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Franklin Township, NJ

Carriage Homes at Quailbrook - January 2010 Sales

Michael  Adams: Real Estate Agent in Franklin Township, NJ

What's happening in the marketplace

Carriage Homes at Quailbrook townhomes are located near Demott Lane featuring models ranging from the 2 bedroom, 2 bath ranch style homes to 2 bedroom, 2.5 baths two story homes with family room and a second floor den. Then there are 3 bedrooms, 2 ½ bath homes with family room. All homes have single car garages. Many have a fireplace which might be either gas or wood burning. Some units offer French doors leading into the large master bedroom and some have a greenhouse windows in the kitchen. Some units also have decks.

According to the Garden State MLS, currently there are 3 homes actively listed for sale in this Franklin Township Townhouse development, at the time of posting. One is a 3 bedroom-2.5 bath, 2 story townhouse. The other two are single story ranch style 2 bedroom, 2 bath townhomes. View these three active listings

There has been one Carriage Homes at Quailbrook sale since my last report to you; 331 Hazlitt Way, $250,000, a 2 bedroom 2.5 bath two story townhouse. This transaction was a short sale.

That's what's happening in the marketplace, now. February 8, 2010

If you have specific questions regarding a Carriage Home property, email me at mjadams@century21.com, follow me on twitter, facebook or call directly: 908.583.0409

Facebook - http://tinyurl.com/y8fqwd2 Twitter - http://twitter.com/somerset08873

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 2/08/2010.

Step 3 to Sucessful Home Buying

Michael  Adams: Real Estate Agent in Franklin Township, NJ

The ten basic steps of purchasing a home - shopping for a mortgage

Ok, so you've figured a ballpark figure of how much house you can afford and you have checked your credit score. Now it's time to shop for a mortgage; step three. It is recommended that you check with several mortgage lenders to compare costs and interest rates. Although there are different types of mortgage lenders, such as brokers and direct lenders, it is often more important to choose a good loan officer, not the institution.

Each type of lender has strengths and weaknesses. Quality within each branch or office can vary, depending on the loan officer, the support staff, and a variety of other factors.Loan officers have two jobs. One is to be your advocate in getting the loan approved. The other is to deliver quality loans. You want someone who has proven dependable and ethical in the past someone you can trust. Don't forget to check with your credit union, if applicable.

You will want to obtain a mortgage pre-approval, not just get pre-qualified; which will require reviewing your outstanding debts, income and running a credit check. A pre-approval signals to a seller that you are in a strong financial postion when making an offer.

Currently, the overwhelming number of mortgages written are FHA loans. Effective January 1, 2010 new Real Estate Settlement Procedures Act (RESPA) rules went into effect. RESPA is a consumer protection statute designed to help homebuyers be better shoppers in the home buying process, and is enforced by the US Department of Urban Housing and Development HUD. Additionally, there are still conventional and VA loans.

Here is a list of questions you might consider asking the lenders you meet with:

· What is the interest rate? How long is that rate available?

· Are the rates fixed or adjustable?

· If it is adjustable, how will the rate and loan payment vary?

· What is the length of the loan?

· Can you quote points in a dollar amount? Finding out this amount in dollar figures will help you make an informed decision.

· What fees are there? What does each of these fees include?

· What are your requirements for down payments? Are there any special programs available?

• Is PMI (private mortgage insurance) required? What would the total cost be?

Under the new rules you will recieve a Good Faith Estimate. Here is a quick breakdown of the new (GFE) form.

· The first page contains basic information about the loan product, applicable deadlines, and escrow requirements.

· The important dates section states the deadlines after which the loan terms contained in the GFE are no longer available

· The loan summary details the specific terms of your mortgage.

• The second page is a list of settlement service charges such as loan origination charges, title services, transfer taxes*, etc.

*Homes sold for more than $1 million in New Jersey are subject to a transfer fee that must be paid by the buyer. All other transfer taxes are usually paid by the seller. Calculate the NJ Realty Transfer Fee

On the GFE, you'll see costs categorized by tolerance. Tolerance categories indicate how definitive the estimates are, and which ones might change from the GFE to the HUD-1 form.

· Zero tolerance category - The actual charges at settlement may not exceed the amounts on the GFE.

· 10 percent tolerance category - The sum of the actual charges at the time of settlement may not be greater than 10 percent of the cost on the GFE

• No tolerance category - The amounts charged for all other settlement services on the GFE may change at settlement because these items are usually obtained by the borrower, separate from the lender.

