Eventhough it's a buyer's market, there is now another incentive headed towards Morris County home shoppers to help them in the purchase of a new home!

Buyers who close on a new home and finance their mortgage with Wells Fargo Home Mortgage are eligible for a closing gift valued at $1,000! Buyers can choose from among many items in the online catalog. 
 
If you have already been preapproved by another lender, Wells Fargo will reward buyers for allowing them the opportunity to provide their own preapproval decision (generally within 30 minutes or less) so that  buyers can compare and ensure they are getting the home financing option that meets their needs. Now that's a bargain!!
  
Borrowers are eligible to redeem this promotion after closing on any new purchase or refinance loan secured by a first mortgage or deed of trust with Wells Fargo Home Mortgage ("New Loan") as specified above, subject to qualification, approval and closing. This promotion is not available for all New Loan programs and New Loan excludes loans originated with a broker or a correspondent lender. Contact a Home Mortgage Consultant to learn what programs qualify.

This promotion is not available with any other promotion, discount, or rebate. Only one gift permitted per New Loan. FHA New Loans are ineligible for a gift card and are only eligible for merchandise valued in the amount stated in this promotion. This promotion is void where prohibited, applies only to designated promotion recipient and is not transferable, subject to the terms herein.  Redemption period ends within 30 days after your New Loan close date. Gifts may constitute taxable income. Federal, state and local taxes, and the use of the Gift not otherwise specified herein are the responsibility of the Gift recipient. Please present your good faith estimate or preapproval letter at the time of your request for your preapproval. If you have a current lock-in agreement, this is not an inducement to transfer your loan. This promotion may not be combined with any other offers, discounts or promotions.  

Contact me if this is an offer you are interested in and we can see if it is right for you.

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But while being a business owner is a great deal of work, it is part of the American dream. The downside is that if you are in the market to purchase a new home in San Mateo and are planning on applying for a loan based on your self-employment income, you may be faced with some challenges you weren't expecting.

Unfortunately the current economic situation has forced many lenders to tighten their requirements and that may make getting a loan more difficult than in past years for self employed home buyers. Here's the score on what today's lenders are looking for.

1. Forget about a 'stated income' mortgage - you are going to need tax documents, bank records and at least a two year history of business stability for a lender to even consider your application. Even if you are just branching out in the same kind of business that you have done for years, expect tight requirements and nearly perfect credit to move forward with qualifying.

2. Do your homework - research the banks or mortgage lenders you want to approach and find out exactly what paperwork and documentation they require to process a loan for a self-employed borrower. Spend time putting your documents together carefully and thoroughly in advance of your application.

3. Look for lenders who have a track record of accepting self-employed borrowers and try to meet with them in person to review your paperwork and find the right kind of loan package for your needs and situation.

4. Take a break from write-offs for a couple of years - those tax deductions help with your disposable income, but they also take down your gross income level. Lenders want to see a good debt-to-income ratio,not how clever you are about expensing your income away. Direct any questions about how to manage your expenses and write-offs to your CPA.

5. Stay liquid - build your bank account so that lenders can see your ability to make payments even if you have seasonal or other fluctuations in your income levels month to month or year to year. A solid savings plan and liquid assets can be helpful in getting your application approved.

Finally, if you have a strong co-signer, one with great finances and a steady income, you may be able to overcome your lender's concerns and hesitation when it comes to considering the source and level of your personal income.

Are you self employed and interested in learning more about buying a home? Contact me today, I would be happy to assist you!

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The National Association of Realtors recently released their 2011 3rd Quarter Housing Report. In the report, they showed that combined sales of single family homes, condos and co-ops increased in EVERY state as compared to the 3rd quarter of last year. Here are the state-by-state numbers.

The next time someone says houses aren’t selling, ask them which state they live in and show them this chart!

Thanks to our friends at KCM blog for this post! Contact me to find the perfect Morris County home for you and your family!

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Come take a peek at this lovely 3 bedroom 2 bath home located close to everything!

Gorgeous hardwood floors are showcased throughout the main living areas including the master bedroom. An open and bright living room is a wonderful place to gather with friends and family. It hosts an abundance of natural light through large windows and a cooling ceiling fan. A convenient pass through is also offered leading to the sun filled dining area. Preparing meals in the large updated kitchen is nothing short of a delight. The kitchen boasts lots of cabinets for all your storage needs and ample counter space. The perfect nighttime retreat waits in the master bedroom with lovely fireplace and walk-in closet. Each of the additional family bedrooms is nicely sized with the third having its own private bath. A huge backyard lends to loads of family fun and as an added bonus you will find a spacious storage shed. Don’t miss the opportunity to rent this beauty!

