After a year or more of waiting and watching the New Jersey real estate market,  many homebuyers in our trainline towns of Summit, Millburn, Short Hills, Maplewood, and Chatham,  are ready to buy a home, hoping to take advantage of depressed prices, low interest rates, and a federal tax credit that expires this summer. But many would-be buyers are facing an unexpected concern; not enough homes for sale and high demand for many that are available. Properties below $700,000 are hardest to find; and the most desirable of those, in good condition and reasonably priced, are generating multiple bids within days of going on the market.

What we have is the “perfect storm, increased demand and decreased supply.”

But now that many buyers seem to be gaining confidence in the market, homes are in short supply, because homeowners who don’t need to move are waiting for the market to turn and drive up prices.

Prospective buyers, however, are motivated by the federal tax credit, which was extended and expanded last year to include homeowners as well as first-time buyers. To qualify, buyers must enter into a deal to purchase a home before May 1 and complete all the paperwork before July 1.

Buyers also are spurred by worries that interest rates, which have been hovering at about 5 percent for a 30-year fixed mortgage, will increase this Spring after the Federal Reserve halts its purchase of mortgage-backed securities.

As always the future is uncertain, and the market will continue to respond to certain pressures. Buyers and sellers have reason to make their plans now. Potential buyer’s interest could wane by summer, when the tax credit disappears and the threat of higher mortgage rates starts to loom larger. “We are going to have a flurry of activity in the Spring,’’ “What is going to happen after that is anybody’s guess.’’

Robin Benjamin  , Buyer Specialist, Sue Adler Team (973)202-7270   Robin@SueAdler.com

The charts below ( Click Chart To Page Through To Each Town) show you the active inventory and under contracts in Millburn/Short Hills, S.Orange, Maplewood, Livingston, Summit and The Chathams.

We pulled each quarter over the past year. As you can see, homes are selling … buyers are no longer on the sidelines, but there aren’t as many to choose from. What this shows, and what we , as realtors are experiencing, is that the nice, well priced houses are selling right away. If you are curious to know your home’s value in today’s market or would like to consult to see if this is the right time for you to sell,  just give me a call (973)464-9129  

“Matchmaker, Matchmaker, find me a home…. catch me a catch!”

The Sue Adler Team has a Home Matchmaking Section on our website.  We only add buyers who we are actively working with, and that are preapproved. If you’re a homeowner in Millburn, Short Hills, Summit, Maplewood, South Orange, Livingston, Chatham, Madison, Berkeley Heights or New Providence, and are thinking of selling your home in the next 6 months, please check out our team’s buyers and let me know if your home could possibly be a match.

Interest rates  continue to be at records lows. First time home buyers, I get it, you were in high school when rates were in the double digits, trust me they REALLY were that high!!! 5% is a GREAT place to be.

Today, in this market, at these prices, great homes (the ones you all want) are selling like hotcakes! In the fall we were seeing buyers  sit on the sidelines and wait for the market to “maybe” go even lower, and now the shift the past few weeks is that buyers are realizing that homes are selling instantly when they are priced right.

Despite having a great shoreline, New Jersey is not a “sand state”(read: Texas, Florida, Arizona). We are located near THE CITY (as we locals call it around here). Manhattan  is not going anywhere and what are the three major selling points in New Jersey Real Estate …(everyone say it with me)… LOCATION, LOCATION, LOCATION!  Not even 9/11 could stop people from wanting to live within commuting distance to Manhattan , and it’s no different today.  Mid-town direct trains get you to Penn Station  within an hour from Madison  and Chatham , within 4o minutes from Summit  and Millburn/Short Hills   and within a half hour from Maplewood  and South Orange .
The best stuff is coming on the market and it is moving fast. Our team just had a home in Chatham sell within days of being listed on the market and with 9 offers (ABOVE asking Price)! With a recent Maplewood buyer, I saw a home as soon as it came to market at the Realtor Open House, knew it was perfect for my clients and had them come out THAT NIGHT! They loved it,  made a strong offer and were under contract within a week! The listing agent said: “Can it be possible, the first people to see this home on the very first day to market will be the ones!” (Answer: Yes, if they are working with me )
 
Sound familiar? This is not 3 or 4 years ago. This is today – February 2010!!!!

BOTTOM LINE: if you want to buy at house at a great price, with low interest rates and you are ready to make a move. Get your pre-approval letter and call me. And, let’s get you a good deal on a great  home before it is gone!

Yours to count on,

Tracy Freeman, Buyer Specialist with the Sue Adler Team  917.604.5735  Tracy@SueAdler.com

http://tr.im/NwwE   Our local NJ schools continue to be strongly ranked - Millburn, Livingston, Chatham, Madison, Summit, Berkeley Heights, New Providence and others are among the top ranked New Jersey public  schools.   So listen up all you suburbia-phobic New Yorkers – come in for the town tours, and visit our great schools….. OK, ”free” may be arguable since you’re paying for it in your taxes,  however, it’s still less expensive than New York private schools, and only a 25 to 45 minute direct train into midtown Manhattan.

Well, I  put in a bid. A few hours later I noticed that I was outbid and the auction was nearing the end, so I stood by the table, feeling really competitive ( I cant help it, I’m just that way when I really want something) and made sure my bid was the highest.  So, yes, YAY, I won my own signature sandwich!!!! So here’s where I need your help.

