Summit, NJ

Union County, New Jersey is quite diverse in terms of real estate prices, communities and property size.

While we saw a bit of a dip in average home sale prices in January 2008, a recent surge in homes newly listed on the market...point us to a more positive outlook for Spring.

If you are thinking of moving to Summit or Springfield, New Jersey please contact Perri K. Feldman at 973.650.4727 or Search the Garden State MLS here.

To learn more about Summit and Springfield visit Midtown Direct Homes and New Jersey Real Estate Wire

Visit the following link to view my most recent research on the Summit, NJ market:

Summit, NJ Homes

The media has been condemning the purchase of real estate. NAR has been claiming that now is the time to buy.

Who is correct? Since all real estate is local, you might be surprised of Summit, NJ's trends.

I look forward to hearing your feedback.

Sincerely,

Michael Pennisi

(908) 656-3858

www.MichaelPennisi.com

Buyers Waiting on the Sidelines Need to Get in the Game

•Ø People willing to hold properties for a long time could be well served by starting to look at potential purchases now, because over the long term home appreciation usually pays off.

•Ø Despite the recent declines in the market, national home prices are up 80.5% over the first quarter of 2001.

•Ø One reason potential buyers may want to act quickly: Historically, when home prices fall, they don't fall for long.

•Ø "If we go back to 1990, 1991 and 1992 and prices were falling, the reverse came very fast and very suddenly." There is some indication that the time period might be shorter than it was in the 1990s. For one, the job market is actually still fairly strong today and the jobless rate low, contrasting with the rising unemployment rate in the early 1990s.

-- David Blitzer, chairman of the S&P Index Committee, "Good Time to Look for a Second Home?" by Sheree R. Curry, TheStreet.com, November 30, 2007.

•Ø "A combination of lower prices, a large inventory and mortgage rates well below 7 percent offer buyers a terrific opportunity. Real estate truly is a long-term investment."

•Ø "It really doesn't matter if we're at the bottom [of the market cycle] yet. What matters is, can you find what you want? If you wait till it's a good market and everyone's buying, you won't have as much choice."

-- Jeffrey Otteau, a real estate appraiser from East Brunswick, N.J., "Welcome to the Buyers' Waiting Game," by Kathleen Lynn, The Record (N.J.), Dec. 2, 2007.

•Ø "From the consumers' standpoint, it's the old adage: whatever you are buying, buy low and sell high. The marketplace right now is saying that prices are low, so why would you not be buying?"

•Ø "The thing that keeps me awake is I believe so much that this is an opportune market ... that I would just hate to have the average individual miss an opportunity like this. I don't think we'll ever see the hot market we saw in 2004 or 2005, but we'll definitely see it bounce back and people will see some appreciation on their properties."

-- Tom Kunz, president and CEO, Century 21 Real Estate LLC, "Century 21 Seeks Overseas Buyers of U.S. Homes," by Lynn Adler, Reuters, Dec. 12, 2007.

U.S. Housing Market Attractive to Foreign Buyers

•Ø Century 21 is looking to entice people from as far away as China into buying homes in the United States. Europeans have a 45 percent discount on U.S. goods due to the strength of the euro against the dollar. Big exchange rate premiums that Canadians long paid just across the border were mostly wiped out this year.

•Ø A (Century 21) Orange County, Calif. office had a recent referral from China. A San Antonio, Texas-area agent is working with two different clients from the United Kingdom who want primary residences in New Braunfels, Texas. "The strength of their home currency against the U.S. dollar is most likely making their decision a little easier."

-- "Century 21 Seeks Overseas Buyers of U.S. Homes," by Lynn Adler, Reuters, Dec. 12, 2007.

NAR: Housing Market Improving

•Ø Job growth and the replacement of subprime lenders to borrowers with weak credit with government-backed loans were cited as reasons for the improved outlook. "Despite over-exaggerated negative coverage on the housing conditions, many local markets are actually seeing price increases. Mortgage availability is improving."

-- Lawrence Yun, chief economist for the National Association of Realtors^®, "Housing Market is Stabilizing, Optimistic Realtors Say," by Alan Zibel, USA Today, Dec. 10, 2007.

Agents Need to Be Creative, Flexible, and Embrace Technology

•Ø "Thanks to the growth of our industry and the events of recent years, agents have to be more competitive and creative than ever to succeed."

