Michael Adams

Broadband service tops the list among current users

A national study of U.S. broadband consumers by RVA LLC Market Research and Consulting shows that 82% of those buyers who have had broadband service over fiber all the way to the home rank it as the leading real estate development amenity. Four other key prospective features ranked lower among buyers shopping for a new home. In another RVA study, very high-speed Internet-such as over fiber-ranked second only to landscaping and setting on a list of 23 amenities, ahead of features such as pools, home automation, shops, a fitness center, a dog park, a golf course, Wi-Fi at the pool area, day care or concierge services.

A national random survey of more than 600 fiber-to-the-home (FTTH) consumer users was conducted in May. Respondents were asked a series of perceptual questions and also were asked to test and report their current Internet speeds. Both surveys were done for the Fiber-to-the-Home Council. The survey showed that end-to-end fiber broadband service tops green space, a security patrol, a community pool, a park or a fitness center among sought-after amenities by the home buyers.

Mike Render, CEO of RVA LLC, said: "The indication is that the personal space and connectivity really matter to the home buyer now, compared with public facilities; it's where home owners actually spend their time, and broadband is an increasing part of that time, so they want the best," With the pace of change in both technology and in broadband services, moving into a home that is already wired for the future can be a distinct advantage.

According to Bill Heilig, Verizon vice president of corporate marketing, social trends also affect the quest for fiber-based service. He said, "Teleworking is on the rise again, and nothing beats a 25 or 50 megabit-per-second downstream link for just-like-at-work service,"

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NJAR reacts to NAR's report

The New Jersey Association of Realtors (NJAR) in a press release reacted to the National Association of Realtors (NAR) findings that first-time buyers are the key to a successful recovery of the NJ real estate market.

Reacting to the (NAR) 2009 Second Quarter Metropolitan Statistical Area (MSA) Home Prices/State Resales report, NJAR's Executive Vice President Jarrod C. Grasso said, "the home price data signifies an unprecedented opportunity for home purchasers, particularly first-time buyers. Single family homes, apartment and condominium units are more affordable now than they have been in years."

"Signs of vibrant activity are evident in the New Jersey resales statistics," added Grasso. Although sales in the Garden State are 10.8 percent lower than they were in the second quarter of 2008, the seasonally adjusted, second quarter 2009 rates are up 11.8 percent from the first quarter of this year. This shows that buyers are entering the marketplace, thus lowering the inventory and driving up demand.

Though median sales price data indicates levels below those of a year ago, nearly all MSAs that cover New Jersey showed an increase in the second quarter of 2009 when compared to the first. Increasing prices paired with slight rises in interest rates signify that market stabilization is under way. Grasso commented, "The time to act is now, since prices may continue this strong, upward trend. We also anticipate sales to increase in the coming weeks and months as more buyers complete their first purchases in time to receive the tax credit."

To view a video of NARs Economic Report click here

As the clock winds down to expiration of the $8,000 federal tax credit at 11:59 p.m. on November 30, 2009, the opportunity lessens for financially capable first-time buyers to capitalize on the market and obtain the homes of their dreams.

Reported to you, first, in my August 5th posting, How the new regulation Z may affect U, I still encourage first-tme buyers looking to benefit from the $8,000 tax credit to act sooner rather than later to begin the process of procurrining a mortgage and finding a home.

July 2009 Franklin Township Monthly Market Report

According to the Garden State MLS, the month of July, 2009 ended with 43 Franklin Township single family residences sold. Sale prices ranged between $171,500 and $715,000 .

The month ended with 400 active listings on the market ranging in price from $119,900 to $1,265,000 The month ended with 55 residential properties under contract.

That's what is happening in the marketplace now, August 6, 2009

If you have a question about a specific property in town, or stats for surrounding areas, please don't hesitate to contact me.

Source: Garden State MLS, L.L.C. **Info. deemed RELIABLE but not GUARANTEED - ALL Room Sizes are Approx.** The links will expire 60 days from 08/06/2009.

What's happening in the marketplace, now - August 6, 2009

According to the Garden State MLS, currently there are two (3) homes actively listed for sale in this Franklin Township Townhouse development, at the time of posting. The three available are one 2-story townhouses with 3 bedrooms-2.5 baths and two single level ranches with 3-bedrooms-2 baths. View these active listings.

There is one new listing since my last report to you on July 6, 2009. The three actively listed home prices range between $249,000 and $309,000.

There have been no Carriage Homes at Quailbrook sales since the last report. One property is currently under contract for sale.

That's what is happening in the marketplace now, August 6, 2009.

If you have specific questions about a Carriage Home proprerty or any local property, email me at: mjadams@century21.com or call (908) 583-0409.

Source: Garden State MLS, L.L.C. **Info. deemed RELIABLE but not GUARANTEED - ALL Room Sizes are Approx.** The links will expire 60 days from 08/06/2009.

Consumer disclosures and the Truth in Lending Act (TILA)

Regulation Z" is a federal regulation requiring creditors to provide full disclosure of the terms of a loan including the terms or the loan and the annual percentage rate (APR). Changes that became effective July 30, 2009 requires that lenders must comply with new rules under the Truth in Lending Act (TILA) as required under the Mortgage Disclosure Improvement Act (MDIA) which was part of The Housing and Economic Recovery Act of 2008.

These changes are expected to slow the timeline for obtaining a new mortgage or refinacing to a minimum of two months - at best. There are some predictions the new reality might be a timeline of up to four months. This is because it is anticipated that many lenders may add their own time restrictions as a safety precaution against violating the new waiting periods and thereby cause additional delay to the mortgage process. Failure of lenders to adhere to the proper waiting periods for certain disclosure items resets the waiting period requirements. In addidtion, new changes in Reg Z may result in higher lender costs which are likely to be passed on to borrowers.

Here is a summary of the changes*:

The new requirements apply to all mortgages secured by a borrower's home, including primary and second homes and refinancings. Investor loans continue to be exempt.

• Lenders must give good faith estimates of mortgage loan costs within 3 business days after the consumer applies for a loan (early disclosure). The lender may not collect any fees before the disclosure is provided, except for a reasonable fee for obtaining a credit report.

• The closing may not take place until expiration of a 7 day waiting period after the consumer receives the early disclosure.

• Consumers may shorten or waive the 3 day and/or 7 day waiting periods for a "bona fide personal financial emergency," but only after receiving an accurate TILA disclosure. In the final rule's preamble, the Fed stated that it "believes waivers should not be used routinely to expedite consummation for reasons of convenience." The Fed decided not to insulate lenders from liability even where a consumer modifies or waives the waiting periods.

• If the annual percentage rate (APR) changes by more than 0.125 percent, the lender must provide a corrected disclosure to the borrower and wait an additional 3 business days before closing the loan. The APR includes not only the interest rate on the loan but certain other costs related to settlement, so it will be important for any fees that affect the APR to be as accurate as possible, as early as possible, to minimize the need for a corrected TILA.

Source: National Association of Reators (NAR)