The Federal Housing Administration was created during the Great Depression, to make home financing available to many Americans. The FHA insures certain loans made by private lending institutions. The FHA program is “government-backed financing”. By having government insurance backing a loan, private lenders are more willing to offer mortgages to borrowers they normally wouldn’t qualify. The lender is assured they will get their money back on the loan, even if the homeowner defaults and stops making payments. In the past, the FHA program was focused on helping buyers in the purchase of a home. Now the program is being opened up to homeowners who want to refinance. The goal of this new program is to help struggling homeowners who have adjustable-rate mortgages (ARMs) convert to fixed rat... 08/10/2009

This is a reminder for would-be first-time homebuyers that to take advantage of the $8,000 tax credit. You need to close by November 30 of this year. That means home buyers need to make offers quickly to get the break. Mortgage lenders these days are not quick with approving loans. Generally, buyers are given 30 days to get their financing, but in some cases the time has been lengthened to 45 days. What it means for buyers is that you’re really starting to press up against the deadline. If you have to close by November 30 and it takes 45 days to get a loan, you need to start looking for a home by mid-October. Since it’s already August, you have less than 90 days to find your new home. For more valuable information please go to I Want to Buy my Home at the Bottom. If you are looking for... 08/10/2009

  Weekly statistics 7/26/09- 8/2/09 7 condos went into contract. (6 units the previous report) 14 condos closed last week. (9 closings the previous report) As of today, there are a total of 164 Hoboken properties pending to close.  (168 last report) Here are last weeks deals… Firm accepted offers: Studio & 1 bedroom 3 accepted offers    (3 last week)    These averaged 123 days on market. (70 days last week) CONDO-COOP – Pending ADDRESS Area Sq Feet TotFB Beds DOM LP SP 128 MADISON ST Hoboken 542 1 1 153 $279,000    619 WILLOW AVE Hoboken 675 1 1 101 $360,000    81 GRAND ST Hoboken 725 1 1 116 $379,000     Total Listings          Avg   Avg   Avg  3         123  $339,333   2 bedrooms  3 condos had an accepted offers     (1 last week)   Average days on market was 40 (82 days last week) CON... 08/05/2009

One of the most popular topics with new home buyers is the new $8000 tax credit for new home buyers. There is no doubt that for first time home buyers, this tax credit has been a strong incentive to purchase a home – and the entry level home market has seen improvement as a result. Now there is talk about extending the tax credit until 2010 and raising it to $15,000 as well. Current Proposals: • A Senate bill to expand the tax credit to $15,000 for any home buyer regardless of income was introduced by Sen. Johnny Isakson, R-Ga. It is co-sponsored by Senate Banking Committee Chairman Chris Dodd, D-Conn. • A House bill to keep the $8,000 credit in place until June 2010 and expand it to all home buyers by Rep. Kenny Marchant, R-Texas. It also would provide a $3,000 credit to homeowners wh... 08/03/2009

In all previous recessions, sales of new homes, foreclosure homes and other existing homes fluctuated by roughly the same proportion. But in this current recession, sales of new homes have fallen far more significantly than sales of foreclosures homes and other existing homes. The result, according to economists, is that new homes are taking a year or more to sell. The difference in trend can also be observed in the prices. Across the U.S, prices for existing homes have fallen more steeply than sales prices for new homes. This price difference, has driven the faster pace of sales of previously owned homes compared to new homes. Home builders may need to lower their prices even further to be able to compete with low-priced existing homes. It is the opinion of many economists that the ov... 08/03/2009

Good national news!  For the first time since early 2007, a composite index of 20 major cities was virtually flat, instead of down. Read todays NY Times article on this encouraging national trend.   Ok, here is last weeks activity. Weekly statistics 7/19/09- 7/26/09 6 condos went into contract last week, down form the previous week number of 9 units  9 condos closed last week. 16 closings the previous report.  As of today, there are a total of 168 Hoboken properties pending to close.   FIRM ACCEPTED OFFERS: Studio & 1 bedroom 3 accepted offers          These averaged 70 days on market. CONDO-COOP – Pending ADDRESS Area  Sq Feet TotFB Beds DOM LP SP 115 WILLOW AVE Hoboken 550 1 1 30 $329,900   551 OBSERVER HIGHWAY Hoboken 806 1 1 82 $359,000   1300 HUDSON ST Hoboken 725 1 1 100 $379,000 ... 07/30/2009

