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42 High Ridge Road, Parsippany-troy Hills Twp., NJ – SOLD!

June 29, 2011 by CindyTichy · Leave a Comment 

Nestled nicely on a secluded lot in desirable Puddingstone development, sits this lovely home featuring new paint, roof and gorgeous hardwood floors. Enjoy high ceilings and an abundance of natural sunlight throughout.

A wonderful double door entry invites you into this beautiful home with charm. The foyer opens to a bright and airy living room with soaring vaulted ceilings, hardwood floors and a wall of windows allowing the sunlight to gently embrace this space. Gather with friends and family around the wood burning fireplace flanked in brick. Enjoy endless conversations and laughter while making memories that will last a lifetime.

Hardwood floors flow seamlessly into the adjacent dining room with large window providing wonderful outdoor views. Hosting dinner parties will be a breeze with the open transition to the kitchen through double doors.

Fall in love with the rustic kitchen with loads of character and appeal. It boasts plenty of cabinets for all your storage needs, center preparation island and breakfast bar that separates the kitchen from the family room.

French doors open to the rear patio in the family room with vaulted ceilings and floor to ceiling wood burning brick fireplace. Wood panel walls offer old world charisma adding to this room’s unsurpassed comfort.

When the day is done, retreat to the large master suite with hardwood floors, plenty of closet space and delightful master bath.

Each of the additional bedrooms featured in this home is nicely sized, boasts hardwood floors, lots of natural sunlight and an inviting atmosphere.

Barbeque or simply relax on the rear patio while relishing in the tranquil wooded backdrop offered. This beauty is a must see to appreciate. Call today to schedule your private viewing!

Contact Cindy Marsh Tichy of CindyEric and Associates for more information or to schedule a showing. Visit www.CindyEric.com! Text MOVEYOU to 87778 for complete access to listings!

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House Prices Through 2015

June 29, 2011 by blogwriter · Leave a Comment 

Everyone seems to have an opinion on where Morris County home prices are headed. Housing bulls are saying prices may start rebounding as early as later this year. Some housing bears are saying that prices may still drop another 10-15%. What actually is going to happen? No one knows for sure.

However, Macro Markets, a financial technology company, actually surveyed 108 economists, real estate experts, and investment and market strategists for their June 2011 Home Price Expectations Survey. They then averaged all 108 opinions. Here is what the report says about house prices over the next five years:

  • 2011: prices will depreciate 3.52%
  • 2012: prices will appreciate .46%
  • 2013: prices will appreciate 2.18%
  • 2014: prices will appreciate 2.92%
  • 2015: prices will appreciate 3.47%

Accumulative appreciation (including this year’s projected depreciation) will stand at 5.71% in 2015.

Bottom Line

The experts say Morris County home prices will begin to see appreciation next year and return to historic levels of annual appreciation by 2015.

Article from KCM Blog

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Should I Refinance?

June 22, 2011 by blogwriter · Leave a Comment 

With interest rates at a historic low, now is definitely time to take advantage and look into refinancing your Morris County home! If you have been thinking about refinancing your mortgage, there are a few things you need to take into consideration before making your final decision.

Although rates are low right now, the present economic crisis has caused a lot of lenders to reduce the amount of loans they give out. This is a drastic change from the last few years when almost anyone and everyone was eligible for a mortgage. If you are figuring out how to save on your mortgage refinance, its vital to make sure you do your homework and get your facts right.

First, look at your loan-to-value ratio. In a no-cash-out refinancing (where the amount of your new loan doesn’t exceed the balance of your existing loan, plus points and closing costs, if applicable), you may be able to borrow as much as 95% of your home’s value. However, if the value of your home has fallen below the amount of your existing mortgage balance, you may not be able to refinance at all. This sadly, has been the case for many homes. But you may be able to proceed through the American Recovery and Reinvestment Act of 2009′s Home Affordable Refinance program.

The major advantage of refinancing to a new lower interest rate for your Morris County home mortgage, you will save a substantial amount on your monthly mortgage payment. This is of course why most people choose to refinance their mortgage. Keep in mind however that there are going to be costs involved with refinancing such as closing costs, points, and possible appraisal and attorney fees.

Do your research and shop around for the best refinancing interest rates. All banks are not created equal, some banks and financial institutions charge higher rates than others. Normally, the smaller Community Banks and Credit Unions are more consumers oriented and charge lower rates.

Last but not least, when shopping around, look and compare interest rates and points versus no points before you refinance. Look out for embedded points included in the closing costs. Some lenders will include points in the closing cost without necessarily actually quoting these costs as points.