Your mortgage lender can provide a more comprehensive explanation of the mortgage buying process. If you don't already have a loacal mortgage lender, I would be happy to provide list for you. As always, you can ask a question here, facebook or contact me directly. Next time....Finding your home and making the offer

Facebook - http://tinyurl.com/y8fqwd2 Twitter - http://twitter.com/somerset08873

This week's Open Houses

Michael  Adams: Real Estate Agent in Franklin Township, NJ

Franklin Township - Sunday, January 31, 2010

If you qualify, there are only 91 days remaining to take advantage of the first-time and repeat home buyer tax credit! If you wish more information, don't hesitate to contact me.

Regardless of the listing agent, office or MLS service; if you are not already contracted with an agent, give me a call or send an e-mail and I will be happy to arrange a personal tour of any listed property or open house that you might find on the Internet, print media or yard sign.

There is no need to feel overwhelmed. Click for Buyer Advice. And most importantly, as a buyer read why you might not want to venture out on your own... http://tinyurl.com/acv5zx

At the time of posting the following properties are scheduled for an Open House, this coming Sunday. Click here to view pictures of this week's Open Houses. The following are featured homes this weekend in Franklin Township and surrounding areas from Century 21 Moretti Realty http://tinyurl.com/c64npd

Listing information provided by Garden State MLS **Info. deemed RELIABLE but not GUARANTEED - ALL Room Sizes are Approx.** The links will expire 60 days from 1/29/2010.

NEW YEAR'S EVE WITH THE VILLAGERS IN SOMERSET, NJ

GLORIA  LAUGHTON ALLSTON, GREEN, SRES, SFR: Real Estate Agent in Princeton, NJ

Once again The Villagers Theater invites you to ring in the New Year with them, where they will revel in the joy and excitement of the last 50 seasons, and the anticipation of the next 50; all this in one spectacular show starring many of your (and our) favorite Villagers performers.

Nicole Sigur Kidsville "Winnie The Pooh"
Tyler Piccone Teensville "Rent"
Jessica Pfeiffer Cinderella, Jekyll & Hyde
Bryan Murray Jekyll & Hyde
Francine Mondi Jekyll & Hyde
Barbara Gursky Damn Yankees
Kathy Graham Leader of the Pack
JC Gibriano Guy who will just not go away
Jeff Dworkin Another Guy who will just not go away
With
Drew Cyburt
Marc Suznovich
Jenna Zielinski
Raven Dunbar
Chris Abbot
Scott Morris

To order your tickets please call (732)873-2710.
The early show starts at 7:00pm for just $25 per person. The late show starts at 9:30pm for just $50 per person and will be followed by catered hot and cold buffet and a midnight champagne toast to...ring in the New Year!

Mortgage Market Advisory

Karl Peidl - Accredited Loan Consultant: Loan Officer in Moorestown, NJ

The Mortgage Market AdvisoryTM

The Week of December 14, 2009

Provided by Karl Peidl

Mortgage pricing moved slightly higher last week by about 20 bps, but had at one point moved up 100 bps mid-week after fairly weak Treasury auctions and much stronger than expected Retail sales and Consumer Confidence readings. In fact, Retail sales were triple the expectations when excluding auto sales.

Mortgage rates still closed the week firmly under 5.00% on the Conf 30-Year Fixed for well qualified borrowers.

The very positive employment report from the previous week coupled with last weeks strong retail sales has added more confirmation that the economic recovery is underway.

The 10-year Treasury had dropped to 3.21% following the news out of Dubai, but has now rebounded to close the week at 3.55%

The Week Ahead:

This week is fairly busy in terms of the number of economic releases scheduled for release with five on the agenda in addition to the last Federal Open Market Committee (FOMC) meeting of the year. Two of the five economic reports are considered to be of high importance, so the data should have a heavy influence on the markets and mortgage rates this week.

Overall, expect to see a pretty volatile week in the financial markets and mortgage pricing. The most important day of the week is certainly Wednesday with the CPI and the FOMC meeting both scheduled.

Please maintain contact with your mortgage professional if you have not locked an interest rate yet because we may see sizable changes to mortgage pricing more than one day this week.

