While keeping in mind that the values and market activity varies tremendously from town to town and neighborhood to neighborhood, a look at the averages seems to confirm what we predicted for 2010 in our article at the start of the year. Here is an excerpt from that article when asked what we thought would happen in 2010:

"No one really knows for sure. All signs point to a very slow recovery, and most likely a flat year for prices and sales. Prices should remain stable, and show slight seasonal increases or decreases, if the data trends hold."

Here is that complete article for Westfield NJ Real Estate 2009 vs 2008

While the average prices increased about 13 percent as you will see below, I want to mention that in the first quarter of 2009, we saw nearly a complete freeze on residential real estate transactions, which caused prices to plummet in that 3 month period. Prices dropped about 10 percent in the first quarter of 2009 alone, so the year over year 12 percent increase to 2010 levels is merely a recovery of that rapid decline.

Thus, our prediction of a relatively flat pricing environment for 2010 seems to be accurate, though homes did sell much more quickly, due to historically low interest rates and the first time home buyer tax credit that expired in June.

Here is a summary of the data year over year comparison of 2009 to 2010 in the Westfield NJ Real Estate Market.

2009 Through August 31

Closed Sales: 188

Active Listings: 1152

Average Sales Price: $685,765

Average Days on Market: 84

Sale Price to List Price Ratio: 96 percent

 2010 Through August 31

Closed Sales: 192 (relatively flat year over year)

**Active Listings: 1555 (an increase of 34 percent from prior year)**

Average Sales Price: $776,075 (an increase of 13 percent year over year, but remember there was a steep drop in Q1 2009 of neartly 10%)

Average Days on Market: 53 (dropped nearly 30 days!)

Sale Price to List Price Ratio: 96 percent

What this means for Westfield NJ homeowners is very simple. It appears that homes in Westfield on average have held their value over the past year.

I will caution anyone thinking of selling, however, that this report is not a substitute for a detailed market analysis, as some price ranges outperformed others. Homes under $600,000 for example went up in value with higher demand, while higher priced homes have performed quite differently. These figures are just averages. For a more detailed report, homeowners can check out www.WestfieldHomeSellers.com for a more detailed market snapshot.

Sean Carroll is a Realtor with the Westfield team of Keller Williams Realty, and resides in Westfield. He can be reached via email at Sean@TeamCarrollNJ.com

Click the link to read this interesting article by Diana Olick of CNBC

Another Homebuyer Tax Credit?

While keeping in mind that the values and market activity varies tremendously from town to town and neighborhood to neighborhood, a look at the averages seems to confirm what we predicted for 2010 in our article at the start of the year. Here is an excerpt from that article when asked what we thought would happen in 2010:

"No one really knows for sure. All signs point to a very slow recovery, and most likely a flat year for prices and sales. Prices should remain stable, and show slight seasonal increases or decreases, if the data trends hold."

Here is that complete article for Westfield NJ Real Estate 2009 vs 2008

While the average prices increased about 12 percent as you will see below, I want to mention that in the first quarter of 2009, we saw nearly a complete freeze on residential real estate transactions, which caused prices to plummet in that 3 month period. Prices dropped about 10 percent in the first quarter of 2009 alone, so the year over year 12 percent increase to 2010 levels is merely a recovery of that rapid decline.

Thus, our prediction of a relatively flat pricing environment for 2010 seems to be accurate, though homes did sell much more quickly, due to historically low interest rates and the first time home buyer tax credit that expired in June.

Here is a summary of the data year over year comparison of 2009 to 2010 in the Westfield NJ Real Estate Market.

2009 Through July 31

Closed Sales: 161

New Listings: 1091

Average Sales Price: $686,597

Average Days on Market: 83

Sale Price to List Price Ratio: 95 percent

 2010 Through July 31

Closed Sales: 165 (relatively flat year over year)

**New Listings: 1361 (an increase of 25 percent from prior year)**

Average Sales Price: $773,577 (an increase of 12 percent year over year, but remember there was a steep drop in Q1 2009 of neartly 10%)

Average Days on Market: 54 (dropped nearly 30 days!)