What should I name my Millburn Deli sandwich? And what should be IN this signature sandwich?

At first I thought “The Sassy Sue Adler” – roast beef with melted provolone with sassy horseradish sauce. But it’s too much like another griller they have.

Then in the middle of the night I thought…. how bout “The SueAdler.combo”? ( SueAdler DOT combo -  Get it? ) But what to put in the combo?  Between appointments today I built my ideal sandwich in my mind… Turkey, avocado, sun dried tomatos, cucumbers, and goat cheese on a whole grain roll or a whole grain something or other. 

Please be creative and share your ideas and do NOT be shy. And if you had to name your own deli signature sandwich, what would you name it and what would you put in it? Feel free to share your ideas here or on my facebook page:  http://www.facebook.com/sueadlerteam .   And if I like your idea better than mine, I’ll buy you deli sandwich!

Yours to count on,

Sue

The sought after areas of Chatham Borough   and neighboring Chatham Township  share a common heritage and are often referred to as Chatham or The Chathams. If you’re thinking of moving to  NJ, and are looking for an easy commute into NYC, excellent schools, and a great community, here’s a way to get a peak at what this beautiful town has to offer.  You’ll see schools, parks, Main Street shops and restaurants, Chatham train station, as well as  beautiful borough and township neighborhoods.

Then, if I’ve peaked your interest, and you’d like to come in for the real town tours, just give me a call… (973)464-9129

Yours to count on,

Sue

1. Effective April 5, 2010, the up front Mortgage insurance premium (MIP) will be increased by 50 bps to 2.25% (from the current level of 1.75%.)

2. FHA plans to request legislative authority to increase the maximum annual MIP.
If this authority is granted, then the second step will be to shift some of the premium increase from the up-front MIP to the annual MIP.
This shift will allow for the capital reserves to increase with less impact to the consumer, because the annual MIP is paid over the life of the loan instead of at the time of closing.

3. New borrowers will now be required to have a minimum FICO score of 580 to qualify for FHA’s 3.5% down payment program. New borrowers with less than a 580 FICO score will be required to put down at least 10%.

4. Reduce allowable seller concessions from 6% to 3%.
This change will bring FHA into conformity with industry standards on seller concessions. and will minimize incentives to inflate appraised value.

 
I personally think this is great. Appraisals will no longer be such an issue from large seller concessions,  and if a borrower’s FICO score requires them to put 10% down, that is actually protection for the buyer if the market drops further or even if the market stays flat and the buyer needs to sell within a year or two.  Your thoughts?

A huge  thank you to my clients and friends! Because of your business and referrals, in 2009 The Sue Adler Team:

* Sold more homes than ANY other full service  agents in our Midtown Direct Towns in the worst market ever. (according to GSMLS stats)
 
* Placed #1 in the entire Keller Williams New York Region (NJ, NY, CT) for the 5th year in a row.

Update on our market: 

Inventory is quite low right now, and buyers are very frustrated with the lack of nice homes on the market, so if you’re thinking of selling, you may have a great opportunity – call me for a consultation so we can discuss if this is the right time for you – (973)464-9129.

Last week I had the honor of speaking at The Inman Connect Real Estate Conference at the  NYC Marriot Marquis, where all of the biggest innovators in Real Estate meet once a year to exchange ideas. I continue to connect with the best and brightest in the industry and am excited to implement new home search features for YOU that are just in beta right now, but will blow you away when you see them.

Lastly, thank you for the positive response on our neighborhood/town videos! We had a blast putting together this project – over 30 local residents volunteered to “talk about their towns”. These videos have become “viral” via facebook and the local press, as we’re getting many calls  asking us for the “REAL” town tours! Check them out, and feel free to forward them to anyone you think might be curious about moving here:  Click Here to View

Maplewood and South Orange NJ offer one of the shortest commutes in to NYC, only 26minutes on the  Midtown Direct train line.  In this video you will get a small taste of the active supportive community and diversty that Maplewood and South Orange offer. You’ll fall in love with the architecture, quaintness of the towns, our treelined streets, and  virtually visit a variety of  neighborhoods.   Learn about the Columbia School System,  the very active “Newcomers club”,  and hear from local residents about their favorite activities.  Experience some of the energy of  Maplewood Village and the various restaurants, cafes and bars.  Enjoy beautiful shots of South Mountain Reservation and all that it has to offer.

To Read more about what Maplewood and South Orange  NJ have to offer MAPLEWOOD CLICK HERE  SOUTH ORANGE CLICK HERE  , then call the Sue Adler Team  at 973-464-9129 if you’d like to come in for the REAL town tours!

As we move forward onto 2010, I wanted to share with you one of my favorite Rocky moments.   I realize this isnt your typical holiday post ( sorry, I’m kindof like that), but I thought this was such a powerful, inspirational  message to bring us into the new year and share with those we care about.  

I plan to post this video onto both of my daughters’ facebook walls, so if you see comments on my wall such as “Mom, stay off of my wall!”  or possibly a little harsher than that, you’ll know why. But really, I’m fine with that - as long as the message in this video gets through to them, right?

Wishing you and your family love, happiness, success and  good health this holiday season and throughout the new year. 

Yours to count on,

Sue