Recently I have encountered the argument that it would be unfair to include short-sales and bank sales in CMA's. There are Realtors out there that intentionally remove those properties from their analysis. Why is this wrong? Well, it is important to understand the true purpose of the CMA. The analysis is there to provide an objective reference to a market value of a property as closely as possible; some Realtors unfortunately see it as a tool to justify setting a price they believe is fair. The problem with the later is that the market is blind, and regardless of what they think is reasonable, or what they have learned to expect in the neighborhood they work in through past experience, the market does not lie. There is no good justification to exclude distressed sales as they are every ... 07/29/2009

For Immediate ReleaseVirginia Varela, Hoboken REALTOR® Obtains e-PRO Certification To Provide Consumers with State-of-the-Art ServicesContact: Virginia Varela,Tel: (551) 358-8375E-mail: Virginia@VirginiaVarela.comMonday, July 27, 2009 - As more and more consumers begin their search for realestate-related information on the Internet, it is critical that real estate professionals stayon top of the latest technology for the benefit of con mers and real estate practitionersalike. The e-PRO Technology Certification Program fills that need. Realizing the importance of technology training, the National Association ofREALTORS® (NAR) created a comprehensive Technology Certification course in 2000.And now that course, e-PRO , has been completely updated to include information onSocial Media and W... 07/27/2009

  Manhattan would seem like luxury itself, but a Crystal Point condo offers a lot more. Some of the amenities that accompany Crystal Point real estate include:

• Smart Home Technology capability
• State-of-the-Art Kitchens with Italian Pedini cabinetry
• Bathrooms
• Sweeping Views of the River and Lower Manhattan
• 1, 2, and 3 bedroom condos 
• Condos ranging from 800 to 1,817 square feet
• Floor-to-ceiling windows
• Balconies The beautiful Crystal Point condos will not be around for long. At prices in the $450’s, there is a condo to meet most budgets. Start your amazing living experience today. If you would like to take a tour of Crystal Point, or for assistance in finding the perfect home in Hoboken, contact Eddie Perez at (201) 344-2886 or go toHoboken Condo Expert. 07/27/2009

Decorating small spaces can be a daunting task, especially when you are not sure where to start from. The truth is that no one was born knowing how to decorate and organize small spaces, but there are a few secrets and essentials that can make a huge difference, making the whole job a lot easier. Here are a few tips and hints to keep in mind: The most important part is to find some multi- purpose furniture that suits your place. Today, since many people live in small spaces and apartments, there are many pieces of furniture that can compliment even the smallest possible space, giving it much needed air. In many  cases reality and practicality are needed. There are furnishings that actual save space, or create new space, while others offer an illusion of saved space.  Nobody denies that... 07/27/2009

Did you ever wonder what is included in maintenance fees when you buy a condo? Along with your mortgage and taxes is the monthly maintenance fee, which is another major expense when owning a condominium.  Your condo fees typically cover what is normally paid separately in the ownership of a home. How are maintenance fees determined on Condo buildings: The condo owner owns the interior of the unit and a percentage of common ownership.  Common ownership is based off of square footage of the interior in comparison to the entire buildings’ square footage.  Unlike a co-op, your maintenance fees in a condo building do not give you a “share” or “ownership” of the building.  Co-ops are generally more expensive on the fee side, because you are actually buying into equity of the entire building.... 07/27/2009

Owners of condominium units receive building or structural insurance coverage from the association’s master insurance policy, but there may be many gaps of coverage. The insurance industry has responded to these gaps with the Condo Unit Owner’s Policy, or HO6. If you own a condo unit, you need an HO6 Policy. Master Policies cover the building; condo units are covered by HO6

Historically, owners of single family homes have purchased “homeowner’s insurance” that is designed to protect against damage to the home, the personal property (contents), and the personal liability of the policyholder. In a condominium association, a “master policy” is purchased by the association that can protect unit owners and mortgagees against damage to the building and the units. Unfortunately, personal pro... 07/19/2009

Home buyers who are seeking a mortgage find out early-on that their credit score plays an important part in the home buying process and in determining the interest rate that a lender offers. What is a credit score? A credit score is a number that lenders use to estimate risk. Experience has shown them that borrowers with higher credit scores are less likely to default on a loan. How are credit scores calculated? Credit scores are generated by plugging the data from your credit report into software that analyzes it and cranks out a number. The three major credit reporting agencies don’t necessarily use the same scoring software, so don’t be surprised if you discover that the credit scores they generate for you are different. Which parts of a credit history are most important? Following ... 07/19/2009