Contact Cindy Marsh Tichy of CindyEric and Associates for more information or to schedule a showing. 

www.85ProspectStreet.com

Built to last with great bones describes this lovely home boasting 4 bedrooms and 3 full baths.

Nestled nicely on a .17 acre lot, in a quiet neighborhood, it features large bedrooms, huge eat in kitchen, a family room, patio and large yard.

A brick and wood shingle façade combine nicely with lush lawns and majestic trees providing amazing curb appeal to marvel upon your arrival home.

The first floor of the home offers a living room, dining room, kitchen and 3 of the 4 bedrooms. The living room is a wonderful place to gather with friends and family supplying ample space and lots of natural light. It opens to the adjacent dining room which is large enough for a family sized table but suitable for even the most intimate of occasions.  The dining room flaunts a double door entry into the huge eat-in kitchen. It boasts a lighted ceiling fan, loads of cabinets for all your storage needs and direct access to a large deck perfect for outdoor entertaining.

Each of the bedrooms is nicely sized with cooling wall décor and an abundance of natural light making them all divine nighttime retreats.

On the ground level you will find a welcoming family room hosting rustic wood paneled walls, sliders to rear patio and a built-in wet. There is also an additional bedroom which could also be used as an office, study or playroom.

A large fenced yard with plenty of running room waits in the rear of the home. The backyard includes a large deck and patio. Call today to schedule your private viewing!

Build Your Dream House Here!

Take advantage of this large parcel which is subdividable into two conforming lots. This irregular lot offers plenty of space to build new.

It’s time to sell your Morris County home, but what about that troublesome neighbor who doesn’t take care of his or her home? The overgrown lawn and untrimmed landscaping might not have been too much of a bother in the past, but now you are ready to sell and the lack of maintaining the property poses a real problem!

Many homeowners face this problem and want to know how they can expect to sell their home when their neighbor’s house looks terrible? Here are a few actions you can take to make your neighborhood a little more presentable:

1. Start by communicating with them. You may uncover a problem that you can help to solve. Is your neighbor elderly or ill? Perhaps you could help out with lawn care or basic maintenance. You might even get other neighbors involved to lend a hand.
2. If you have an HOA, you can go to the president or governing committee. Most HOA’s have strict requirements for upkeep, and they take quick action to correct violations.
3. Call the city code enforcement. If your neighbors’ grass is knee high and they have a rusted out Chevy in the front yard, they are probably in code violation.
4. Use a fence or landscaping to hide unsightly side or back yards.
5. Some home sellers who are serious may offer to pay to haul off trash or try to work out another option to try to help the situation.

Another property de-valuer, especially in today’s economy, is the foreclosure. While you can’t personally do anything about a foreclosed home in your neighborhood, you should be prepared to take a hit on your home’s appraisal value. Be aware of the home values in your neighborhood and what other sellers are listing their homes for. You may need to consider discounting your home or offering incentives to counteract the foreclosure.

Foreclosure is so commonplace now that it probably won’t affect people coming to your neighborhood – in fact, it may draw potential buyers. You just have to be ready to compete with the ‘bargain’ a foreclosure may present to your potential buyers.

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Research shows that potential homebuyers in Morris County are looking for homes with efficient, sustainable materials and homes that can serve the dual purpose of home and office. Extravagant homes are a thing of the past, and now the trend is for thoughtfully planned living areas that combine both indoor and outdoor lifestyles. Below are some of the top trends that homebuyers are looking for:

1. Green building and sustainability – from recycled materials to water wells and water collection systems, today’s home buyer is concerned with organic, sustainable features. While green building can sometimes be expensive up front, even the cost conscious know that the results may save money in the long run.
2. Energy efficiency – those who go green are also concerned with sustainable, efficient resources. Buyers want energy efficient appliances and the latest in insulation techniques using spray foam and gels. Not only do they reduce current energy costs, but energy efficient homes help with resale.
3. Outdoor living areas – more people are staying home these days, and one of the hottest trends is outdoor living areas that create a seamless indoor to outdoor space and include living room style features. From comfortable sofas to televisions and sound systems and creative outdoor cooking areas, the right outdoor space becomes a natural extension of the interior.
4. Main floor master suites with luxurious baths – now more than ever, home is an oasis for hardworking homeowners, and large masters on the main floor (away from kids rooms or play areas) are key to a homeowner’s satisfaction. Along with the master, buyers are interested in soaker tubs, walk-in showers with seating and dual showerheads.
5. Home offices – more and more people find themselves telecommuting or working from home in the evenings, and space for a home office has taken priority over traditional home features like formal dining and living and even media rooms. Home buyers seek that unique space that separates work from family living areas.