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Even the Naysayers Are Saying To Buy Now!

June 15, 2011 by blogwriter · Leave a Comment 

Business School professors Eli Beracha of East Carolina University and Ken H. Johnson of Florida International University have done extensive research on which makes more sense financially: to rent or own a home. They published, Lessons from Over 30 Years of Buy versus Rent Decisions: Is the American Dream Always Wise? In their paper, the professors do not dispute the social benefits of homeownership:

“Home ownership is touted as the “American Dream”. It is credited with enhancing wealth, increasing civic pride, improving self-esteem, crime prevention, child development, and better educational outcomes, among other benefits. This paper does not dispute any of these claims.”

What the professors were proposing is that Morris County Homeownership is not a better investment strategy than renting. The first of the two major findings was:

 “After setting the holding period to the average American’s tenure in a residence, renting (not buying) proves to be the superior investment strategy over most of the study period… Individuals, on average, were better off in economic terms to have rented for most of the years in the study period. This first result is strongly dependent upon fiscally disciplined individuals that, without fail, reinvest any residual savings from renting.”

Historically, people do not actually reinvest savings “without fail”.  Check here for the findings of a recent study from The Joint Center for Housing Studies at Harvard. 

The second major finding says it all. According to both professors Beracha and Johnson, NOW IS THE TIME TO BUY!

“(F)undamental drivers now appear to be in place that favor homeownership over renting in the near term future…

The second finding might seem unwise to many given the recent crash in the real estate markets around the country. However, rent-to-price ratios now seem to be in place along with other fundamental drivers that favor ownership over renting.”

They conclude their research paper with this sentence:

“Conditions (historically low mortgage rates and relatively low rent-to-price ratios) now seem in place to favor future purchases.”

Bottom Line 

Two researchers set out to prove that New Jersey homeownership is not a good financial decision. After completing that research, they have determined that now is the time to buy. What more needs to be said?

Article from KCM Blog

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Why You Need a True Professional to Sell Your Home

June 8, 2011 by blogwriter · Leave a Comment 

Many people ask us whether they should hire an agent to sell their home or whether they should first try as a For Sale by Owner (FSBO). In today’s volatile market, we believe this is an easy decision: you need an experienced professional!

You need an expert guide if you are traveling a dangerous path

The field of real estate is loaded with land mines. You need a true expert to guide you through the dangerous pitfalls that currently exist. Finding a buyer willing to pay fair market value for your home at a time that there are mass inventories of foreclosures and short sales will take a true real estate professional. Finding reasonable financing can also be tricky in today’s lending environment.

You need a skilled negotiator

In today’s market, hiring a talented negotiator could save you thousands, perhaps tens of thousands of dollars. Each step of the way – from the original offer, to the possible re-negotiation of that off after a home inspection, to the possible cancellation of the deal based on a troubled appraisal – you need someone who can keep the deal together until it closes.

Realize that when an agent is negotiating their commission with you, they are negotiating their own salary; the salary that keeps a roof over their family’s head; the salary that puts food on their family’s table. If they are quick to take less when negotiating for themselves and their families, what makes you think they will not act the same way when negotiating for you and your family? If they were Clark Kent when negotiating with you, they will not turn into Superman when negotiating with the buyer or seller in your deal.

Bottom Line

We believe that famous sayings become famous because they are true. You get what you pay for. Just like a good accountant or a good attorney, a good agent will save you money…not cost you money.

Article from KCM Blog

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Are You Sure You Are Ready to Buy Your Own Home?

May 31, 2011 by blogwriter · Leave a Comment 

The time to buy a home is now. With interest rates low, first time buyers credits and home prices lowering, many potential home buyers are making the giant leap into home ownership. Purchasing a new home could potentially be the largest purchase you ever make in your lifetime. So you need to know if you are 100% ready to take the big, life altering step. Here are a few things to consider:

  • You are on the right track if you maintain a budget and are able to stick to it. If you have your finances in order that is the major first step. in becoming a homeowner, especially in a difficult economy that can be financially challenging. Having good money-management skills are a must-have so that when you do own a home you will be able to have a smooth financial flow for monthly home expenses.
  • Saving is hard, especially in a struggling economy, but if you are able to save and have a sizable down payment of at least 20%, you are on the right path. Keep in mind that with a downpayment of at least 20%, you will start out with having some equity. There are options out there for zero or low money down loans but if you have to sell your home before you expect you can potentially loose money and you will also need to pay for PMI (priviate mortage insurance).
  • Because a mortgage is a large monthly commitment, It is important to have a steady source of income. We all know that these days there is no real thing as job security but when you buy a home you are going to be required to have a reliable source of income to cover not only mortgage payments but all the other monthly and unexpected expenses that come along with homeownership. It is important to look at how stable your source of income is as well as having an emergency savings fund where you will have enough funds to cover these expense in case of a loss of a job or other emergency.
  • Having a good credit score will help to not only get a home loan but will also get you a lower interest rate on your mortgage. Hold off on any large purchases such as cars before applying for a loan as this could effect your rating. Also review your credit report for free at annualcreditreport.com before even applying for the loan to check for any errors.

