Summit, NJ

What is it about Summit, NJ that makes it so desirable?

If you are asking this question, then you probably do not live in Summit.

Summit, New Jersey is far from a cookie cutter town. It consists of remarkable architecture, beautiful landscapes, and old world charm with historical relevance. Although each of these aspects is true and sounds attractive, reality suggests that today's buyers need more from a town.

What do today's home buyers need?

In my experience, buyers are looking for a number of things from the place they decide to choose.

• Buyers with children are interested in the school system.
• Buyers who work in the city are interested in transportation.
• Buyers who are savvy investors look for homes that will appreciate quickly.
• Then there are those buyers who need a yard or cannot live in a place without a thriving downtown.

Thankfully, Summit, NJ appeals to each of these buyers. It is no wonder Summit homes are still selling quickly in this "terrible" real estate market. Next time the media claims the sky is falling, think of Summit as the umbrella.

To better serve those of you interested in learning more about Summit NJ, I have continued to update my website's Summit page.

Most recently, I have added a complete community report and the 2007 year-end broker statistics for homes sold in Summit, NJ. Also if you have not yet read my "Summit, NJ 2006-2007 Real Estate Analysis" I suggest you do so. The information is completely unique from anything else you will see online.

In the near future, you can expect to find virtual tours of the Summit area. I know that many of my clients and readers are from out of the area and may be interested in seeing what Summit has to offer. Since a picture says a thousand words, I plan on providing you with a visual journey into Summit, NJ real estate. I will make sure to update you as soon as this addition is complete.

Until then, enjoy the recent improvements. If you have any questions or comments, feel free to contact me. I look forward to speaking with you. Have a great day.

Again click here for the link to Summit, NJ

Sincerely,

Michael Pennisi

908.656.3858

Recent Quotes about the Positive Signs in the Real Estate Market:

The Time is Right for First-Time Homebuyers

Generally, homes are becoming more affordable, and mortgage rates -- though somewhat volatile over recent weeks -- are still relatively low. "This is one of the best times that a first-time home buyer has had in a long, long time. (First time buyers should) get qualified and go to a Realtor ... and then ask the questions 'What if the property drops,' and 'What if the rates go up?' The cost of capital is important to look at. It's possible that even if prices do drop significantly, interest rates could go up, making the savings negligible."

-- Tom Kunz, president and CEO for Century 21 Real Estate LLC, "First-time Dilemma," by Amy Hoak, MarketWatch, March 9, 2008.

Buyers Should Think Locally when Gauging the Market

Cities such as Seattle; Austin, Texas; and Wichita, Kan., are still seeing price increases. And even in hard-hit cities, certain neighborhoods are holding up better than others. Don't forget that home buying is always a street-by-street exercise, and that is particularly true in a weak market. In a strong market, buyers scarf up homes on busy streets or less-than-desirable locations. But in a down market, things change. Just about anything sold in the hot market of 2004 and 2005, but now "it's location, location, location -- more than ever."

-- Lori Dahl, an agent in Summit, N.J., "Gauging Value in Real Estate as Prices Slide,"
by Jeff D. Opdyke , The Wall Street Journal (subscription required), March 13, 2008.

Buying Opportunities: Three Ways to Play the Market

•Ø Trading up. If you're hankering after a larger home or a house in a better neighborhood, this could be your chance to trade up on the cheap. Like any thrifty shopper, you want to buy when there's a sale -- and that is what today's market offers.

•Ø Doubling down. Instead of trading up, you might be eyeing a vacation home. The bottom line: If you think you'll get a lot of use from a second home, go ahead and buy.

•Ø Helping hand. You might give your kids an advance on their eventual inheritance, so they have enough money to make a down payment. Yes, that means they will start to incur the housing costs, including property taxes and maintenance expenses. But your children will also replace their monthly rent check with a monthly mortgage check, and that will allow them to start building home equity.

-- "Playing the Housing Slump: Is It Time to Make Your Move?," by Jonathon Clements, RealEstateJournal.com, March 11, 2008.

Regional Update: Good News from Markets around the Nation

Philadelphia

The local real estate market is starting to loosen a bit. Showings in some neighborhoods are up substantially this year, agents report, after being down almost 50 percent between August and the end of 2007. Driving the upsurge in traffic, at least in part, are prospective first-time homeowners, who - in the first true buyers' market of the 21st century - don't have to worry about selling a house.

