New Jersey

According to an article I read on HousingWatch.com, Obama and his Administration are tackling the housing market with the intent to discourage homeownership and encourage affordable rentals. Unlike their predecessors, they are contemplating walking away from the longstanding policy of encouraging homeownership towards encouraging affordable rentalscombined with "sustainable homeownership" by winding down "some government backing for home loans, but increase the focus on affordable rentals."

They are expecting these changes to lead to a more stable housing market eventually but it can have a major impact on the economy, homeowners, renters and borrowers:

• higher down payments;
• higher interest rates;
• less government backed home loans;
• more barriers to lower-income buyers;
• fewer buyers; and
• and fewer homeowners.

The NAR in its Social Benefits of Homeownership and Stable Housing writes:

• During the war years President Franklin Delano Roosevelt once said that a nation of homeowners is unconquerable.
• Margaret Thatcher, with a mantra that homeowners become responsible citizens, privatized and moved 1.7 million families from public housing into private ownership.
• President Bill Clinton has stated his belief that homeownership and decent housing are an essential part of the American Dream and wanted to make the dream of homeownership a reality for all Americans.
• President George W. Bush has said ownership has the power to transform people. Thus, the promotion of homeownership has been an integral part of President Bush's vision of an "ownership society."
• Even in the earliest days of civilization, before the collection and touting of statistical data, Aristotle had argued that ownership promotes virtue and responsibility.

The Federal Housing Administration, Federal Home Loan Banks, and Fannie Mae were all created during the Great Depression, the worst economic crisis our country ever faced. Lawmakers back then understood the value of homeownership in fostering communities, creating social stability and building wealth over the long term.

As written in the Social Benefits of Homeownership and Stable Housing, research and studies have shown the positive social benefits of homeownership, including lower juvenile delinquency rates, lessens welfare dependency, lower teen pregnancy rates, and higher student achievement among children of homeowners versus that of non-owners of similar socioeconomic background.

Many homeowners are underwater, owing more on their mortgage(s) than their house is worth to sell in today's market. However, buyers who bought within their means with the intent to stay in their homes (who suffered no financial setbacks like loss of job or reduced income) for more than a few years have the opportunity to build long-term wealth. Homeownership is a sound financial investment that historically outperforms the stock market in building long-term wealth. A fixed-rate mortgage may be for 30 years; but renting is forever.

As agents, where does that leave us now that the Obama Administration is looking to discourage homeownership and replace the American Dream of Homeownership with Affordable Rentals?

How do we support the housing industry, the American Dream of Homeownership when the President of the United States and is discouraging homeownership?

The NAR needs to take a stand on this and protect the American Dream of Homeownership! Can this really be the end of the American Dream of Homeownership?

I simply cannot believe that it is the LAST Friday in July already! The summer is half over - wow. But, let's not pine over the lost days of summer just yet! While this may not be the busiest time for most Realtors because many people are away and looking for their dream home isn't really a priority, all of those spring sales typically close during the summer months.

July 2010 was no different. Thirty-five families moved into their "new-to-them" homes this past month. Follows is a list of those transactions including address, List Price and final Sale Price:

236 Potomac Drive, Spring Ridge $199,000/$196,500
331 Penns Way, Society Hill $259,000/$255,000
239 English Place, Society Hill $259,900/$259,900
197 Alexandria Way, Spring Ridge $267,000/$257,000
108 Village Drive, Lord Stirling $324,900/$314,000
80 Village Drive, Lord Stirling $352,000/$340,000
76 Liberty Corner Rd $395,000/$320,000
112 Galloping Hill Road $430,000/$430,000
120 Constitution Way, The Hamiltons $469,000/$445,000
51 Arbor Circle, The Cedars $475,000/$460,000
41 Harrison Brook Dr $499,000/$475,000
5 Clark Court, The Hamiltons $505,000//$480,000 105
71 Dorchester Drive, The Hamiltons $514,900/$507,000
16 Goltra Dr $549,900/$537,000
88 Lyons Road $599,000/$575,275
301 Mountain Road $698,000/$651,500
15 Alder Lane, The Hills $729,000/$715,000
56 Dickinson Road, Amherst Mews $769,900/$760,000
1 Springfield Lane, Amherst Mews $774,900//$755,000
47 Fairview Drive South $784,500/$784,500
18 Whitetail Lane, The Hills $839,000/$795,000
7 Barton Way, Amherst Mews $840,000/$826,000
3 Barton Way, Amherst Mews $849,900/$800,000
5 Johnston Circle, The Hills $859,000/$820,000
44 Kinnan Way $899,000/$890,000
14 Grove Road $919,000/$929,000
52 Sentinel Drive, The Hills $995,000/$1,024,999
8 Culberson Road $999,999/$958,000
85 Governor Drive $1,065,000/$1,060,000
52 Deer Creek Drive $1,100,000/$1,020,000
26 Deer Creek Drive $1,199,000/$1,045,000
8 Rachel Court, Prince Edward Point $1,239,000/$1,251,188
3 Deer Ridge Road $1,499,000/$1,390,000
70 Morgan Lane $1,739,000/$1,575,000
66 Emerald Valley Lane, new construction $2,275,000/$2,175,000

