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July 2008

4 -- Fourth of July
14 -- Bastille Day
18 -- Full Moon Day
24 -- Tequila Day
27 -- Parent's Day

www.BCNJRE.com

The things taught in schools and colleges are not an education, but the means
of education.
-- Ralph Waldo Emerson

Home Sales Forecast to Improve for Rest of '08

Click Here To See Over Night Averages

According to a recent forecast by the National Association of Realtors®, a modest gain in the level of home sales is possible over the next couple months, and an improvement is forecast for the second half of this year as more buyers are able to access affordable mortgages.

The Pending Home Sales Index (PHSI), a forward-looking indicator based on contracts signed in April, rose 6.3 percent to 88.2. It’s the highest index since last October, but remains 13.1 percent lower than April 2007 when it stood at 101.5.

“Bargain hunters have entered the market en masse, especially in areas that have experienced double-digit price declines, but it’s unclear if they are investors or owner-occupants,” said NAR Chief Economist Lawrence Yun. “Sharp price reductions are leading to a quicker discovery of price equilibrium points. The West is already seeing year-over-year gains in pending contracts.”

In the West, the PHSI rose 8.3 percent to 98.8 in April and is 4.0 percent higher than April 2007. In the Midwest, the index jumped 13.0 percent to 83.7 but remains 13.1 percent below a year ago. The South increased 4.6 percent to 88.8 but is 22.5 percent below April 2007. In the Northeast, the index declined 1.9 percent in April to 79.3 and is 12.2 percent below a year ago.

NAR’s housing affordability index has been trending up this year and is projected to rise 15 percentage points to 128.0 for all of 2008, the report said. The 30-year fixed-rate mortgage should rise gradually to 6.3 percent by the end of this year.

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Market Monitor

Dying to Sell His Home

By: Tim McLaughlin

Whoever buys Bob Fanning's house will hope he dies. And Fanning is fine with that. Trying to separate his 5,600 square foot western Wisconsin home from others in the real estate market, Fanning, 69, has come up with an odd incentive: The buyer will be named beneficiary to a 10-year, $500,000 term life insurance policy. If Fanning dies in that time, the purchase price of the Whitehall, Wis., home, listed at $498,900, is covered.

"He's an outside-the-box thinker, no question about it," said his Realtor, Wayne Peters. Most younger sellers couldn't plausibly use such a sales tactic, Peters said, but when someone is 69 "the odds are getting to the point where people realize that there's a significant chance that they could collect." Fanning, who said he has taken his share of risks as a businessman, said he thinks it's a great deal.

It would be voided if there are any shenanigans, though. "The policy says he can't commit suicide, nor can they knock him off," Peters said. "The attorneys have provided for that." But isn't Fanning afraid of any, er, "unfortunate accidents"? "I had maybe a 10-second thought about that when we signed the policy," Fanning said. "I'm pretty low profile to begin with."

His wife, Janus, said she is supportive of his entrepreneurial thinking. "I'm always in awe of how he comes up with a different way of doing things," she said. "It's a perk for the house." As for the odds: Fanning said he has no health problems, though he joked that he's "too short" for his weight. Both his parents died before age 79, as did a sister.

Without being specific, Fanning said he paid a hefty price for the insurance policy "because actuary tables show I might not reach 79, so I think it's a hell of an incentive to buy a home." In Fanning's mind, it's not taboo to put a price on his head, as well as on his house. "When you get to this age," he said, "death is something you have to start to deal with."

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How often we fail to realize our good fortune in living in a country where happiness is more than a lack of tragedy.
-- Paul Sweeney

Tips on Homeowners Insurance

When purchasing a home you will be required to show proof that you have homeowners insurance, also commonly called hazard insurance or home insurance. In fact, all lenders will require a policy to be in force prior to funding the loan.

The most commonly written policy, the HO-3, is designed to cover all aspects of the home, structure, its contents, loss of its use, loss of personal possessions and liability in the event of an accident.

It's important that your policy specifically names what will -- and what will not -- be paid in the case of various events. Typically, claims due to earthquakes, floods and other natural disasters are excluded (but often available for an additional premium). In addition, you should have your policy updated occasionally to reflect the current value of your property. Following are a few tips.