The priorities of Morris County home buyers have shifted to reflect changing economic times. The top trends reflect a new desire for comfort and flexible lifestyles, along with an ever growing concern for sustainability and efficiency.

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Purchasing a home can be overwhelming if you are not familiar with the steps and costs involved in this life changing transaction. Many buyers and sellers are especially unfamiliar with what it is involved when it comes to closing costs.

If you are aware of these specific costs and budget for them, they won’t surprise you on closing day and cause you financial stress.

Below is a guide to some of the more standard costs that you may be faced with on closing day.

• Loan Origination Fee or Points: These are the fees charged by the lender for generating your loan.
• Broker Fee: These fees are occasionally combined into the Loan Origination Fee.
• Credit Report: Lenders may require this fee up front to obtain and review your credit history. (Approx. $21 - $60)
• Appraisal Fee: This fee is normally non-refundable and will vary depending on the value of the home.
• Inspection Fee: Fees paid to have a Certified Home Inspector evaluate the structural and mechanical condition of the home.
• Title Search: This search will provide verification that the seller owns the house you are buying.
• Title Insurance: This fee insures against losses as a result of any title defects.
• Prepaid Interest: To pay up the mortgage interest to the first of the following month.
• Mortgage Insurance: Insurance to protect the lender in the event that the borrower (mortgager) is unable to repay the loan.

These are some of the most common costs involved with closing. Once you have applied for your loan, the lender will provide you with a Good Faith Estimate of what they anticipate the closing costs to be.

Be sure to do your homework and ask extensive questions about these items and your closing on your new Morris County home will go much smoother on closing day!

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www.2WrightCt.com

This charming Bentley model home is nicely nestled on a spacious corner lot. It is lovingly maintained and features tons of character all offered for so little!

An open and bright foyer with tiled floors invites you in. The foyer opens to both a comfortable living room with an abundance of natural light and a cheerful dining room with windows overlooking the quiet neighborhood. The dining room can easily fit a family sized table providing a great place to host dinner parties of all occasions. The family room sits adjacent to the living room and just on the other side of the kitchen offering easy flow while entertaining. An open and cheery kitchen provides a delightful place to prepare meals. It is equipped with all appliances and has a wonderful breakfast bar and breakfast nook which opens to the rear deck with hot tub.

The perfect night time retreat is found on the second floor in the owner’s private suite. It boasts a walk-in closet and full bath with stall shower and tub. Family or guest a like with rest peacefully in each of the additional family bedrooms with custom wall tones, gentle natural light and tons of space.

A full partially finished basement provides limitless options. Make this area of the home your personal office, exercise or media room.

 A wealth of lush lawns wrap graciously around the property welcoming endless outdoor activities.    

Text  MOVEYOU to 87778 for complete access to listings!

Relish in this spacious home nestled on a large corner lot.

This expanded ranch home features a bright and welcoming living room with neutral wall tones and cooling ceiling fan. A newer kitchen is boasted offering an abundance of cabinets, breakfast bar and tiled backsplash. Separated by the breakfast bar is a cozy dining area with plenty of space for a family sized table. Enjoy newer baths, a storage shed and plenty of parking. Space is never an issue with a finished basement hosting a full suite of rooms and private entrance. Cool off on warm days in the existing above ground pool which is only in need of a new liner.

Call today for to schedule your private viewing!

Text MOVEYOU to 87778 for complete access to listings!

Many potential home owners ask the question, “Is owning a home in Morris County a good investment?” The answer is, “Absolutely!” An article in the January issue of Realtor Magazine discussed whether homes are still a good investment in this economy. "Even with several years of price declines, the typical seller who purchased a home 8 years ago experienced a median equity gain of $33,000-a 24% increase-while sellers who were in their homes for 11-15 years saw a median gain of 40%." Those percentage calculations were according to NAR's latest survey of home buyers and sellers. "85% of recent home buyers see their home as a good investment, and nearly half think that a real estate investment is better than investing in the stock market."

It's good that people still see home ownership as a long-term investment goal because it truly is. If you or anyone you know is interested in buying a home in New Jersey, now is the best time and Morris County is the best place to do it. We have great schools, all the convenience of the city but all the comfort of the suburbs, and beautiful homes for you to build your life and raise your family.