Although the blog has been quiet, I have been quite busy as has the industry - we have had resolution on a few issues including the extension of the tax credit, some changes to flood insurance requirements and the defeat of a state bill that would require a tax on seasonal rentals. As for me, I have been working with Gerry and Judy on several rental transactions, two new listings (one in Bernardsville and one in Basking Ridge), and many closings (I have three next week and I had two this past week). I am working with a lovely young couple hoping to find their first home in Basking Ridge, I am managing my current listings and negotiating inspection issues for a current seller. I just haven't been blogging - because when I'm not working, I'm spending time with my kids and I will say that this has probably been one of my best summers yet! I'm sad for it to end - so we won't talk about that yet.

If you are wondering if now is the time to buy, there is no doubt in my mind that there are some great deals out there. So take a look at the website to search Homes for Sale in Basking Ridge or make an inquiry to find the value of your home. I'm happy to help!

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Top 5 Reasons Why NOW Is The Best Time To Become a REALTOR!

1) The market is improving. There is nowhere to go but UP!

2) The number of licensed REALTORS has gone down across the country. There will be less competition for you.

3) There are many, many avenues to market yourself online that are FREE! There are terrific options for REALTORS today that were never there before.

4) Brokers are waiting for you with open arms. Brokers NEED more agents.....now more than ever. It is a terrific time to get personal attention to get your career off to a running start.

5) With unemployment being so very high, a Real Estate career is a healthy option for you. It isn't a huge time committment to obtain your license. It isn't even a huge financial investment.

Should you have any questions about becoming a licensed REALTOR, please don't hesitate to call me @ 856-628-2710. I'll be glad to provide information on the REAL ESTATE schools in our area and give you my vote of support.

Just a thought for today.

Active Rain Is A Runaway Train.... Better Get On Board!!! Have you been watching the numbers as they soar to new heights? This is an unbelievable Phenomenon.

If you've been visiting the Active Rain site since it's inception or have been a Member, you may have noticed that it has been growing at such an alarming rate that it's just like a Runaway Train! Who can stop it? Members are getting on board so fast that it's getting hard to keep up with all the information that's being generously shared between this community of Professionals.

Members across the Country can check out the Counter in the Top Right Hand corner of their screen and watch as each time a new member joins. It truly is something to watch. It's all about making Connections.

Almost like History being made before your very eyes!

Some of the original members may be able to look back and see the changes and improvements as time has passed. For us it's been a wonderful exchange of ideas and information amongst some of The Best Professionals In Their Field. Mostly Active Rain has given a voice and a face to the Internet savvy Real Estate community as they reach out to each other as well as the Public.

If you are a Consumer, you will undoubtedly be able to watch the growth of this exciting exchange of information. Especially when you log onto "Localism.com". Here's where you will find an extraordinary amount of local content and information as seen through the eyes of the Professionals who know these neighborhoods on a very personal level.

So don't get caught looking in your rear view mirror. You won't want to be left behind because there is a bounty of information for everyone to enjoy! Active Rain Is A Runaway Train... Better Get On Board!!!!!

Home Inspections... for Sellers

Most people think a home inspection is something that happens somewhere between making an offer and before closing on a home. But for a number of reasons, more homeowners are choosing to have their own home inspected before putting it on the market.

The reason is simple: uncovering problems early on enables you to fix them, often making it possible to add value to your sale price. An inspection is designed to reveal any potential problems a house may have-and that's true for both buyers and sellers. Sellers may benefit from gaining this kind of detailed information about their home, so that they can choose to handle problems long before the negotiation process is underway.

Many sellers also report that their buyers feel more comfortable when the information from a pre-sale inspection is shared early on, even if the buyers choose to have their own home inspection as well.

In short, a pre-sale inspection can reduce the chance of a surprise and help speed the closing process, which would otherwise have been delayed by scheduling repairs and having the buyers confirm they were completed properly. Because for buyers, making an offer contingent upon a home inspection is about saving expenses and trouble-not to mention providing confidence in what may well be the biggest investment they ever make.

Even if you're not a buyer making an offer, or a seller thinking of listing a home in the next few months, a home inspection can provide homeowners with a thorough to-do list for maintenance-or even a little peace of mind. If you have any questions about inspections, please don't hesitate to call or email me today!