-- "Philadelphia's Real Estate Market Improving," by Alan J. Heavens, The Philadelphia Inquirer, March 10, 2008.

San Jose, Calif. (Silicon Valley)

"Now is still a good time to buy a home because rates are very low, and there are still good opportunities, good properties, and good deals. Silicon Valley is always going to have a certain degree of demand because we have an international demand. There are many local businesses relocating people from overseas here because the euro is very strong against the dollar. And because of a strong job market in our area, there is a constant demand for housing in Silicon Valley."

-- Gabe Bodner, an affiliate with Lawson & Associates Mortgage Planners, "COMMENTARY: Conforming Loans Good, but Won't Happen Overnight," by Rose Meily, Los Gatos Weekly-Times, March 11, 2008.

Springfield, Ill.

With a gain last year of 14.4 percent, to a median price of $108,600, Springfield placed tops in the Midwest in the strength of its single-family housing market, according to the National Association of Realtors^®. That would be Springfield -- capital city of Illinois, yes, but otherwise hardly the prototype of the bustling, fast-growing and hugely desirable markets associated with housing booms. But that's the point: As real estate bubbles elsewhere in the country have gone flat, Springfield looks better and better as it continues to see double-digit price increases for homes.

-- "Springfield Housing Tops in Midwest," by William Sluis, The Chicago Tribune, March 10, 2008.

Oklahoma

Statewide, Oklahoma had an increase in home values of 4.2 percent last year, the seventh consecutive year in increases. While total sales were down slightly from a record high in 2006, 2007 was still in the top three years ever recorded. The state is adding jobs and in some areas, there's explosive growth. In the west, new manufacturing plants are joining the air force base at Altus to produce jobs. Consequently, Altus recorded a 34 percent increase in sales for 2007.

-- "Realty Viewpoint: How Oklahoma Fights Negative Housing Press," by Blanche Evans, Realty Times, March 11, 2008.

Recent Quotes about the Positive Signs in the Real Estate Market:

Mortgage Applications Up & Rates Down

The Mortgage Bankers Association said its seasonally adjusted index of mortgage applications, which includes both purchase and refinance loans, for the week ended Jan. 11 surged 28.4% to 906.4, its highest since the week ended April 2, 2004. "When consumers see an opportunity, no matter how pessimistic they might be, they take it. It will improve the underlying state of the industry and the longer rates stay down, the more people will take advantage of the opportunity, so that is a good thing."

-- Douglas Duncan, chief economist at the Mortgage Bankers Association, "Tumbling Rates Boost Mortgage Demand to Four-Year High," USA Today, Jan. 16, 2008.

Mortgage rates have dropped to their lowest levels since the summer of 2005, as more people become convinced that the economy is in a housing-led slowdown.

The benchmark 30-year fixed-rate mortgage fell to 5.75 percent, according to the Bankrate.com national survey of large lenders. One year ago, the mortgage index was 6.26 percent; four weeks ago, it was 6.21 percent. The benchmark 30-year rate hasn't been lower than this since July 6, 2005, when it was 5.7 percent.

-- "Mortgage Rates Fall to mid-2005 Level," by Holden Lewis, Bankrate.com, Jan. 16, 2008.

NAR Launches Consumer Web Site

The National Association of Realtors is doing something atypical -- directly reaching out to consumers with little-known facts about housing. NAR's new website - http://www.housingmarketfacts.com/ -- is designed to give homebuyers and sellers information that illustrates the value of real estate as a long-term investment.

•Ø For the past 30 years, the median price of existing homes has increased an average of more than 6 percent every year, and home values nearly double every 10 years.

•Ø Home prices typically beat inflation by one or two percentage points.

•Ø Housing sales in 2007 are expected to be the fifth-best on record.

-- "Realty Viewpoint: NAR Battles Bad Press With Housing Facts For Consumers," by Blanche Evans, Realty Times, Jan. 17, 2008.