Sale Price to List Price Ratio: 96 percent

What this means for Westfield NJ homeowners is very simple. It appears that homes in Westfield on average have held their value over the past year.

I will caution anyone thinking of selling, however, that this report is not a substitue for a detailed market analysis, as some price ranges outperformed others. Homes under $600,000 for example went up in value with higher demand, while higher priced homes have performed quite differently. These figures are just averages. For a more detailed report, homeowners can check out www.WestfieldHomeSellers.com for a more detailed market snapshot.

Sean Carroll is a Realtor with the Westfield team of Keller Williams Realty, and resides in Westfield. He can be reached via email at Sean@TeamCarrollNJ.com

I spent 4 and a half wonderful years at RE/MAX, and I am very grateful to everyone there for all the support they've given me. I truly would not be where I am today if it weren't for the terrific people who've helped me. This was a difficult decision, but as I examined the best options that would help me take my business to the next level, it became clear that joining Keller Williams was the right choice for me at this time.

As always, I am committed more than ever to serving my clients, and I am grateful to all of you for your support of Team Carroll. I look forward to continuing to serve you.

Warm Regards,

Sean Carroll

As we complete the 2nd month of the quarter, it is quite apparent that the 2nd Quarter of 2010 will show a sizable spike in sales activity. In the entire 1st quarter, there were 29 closed sales in Cranford. So far in the 2nd quarter, there were 10 closed sales in April, 9 closed sales in May, and currently 43 listings under contract. This is a staggering number, as most of these properties will likely close before June 30, to comply with the tax credit requirements, thus more than doubling the number of transactions over the first quarter, and increasing 24 percent when compared to the same time period 1 year ago.

To illustrate with actual numbers

6 Months Ending April 2009

Closed Sales: 54

Avg Sales Price: $420,203

Avg Days on Market: 75

Month's Supply: 7 months of inventory. This means that if no new homes came on the market, it would take about 7 months for all homes to be sold at the pace of contract signings during that time.

6 Months Ending April 2010

Closed Sales: 79

Avg Sales Price: $406,689

Avg Days on Market: 73

Month's Supply:  Approximately 4.8 months of inventory

Most Real Estate economists consider a 6 month supply to be a balanced market, with anything less than 6 considered a seller's market. You guessed it. That's why we had SO many multiple offer scenarios in Cranford and so many contracts quickly on some of these properties.

***SNEAK PEEK AT MAY*** - The pace of sales has slowed slightly, and at the pace of May contract signings, the inventory has gone to about a 6 month supply, assuming a few more go under contract before end of the month.

How does this affect you if you are a homeowner in Cranford, or looking to buy a home?

The trend right now is that the pace of sales is slowing, but not stopping. We are no longer in a hot seller's market as we were in March and April, but we are by no means in a buyer's market either. Because rates are so low, and prices remain favorable, there is a healthy amount of sales traffic, keeping the inventory fairly steady. If you are selling, you can still sell quickly, and for a price close to asking, but you may get 1 offer instead of 3 if you price your home correctly. If you overprice by more than a few percent, you will still have difficulty selling, because there are enough competing properties for sale in most price ranges.

If you are a buyer, you should still make an offer quickly if the home is priced right, but chances are the should be at least a little less competition for each property.

I expect June to still be a solid month for Cranford home sales, but as we enter the summer, the seasonal trends should hold, and transactions should decrease until September, when they will likely increase again. In terms of whether the prices will go up or down, it all depends on how many new listings come online, and how that affects the supply/demand curve. If we tick up to 7-8 months of supply, prices will dip again. If we remain at 5-6 months supply, prices should hold steady, or rise very slowly.

For more information about the market conditions in YOUR neighborhood, check out www.UnionCountyRealEstateMarket.com

According to Bankrate.com, the average rate of a 30 year fixed in the US dropped from 4.94% to 4.87% nationally. This is still a GREAT time to buy or refinance your home.