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So you’re planning to buy a home this year in Morris County. That’s wonderful! However, if you haven’t already decided on a particular dream home here, you may want to consider buying a foreclosed home. They typically represent a great deal for a buyer and they are almost always readily available.

According to a market study, 2011 could be a record year for home foreclosures. So, how do you go about buying a foreclosure home in 2011? What are the steps involved? First, you need to understand the different stages in the foreclosure process. The process varies from one state to another (based on state laws), but the basic stages are the same

1. Pre-foreclosure: John Doe falls behind on his mortgage payments. Maybe he lost some of his income, or perhaps his mortgage payment increased in size due to an ARM loan adjusting. Two or three months after falling behind on the payments, John receives a notice of legal action from the lender. This is the pre-foreclosure stage, where the homeowner has defaulted but the lender has not yet foreclosed on the property. When the lender files a legal record of the homeowner’s default, it becomes public information. During this stage, John might try to get back on track. He could do this through reinstatement, or one of several other foreclosure-avoidance options. He might even sell the home through a short sale, with the lender’s permission. This is one way to buy a foreclosure in 2011 (or a pre-foreclosure, to be exact). If none of these options work out, the bank will eventually foreclose on the home.

2. Auction: This is often the next stage in the foreclosure process, after the bank forecloses on the home. At this point, the homeowner has been evicted from the property. Next, the bank wants to sell the home as quickly as possible, since it’s a “non-performing asset.” An auction is one way to go about it. Bidders who have cash in hand can bid on the home. Generally, their bids must be above a certain starting point. If the property is sold through auction, that’s the end of it. If it’s not sold at auction, the home goes back on the market as a bank-owned house. Sometimes the auction process is skipped entirely. For example, if the bank feels there’s not enough local demand for such properties, they might skip the auction and just list the home on Realtor.com, RealtyTrac.com and similar websites.

3. Bank-owned home: When a foreclosure home comes back on the market for sale, it’s usually referred to as a bank-owned home. You can find these homes listed on the two websites mentioned above. The home might have been through an auction prior to reaching this stage, or the bank / lender might have skipped the auction. Either way, you can be fairly certain that the homeowner who defaulted is now out of the picture entirely. From a buying standpoint, most experts agree that this is the safest stage of the process. You might not get the kind of deal you would get during an auction. But you can probably rest assured that the home is “free and clear” of any liens or other legal claims.

So how much money could you save by buying a foreclosure home in Morris County in 2011? This depends on the particular circumstances of the situation, but most sources say the average savings is 5 – 15 percent off market value.

Of course, buying a foreclosure home is not for everyone. No matter how much they research the process, some buyers are simply not comfortable with it. And that’s okay. There are plenty of homes available through traditional sales as well! We can help with you with whatever route you choose!

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When looking at your Morris County dream home, getting a home inspection is a very important step in the buying process. It is crucial to hire a qualified individual or company to inspect your potential home. Below is a list of things to keep in mind to ask your potential inspector.

1. What are your qualifications?  

2. How many home inspections do you perform in a year that is similar to my home?

3. Can you provide a list of references that we can contact? 

4. What is your turnaround time to receive the report? 

5. What will be included in the report? 

6. How much will the report cost?  

For an easy, quick search of certified Home Inspectors in your area you can visit The American Society of Home Inspectors or the National Association of Certified Home Inspectors.

Your Home Inspector will perform a “visual” inspection to determine the condition of your Morris County home. To better understand what may be included in your report and what your Home Inspector will be looking for see the list below.

• Foundation and Framing
• Roofing and Flashing
• Gutters and Drainage
• Siding
• Decks and/or Porches
• Driveways and Sidewalks
• Doors and Windows
• Stairs and Railings
• Ceilings and Walls
• Electrical
• Plumbing
• Heating and A/C
• Ventilation
• Attics
• Basement
• Garage

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Morris County, New Jersey can be found 30 miles northwest of New York City and is one of the fastest growing counties in the New York metropolitan area. It is a great place to live, where you can raise a family and also be mere minutes away from all the conveniences of the big city.

• Morris County was Rated as the 6th Best County in America to Raise a Family by Forbes Magazine in it's July 2008 Issue ranking U.S. counties with populations over 65,000
• Access to Midtown Direct train to New York City.
• 30-50 +/- minute drive to Manhattan.
• 20-40 +/- minute drive to Newark International Airport.
• Minutes to Major Routes like 10, 24, 80, 280, 46, 202 and 287 provide for the Ultimate Location and Home Values.
• One of the Ten Wealthiest Counties in the United States.
• Excellent Public and Private Schools.
• Bringing together Spectacular Natural Beauty, Educational Excellence, Successful Corporations, and first-rate attractions, Morris County offers an idyllic home.

