Historically Low Interest Rates!

If you or anyone you know is even vaguely entertaining the idea of buying a first home, new home, second home, vacation home or investment property, without question NOW is the time to come off that fence and start looking to BUY!

From http://www.app.com
“The average U.S. rate on a 30-year fixed mortgage fell below 5 percent this week for the first time on record as a government program to buy mortgage-backed bonds lowered borrowing costs.

The fixed rate dropped to 4.96 percent from 5.01 percent a week earlier, Freddie Mac said in a report today. That’s the lowest in data that goes back to 1971, according to the McLean, Va.-based mortgage buyer.

The Federal Reserve last week started buying $500 billion of mortgage-backed securities to boost prices for mortgage bonds in the hopes that lenders will reduce the interest rates they charge. No matter how low the rates go, it won’t help homeowners who have lost their jobs or seen the value of their property tumble, said Brian Bethune, chief U.S. financial economist at IHS Global Insight Inc. in Lexington, Massachusetts.

“The Fed is arm twisting to get rates lower, but we’re 2 million jobs fewer than we were in July and we’ve seen home prices continue to fall, so we’re in a bigger hole,” Bethune said.

The government last week reported employers cut 524,000 workers from payrolls in December, bringing the total number of job losses for 2008 to 2.6 million. Job losses this year may total 3 million, according to a Global Insight estimate.

Sales of single-family homes in November dropped 7.6 percent from the prior month, the most in two decades, according to the Chicago-based National Association of Realtors. Resale prices fell 13 percent from a year earlier, the biggest drop since the Great Depression of the 1930s, the trade group said.

Mortgage applications in the U.S. rose last week to the highest level in more than five years, led by a surge in refinancing as interest rates fell to a record low. The Mortgage Bankers Association’s index gained 16 percent to 1,324.8 for the week ended Jan. 9, the highest level since July 2003. The group’s refinancing gauge jumped 26 percent and the purchase measure fell 14 percent.”

If you have any questions about the market, properties, buying, selling, renting or any other real estate related topics, please don’t hesitate to email or call me. There are many amazing opportunities on the market right now and without a doubt, real estate is the BEST and SAFEST long term investment there is out there.

Scott A. Miller ~ SMiller@pruzack.com
401 Spier Ave. Allenhurst N.J. 07711

Rentals Rentals Rentals!

As of today there are over 1500 rentals on Realtor.com and over 12,000 on Monmouth MLS for Monmouth County alone and more in Ocean County. This includes apartments, condo’s, single and multi family homes throughout Monmouth County. There are some amazing deals out there right now on rentals as prices have fallen on those as well. There are rentals to fit everyone’s needs! With or without pets, smoker and non-smokers, seasonal, winter or annual rentals, there is an amzing selection to choose from. So, anyone in need of a rental anywhere on the Jersey Shore, please give me a call or drop me an email and I’ll find you just what you need and want. Seasonal rentals are already starting to go for the summer of 2009 so if you’re looking for a place to get away on the weekends, for a month or for the entire season just let me know as most will be rented by the end of February! If you’re an owner looking to rent out your property, CALL ME and I’ll get your property rented FAST!

Of course I also handle all phases of buying, selling and renting (for the owners) in Monmouth and Ocean Counties also so feel free to contact me anytime with any questions.. SMiller@pruzack.com 201-538-4177 http://www.BeachViews.com

Prudential Zack Shore Properties 401 Spier Ave. Allenhurst N.J. 07711

Thanks and Happy New Year!

~Scott

4 Bedroom Home For Rent In Ocean Township

4 bedroom, 2 bathroom Colonial, great location in Oakhurst within Ocean Township. Hardwood floors throughout, Huge 100×150 fendced lot, outdoor shed, planty of driveway parking. Close to all shopping, schools, Rt 35, Rt 36, 2 miles to the beach. $1500 per month, 1 1/2 months security. Credit check and references a must.

Contact me for more details…

Scott A. Miller

201-538-4177 ~ http://www.beachviews.com ~ SMiller@pruzack.com

5 Tips For A Greener Home

Five Tips for a Green Home

Eco-friendly. Carbon footprint. Global warming. Energy-efficient. These catch phrases have become part of our lexicon as we’ve become more aware of our impact on the environment and our role in protecting it. As a homeowner, there are some simple, inexpensive steps you can take to make your home energy-efficient. Get started on the road to being “green” with these five tips:

Change Your Light Bulbs
By replacing just five incandescent light bulbs with compact fluorescent (CFL) bulbs, you can save $100 per year on electric bills while using up to 75 percent less energy and removing greenhouse gases from the environment.