Rates are extremely depending on your credit score, down payment amount (or percentage of equity) your income, and type of property, so be sure to speak to a mortgage professional about the best rates available to you.

We highly recommend Michael Campanaro of Wells Fargo www.MichaelCampanaro.com for all your home financing needs.

1st Quarter 2010

Closed Sales: 47

Avg Sales Price: $873,492

Avg Days on Market: 64

Avg Sale Price/List Price: 94.9%

Current Pending Sales: 60

What does this mean? Essentially, the first quarter outperformed last year's first quarter, as there were only 33 closed sales in Q1 2009, as we were at what most would argue the most challenging point of the recession.

With the first time homebuyer tax credit set to expire April 30, I expect that the Q2 numbers will exceed the Q1 numbers, and I also expect a slight increase in prices, especially in the first time buyer price range of homes priced $600,000 and below.

1st Quarter 2010

Closed Sales: 29

Avg Sales Price: 387,648

Avg Days on Market: 85

Avg Sale Price/List Price: 96.7%

Current Pending Sales: 28

Month's Supply: 4.7 months of inventory. This means that if no new homes came on the market, it would take about 4.7 months for all homes to be sold at the current pace of contract signings.

Most Real Estate economists consider a 6 month supply to be a balanced market, with anything less than 6 considered a seller's market. You guessed it. That's why we had SO many multiple offer scenarios in Cranford. Right at this moment, there are more buyers than sellers. This could change in the coming months, but the 1st quarter of 2010 proved to be a good time to sell your home if you priced it reasonably.

What does this mean? Essentially, the first quarter substantially outperformed last year's first quarter, as there were only 11 closed sales in Q1 2009, as we were at what most would argue the most challenging point of the recession.

With the first time homebuyer tax credit set to expire April 30, I expect that the Q2 numbers will exceed the Q1 numbers, and I also expect a slight increase in prices.

Here are the statistics according to Realty Trac for Cranford NJ Foreclosures in 2009.

For these statistics, a 'foreclosure' is counted by Realty Trac any time a  homeowner receives any type of public notice, such as a Lis Pendens, a Notice of Default (NOD), or an actual auction or foreclosure sale notice.

In 2009, there were a total of 55 foreclosures in Cranford NJ. This accounts for approximately 1 foreclosure for every 158 housing units, or about .6% of homes.

This many not sound like a lot, and statistically its not, but if we track the trend, it was definitely going up towards the end of 2009. In the beginning of 2009, there were only 2 or 3 foreclosures being recorded each month. In December alone, there were 13. This causes statistics to be slightly misleading, as while there may have been a 100% or 200% increase in the number of foreclosures, when the numbers are this small, the percentages can be skewed very easily.

Let's compare Cranford to the rest of the State of New Jersey, Union County, and the US as a whole, here are the numbers for just December 2009:

Cranford: 1 out of every 671 Homes received foreclosure notice in December

Union County: 1 out of every 235

State of NJ: 1 out of every 345

United States: 1 ouf of ever 365

When examining these statistics, Cranford, while showing an increase in 2009, has still had FAR less foreclosures per capita than the nation, state, and county in December, even with the spike to 13 filings.

I expect this number in Cranford to rise a bit more through 2010, as the unemployment rate has caused a "Second Wave" of foreclosures and defaults, caused by lost wages. The "first wave" was caused mostly by sub prime and adjusting mortgages, which Cranford had less of than many more speculative areas of the country.

This year, while we are still battling 10% unemployment, and the effects of a deep recession, the real estate market in Westfield has shown signs that the bottom has passed, and sales remain steady or slightly improved year over year, but at lower prices on average. However, sales of starter homes ($500,000 and under) are selling extremely fast and have actually increased in price slightly in the past 6 months. When priced right, these homes are selling quickly and often with multiple offers, and this has led to a gradual loosening of the market in the upper ranges since people are starting to "move up" again if their jobs and income are secure.

