Mortgage Interest Rates

Home-mortgage rates held stable this week, due to news that the economy improved and inflation remained in check at the end of last year, Freddie Mac's chief economist said on Thursday.
Rates on the 30-year fixed-rate mortgage averaged 4.81% for the week ended Feb. 3, up just slightly from 4.80% last week, according to Freddie Mac's weekly survey of conforming mortgage rates. The mortgage averaged 5.01% a year ago.
Fifteen-year fixed-rate mortgages averaged 4.08%, down slightly from 4.09% last week. The mortgage averaged 4.40% a year ago. Meanwhile, five-year Treasury-indexed hybrid adjustable-rate mortgages averaged 3.69% this week, down slightly from 3.70% and the year-ago 4.27%. And one-year Treasury-indexed ARMs averaged 3.26%, unchanged from last week. The ARM averaged 4.22% a year ago.
To obtain the rates, the fixed-rate mortgages required payment of an average 0.8 point, the five-year ARM required an average 0.7 point and the one-year ARM required an average 0.6 point. A point is 1% of the mortgage amount, charged as prepaid interest.
In the fourth quarter, the economy grew at a 3.2% annualized rate, compared with 2.6% in the third quarter, and was led by a 4.4% gain in consumer spending. In addition, the core price index for consumer expenditures rose by an annualized rate of 0.4%, which was the smallest increase ever since records began in 1959, said Frank Nothaft, vice president and chief economist of Freddie Mac, in a news release. Housing was the most affordable on record in the fourth quarter of 2010, according to National Association of Realtors figures dating back to 1971, Mr. Nothaft added.

Article reprinted from Wall Street Journal online 2/3/2011
written by Amy Hoak

Lisa Stafford #1 Realtor in Cranford!

Lisa Stafford, a sales professional with the Coldwell Banker Westfield –East office, has successfully listed and sold more homes in Cranford than any other realtor for the 2010 calendar year. Lisa has earned this distinction by having the highest number of successfully closed transactions in Cranford based on Garden State Multiple Listing data.

As a resident of Cranford, Lisa’s knowledge of the town, coupled with her marketing and negotiating skills, affords buyers and sellers the opportunity to achieve their goals in real estate.


Buying or selling a home in today’s market requires a top professional. For a confidential consultation to discuss your real estate needs, you can reach Lisa Stafford at the Westfield East Offfice.



Lisa Stafford
Realtor Associate

Coldwell Banker Residential Brokerage
Direct (908) 301-2044
Cell (908) 337-2021
Office (908) 233-5555



Just Listed!

111 Herning Avenue ~ Cranford

Location, Location, Location!
Charming Cranford Colonial featuring 3 Bedrooms and 2 Full Baths!, Hardwood Floors, Formal Dining Room, Living Room with Wood Burning Fireplace, 3 Season Porch, Partially Finished Basement, Newer Windows, Vinyl Siding, Deck and Fenced in yard. Near Bike Path, Parks and Schools! Asking $459,000

                                                       http://www.seetheproperty.com/67679

Just Listed!

203 Scherrer Street ~ Cranford

Just Listed! Wonderful Northside 4 Bedroom, 2 Full Bath Colonial located on quiet dead end street, features include updated Eat in Kitchen, Formal Dining Room, double closets in 3 of the 4 bedrooms, Hardwood Floors, Central Air Conditioning, Newer Windows & Vinyl Siding,Unfinished Basement with HIGH Ceilings ideal for Finishing, 1 Car Attached Garage, Mud room, Patio and Fenced in Yard Complete this home! It is a Must See, Near Schools, Park and NYC Transportation! Asking $519,900 call Lisa Stafford today (908)337-2021

                                                       http://www.seetheproperty.com/67842

Just Listed!

New Cranford Listing

Adorable 3 Bedroom Cape Cod located in desirable Indian Village Section of Cranford. Not your typical floor plan. Expanded Living room, with charming archway to a true Formal Dining room, 1st floor Master Bedroom addition, Gleaming Hardwood Floors, Eat in Kitchen, Finished Basement, 2 Large bedrooms on the second floor with a walk in closet perfect for second bath. 1 Car Attached garage, fenced in yard, near park schools and all major highways. A Must See! call lisa Stafford for appointment (908)337-2021.

