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

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

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

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

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

Today there are 126 homes on the market in Summit. This is down slightly from a week ago when the inventory was about 136 houses for sale. There are 6 that are in attorney review. The number of new listings comming onto the market is down while the sales have stayed consistant. Houses over 1 million dollars represent one third of all the real estate activity. My view of the Summit housing market is that it has been very healthy. The lower level of inventory has stablized prices thus bringing the buyers in. The sellers are now able to sell there homes and get a sale close to the asking price. If the mortgage rates remain at a low level the market will continue to flurish.