Here is a summary of the year over year comparison of 2008 to 2009 in the Westfield NJ Real Estate Market.

2008

Closed Sales: 288

New Listings: 1446

Average Sales Price: $773,745

Average Days on Market: 76

Sale Price to List Price Ratio: 96 percent

2009

Closed Sales: 305 (an increase of 6 percent year over year)

**New Listings: 2542 (an increase of 75 percent from prior year)**

Average Sales Price: $693,463 (a decrease of 10 percent year over year)

Average Days on Market: 67

Sale Price to List Price Ratio: 96 percent

When examining these numbers, it is easy to see why the average sales price dropped 10 percent, as there was a surge in new listings on the market, especially in the first and second quarter, most likely attributed to the job losses in the financial sector in New York City, as many Westfield homeowners are employed by those institutions, and may have needed to sell their home due to job loss or relocation. As the year progressed, sales increased, and new listings slowed, which balanced the market somewhat, but not before prices dropped 10 percent.

What's Going to Happen in 2010?

No one really knows for sure. All signs point to a very slow recovery, and most likely a flat year for prices and sales. Prices should remain stable, and show slight seasonal increases or decreases, if the data trends hold.

The first time homebuyer tax credit is set to expire at the end of the 2nd quarter. If December sales were any indication, the sales of starter homes at the end of 2010 should decline, as buyers rush to get under contract before then, as they did in November of 2009 when the prior credit was originally set to expire. If the first time homebuyers don't buy at the same rate as they have been, either due to the credit expiring, or rising interest rates, there will likely be a slowdown in how quickly the unsold inventory gets scooped up. This will stifle price appreciation in the short term.

If jobs are created more rapidly, and interest rates stay favorable, one would expect homes to sell at a faster clip, demand to pick up, and prices to rise gradually. Only time will tell.

Sean Carroll is Realtor and Team Leader of Team Carroll at RE/MAX Supreme. To reach Sean for comment or questions, or for more information about the Westfield NJ Housing Market, or local real estate information, logon to www.TeamCarrollNJ.com. Or contact Sean at Sean@TeamCarrollNJ.com

2008

Closed Sales: 193

Average Sales Price: $441,793

Average Days on Market: 69

Sale Price to List Price Ratio: 96 percent

2009

Closed Sales: 199

Average Sales Price: $426,905

Average Days on Market: 67

Sale Price to List Price Ratio: 96 percent

Quick Summary: activity ended up nearly the same, despite a VERY slow start to the year. Prices averaged down about 5% for the year, because there were 500 MORE listings in 2009 than 2008, which created more supply than demand.

There will be a follow up post this week with full analysis for you!

Thanks for reading.

First, interest rates are at 20 to 30 year lows, depending upon the type of loan. Second, home prices in our suburban NYC markets are at their lowest since 2003, at between a 20-40% lower price than the peak of the market in 2005-2006. Third, the US Government is offering an $8000 tax credit for first time homebuyers AND a $6500 tax credit for any homebuyer who has lived in their home for at least 5 of the last 8 years.

If you have solid employment, and income/credit that qualifies and you have been thinking about buying, but have been "on the fence", or waiting for prices to come down it is hard to imagine conditions improving any further for making a home purchase. Even if prices go down, if the interest rates go up, and the tax credits expire, how much have you really gained by waiting?

Call us today for a free buyer consultation by phone to discuss your options! You might be surprised at the opportunities you have!

With all of the news media reports about the ‘national’ economy, and the ‘national’ real estate market, it is very difficult to decipher exactly what that means for towns like Westfield. There really is no such thing as a “national” real estate market, as people who purchase homes in a community often work in that community, or within commuting distance. This means that they earn money locally, and usually spend that money locally.  The national media often reports on national statistics, and while they can be helpful to uncover trends in the macro-economy, it is important to understand that the Real Estate market, and even the economy are highly localized, and can vary tremendously from one state to the next, or even one town to the next.