Buy ENERGY STAR® Appliances
ENERGY STAR-qualified appliances, such as refrigerators, washers and air conditioners, meet a higher level of energy efficiency set by the Environmental Protection Agency and U.S. Department of Energy than standard models. According to ENERGY STAR, if just one in 10 homes used ENERGY STAR-qualified appliances, the impact could be compared to planting 1.7 million new acres of trees. And, switching to these appliances is not only good for the environment, but easy on your pocketbook. Although these appliances may costs more, you can reduce your energy bill by $80 per year.

Seal Up
Cracks and air leaks represent cash seeping from your doors and windows. Get rid of air leaks in doors, windows and other areas by caulking gaps and cracks. This will help decrease your heating and air conditioning bill. But make sure you use silicone sealants. Acrylic caulk tends to shrink, while silicone sealants are waterproof and won’t shrink or crack, creating less waste.

Use Less Water
Did you know that roughly 60 percent of a home’s water consumption takes place in the bathroom, according to the California Urban Water Conservation Council? The largest culprit is the toilet, which accounts for 27 percent of your household supply every year. By installing low-flow toilets, showerheads and faucets, you can save thousands of gallons of water each year. In addition, replace leaky fixtures. That slow-dripping faucet can waste as much as 2,400 gallons of water per year.

Adjust the Thermostat
When adjusting your home’s thermostat, the rule of thumb should be: turn up the dial in the summer and down in the winter. Lowering the temperature by just one degree will reduce your electrical costs. And if you use a programmable thermostat, you can program your air-conditioning and heating systems to reduce output while no one is at home or at night while you sleep. Ceiling fans are also helpful in circulating the air to keep the room cool in the summer and warm in the winter.

Going green doesn’t have to be overwhelming or costly. By making just a few small changes within your home, you can help decrease energy consumption and help make the world a “greener” place.

Scott A. Miller – Prudential’s November Associate of the Month
Realtor Associate
Prudential Zack Shore Properties
401 Spier Avenue
Allenhurst N.J. 07711
732-531-1122 ext. 206
Smiller@pruzack.com

Now Is A Great Time To Buy A Home

Now Is A Great Time To Buy A Home

By Scott A. Miller
Prudential Zack Shore Properties

If you’re ready to buy a home and can afford it, now is a great time to buy. Mortgage interest rates remain very low. In many areas, buyers have a lot of inventory from which to choose and long-term homeownership continues to be one of the best ways for the typical American to build wealth.

Don’t let all of the negative media attention about the “mortgage meltdown” keep you from pursuing your homeownership dream. Mortgage industry woes are primarily limited to subprime loans and other types of creative and comparatively risky financing products. While the mortgage industry stalled briefly to reconsider its more exotic loans, there is plenty of conventional financing available for qualified homebuyers. Interest rates remain at historically low levels – still less than 6% for the typical, 30-year fixed-rate mortgage.

Indeed, the market has changed. It’s gone from a frenzied seller’s market to calmer buyer’s market. In fact, buyers haven’t seen a market this strong in years. When the national median home price dropped for the first time on record, the decline made huge albeit misleading headlines. For starters, there is no such thing as a national real estate market. All real estate markets are local and driven by local factors that include the local economy, housing supply and demand factors and other attributes like geography.

The slight decline followed years of unprecedented steep home price appreciation and the reality is that only a handful of markets experienced price declines. Corrections in markets that experienced exorbitant home price appreciation were expected and signal good news for buyers. According to 2007 third-quarter National Association of REALTORS® (NAR) statistics, the vast majority of the nation’s metropolitan areas showed rising or stable home prices with most areas experiencing modest gains.

Right now there are many homes from which to choose and in most areas buyers don’t have to deal with the harried and hurried competition of multiple bids. The changing market has also changed the inventory landscape to include fewer speculative sellers and a larger share of serious and motivated sellers.

Prospective homebuyers have some time to shop inventory and thoroughly compare home types and prices, amenities, neighborhoods, commutes and other important real estate-related features. And buyers have stronger price negotiation power as sellers compete for their attention by offering concessions or other incentives.

