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  • First Time Home Buyer

    Find out the 10 biggest mistakes for home buyers and how to avoid them!

    Testimonials

    "Having run an international company, I could appreciate the marketing that Tom did for our house. He priced it correctly at $2,250,000 and implimented a marketing plan which produced two full price offers in a few weeks. We were impressed with this extremely thorough transaction."

    ~Satisfied Seller


    "Please let me take this opportunity to thank you for moving my property in Short Hills. I was told that the McDonough name was magic when it came to selling or buying property - now I'm convinced."

    ~Satisfied Seller

    Summit NJ Real Estate Market 9/1/2010


    September 1st, 2010

    Active – 89

    Attorney review – 5

    Under contract – 43

    Sold in the last 12 months – 277

    New listings in the last 14 days – 5

    The number of available homes for buyers to purchace is under 90 which is again a new low. The sales are steady as they averaging 1 per day. The summer is traditionally a slow time of year. Next week the kids go back to school. In 3 weeks when autumn begins the market should have picked up. It will be interesting to see the new listings that apear at this time. Both prices and rates remain at a desireable level. Hopefully sales increase and continue the favorable market that everyone is enjoying.

    www.tommcdonough.com
    tom@tommcdonough.com

    Ride 4 Avi: Motorcycle Tour and Family Fun Day, September 26th


    September 1st, 2010

    From the Associated Press:

    On Sunday, September 26, 2010 the Akian family of Summit, NJ will be hosting our first charitable fundraiser entitled Ride 4 Avi: Motorcycle Tour and Family Fun Day in honor of our eight year old son, Avedis. Avedis is affected by a rare progressive, neurodegenerative disease called ataxia telangiectasia (A-T). A-T has been likened to having cerebral palsy, cystic fibrosis, muscular dystrophy, cancer and immune deficiency all rolled into one.

    The event will take place at the Springfield Columbian Club Hall from 9am until 2pm. The Columbian Club Hall is located at Harvard Streets and Shunpike Road in Summit, NJ. All donations from the day’s events will benefit the Ataxia Telangiectasia Children’s Project, a non-profit 501 (c) 3 organization, whose mission is to fund first rate biomedical research in the hope of finding a cure for A-T.

    The day’s events will feature a guided motorcycle run. Riders can register from 9am-10am, with a 1.5 hour ride following. Family fun activities will begin at 11am and include juggling, magic, face painting, temporary tattoos, spin art, crafts, performances by the Blackberry Blues Band and some local musicians. Donations are $20 riders, $10 adults, $5 children (3-12). Donations are tax deductible to the fullest extent of the laws and include a barbeque lunch.

    A-T is a rare, genetic disease; that affects only about 500 kids/young adults in the U.S. A-T attacks in early childhood; after a healthy, normal infancy and toddlerhood; it progressively affects coordination, predisposes children to deadly cancers, and severely compromises their immune systems. Children with A-T are usually unable to walk by the age of ten and many children suffer life threatening infections and illness in their teenage years. Children with A-T maintain normal to above normal intelligence and are trapped inside a body that no longer works.

    Sadly, A-T is what is termed an “orphan disease.” It has not been adopted by the pharmaceutical industry because there is little financial incentive in finding a treatment or cure for so few children. Privately funded A-T research is rapidly progressing though toward a cure for this devastating disease. Finding a cure for A-T is also thought to make a positive impact on finding cures for other more prevalent disease such as Parkinson’s disease, Alzheimer’s, immune diseases and cancer.

    For more information log on to www.ride4avi.com

    Mortgage Rates Hitting Record Lows


    August 31st, 2010

    For anyone under the age of 57, mortgage rates are at the lowest point ever in their lifetime.

    This fact isn’t lost on a growing number of homeowners who have started a new wave of refinancings……

    To Continue Reading…
    http://www.baltimoresun.com/business/money/bs-bz-ambrose-refinance-20100831,0,4581872.story

    Wii Day at SAGE


    August 16th, 2010

    Read more about a great program that connects youth and elderly at SAGE Eldercare in Summit, NJ here

    Summit NJ Real Estate Market 8/13/2010


    August 14th, 2010

    Active – 92

    Attorney review – 3

    Under contract – 41

    Sold in the last 12 months – 275

    New listings in the last 14 days – 14

    The inventory of available homes for sale continues to drop in Summit New Jersey. In the last 2 weeks of August this number could go below 90. Although this is a very slow time of year, the trend is fewer homes for buyers to choose from. This is very good news for sellers because it has caused prices to rise 5.3 %. Homes are being priced better and are selling in less time. Buyers are taking advantage of of better values as well as extreemly low interest rates. For now it looks like the market has corrected itself to a “new normal”.

    www.tommcdonough.com
    tom@tommcdonough.com

    Summit NJ Real Estate Market 8/4/2010


    August 11th, 2010

    The inventory of homes for sale in Summit is getting to it’s lowest level in years.