In this month’s Market News, I thought it would be helpful to share what’s happening now, while also comparing it to historical data, to illustrate how Westfield real estate has performed from its peak of 2005-2006 to the present. Whether you are buying or selling, or just live in Westfield, this information can help you better understand how the recent recession has affected the local picture.

**All information is taken from the Garden State Multiple Listing Service Statistics**

Here are some Westfield, NJ Real Estate statistics:

Year to Date 2009 (through November 30)

Active Listings: 2408

Closed Transactions: 276

Average Days on Market (DOM): 78

Average Sold Price: $686,876

Sales Price to List Price Ratio: 96%

 These statistics don’t mean much unless compared with other periods in time, to see how the market is trending. So, let’s compare with the same period 2008

 January through November 2008

Active Listings: 1530

Closed Transactions: 274

Average DOM: 77

Average Sold Price: $772,436

Sales Price to List Price Ratio: 96%

 What does this mean? Well in looking at the averages, here are some factual conclusions:

   -Average Sales Price declined by approximately 11

    -Number of closed transactions remained almost the same

    -Number of active listings increased by 57%

 In summary, the average sales price in Westfield declined moderately in 2009. This can be attributed to the substantial increase in homes actively for sale over last year, but with no change in the number of closed sales. This means more supply, with the same demand, which leads to price decline.

 Overall, 2009 has been much more of a buyers market in Westfield, especially in the price ranges between $650,000 and $900,000, but towards the end of this year, there has been a balancing of supply and demand, perhaps indicating the market is in a bottoming process.  Home prices on average for first time buyers ($400,000 to $550,000 on average) have declined, but by less. This mirrors what happened in nearby Cranford in the same price ranges.

 In fact, in the first time homebuyer range, the prices actually showed a slight increase at year’s end, because there was actually a short supply of these homes, resulting in many multiple offer situations.

 Examining the numbers in more detail showed a steep decline in listings sold in January, February and March of 2009, as compared to last year, as this was the height of the financial crisis on Wall Street started by the collapse of Lehman Brothers in September of 2008. The fear and uncertainty in the economy at the end of last year, translated to less closed sales in the start of this year.

 Here is one more comparison. When we compare the 12 months ending November 2009 data with key data from the peak of the market in the 12 months ending March 2006, here is how the 2009 market compares:

 Number of Closed Transactions: Decline of 29% since peak

Average Sold Price to List Price Ratio: Decline from 98% to 96% 

Active Listings for Sale: Increase of 124%

Average Days on Market: up from 53 to 76 days

 What this means for Westfield is that while prices may not have dropped as rapidly or heavily as other parts of the country, the buyers have had much more inventory from which to choose. So homes are still selling, and selling well, as long as they are priced correctly, and priced better than the competition. In fact, homes that are priced competitively in Westfield are selling often with multiple offers. The difference between now and 2005-2006, is that if a buyer gets outbid on a home they like, or finds a seller who will not accept a fair offer, they will just move on, and wait until they see another one that is priced well, rather than make a bid on the next house available, or overpay because there is more selection, and less urgency

Here is another very important statistic, which is number of expired listings in Westfield which failed to sell:

2004 – 39 expired listings

2005- 65 expired listings

2006 – 106 expired listings

 2007 – 112 expired listings

 2008 – 128 expired listings

 To help you understand what all of this means, here are some general observations when examining this data:

1. Westfield sellers who price their homes competitively and at today’s market value will sell their homes successfully in approximately 75-83 days, for approximately 96% of list price
2. Sellers who overprice their homes are 3 times more likely not to sell their home than at the market peak, and will likely stay on the market much longer.
3. These numbers are averages only. Homes for first time buyers have been selling more strongly than “move up” homes, and the price declines in homes priced from $650,000 to $900,000 have been more severe than the less expensive homes. Be sure to get an accurate market analysis or appraisal before listing your home for sale.
4. Westfield buyers will be purchasing their home today at anywhere from a 10-25% lower price than they would have had just a few years back, depending upon the price range of the home, and the neighborhood of the home they are buying. If a home is properly priced, there will likely be high interest, so offer fairly. If the home is not priced properly, use the comparable data to negotiate the best possible price.
5. Westfield has remained a stronger market than many other local towns because of the strong school system, access to transportation, and limited “investment, or speculative” buying during the real estate boom. The primary driver of the market and prices going forward will be employment, both locally and in New York City.