Owning a home is a huge responsibility. You are now in charge of all yard work, repairs, upkeep of the house. You must be ready, willing and able to take on the whole job and if you are, then you should start looking for your Morris County dream home!

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Memorial Day Parade in Lincoln Park

May 27, 2011 by blogwriter · Leave a Comment 

The borough of  Lincoln Park , in partnership with the American Legion Post 279 will hold its annual Memorial Day Parade and Memorial Service on May 30.

The parade will start from the intersection of Pleasant Avenue and Comly Road at 2 p.m. and proceed on Comly Road to Veteran’s Bridge, where a memorial wreath will be placed, before continuing on Main Street to the American Legion Memorial Home at 133 Main St.

Small United States flags will be distributed to viewers along the line of the march. All veterans and current members of the United States Armed Forces home on leave of furlough are invited to join in the parade and services and visit the Memorial Home.

For more information call (973) 696-8281. Have a Happy Memorial Day in Lincoln Park.

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5 Reasons You Should Consider Selling Now

May 25, 2011 by blogwriter · Leave a Comment 

If you plan on moving anytime in 2011, you should strongly consider selling your Morris County home now rather than waiting. Here are five reasons why:

1.) This is when your house will get the most exposure

The spring, and particularly the month of May, is when most buyers enter the real estate market. This surge of buyers dramatically increases the exposure for your house . The best chance of getting quality offers (perhaps even multiple offers) is RIGHT NOW!

2.) Foreclosures and short sales will increase in about 90 days

The good news is that the number of people paying their mortgage on time is increasing. This will lead to less distressed property sales later this year and throughout 2012. The not-so-good news is that there is still a large inventory of existing foreclosures and short sales that will still be coming to market.

As an example, LPS reported in their latest Mortgage Monitor that:

  • There are still twice as many loans going 90+ days delinquent as are starting foreclosure
  • There are almost three times the number of foreclosure starts as there are foreclosure sales
  • Distressed property inventory levels are almost 45 times the rate of monthly foreclosure sales

This means that there is a backlog of properties which will start coming to the market in about 90 days as banks clear up their paperwork challenges. These properties sell at dramatic discounts. They will be your competition. Both Fannie Mae and Freddie Mac have recently discussed the magnitude of this challenge.

3.) Interest rates have risen over the last six months

Interest rates have stabilized recently. However, in the last six months, interest rates have climbed over 1/2%. Every time the rates increase 1/4%, approximately 250,000 buyers are eliminated from qualifying for a mortgage. In an environment of volatile rates, waiting could mean that there will be fewer buyers eligible to purchase your house. It also could mean that you will pay a higher rate on the next home you buy.

4.) Qualifying for a mortgage is about to get even more difficult

Besides increasing rates, there are other factors that will hinder a buyer’s ability to qualify for a mortgage as we move forward. Lending standards have been getting tighter over the last year. And as the government debates the new proposed guidelines (QRM), banks are gearing up for even more stringent standards.

Morgan Stanley recently stated:

“Recent developments in issues such as GSE reform, Dodd-Frank securitization rules, and foreclosure settlement issues suggest a tighter and more expensive environment for mortgage credit.”

This may impact any potential purchaser for your property and may also impact your next purchase.

5.) It’s time to get on with your life

Probably the most important reason to sell is so you can get on with your life. You placed your home on the market for a reason. Do not allow a less-than-stellar housing market prevent you from reaching your goals as an individual or as a family. Think about the reasons you decided to move in the first place. Are these reasons still important to you? If you have to take less than you were originally hoping to get for your house, your family has a question to ask each other: Is the dollar difference in sales price worth putting off our plans? Only you and your family know the answer to that question.

Bottom Line

If you plan to sell this year, the reasons above prove that selling now makes more sense than waiting to later in the year. Sit with a real estate professional in your area today to fully understand your best option.

Article from KCM Blog

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