•Ø "Today's successful agent needs to be more flexible, more comfortable with technology, and more thoughtful about marketing themselves and their clients' properties."

-- Pamela Liebman, president and CEO of The Corcoran Group, "Corcoran CEO Loves the Art of the Deal," Inman News (subscription required), Dec. 4, 2007.

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

Helping Homebuyers and Sellers Navigate the Market

•Ø "What consumers see in the newspapers and online is based on the view of the national market from 50,000 feet. Those numbers don't reflect the true story in any single marketplace."

•Ø "We have to get localized and start showing consumers that real people just like them are successfully buying and selling homes in this market. The price range has nothing to do with it; it's all relative to what you do with it."

•Ø "For the people that have been in their homes for four years or longer, the possibilities of what they can do in this marketplace are tremendous - especially if they look in their own market."

•Ø "I always urge consumers to talk with a professional, and to look at their individual situation. You never know what you can do until you ask and investigate."

-- Tom Kunz, president and CEO, Century 21 Real Estate LLC, "Taking a Stand," by Stephanie Andre, Real Estate magazine, November 2007.

The Big Picture: Homeowners Still in Good Shape

•Ø If prices more than doubled as they did in 33 metropolitan markets between 2001 and 2006, even 10% and higher average price drops in once-booming areas of California and Florida have left long-term owners with most of their paper gains intact. For the vast majority of owners, the giveback has been a modest fraction of the price gains of the previous five years.

•Ø Bottom line: The housing price correction cycle continues in many -- not all -- parts of the country. But in the absence of a recession or major capital markets crisis, most homeowners' equity stakes are intact.

-- "Price Drops are Sobering, but the Big Picture is Still Rosy," Kenneth R. Harney, Los Angeles Times (registration required), Nov. 18, 2007.

NAR Says: Median Home Prices Rise in Most Metros

In the third quarter, 93 out of 150 metropolitan statistical areas show increases in median existing single-family home prices from a year earlier, including six areas with double-digit annual gains and another 21 metros showing increases of 6% or more, according to the latest quarterly survey by the National Association of Realtors®. Regionally, prices rose in both the Northeast and Midwest, as did the national condo price.

"What's really important for consumers is to make informed decisions based on individual needs, desires and timelines in a given area. Most people plan to stay in a home for 10 years, and for buyers with a long-term view, housing is an excellent investment."

-- Richard Gaylord, NAR President, "Median Home Prices Rise in Most Metros, Majority Show Modest Gains," RISMedia.com, Nov. 26, 2007.

NAR Survey: Consumers Bullish on Buying a Home

According to the National Housing Pulse Survey by the National Association of Realtors®, nine out of 10 consumers say buying a home in today's housing market remains a good deal, and 59 percent of those surveyed said right now is a good time to buy a home.

-- "Buying a Home Remains a Good Deal," by Broderick Perkins, Realty Times, Nov. 26, 2007.

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What Bubble? Top 10 Cities Where Home Prices are Rising

Here are the top 10 cities where home prices are rising, the median home price and how much prices have risen in the last year, according to Forbes magazine. Click here for a slideshow.

•1. Salt Lake City, Utah $233,100 +21.9%

•2. Binghamton, N.Y. $111,200 +19.8%

•3. Salem, Ore. $227,900 +16.7%

•4. Farmington, N.M. $201,900 +14.0%

•5. Allentown-Bethlehem-Easton, Pa.-N.J. $274,500 +12.8%

•6. Beaumont-Port Arthur, Texas $127,700 +11.8%

•7. Reading, Pa. $157,800 +11.2%

•8. Glens Falls, N.Y. $175,700 +10.7%

•9. Spokane, Wash. $197,700 +10.4%

•10. Cumberland, Md.-W. Va. $109,300 +9.3%

-- "Ten Rising-In-Value Real Estate Markets," by Deborah Orr, Forbes, Nov. 8, 2007.

New Jersey

Home prices were up 3.6 percent from the same period last year, according to the National Association of Realtors®. That may reflect high demand in New York City, which is in the same statistical area. "The region has held its value because it is close to New York and good corporate jobs. There's always a supply of buyers."

-- Robert Abbott, co-owner of a Ho-Ho-Kus, N.J. agency, "As N.J. House Sales Fall, Prices Still Rise - Only More Slowly," by Kathleen Lynn, The Record, Nov. 22, 2007.

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