While the housing market has certainly showed signs of recovery in our area, the fact remains that with unemployment at a 25 year high, many homeowners in our area are struggling to afford their monthly mortgage payment due to either job loss, income cuts,  mortgage payment increases due to interest rate “resets”, or some other type of life hardship such as a family illness, which happen in any economy.

Although many local towns like Cranford have not experienced nearly the amount of foreclosures and “distressed” property sales as areas such as Las Vegas, South Florida, or California, the financial crisis has still had an effect on the local distressed property numbers.

Distressed properties include those homes that have already been foreclosed on by the banks, homes that are in the process of foreclosure, homes that are on the market for sale, but are worth less than their mortgage balance (short sales), or homes where the homeowner is already in default (30 days or more late on the mortgage) or will soon be in default (current now, but likely won’t be for long)

Some of these numbers are harder to track, as the unfortunate reality is that as many as 7 out of 10 homeowners that go into foreclosure have done so with no visible signs of intervention, such as listing the property for sale, or attempting to contact their mortgage lender. For this reason, these properties do not show up in the distressed property numbers until the lender has filed a public notice of default, or a public notice of foreclosure sale, or in some cases, until the home is sold at auction.

According to RealtyTrac, foreclosure filings in Cranford totaled 15 in the third quarter of this year, which is up from 6 in the first quarter. While this may not seem like a lot, it is an increase of 2 and a half times. Looking at the start of Q4, there were already 8 foreclosure notices filed in the month of October, which may lead to an even higher 4th quarter number. The troubling fact about this statistic is that these are just the public notices that have been filed, and do NOT include homeowners who may be as much as 90-120 days in default on the mortgage, but have not received a public notice yet.

The positive part of this story is that Cranford, like its neighbors Westfield and Scotch Plains, still has an extremely low percentage of foreclosures compared to the NJ averages, and even the Union County averages. 

Nationwide, it is estimated that at least 10% of all mortgages are in default, so it is a fair assumption that there are still dozens of homeowners in Cranford who may not appear in these statistics, but who are still struggling to pay their mortgage every month and don’t know what to do about it. As the economy and housing market stabilize, much like unemployment, the foreclosures and defaults may still continue to rise, even as the housing market improves with increased transactions.

It’s important for local area homeowners who are having difficulty paying their mortgages that there are other options besides foreclosure. In fact, foreclosure should be the last resort, as it is one of the most emotionally and financially devastating consequence, and it CAN be avoided. Many homeowners are not even aware that there are numerous ways which can help them avoid foreclosure, and in many cases help them keep their home. Some of these options include mortgage modification, forebearance, reinstatement, refinance, short sale, deed in lieu of foreclosure.

While some of these may be viable options for distressed homeowners, it is critical for these individuals to receive good legal, real estate, and tax advice from qualified professionals in the area before making any decisions. In most cases, a licensed Real Estate Agent with experience in distressed properties is an excellent first resource for not only information about possibly selling the property, but also as someone who has a trusted network of attorneys, CPA’s, and lenders in their database ready to give the homeowner the advice that they need. Realtors who have earned the CDPE designation as Certified Distressed Property Experts, have some of the best training and experience on this subject, and more information about the CDPE designation can be found by clicking here.

In future articles, we will be publishing more information on the different options for homeowners in need of this type of assistance. For a detailed explanation, or to download free reports on this subject, homeowners in Scotch Plains can logon to http://www.HomeOwnerHelpSite.com

Tickets are $15 for adults and $10 for Seniors and Children. Concerts begin at 8:15 PM on Friday December 4, and 7 PM on Saturday December 5th!

