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
New Listing Open House This Sunday
April 30th, 2010
Come check out my new 11 room, 3 bedroom listing at 28 Bellevue Avenue in Summit, NJ on this Sunday, 5/2, from 1-4pm. You have to see this updated 1920’s colonial!
If I refinance, do I need a new title search and title insurance?
April 28th, 2010
This is a commonly asked question. Each time that you refinance, or put a new mortgage on the property, it is considered a separate event. If there is a new lender, or simply a new loan, that new loan must be insured. In addition, a new title search must be obtained to make sure that there have been no intervening liens, or title defects since the time that you purchased or last refinanced the Property.
For a refinance transaction, a new lender’s title insurance policy must be issued, not a new owner’s policy. As such, the cost of the title insurance should be less then when you purchased. The cost of title insurance is regulated by law, and in the case of a refinance will be based on the amount of the new loan.
If you have any questions about this process, please give me a call at 973-898-7300 x126. I would be happy discuss it with you.
You may also find more information on Refinancing on my web site, www.martyeagan.com.
Spring is Here! Must Be Time for the Annual Summit Street Fair
April 13th, 2010
The Annual Summit Street Fair and Craft Show marks the true beginning of spring for Summit residents and visitors. This year it will take place on April 25 from 11am to 5pm along the streets of downtown Summit.
As if Summit was not pedestrian friendly enough, portions of Springfield Avenue, Beekman Terrace, and Union Place will be closed. On these streets, vendors will set up their shops with beautiful artisan works and food stands.
Fun activities are planned for young ones too. There will be clowns, a stilt walker, a mime, and games as well.
Music will be filling the air all day as all types of musical talents join the fun on the hilltop. The schedule has been published by the Summit Downtown Association as follows: New Jersey Marching Fife and Drum from 11-11:30am, Kindred Souls Rock Band from 11am-1:30 pm. DJ “John,” Espiritu Andino Music from Chile, and the NJ Jazz Ensemble will playing throughout the entire day.
Downtown Summit will be vibrating with celebration on this Sunday… don’t miss out on all the fun!
Written by Esther Tomasello
es.tomasello@gmail.com
Summit Historical Society Holds Annual Fundraiser Showcasing Local Cuisine
March 22nd, 2010
The Summit Historical Society’s annual benefit dinner, “A Taste of Summit,” hosted by the Summit Grand Hotel, will be held on March 28 from 6:00-8:30pm. Over a dozen local restaurants and vendors are scheduled to attend this event.
The Summit Historical Society was created in 1929 and took a proactive role in archiving the history of the town. To date, they have a “a large archive of photographs, genealogy files, Summit house files, other historic structures surveys, maps, newspapers, postcards, yearbooks and city tax atlases… city directories dating back to 1890,” according to their website. They continuously update their collections through research and donations.
The Taste of Summit fundraiser is their largest event.
Currently, their headquarters are located at the Carter House on Butler Parkway. The Carter House is open to the public on Wednesdays from 1:30-4:00pm by appointment.
Written by Esther Tomasello
es.tomasello@gmail.com
When Does Attorney Review Begin?
March 8th, 2010
Attorney review begins once the Contract is signed by both parties and the fully executed contract is distributed to both parties. It typically lasts three business days, not including weekends. While in Attorney review, the attorneys representing the respective buyer and seller will ensure that all terms are clearly understood and acceptable to both parties. Once all are in agreement, both attorneys’ will approve the contract. It is then a legally binding contract.
It is important to make sure that the real estate agent sends a copy of the executed contract to both attorneys. The attorney review period runs, even if your attorney has not received the contract.
If you have any questions about attorney review, or any other part of the process, please give me a call.
Marty Eagan
Attorney at Law
Morristown, NJ
973-898-7300 x126
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Thomas G. Mcdonough: 428 Springfield Ave, Summit, NJ 07901 Phone: 908-273-0400 Cell: 908-500-2338