    Active – 96

    Attorney review – 4

    Under contract – 50

    Sold in the past 12 months – 281

    New listings in the past 14 days – 9

    The available homes for sale are down over 10% in two weeks. Only a year ago that number was around 170. Houses under contract, sold and new to the market are also down. Much of this is simply due to August is a slow time because of obvious reasons. When the inventory shrinks, prices stablize and begin to appreciate. Sellers are more inclined to list their home for a realistic price. The buyer recognizes this and with low interest rates they feel better about purchasing a home. We have been waiting for the market to correct itself which takes several years. From the looks of things real estate in New Jersey is entering a “new normal” that we all might enjoy.

    www.tommcdonough.com
    tom@tommcdonough.com

    Summit NJ Real Estate Market 7/23/2010


    August 4th, 2010

    Today I’m going to list the home sales categories the for the activity in the Summit New Jersey real estate market so we all can follow the statistics more easily.

    Active – 110

    Attorney review – 4

    Under contract – 55

    Solds in past 12 months – 283

    New listings in past 14 days – 11

    As you can see the homes for sale have dwindled each week for the last month to a level that we saw at the holidays. This is due to the time of year where the buyer’s and seller’s attention is on enjoying the Summer. Homes that are in good condition and priced within 5% of their market value are selling within 30 to 60 days. Interest rates and prices remain stable which should keep buyers in the market.

    Tom McDonough
    www.tommcdonough.com
    tom@tommcdonough.com

    Summit NJ Real Estate Market 7/19/2010


    July 19th, 2010

    In the Summit New Jersey real estate market homes for sale number 114 which is down 10% from a month ago . Those that are priced over 1 million represent 24% as opposed to 33% in the past year. There are 4 that are in attorney review while only 9 new listings have come on in the past 2 weeks. With inventory down, the prices have remained stable and have gone up. Sale are also down. The number of homes that are under contract is down 30%. This slow down in activity is related to the Summer rather that economic conditions at least for the moment.

    www.tommcdonough.com
    tom@tommcdonough.com

    What is a Short Sale?


    July 7th, 2010

    A short sale is when a bank or mortgage lender agrees to discount a loan balance due to an economic or financial hardship on the part of the mortgagor. This negotiation is all done through communication with a bank’s Loss mitigation department. The home owner/debtor sells the mortgaged property for less than the outstanding balance of the loan, and turns over the proceeds of the sale to the lender in full satisfaction of the debt. In such instances, the lender would have the right to approve or disapprove of a proposed sale.

    Extenuating circumstances influence whether or not banks will discount a loan balance. These circumstances are usually related to the current real estate market climate and the individual borrower’s financial situation.

    A short sale typically is executed to prevent a home foreclosure. Often a bank will choose to allow a short sale if they believe that it will result in a smaller financial loss than foreclosing. For the home owner, the advantages include avoidance of having a foreclosure on their credit history and the partial control of the monetary deficiency. Additionally, a short sale is typically faster and less expensive than a foreclosure. In short, a short sale is nothing more than negotiating with lien holders a payoff for less than what they are owed, or rather a sale of a debt, generally on a piece of real estate, short of the full debt amount.

    If you think that a short sale is something you need or want to consider, give me a call and I can help you make the right decision for you and your situation.

    Marty
    973-898-7300 x126
    marty@martyeagan.com
    www.martyeagan.com

    Historically Low Interest Rates!


    June 28th, 2010

    Mortgage rates reached another historic low last week. Contact me today to learn how you can take advantage of this great time to buy!

    Tom McDonough

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  • Thomas G. Mcdonough: 428 Springfield Ave, Summit, NJ 07901 Phone: 908-273-0400 Cell: 908-500-2338