International Buyers Looking for Bargains in the U.S. Housing Market

While the growth of international activity in the U.S. market has been well-documented, the recent National Association of Realtors study provided the first specific data that the phenomenon goes far beyond bargain-hunting Brits buying Florida condos. According to the data, Arizona and its desert golf courses accounted for 6 percent of international sales, compared with only 4 percent in New York, followed closely by Colorado with 3 percent. While 33 percent of the buyers were from Europe, 24 percent came from Asia and 16 percent were from Latin America. "Prices are going to become more attractive, both because of the dollar and falling housing prices."

-- Pat Newport, an economist with Global Insight, "International Buyers Head for the Texas Coast," by Kevin Brass, The New York Times (registration required), Jan. 10, 2008.

Regional Update: Good News from Several Markets Around the Nation

Florida

•Ø "Basic fundamentals driving Florida's real estate market, which are historically low interest rates, stabilizing prices and reductions in inventory, indicate a positive environment for a recovery."

•Ø "Today, more customers are interested in purchasing a home as a long-term investment, as real estate continues to be an outstanding long-term wealth generator. According to the Florida Association of Realtors, the statewide median sales price for single-family homes has increased by 52.5 percent over the past five years, as of November 2007."

•Ø "While real estate is a commodity, it cannot be traded like a stock. I think overzealous investors and speculators found that out the hard way, and now, we are returning to a more traditional market."

•Ø "The number of foreclosed properties may have increased significantly throughout the state, the total is less than 5 percent of all residential properties."

-- Clark W. Toole III, president and CEO of Sarasota-based Coldwell Banker Residential Real Estate, "To Top Broker, Florida has Strong Real Estate Future," Herald Tribune, Jan. 14, 2008.

Baltimore

An address in a trendy neighborhood will no longer guarantee a fast sale, experts say. Rather, fast sellers in a slow market have several common denominators: They're priced better than comparable listings, they show like model homes and they have a full force of marketing, such as enticing Internet photos, behind them. "You can't speculate on your price right now. You need to price it aggressively from the beginning or you're going to sit on the market."

-- Janice Mattson, a Baltimore County listing agent, "A Few Houses Still Sell in Days," by Lorraine Mirabella, Baltimore Sun, Jan. 16, 2008.

Dallas

A new comparison of major U.S. housing markets shows that the Dallas area still has one of the lowest average sales times in the country. Additionally, Dallas was one of only two cities - along with Phoenix - that had an increase in the median price of homes listed for sale.

-- "Report: Dallas has 2nd Shortest Home Sales Time," by Steve Brown, Dallas Morning-News, Jan. 10, 2008.

Dothan, Ala.

Many of the same factors that dampened the national housing market in 2007 are affecting Dothan, although the Dothan market is typically insulated from the wild swings in other areas of the country. Massive increases and decreases in home values tend to happen when buyers snap up homes in places where they expect demand to be the highest, such as the beach or trendy places like Las Vegas. "There's not a lot of speculation going on in this market."

-- Charles Woodall, managing broker at Century 21 Key Realty, "Realtor Says Dothan in a Buyer's Market," by Lance Griffin, Dothan Eagle, Jan. 10, 2008.

Interested in Learning More about the Summit, NJ Area - Click Below

Silver Lining for Real Estate in '08

•Ø In his outlook for 2008, Laurence Yun, the chief economist for National Association of Realtors^®, sees a shift from greedy speculators to serious homeowners. 2008 will be a year of opportunity where there will be serious, healthy business. Furthermore, Yun predicted that the market returns to normal by 2009.

•Ø According to Yun, one of the biggest mistakes that reporters make is talking about national trends. Nationally, 2007 was the fifth best year ever on record. Home prices declined about 1.5 percent after a 50 percent run up in prices.

•Ø 2008 represents the best window that buyers will have to find excellent deals with excellent financing. Get the word out there. If they wait, prices and interest rates will be higher and the reluctant buyer may be forced out of the market.

-- "Positive News for Realtors in ‘08," by Bernice Ross, Inman News (registration required), Dec. 21, 2007.

Buyers: Don't Try to Time the Market

•Ø Assuming you can figure out the ideal time to buy - that is, when prices have hit not only hit a trough but are on the verge of rebounding - by the time you find the house you want, line up the financing and close the deal, the "best" time may have already passed.

•Ø Start looking around in different areas where you may be interested in living to get a sense of what the market is like and where it may be headed. The national housing market is really a collection of many local markets, and the prospects can vary considerably from one locale to the next, depending on such factors as how hot the market got, the local employment picture and the volume of inventory and potential foreclosures.