Losing your home to foreclosure due to an inability to keep up with your monthly mortgage payments is one of life’s most unpleasant experiences. It is also an event that keeps on affecting you long after your home is history by devastating your credit score. Regrettably, most people cannot be 100% sure that they will remain safe from foreclosure because they can’t foresee the unexpected. Occurrences such as serious illness, a major accident, divorce or job loss can happen to anyone. So it’s a good idea to understand the available alternatives should the worst occur. The inevitable result of a foreclosure is the lender taking your house. Not only will you lose your house, but the lender can get a judgment against you for the arrearages you owe plus his costs for the foreclosure action. ... 07/19/2009

One of the best places to invest is in foreclosures and bargain residential real estate. The current market conditions make it a perfect time for a small investor to purchase one or more foreclosure properties for their private residence, rental or resale. During economic downturns, more upscale homes go into foreclosure, so the notion that foreclosure homes are only available in crime-ridden areas is inaccurate. Beachfront and homes in affluent areas are part of the mix of foreclosed properties available. You can buy foreclosures for as cheap as 30% or 40% below market, but most foreclosures sell for 5% below market. Yet the savings may be twofold if the property is purchased from the lender who holds the mortgage that’s in default. That lender may be willing to waive some closing cos... 07/12/2009

What makes the $8000 tax credit so great is that unlike the $7,500 tax credit done last year, the $8000 tax credit  does not need to ever be paid back. It’s totally free money! Here are four facts you should know about the 2009 home buyers tax credit that first time home buyers here in Hoboken must take advantage of: The credit is worth either 10% of the homes value or $8,000. You are entitled to the less of the two. There is an income limit of $150k adjusted gross income for couples and half that for those single home buyers.If you are married but file separately you can each file for half of the tax credit. The tax credit is only good thru 11/30/09 & does not have to be paid back as long as the people are in the house 3 years. For more valuable information please go to I Want to Buy ... 07/12/2009

  As more and more baby boomers head toward their retirement years, they may discover that the home that seemed so perfect for a growing family suddenly seems far from ideal after the kids moved out. It can be a real pain to haul out the lawn mower or spend time shoveling snow from the driveway. Also, as their friends start to sell their homes, downsize and move into smaller homes or condos, boomers may find the idea even more appealing. Why face retirement with the burdens of a large home to maintain? Why not opt for a simpler lifestyle? Realities Of Condo Ownership Condos and homes designed for seniors and baby boomers come in a wide range of prices. It is entirely possible to sell your home, buy a less expensive condo and pocket the savings. You can find out what types of condos or h... 07/12/2009

Assess the layout of the condo. If any remodeling is in your budget, contact an architect or contractor to have your space assessed. Even knocking out a wall can make a huge difference in the space and flow of a condo. Limit clutter when arranging furniture. Pick a limited number of pieces for each room in your condo, and choose sizes that complement the rooms. A large sectional may not be ideal if it overwhelms your living room. Likewise, a king-size bed may not fit in a smaller bedroom. Get rid of any pieces that are unnecessary in your home. Pick lighter, more neutral colors for walls and flooring if your condo is fairly small. A coordinating color palette that transitions from room-to-room will open up the space, rather than making it feel choppy. Lighter colors will also visually ... 07/05/2009

Homeowners get tired of the responsibilities involved. First it’s a leaky roof. Then it’s a plumbing problem of mysterious origin. The last straw is usually when the septic system backs up. Finally, you realize that moving into a condominium and sharing the responsibilities of your “home” with others could solve most of your problems. Originally, condos were apartments that were converted into permanent living units with owners sharing.    Before buying a condo, investigate the reserve fund. Most condos have a Board to collect fees and keep records. You can request information directly from them about: a) how much cash is in the reserve fund; b) costs of scheduled repairs and maintenance; and c) any special rules or bylaws that the condo board has passed. If you find all the conditions... 07/05/2009

 Important update:   An unfortunate request has been made by my MLS, the Hudson County Multiple Listing Service (HCMLS). They are enforcing a “rule” that members are not able to post links to other brokers listings.  These are same links that I email to customers who are searching for homes.  The only way to provide this information is if a customer asks for it.  They feel that providing open information and analysis is somehow detrimental to the other brokers in town.  I personally don’t see how providing information to followers of this site hurts anyone.  One could easily argue the exact opposite.   Now without getting into the exact boring details of the HCMLS rules, here is my short term solution.  I’ll continue to provide the statistics however if you would like the more detailed... 06/30/2009