Don't Wait -- Find out if you have the right type and amount of insurance before something bad happens.
Increase Your Deductible -- Increasing it a little can make a big difference in your premium.
Discounts -- There are dozens available; ask your insurance agent about which ones might apply to you.
Purchase Enough Coverage to Replace What Is Insured -- "Replacement" coverage gives you the money to rebuild your home and replace its contents. An "Actual Cash Value" policy only covers what your property is worth at the time of loss (takes into account depreciation).
Special Coverage -- If you have valuable jewelry, coins, antiques, electronic equipment, etc., you may want to pay a little extra to have it covered.
National Flood Insurance Program -- Homeowners who live in areas prone to flooding should check into this program.
Shop Around -- Get at least three quotes as prices vary.
Choose Your Battles -- Once you have home insurance, be careful about making too many claims. Frequent claim activity can be grounds for non-renewal, so make sure your claims are reasonable.

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For Sale By Owner

Your home will also be placed on my website:

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By Point2 Homes

My Website Stats 2007:

Total Sessions 32,832
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Your home WILL be noticed on my site.

Over 80% of Buyers go to the Internet first

This is my Internet

List with me or stay as a For Sale By Owner and...

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Emil@edrc.com

I accept listing from all over the world.
Advertise your property here in one of the largest metropolitan areas in the USA

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Opportunity is missed by most people because it is dressed in overalls and
looks like work.
-- Thomas A. Edison

Common Types of Landscape Lighting

Landscape lighting is an easy way to add curb appeal and makes outdoor living space useable once the sun goes down. Most home improvement stores offer lighting kits for the do-it-yourselfer. But, before you run out and buy some lighting, take a moment to determine its purpose. Following are the most common types of lighting.

Bollards -- This type of lighting is generally used for lighting walkways and sidewalks.
Floodlights -- These are designed to throw all the light in one direction and work well for security and safety purposes; they are available with or without motion sensors. These are often used over the garage and around doorways.
Tier Lights -- This type of lighting makes your home more inviting and is often used for paths and stairs. Also referred to as path lights, these fixtures have tiers of rings that cast light downwards, shielding your eyes from light bulb glare.
Well Lights -- Also known as up-lights, this type of lighting is used to highlight design and landscape features, such as trees, waterscapes, gardens and walls.
Spotlights -- This fixture focuses the light tightly in one area and is used for highlighting special features.
Globe Lights -- These fixtures have the light bulb enclosed in a globe with no metal or plastic shade. It is designed to throw light in all directions for a diffused illumination. It is often used in swimming pools, spas, fountains and other water features.
Mushroom Lights -- This type of lighting has a wide shade to conceal the bulb and is ideal for lighting flower gardens and other decorative ground cover.
String Lights -- Strings of white or colored lights are used to create a festive atmosphere and are commonly used in trees and around the perimeter of outdoor living spaces.

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Featured Towns

A positive attitude may not solve all your problems, but it will annoy enough people to make it worth the effort.
-- Herm Albright

Bergen County - Allendale

Essex County - Belleville

Hudson County - Bayonne

Passaic - Bloomingdale

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Featured Homes

If you have a home that you are selling and would like to advertise it here and on my website, please contact me.

Emil@edrc.com

Lakewood, PA
For Sale By Owner
4-Bedroons

This home and its views will take your breath away!
View Details

New York State
Adirondack - Brantingham
For Sale By Owner

Two houses and two outbuildings on 7.42 wooded acres.
View Details

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A sense of humor is part of the art of leadership, of getting along with people, of getting things done.
-- Dwight D. Eisenhower

Cool/Free/Fun/Trendy: Dumpr

Sometimes you want to apply a digital effect to a photo -- but don't want to spend an hour or two doing it. Well, do you have 15 seconds?

Dumpr is a web-based photo editor that adds quick effects to photos, such as Rubik's Cube, museum, celebrity paparazzi, jigsaw puzzle, sketch artist, and several more.

Simply upload a digital photo to Dumpr, or grab one from Flickr or Picasa, select your effect, and within seconds you'll have a great effect. You can then save it, email it, or post it to Facebook, Blogger, Wordpress and others with a click of a button.

Check it out at: www.dumpr.net.

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