-- "Ask the Expert: Timing the Housing Market," by Walter Updegrave, CNNMoney.com, Dec. 27, 2007.

Foreign Investment in U.S. Real Estate

Sales of luxury homes have been strong and "with the value of the U.S. dollar low and real estate prices dropping, it isn't hard to imagine foreigners taking bigger positions in properties here as part of their overall portfolios. At the first blush of renewed energy, the real estate market will bounce back."

-- Thomas Kostigen of Marketwatch, "Spotting Market Bottoms in 2008, Strategies for Home Sellers," by Lauren Baier Kim, RealEstateJournal.com, Jan. 1, 2008.

Mortgage Rates Fall

The benchmark 30-year fixed-rate mortgage fell 17 basis points, to 6.14 percent, according to the Bankrate.com national survey of large lenders. The benchmark 15-year fixed-rate mortgage fell 21 basis points, to 5.76 percent. The benchmark 1-year adjustable-rate mortgage fell 6 basis points, to 6.1 percent. The 30-year jumbo, for mortgages of more than $417,000, fell 10 basis points, to 7.2 percent.

-- "Rates Fall on First Economic Report of 2008," by Holden Lewis, Bankrate.com, Jan. 3, 2008.

Going "Green" Adds Value to Homes

In a market where selling homes has recently become more challenging, features that make houses stand out from the pack provide an extra advantage against competitors. "Home buyers are looking for added value in every purchase they are making. They either want an awesome price or extras - such as those extras found in a more energy-efficient house."

-- Laura Zambratto, associate broker with Daniel Gale Sotheby's International Realty in Cold Spring Harbor, N.Y., "Builders, Brokers See Sales Edge in 'Green' Homes," by Laura Koss-Feder, Newsday, Dec. 28, 2007.

Regional Update: Good News from Several Markets Around the Nation

New York City

Manhattan real estate continues to buck national trends - New York home prices soared during the last three months of the year, according to several surveys released Thursday.

The median (midpoint) price for a condo or co-op apartment rose 15 percent to $915,000, according to the Corcoran Group, one of New York's biggest brokers. "It's like the Energizer bunny. It just keeps going and going and going."

-- Pam Liebman, president and CEO of The Corcoran Group, "Manhattan Home Prices: Still Crazy," by Les Christie, CNNMoney.com, Jan. 3, 2008.

Binghamton, N.Y.

If you're in the market to sell your home, Binghamton is the place to do it. Over the past two years the cost of buying a home is up almost 15 percent. "We never had a big building boom here. We just kind of like slowly, steadily went along. We never had big jumps in percentages every year. So it wasn't a big balloon that was going to pop."

-- John Burns, real estate agent in Binghamton, N.Y. "Binghamton Exception To Nation's Housing Slump," by Eric Burling, WBNG News, Jan. 2, 2008.

San Francisco, Calif.

Ken Harney, a syndicated housing columnist and president of the National Association of Real Estate Editors, recently wrote a column about what he termed "oases," markets, such as San Francisco, where sales are down but prices are up. "Every market is different. Local media ought to put some effort into what's happening in the local market, definitely. There are just certain markets that need to be reported separately."

-- "Where the Truth about Today's Market Really Lies," by Eugene L. Meyer, RISMedia, Jan. 3, 2008.

Greensboro, N.C.

The housing market appears to be holding strong in Guilford County (North Carolina). A comparison of housing market figures of the last five years shows significantly more houses are selling now than in 2002 -- 31 percent more. "Anytime you look at your best year and say you have to beat that, you're setting yourself up for failure. We're going to have our third or fourth best year in history of selling real estate."

-- Kevin Greene of the Greensboro Regional Realtors Association, "Housing Market Holding Strong in Guilford County," WGHP Fox8, Dec. 30, 2007.

Interested in Learning More about the Summit, NJ Area - Click Below

As you can see from the charts, whether you are buying or selling in Summit, NJ, you must call Lois Schneider Realtor, the market leader. For over a quarter century, the company has been one of Summit's most productive real estate firms. We invite you to drop in or call to schedule a personal consultation. We are sure you will know why Lois Schneider was named by the New Jersey Business Journal as one of the state's top 25 corporations owned by a woman.