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According to a recent survey, conducted on behalf of the National Association of Home Builders (NAHB), "An overwhelming 75 percent of the people who were polled said that owning a home is worth the risk of the fluctuations in the market, and 95 percent of the home owners said they are happy with their decision to own a home."

There is good reason for homeowners to feel this way. Homeownership offers people a wide range of benefits, including many that reside outside your pocketbook. The first benefit is stability. According to the National Association of Realtors (NAR) and their 2010 study named "Social Benefits of Stable Housing," "Homeownership and stable housing go hand-in-hand. Homeowners move far less frequently than renters, and hence are embedded into the same neighborhood and community for a longer period. "

This stability has far-reaching affects. Studies have revealed that children of homeowners are more likely to graduate and less likely to live in areas with high crime rates. Responsibility is also passed down to the next generation. Daughters of homeowners have a lower incidence of teen pregnancy.

According to the survey, "First, a home purchase naturally involves one of the largest financial commitments most households will undertake. Homeowners, therefore, tend to minimize bad behavior by their children and those of their neighbors that can negatively impact the value of homes in their neighborhood. Second, homeowners are required to take on a greater responsibility such as home maintenance and acquiring the financial skills to handle mortgage payments. These life management skills may get transferred to their children."

Homeownership even affects our health. This same NAR study found that homeowners report higher levels of physical health, even after the study adjusted for age and socioeconomic factors. "In addition to being more satisfied with their own personal situation than renters," says the study, "homeowners also enjoy better physical and psychological health."

Owning your home gives you stability. Eventually, if a homeowner buys within their means, even the longest of mortgages gets paid off. This makes your home one of your greatest retirement assets.

According to Celinda Lake, president of Lake Research Partners, "People believe overwhelmingly that owning a home is an anchor to the American Dream," she said. "It's an anchor to your retirement, and it's an anchor to your personal economic well-being."

"Homeownership is worth the risk, pure and simple," said Neil Newhouse, a partner and co-founder of Public Opinion Strategies. "Even though the market is weak, people who don't own say they want to buy a house. Almost three-quarters of those who do not currently own a home, 73 percent, said owning a home is one of their goals. And among younger voters who are most likely to be in the market for a home in the next few years, the percentages are even higher."

This is why 80 percent of owners would recommend homeownership to those they know. If you're in the market in Morris County, maybe it's time you took their advice! Historically low interest rates and high rates of affordability make now a great time to buy.

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Enjoy exploring Morris County's many historic communities  , parks, archives, museums, and libraries! A Great Long-Term Investment Investment Generally speaking, Morris County homes   appreciate about four or five percent a year. While some years will be more and some less varying from neighborhood to neighborhood, and region to region, you can expect your home to appreciate over time.

Five percent may not seem like that much at first, but let’s take a closer look! Suppose you obtained a home loan and bought a $200,000 house. If you were to put down as much as twenty percent down – that would be an investment of $40,000. At an appreciation rate of 5% annually, a $200,000 home would increase in value $10,000 during the first year. That means you earned $10,000 with an investment of $40,000. Your annual "return on investment" would be a whopping twenty-five percent. Of course, you are making mortgage payments and paying property taxes, along with a couple of other costs. However, since the interest on your mortgage and your property taxes are both tax deductible, the government is essentially subsidizing your home purchase. 

Your rate of return when buying a home is higher than most any other investment you could make.

Saving on Income Tax. Due to income tax deductions, the government is essentially subsidizing your purchase of a home. All of the interest and property taxes you pay in a given year can be deducted from your gross income to reduce your taxable income.
Property taxes are deductible, too. Whatever property taxes you pay in a given year may also be deducted from your gross income, lowering your tax obligation.

Please contact me to begin your search to purchase a home in beautiful and historic Morris County!

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• 2011: prices will depreciate 3.52%
• 2012: prices will appreciate .46%
• 2013: prices will appreciate 2.18%
• 2014: prices will appreciate 2.92%
• 2015: prices will appreciate 3.47%

Accumulative appreciation (including this year’s projected depreciation) will stand at 5.71% in 2015.

Bottom Line

The experts say Morris County home prices will begin to see appreciation next year and return to historic levels of annual appreciation by 2015.

Article from KCM Blog