For the Full News Story Click Here

Although local towns like Scotch Plains, Westfield, and Cranford have not experienced nearly the amount of foreclosures and “distressed” property sales as areas such as Las Vegas, South Florida, or California, the financial crisis has still had an effect on the local distressed property numbers.

Distressed properties include those homes that have already been foreclosed on by the banks, homes that are in the process of foreclosure, homes that are on the market for sale, but are worth less than their mortgage balance (short sales), or homes where the homeowner is already in default (30 days or more late on the mortgage) or will soon be in default (current now, but likely won’t be for long)

Some of these numbers are harder to track, as the unfortunate reality is that 7 out of 10 homeowners that go into foreclosure have done so with no visible signs of intervention, such as listing the property for sale, or attempting to contact their mortgage lender. For this reason, these properties do not show up in the distressed property numbers until the lender has filed a public notice of default, or a public notice of foreclosure sale, or in some cases, until the home is sold at auction.

According to RealtyTrac, foreclosure filings in Scotch Plains totaled 36 in the third quarter of this year, which is up from 8 in the first quarter. While this may not seem like a lot, it is an increase of nearly 4 times. The troubling fact about this statistic is that these are just the public notices that have been filed, and do NOT include homeowners who may be as much as 90-120 days in default on the mortgage, but have not received a public notice yet.

Nationwide, it is estimated that at least 10% of all mortgages are in default, so it is a fair assumption that there are hundreds of homeowners in Scotch Plains who may not appear in these statistics, but who are still struggling to pay their mortgage every month and don’t know what to do about it. As the economy and housing market stabilize, much like unemployment, the foreclosures and defaults may still continue to rise, even as the housing market improves with increased transactions.

It’s important for local area homeowners who are having difficulty paying their mortgages that there are other options besides foreclosure. In fact, foreclosure should be the last resort, as it is one of the most emotionally and financially devastating consequence, and it CAN be avoided. Many homeowners are not even aware that there are numerous ways which can help them avoid foreclosure, and in many cases help them keep their home. Some of these options include mortgage modification, forebearance, reinstatement, refinance, short sale, deed in lieu of foreclosure.

While some of these may be viable options for distressed homeowners, it is critical for these individuals to receive good legal, real estate, and tax advice from qualified professionals in the area before making any decisions. In most cases, a licensed Real Estate Agent with experience in distressed properties is an excellent first resource for not only information about possibly selling the property, but also as someone who has a trusted network of attorneys, CPA’s, and lenders in their database ready to give the homeowner the advice that they need. Realtors who have earned the CDPE designation as Certified Distressed Property Experts, have some of the best training and experience on this subject, and more information about the CDPE designation can be found by clicking here.

In future articles, we will be publishing more information on the different options for homeowners in need of this type of assistance. For a detailed explanation, or to download free reports on this subject, homeowners in Scotch Plains can logon to http://www.HomeOwnerHelpSite.com

This is our first attempt at a "virtual showing" which will take you on a 5 minute tour of 1043 Woolley Avenue in Union, NJ.

This will show you not only the wonderful things this home has to offer, but help potential homebuyers learn how we show homes, and hopefully help them become more comfortable working with Team Carroll to help them buy. Enjoy this virtual showing!

So, I'm asking you....what is/are your favorite Union County, NJ area restaurants, regardless of price range, type of cuisine. I just want to know when you want to go out to eat, which place or places excite you the most. Some of the early leaders are Spiritos in Elizabeth, Theresa's in Westfield.

I think the best way to confirm the submissions is for my wife Tanya and I to try the top 15-20 you've selected, and give them an informal review. I love to eat, I love to write, sounds like the perfect hobby right??

Whats yours?? Share this blog link with your friends on Facebook and Twitter, or send them the link to have them comment here. I look forward to seeing the results.