As of today May 26th are 124 homes on the market in Summit and 9 are in attorney review. This is not a high level of inventory which keeps the prices stable. I believe this is good for both buyers and sellers. It seems like the activity has been brisk for the past 3 months. Only 12 new listings have come up in the past week and 90 homes are under contract waiting to close. The interest rate for a fixed 30 year mortgage remains around 5%. With pent up demand and these market conditions this seems like a perfect storm for the local real estate market.
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
Great Time To Buy!
May 25th, 2010
Although the tax credit is now over, it’s still a great time to buy with rates so low!
According to MSN.com “Every 1 percentage-point increase in mortgage rates reduces a buyer’s purchasing power by 10%. I.E. taking out a 30-year mortgage for $300,000 at a rate of 5% will cost you about $1,600 a month, not including tax…es & insurance. But the same monthly payment at a rate of 6% will get you a loan of only $270,000″
30 Days at the Y for $30
May 24th, 2010
Where: YMCA, 67 Maple St, Summit, NJ 07901
Date: Daily
Start Your Spring Training at the Y
Think $1.00 can’t get you far these days? Think again. During May you can sample everything the Summit Area YMCA has to offer for just $30. That is a 30 day membership for just a $1.00 a day. You can sample beginner to advanced level exercise classes; cardio and strength building equipment; Yoga, Pilates and water exercise classes; family swim and gym; plus babysitting is available while you work out.
This special May membership is valid at all branches of the Summit Area Y: Summit Y, Springfield Y and Berkeley Heights Y. The offer ends May 30, and applies to new members only. If you join after your 30 day membership is up, we will waive your joining fee.
The Summit Y is located at 67 Maple Street, 908-273-3330. The Springfield Y is at 100 S. Springfield Avenue, 973-467-0838. The Berkeley Heights Y is at 550 Springfield Avenue, 908-464-8373. For a full description of classes and schedules, visit www.summitareaymca.org.
The Summit Area YMCA is one of the area’s largest charities. No one is turned away from life-enhancing YMCA programs because of the inability to pay. If you need financial assistance, ask any Y staff member how to apply. If you can help us help others, visit our website www.summitareaymca.org.
* Features: Families, Kids, Open to All, Seniors, Teens
* Website: http://www.summitareaymca.org
* Phone: 908-273-3330
* Email: lisakievit@summitymca.org
* Price: $30.00
Summit Lacrosse Team
May 18th, 2010
Congrats to the Summit NJ High School Varsity Lacrosse team on capturing the Union County Tournament title. The lacrosse team is now on a 39 game winning streak. Good luck in the State Tournament! Go Summit!
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Thomas G. Mcdonough: 428 Springfield Ave, Summit, NJ 07901 Phone: 908-273-0400 Cell: 908-500-2338