Tuesday:
The first relevant report of the week is one of the two highly important ones. The Labor Department will release November's Producer Price Index (PPI) early Tuesday morning. This index measures inflationary pressures at the producer level of the economy. There are two portions of the index that are used- the overall reading and the core data reading. The core data is the more important of the two because it excludes more volatile food and energy prices. If Tuesday's release reveals stronger than expected readings, indicating that inflationary pressures are rising, the bond market will probably react negatively and drive mortgage rates higher. If we see in-line or weaker than expected numbers, the bond market should fair well and mort gage rates should fall. Current forecasts are showing a 0.8% increase in the overall index and a 0.2% rise in the core data.

November's Industrial Production data is also scheduled to be posted Tuesday morning, but a little later than the PPI. This report gives us a measurement of manufacturing sector strength by tracking output at U.S. factories, mines and utilities. Analysts are expecting it to show a 0.5% increase in output. A smaller than expected rise would be good news for bonds, while a stronger than expected reading may result in slightly higher mortgage pricing. However, the PPI release is more important to the markets than this data is.

Wednesday:
The week's most important economic data comes Wednesday morning when November's Consumer Price Index (CPI) is posted. It is similar to Tuesday's Producer Price Index, except it tracks inflationary pressures at the more important consumer level of the econ omy. Current forecasts call for an increase of 0.4% in the overall index and a 0.2% rise in the core data reading. The core data is watched more closely because it excludes more volatile food and energy prices, giving a more stabile reading for analysts to consider.

November's Housing Starts report will also be released Wednesday morning, but I don't see it causing much movement in mortgage rates. This report, which is expected to show a sizable increase in starts of new homes, gives us an indication of housing sector strength and future mortgage credit demand. However, it can be considered the least important of this week's news.

The last FOMC meeting of the year begins Tuesday and will adjourn at 2:15 PM ET Wednesday. There is not much debate about what the Fed will do at this meeting with little chance of them raising key short-term interest rates. Therefore, the post meeting statement will likely be the sole source of a market reaction. This statement has the potential to have a significant influence on the markets and mortgage rates as investors look for any indication of what and when the Fed may do next. Generally speaking, the bond market would like to hear something that indicates the Fed will not be raising rates anytime soon.

Thursday:
The last piece of economic news will be posted Thursday morning with the release of the Conference Board's Leading Economic Indicators (LEI) for the month of November. This 10:00 AM release attempts to measure or predict economic activity over the next three to six months. It is expected to show a sizable increase in activity, meaning that it predicts any expanding economy over the next several months. This probably will not have much of an impact on bond prices or affect mortgage rates unless it exceeds current forecasts of a 0.7% increase from October's reading. The lower the reading, the better the news for bonds. If it show s a smaller increase, the bond market may move slightly higher, improving mortgage rates slightly.

Two-Month Rate Forecast:
With rates at multi-year or near historic and all-time lows, it's tough to expect that they have considerable space to decline much from here, especially in the face of a modestly improving economic climate and improving corporate earnings picture.

It appears low mortgage rates will be with us at least until the Fed's MBS purchase program comes to an end in March as scheduled. There are many speculating that the Fed may find a way to extend this program in some form to continue to support housing as it appears to be just getting legs under it. Low market rates in general will be with us for "an extended period of time" as committed by the Fed and Ben Bernanke. The minutes of their November 3-4 meetings reveal that all members continue to support the Fed's large scale assets purchase programs. While there are discussions around possible exit strategies, none of the members seem to feel that any immediate or urgent action must be taken anytime soon.

We expect mortgage rates to likely wander in a range from about 4.75% to 5.25% on the Conv. 30-year fixed, but to be choppy in that range as the stock and bond markets search for new trend lines.

Mortgage Market Advisory Disclaimer



This is only our opinion and cannot be guaranteed to be in the best interest of any or all parties. This service is provided for informational purposes only and is not intended for trading purposes. None of the information provided constitutes a solicitation, offer, or recommendation by NHLA to buy or sell any security, or to provide legal, professional, tax, accounting, or investment advice. Every lender's price desk has their own strategies and reactions to market movements. Our information is simply based on market movements and does not predict or report potential pricing adjustments by particular lenders.

Karl Peidl

Loan Officer

Pleasant Valley Home Mortgage Corp.

305 Harper Drive

Suite 3

Moorestown, NJ 08057

856-252-1200 x1224

856-252-1240 (fax)

877-296-5454 (toll free)

www.pleasantvalleyhomemortgage.com

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