price Adjustments : Week of May 10, 2011 Check back often to stay up-to-date on Bernardsville New Jersey Price Adjustments   05/12/2011

Bernardsville Real Estate : Building Family Wealth The question facing many families making a move today is whether it makes more sense to rent or buy. I've been very upfront in presenting my unwavering belief in homeownership, and for that reason today I want to quote from a study issued by an institution with no ties to the real estate business or mortgaging. The Joint Center for Housing Studies at Harvard University just released a study, America's Rental Housing: Meeting Challenges, Building on Opportunities. The study discusses the need for a greater supply of quality rental units in America. I agree. However, there were a few nuggets of information found in the study that I want everyone to know. American's Belief in Homeownership Has NOT Fundamentally Changed There seems to be so... 05/11/2011

N.J. will aid unemployed homeowners at risk of foreclosure New Jersey homeowners who have lost their jobs and are struggling to pay their mortgages can get no-interest loans from the state under a program announced Monday. Under the New Jersey HomeKeeper Program, homeowners who are under- or unemployed can get loans totaling up to $48,000 for up to 24 months to make their mortgage payments. The loans will be forgiven after 10 years if the homeowner stays in the home. Read the full story . . . I have to admit I'm kind of on the fence with this one . . . As a Certified Distressed Property Expert, I have helped numerous good and honest people find a dignified solution to their problems albeit having to let go of a home that they loved and cherished for so many years. So I feel that if the ... 05/11/2011

5 Feng Shui Concepts That May Help Bernardsville Homes for Sale In today's heavily competitive Bernardsville real estate market you need to utilize everything available to help differentiate your property from the next. To put your best face on a listing and possibly help support you and your Realtor's marketing efforts, you just might want to keep these tips in mind: Pay special attention to the front door, which is considered the "mouth of chi" ((chi is the "life force" of all things) and one of the most powerful aspects of the entire property. Abundance, blessings, opportunities, and good fortune enter through the front door. It's also the first impression buyers have on how well the sellers have taken cared of the rest of the property. Make certain the area around the front door is ... 05/09/2011

Ok, so maybe I don't spend 24/7 in my real estate business. Truth be told, I think anyone who spends that much time on anything is going to burn out sooner or later. Me . . . I like to play guitar, or more specifically-blues guitar. I've been playing now for about 6 years and still have a lot to learn but I'm wondering if there isn't one or two people out there in the beginner to intermediate range that would like to get together occasionally for a jam. Frankly, I need someone to play with so I can refine what I know already and learn some things so I can get better. Have a little fun. As you know, I live in Bernardsville but I'm willing to travel if necessary. Also, I can host at my place-I have a large basement-it's not finished but it's comfortable. If anyone is interested, please ca... 05/06/2011

Bernardsville New Jersey Home Sales & Real Estate : Almost 14,000 Homes Sold Yesterday! One of the biggest misconceptions in today's housing market is that homes are not selling. That is simply not true. Last month's Existing Sales Report from the National Association of Realtors (NAR) showed that homes were selling at an "annual rate of 5.10 million". That's an average of 13,973 every day - 365 days a year! And the monthly Pending Sales Report, which measures the number of houses going into contract each month, has showed increases in six of the last nine months prompting Lawrence Yun, NAR's chief economist to say: "Since reaching a cyclical bottom last June, pending home sales have posted an overall gain of 24 percent and demonstrate the market is recovering on its own. The index mean... 05/06/2011

Bernardsville NJ Homes For Sale & Real Estate . . . Understanding the 4 C's of Mortgage Underwriting. With Spring upon us, and new buyers out looking for houses, I thought today might be a good time to review the basics of what lenders look for as they decide to approve (or deny) mortgage applications. For at least 25 years, I have heard them called "The 4 C's of Underwriting"- Capacity, Credit, Cash, and Collateral.  Guidelines and risk tolerances change, but the core criteria do not. CAPACITY CAPACITY is the analysis of comparing a borrower's income to their proposed debt. It considers the borrower's ability to repay the mortgage. Lenders look at two calculations (we call ratios). The first is your Housing Ratio. It simply is the percentage of your proposed total mortgage payment (pri... 05/06/2011

Short Sales and Foreclosures in Bernardsville New Jersey. What's the Best Option? I get asked this question quite often. Most times by people who have a family member, friend, or co-worker who may be considering a short sale. Unfortunately, in our rapidly changing market, it's difficult to give absolute answers as to exactly what to do. Much depends on the family's personal situation. However, once they realize that they can no longer make their mortgage payments even with a possible loan modification, they will be at the stage of making the decision between doing a short sale or letting the home go to foreclosure. Here are three things they may wish to consider: 1.) Impact on Their Future Ability to Get a Mortgage There are many different lending institutions, each with their own requi... 05/05/2011

Somerset County New Jersey Foreclosures . . .  Are They Increasing or Decreasing? There seems to be much confusion about the number of foreclosures which are currently entering the housing market. This foreclosure inventory has a tremendous impact on pricing in any particular region. For this reason, I'd like to try and bring a little clarity to the situation in eight words. Mortgage delinquencies are decreasing and foreclosures are increasing. Still confused? Let me explain. Delinquencies are decreasing The great news at this time is that the number of people 90+ days behind on their mortgage payment is falling. As the employment picture slowly brightens and families adjust to their current financial situation, more people are paying their mortgage on time and thus we are seeing less a... 05/02/2011

Buyers & Sellers: Don't Listen To Me About Bernardsville Homes For Sale Each day I attempt to give truthful insight on the current housing market and wherever and whenever possible, relate it to Bernardsville real estate.  However, when I speak about how now is such a great time to buy, I don't want my readers to think that since I'm a real estate agent (I prefer to title myself as a "strategic real estate advisor") I'm just hyping for new business. Totally untrue! My mission is to provide current facts, data and logic about Bernardsville New Jersey real estate as it becomes available-regardless of whether it is pro or con. However, today, I don't want you to listen to what I think about the opportunities that exist for buyers in this market. Instead, I want to report on what some membe... 05/01/2011

Homes for Sale in Bernardsville New Jersey - Buying and/or selling a home are major decisions for anyone. When thinking of buying or selling Bernardsville New Jersey homes for sale, most of us look for referrals from friends, family and co-workers who have gone through the process successfully. This is natural, but in addition to getting referrals we also need to consider a few other issues: “Are there geographical differences?” “Has the market changed since they did their transaction?” “How has the ever-changing technology impacted real estate since their closing?” “Are my personal circumstances (income, assets, and credit) the same as the person who is giving the referral?” So, how do you know if the agent you are considering working with (regardless of how you found them)is  a “keepe... 04/30/2011

Let’s not forget the important role homeownership has played in U.S. history. Recently President Obama spoke about his vision for our country . . .  "So this is our vision for America — this is my vision for America — a vision where we live within our means while still investing in our future; where everyone makes sacrifices but no one bears all the burden; where we provide a basic measure of security for our citizens and we provide rising opportunity for our children." Regardless of a person's political leaning, I'd like to believe that those words in some way describe every American's vision for this great country of ours. I just hope that the President and all the representatives on both sides of the aisle realize that homeownership is a key component to making this vision come about... 04/27/2011