While all real estate markets have ups and downs, Americans continue to consistently build wealth through homeownership. According to the National Association of Realtors:
• One average, the value of a home doubles every 10 years. During the past three decades, home values have increased an average of 6.6% per year.
• The average homeowner today has 36 times the wealth of the average renter. Homeowners are essentially paying themselves when they pay their mortgages and this means they’re building equity. Homeowners also benefit from some real estate-related tax write-offs like mortgage interest.
• Sixty percent of the average homeowner’s wealth is their home’s equity. For homeowners who’re in their homes for the long-term, home equity typically is their single largest source of wealth.

Because every market is different, it’s a good idea for potential homebuyers to contact a local real estate specialist to learn more about what’s happening in his or her community and real estate market. The bottom line in real estate doesn’t change – if you’re ready to buy and can afford to make a long-term homeownership commitment, it’s always a good time to buy!

5 Tips to Help You Sell Your Home Fast

There is no question that in many parts of the country, houses are currently on the market longer. As a seller, this slow-down means there is more competition for a limited pool of potential buyers. Consider the following five tips to place your home on the fast track to sale:

Price It Right

The first 30 days are the most critical. If your home is priced too high, interested buyers may never even tour your listing. The longer the property is on the market, the fewer the prospects.
Deciding the value of a home isn’t an exact science. Yet, there is data to help you determine a fair asking price that is right on target. You may want to hire a real estate appraiser for an objective, unbiased estimate. Then consult with a real estate professional who can help you determine true market value based on a comparable market analysis, which will include recent home sale transactions as well as homes currently on the market. From your analysis, you may want to price your home conservatively to give it a competitive edge.

Make Your Home Irresistible

Unless they are looking for a fixer-upper, most homesellers are more likely to make a bid on a home that they can enjoy immediately. Therefore, you need to create an environment the buyer can’t resist. In other words, do everything you can to make the home so attractive, charming, cozy, inviting, comfortable and exciting that a buyer will want to buy that lifestyle for himself.

Evaluate the home from a buyer’s point of view. An experienced real estate professional will be able to offer an objective view and will also know what buyers are asking for. Get your home in tip-top shape by making repairs and cosmetic improvements, and removing clutter. This may mean investing in a few upgrades to modernize your home’s look such as installing newer carpet and light fixtures and painting the walls a neutral shade.

Create Traffic

If you want buyers to see your home, you must first find the buyers. Work with your real estate professional to design a marketing plan that is flexible and capitalizes on your property’s most desirable features. Your strategy should include ways to reach buyers online and offline – such as word of mouth, the Internet, yard signs, direct mail, open houses and so on.

Go with a Professional

Selling a home is more than just putting a sign in your yard and having a listing on the Internet. And in a competitive market, you don’t really want to take the chance of making novice mistakes that can slow the selling of your home. By hiring a real estate professional, you get the benefit of an experienced marketer and negotiator who is familiar with real estate issues in your community. A real estate professional can offer worthy advice on pricing and staging your home based on their vast experience.

Plus, there’s the added value of the peer-to-peer networking among real estate professionals, which can bring buyers and sellers together – sometimes even before the property goes on the market.

Offer Incentives

Offering incentives can be just the impetus a potential buyer needs to select your property over others. You may want to consider offering a carpet or paint allowance. Or, pay for a professional home inspection or a home warranty – and, depending on your market and budget, offer to pay some of the closing costs.
Don’t be discouraged if there are competing homes for sale in your neighborhood. With just a few smart moves, you can turn a buyers’ market in your favor.

Buyers can search the entire MLS right from my web site at http://www.BeachViews.com Sellers will also find excellent information and links through my web site.

Scott A. Miller – Prudential Allenhurst November Associate of the Month
Realtor Associate
Prudential Zack Shore Properties
401 Spier Avenue
Allenhurst N.J. 07711
732-531-1122 ext. 206
Smiller@pruzack.com

8 GREAT Reasons To Get Pre-Approved

8 Great Reasons To Get Pre-Approved

1) Pre-approval determines which loan program best fits your needs.

2) Your property search will be focussed on a price range you can negotiate on with strength.

3) You will be confident in making an offer on the home you really want when you find it.

4) Your agent can present your officer to the seller to the seller with a pre-approval letter for you.

5) In today’s market, where multiple offers on properties are not uncommon, pre-approval puts you in a much better negotiating position.

6) You will be clear on and know the amount necessary for down payment and closing costs.

7) If you are a first time home buyer, you may be able to qualify for a special first time home buyer program that may allow you to afford more home for your money.

8 ) If you feel like you would like and can afford a higher mortgage payment, other options may be available.

