Pamela STETSON

In TODAY's news --- I have seen this myself in recent activity in the market. Since January, my listings have seen increased showings and activity. I have had more inquiries and my buyers --- who were dormant throughout the holidays --- have wanted to go out and see homes again. A couple of them have wanted to set days ( 2 times a week ) to agressively ramp up their home search.

Once we get throught the refinancing surge --- the spring real estate market will kick in!

Is there anyone else seeing this uptick in interest recently?

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Mortgage Applications Rise as Refinancing Jumps

U.S. mortgage applications jumped in the first full week of 2009 as record low interest rates spurred the greatest demand for home refinancing loans in over 5-1/2 years, data from an industry group showed on Wednesday.

http://www.cnbc.com/id/28652359/

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Copyright - Pamela Stetson 2008, http://www.pamelastetson.com/

Abbott & Caserta Realtors, 10 Sycamore Avenue, HOHOKUS, NJ 07423 201.447.6600 x 007

All information is deemed reliable but not guaranteed.

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In case you have not heard --- according to the Mortgage Banker's Association:

Applications to refinance home-mortgages jumped by a record amount, as borrowers flocked to take advantage of falling mortgage rates -- which were driven down by the government's announcement that it would step in to stabilize the mortgage market.

The number of applications tripled --- the largest increase since the poll data began back in the 90's.

Applications to purchase homes, which tend to be less sensitive to interest-rate movements, also increased, though by a smaller amount.

The surge in application volume comes as mortgage rates fell by more than 0.50 percentage --- hopefully --- this and other changes that are currently on the table will begin to spark renewed interest in HOMEBUYING. I know that I have seen a surge in showing activity in the last month. Now, I know that does not translate into actual sales BUT the listing has to be shown in order to sell.

Will this Refinancing Surge lead the way to...renewed interest in buying and new mortgages?
For more news go to the Mortgage Bankers Association web page at : http://www.mbaa.org/default.html

I recently interviewed Robert Abbott, Broker - C0-Owner of Abbott & Caserta Realtors, about what the crystal ball sees for the NEW JERSEY real estate market in 2009.

What will happen to the real estate market in 2009? Some will say it is doom and gloom with no hope in sight, while others, more realistic and level-headed, have high hopes for the Northern NJ real estate market in the coming year. What do you foresee and why?

Robert Abbott

"First, we have to understand that all markets are not alike and each market will react differently at different times. Northern NJ is one of the strongest real estate markets in the country. The seven year appreciation rate for New Jersey homeowners is 80.4%, more than double the national rate of 37.8%! *1

A diversified economic community, top schools, one of the highest per capita income levels and the highest property values, all mean that this is a "blue chip" area. "Blue chip" areas hold their values with less fluctuation than other areas. According to the National Association of Realtors®, the Northern NJ median sale price of homes ($450,700), are the highest in the state of New Jersey. Bergen County did not have the over development and speculation like Florida, Nevada, Arizona & California --- which will take much longer to recover.

Secondly, history has shown that the cycle of a down market is approximately three to four years. The Bergen county market has been in a down cycle in the number of units sold for the past three and a half years. Therefore, the timing is right for a balancing of the market!

Don't assume when you hear that the market is down that it equals home prices are plummeting --- rather it is a function of the number of units sold. According to the 2007 New Jersey Home Buyer and Seller Profile, the typical seller has lived in their home for seven years. A June 2008 report issued by the NATIONAL ASSOCIATION OF REALTORS® found that within those seven years the typical New Jersey homeowner will have accumulated nearly $156,300 in housing equity.

Thirdly, buying today is the smart investor's choice. Price adjustments have already been made in the marketplace and a number of financial factors make buying attractive:

1. lowered interest rates

2. first time home buyer tax credit

3. increased Federal Housing Administration (FHA) loan limit.

Contrary to public belief, mortgage money is available through your local public banking institution. All of these measures will encourage Garden State residents to enter the housing market. The timing is right to buy for the first time buyer as well as to buy up for a larger home. The phrase "TIMING IS EVERYTHING" cannot be truer than it is today!"

Thanks Robert --- As always, I appreciate your help, insight & experience and so will my readers, sellers and buyers, too.

*1.Source: NATIONAL ASSOCIATION OF REALTORS®.

The good news is that today's market is a strong BUYERS market. What this means to you, the seller, is that if you are prepared to market your home in this climate --- you will sell your home.

What do I mean by "prepared to sell your home?"

One of the most effective ways to sell your home is to price your home according to today's current market. There are more homes available and more choices for buyers. You have to work with someone who is prepared to look hard at the sales data. This data will tell you --- by the statistics --- what is selling and for what price.

I am often asked, "What is the market value of my home?"

The answer is quite simply and realistically, "What the buyer is willing to pay."

This is not subjective. This is not based on a gut feeling, on just on an opinion or how well your home is decorated or staged. Don't get me wrong, presentation does help differentiate one home from another but ... Pricing and value is based on real, hard data that is up-to-the-minute and relevant to your situation. Let's look at few home sales FACTS:

The market value of your home is NOT:

What you spent on improvements.

What you want or need to sell it for.

What you paid for it.

What it appraised for.

Market Value is based on What a Buyer will PAY:

Based on price & value.

Based on today's local market and the competition.

Based on the perceived condition of the home.

Based on LOCATION.

Based on financing availability.

Through experience --- in this market --- we have narrowed our options down to 4 major and critical points that must be addressed in order to effectively market your home in this environment.

4 POINTS to SELL YOUR HOME TODAY.

1. Proper Pricing.

2. Proper compensation for the Listing and/or Selling brokers.

3. Buyer DRAW and their "Piece of Mind"

4. Effective & consistent MULTI-MEDIA advertising.

Working as a team with your agent will derive the best results. And, it is imperative to keep your home "in front of the market" as far as pricing, draw and advertising. Doing so --- will result in the sale of you home in the fastest most reasonable manner at the highest and best price for the market.