Scott A. Miller

Prudential Zack Sjore Properties ~ 401 Spier Ave. Allenhurst N.J.

732-531-1122 x 206 SMiller@pruzack.com

http://www.BeachViews.com

Bobby Flay brings his food to Monmouth County

Many months ago I had heard through the grapevine that Bobby Flay had started a new endevour after opening Bar American with Bobby’s Burger Palace. I had hoped that there was a chance he would open one up here locally on the Jersey Shore and that hope has become a reality. In by the Monmouth Mall in Eatontown there is a new Bobby’s Burger Palace and as expected I was very happy with everything. Even the location is perfect easy to get to from Rt. 35 or Rt. 36. People will pack this place in the summer coming off the GSP on there way to the beach in addition to all the locals eating there as they hear about it. The burgers were delicious, a good size, very juicy and cooked as ordered, plus the side sauces he has are excellent. The cheese sauce that comes with the fries is a SPECTACULAR mix of cheese, roasted red peppers, chipotle peppers and something else I can’t put my finger on but it was perfect with the crispy fries and next time I go, I’m going to request it be put directly on my burger. The other sauce that I liked is a chipotle ketchup for the burgers. While waiting on a very fast moving line to place my order my fiance’ Joanna noodged me and said “there’s Bobby Flay” and there he was, walking towards the door to leave so wanting to meet him, I moved through the crowd to introduce myself. It was easy to see he didn’t really want to be noticed in his jeans, t-shirt and hat, probably just checking out the service and turnout of his opening weekend. I told him how much I enjoy his shows and restaurants and offered him a few of my business cards in case he looks for Jersey Shore property in the future. He was very quiet but very nice and seems extremely down to earth. Other than meeting Bobby himself, the best part was the menu prices are VERY reasonable! The staff was sociable, polite and all knew their jobs well, I’ll definitely be back soon, most likely every weekend. This is easily the best burger place I’ve been to in many years. If you’re in there area and get the chance to go, don’t pass it up, go in and ENJOY! Thanks Bobby for bringing jobs and GREAT food to N.J.! Here is the link in case you’d like to see the menu for yourself…

Don’t believe me? See for yourself!

So the mortgage rates continue to fall. For anyone thinking of buying or seller this is key, take a look for yourself at the past 4 weeks, direct from Freddie Mac’s website! For buyers, you get a MUCH BETTER rate, lower monthly payments and a GREAT deal on inventory that’s presently out there as a main home or investment property. For property owners who need to sell, price your property CORRECTLY the first time and your property WILL sell! No matter what anyone tells you or what you hear in the over-rated, drama driven media, real estate is STILL the BEST long term investment there is! Contact me if you’d like more information or have any questions…..

Treasury Weighs Action On Mortgage Rates

From MSNBC

EXCELLENT NEWS!!!

Treasury weighs action on mortgage rates

Plan would aim to buoy housing market by forcing down the cost of loans
By David Cho, Zachary A. Goldfarb and Dina ElBoghdady
The Washington Post
The Treasury Department is strongly considering a plan to intervene directly in the mortgage industry to dramatically force down rates and stimulate the moribund housing market, according to sources familiar with the proposal.

Under the initiative, the Treasury would offer to buy securities that finance newly issued loans for home purchases, according to the sources. But to participate in the government’s program, mortgage lenders would have to set exceptionally low interest rates, for instance, no more than 4.5 percent for traditional, 30-year fixed-rate loans.

These securities would be purchased primarily from Fannie Mae and Freddie Mac, the financing giants that buy most mortgages from U.S. lenders, according to sources who spoke on condition of anonymity because the plan has not been finalized.

The cost of the plan and source of funding remain unclear. One possibility is for the Treasury to raise money by issuing bonds to the public at 3 percent interest. This could allow the government to turn a profit because it would be buying securities that pay 4.5 percent.

At a meeting attended by the Treasury’s Interim Assistant Secretary for Financial Stability Neel Kashkari and the National Association of Realtors in mid-November, senior Treasury officials said they were optimistic that subsidizing lower mortgage rates with taxpayer dollars would help revive the housing market, sources said.

Treasury officials told the Realtors that the plan could be a more effective way to help homeowners than focusing efforts solely on borrowers who are struggling to meet their monthly payments, the sources said. Democratic lawmakers have been advocating a proposal to modify the mortgages of distressed homeowners.

A source said Treasury officials suggested at the meeting that the Realtors start a grass-roots campaign to press the mortgage rate plan with lawmakers.

Treasury officials described the situation as fluid and said the plan was still being finalized, according to people in contact with the department. The officials expressed concerns yesterday that premature disclosure of the plan could prompt Americans to put off buying homes and hold out for a better rate, sources added.

Treasury spokeswoman Brookly McLaughlin said she would not comment on the matter.

Key to solving financial crisis
Treasury Secretary Henry M. Paulson Jr. has said that a recovery in the housing market is key to solving the financial crisis. Such a rebound would restore confidence in the banking system and support the value of troubled assets backed by mortgages.

Though he has said a mortgage modification plan proposed by Federal Deposit Insurance Corp. Chairman Sheila C. Bair could help the housing market, Paulson has expressed concerns about whether it would reward borrowers who bought houses they couldn’t afford. Bair’s plan would use tens of billions in federal funds to modify adjustable-rate mortgages for several million financially troubled homeowners.

The initiative under review at the Treasury would be an alternative. Borrowers would have to meet standards set by Fannie Mae, Freddie Mac or the Federal Housing Administrations that include documenting their income, sources said. Fannie and Freddie were put under government control in September. The Treasury plan would not apply to refinances.

Any efforts by the Treasury to lower rates on new mortgages would work in concert with a Federal Reserve plan announced last week to buy $500 billion worth of existing mortgage-backed securities issued by Fannie Mae and Freddie Mac, and $100 billion worth of those companies’ debt.

The Fed was pleasantly surprised that 30-year fixed mortgage rates fell by as much as three-quarters of a percentage point in anticipation of their program. Homeowners rushed to refinance. Cheaper monthly payments may bolster consumer spending, the most important component of U.S. economic activity.

‘Short-term windfall’
News of the Treasury plan spread quickly through the markets. Shares of home builders rose. At Long & Foster, the Washington area’s largest real estate brokerage, top brass informed agents that they should gear up for increased demand from potential buyers.

“This is going to be a short-term windfall that everybody needs to jump on,” said Dave Stevens, the firm’s president and chief operating officer and a former Freddie Mac official. The move by the Treasury certainly would mean “interest rates will drop,” he added.

But it is unclear whether lower mortgage rates will spark home buying, which is a weightier decision for ordinary people than refinancing a loan.

There are also questions about how much the Treasury would spend to buy down the mortgage rate. One industry source said another idea being pushed by trade groups calls for the Treasury to spend $50 billion of its $700 billion financial rescue package to reduce the fees, or points, that home buyers pay when they want a lower rate for a mortgage.

Yesterday, the average rate on a 30-year fixed-rate mortgage increased slightly to 5.75 percent yesterday, up from 5.54 the previous day, said Keith Gumbinger, a vice president at research firm HSH Associates.

“What’s not known is the timing of the purchasing of the mortgage-backed securities and how quickly money will be pumped into the marketplace and that matters as to how low the mortgage rates will go,” Gumbinger said.

Staff writer Neil Irwin contributed to this report.

URL: http://www.msnbc.msn.com/id/28045659/

*NEW LISTING* Long Branch – Beach Block

New listing, not listed on the MLS yet, 3 Pullman Avenue Long Branch NJ. Location, location, location! Bring your coffee and watch the sunrise over the Atlantic Ocean from your kitchen table! Beautiful beach block ranch on a very quiet street has almost 3000 square feet on a 100×154 lot, 6 bedrooms, 4 bathrooms, steam shower in master bedroom’s bath, original hardwood floors in excellent condition under carpeting, cedar closet in basement along with a stand alone freezer and refrigerator. Large eat in kitchen and separate dining room can be opened up for an open floor plan if desired. There is another closet on the other side of the cedar closet which would be great for a wine room. Two new A/C units, 3 zone A/C and heat, new hot water heater, sprinkler system, alarm, well manicured landscaping and room to expand. This home also boasts a historical significance as it was part of the Pullman Estate of George Pullman (1831-1897), an American inventor and industrialist. A stones throw to all Long Branch, Deal and Allenhurst have to offer. Call your craftsman and have an observation deck built on the roof for even more spectacular ocean views. All showings by appointment and to be accompanied by me. No showings Friday night or Saturdays. Offered at $2,700,000.00, contact me for more information, questions or to preview.

Scott A. Miller ~ 201-538-4177 SMiller@pruzack.com
Prudential Zack Shore Properties ~ 401 Spier Avenue, Allenhurst, N.J.