Just Listed Custom Clark Home

Wonderful Custom Home offering 4 Bedrooms, 2 Full Baths, Granite Eat in Kitchen with Great Room addition. Vaulted ceilings, Central Air, Hardwood Floors, Finished Basement with bar, Large Manicured Yard with Sprinkler System, Patio and One Car Garage. Call today for appointment (908)337-2021

Seven Costly Mistakes Sellers Make
There are plenty of pitfalls before you seal the deal
By M. Anthony Carr


There are always appropriate steps to investing in real estate and hopefully, you've garnered many of them right on these pages. However, there are also inappropriate steps sellers can walk down when it comes time to put their house on the market.
For instance, the seller in Virginia, who thought the half bath the builder had located at the front of the house would really be better situated toward the back of the main level (though all the other similar models had the powder room in the same place for the previous 20 years). He got hung up on this detail so much, that he just had to move it -- and did -- for thousands of dollars, just so he could get it on the market the "right way." His hang-up may have settled some deep-seated emotional need for him, but it didn't draw any more buyers, and it drained his bottom line. You might say, that was a costly mistake.
Real estate broker and author Sid Davis has identified in his book "A Survival Guide to Selling a Home," another seven costly mistakes that many sellers make when it comes time to put their home on the market. In my business, I've seen each one of these mistakes played out and it just makes me shake my head as to why, sellers forge ahead with unwise strategies, instead of listening to the voice of an experienced professional.
The seven costly mistakes

Mistake 1: Putting the home on the market before it's ready. Most times this happens because the seller gets impatient or is a procrastinator and has pushed himself up against a moving deadline without getting the pre-sale work done. So it comes on the market with the horrible carpet (that gets replaced during the marketing of the home); or they are painting it while it goes on the market. Presentation is everything -- so get the work done before marketing the property.

Mistake 2: Over improving the home for the neighborhood. This happens with additions, bump outs, and upgrades that make the home stick out from among its competitors so much that it's an anomaly, instead of a nice addition to the community.

Mistake 3: Pricing the home based on what the seller wants to net. This pricing strategy always ends in failure. Sellers can control the "asking" price, but they don't control the "sales" price. The market does. It doesn't matter what the seller wants, the price is determined by the black-and-white, matter-of-fact reality of the market.

Mistake 4: Hiring an agent based on non-business factors. Make sure you're hiring a professional with a proven track record. It might be nice to hand over your largest asset to your nephew who just got his license -- but make sure he has a mentor to keep your deal from going south.

Mistake 5: Getting emotionally involved in the sale of the home. This is one of the biggest challenges home sellers face when putting their house on the market. Once you decide to sell your house, it's no longer a home, but a commodity. It needs to be prepared as a commodity, marketed as a commodity, and priced as a commodity. It doesn't matter what you "want," only what the market can bear on pricing. People are going to come in to kick the tires, so to speak, and you can't get emotional about how they may or may not appreciate the nuances of your home of seven years.

Mistake 6: Trying to cover up problems, or not disclosing them. Most states have a property disclosure/disclaimer form -- use it wisely. Just because you disclaim doesn't mean you cannot be sued later for the leaky basement, or dilapidated heating/air system that's discovered 30 days after settlement.

Mistake 7: Not getting your ducks lined up before trying to sell. This would involve financing, reading the fine print on your current mortgage to ensure no pre-payment penalties, not listening to the particulars of your local market, etc. If your local market is dictating lower home prices, then lower it early, not later -- it will cost you more. If the local market dictates selling your home first, then buying second, do it in that order, or vice versa.
Avoiding these mistakes is not that difficult. There are plenty of resources (like this publication) and professionals, who are there to help you step over the pitfalls. Do the research early, and listen to that voice in your head (it's probably the whispers of the finance, real estate, insurance person who's warning you of a hole you're about to step into). Sell well.



Copyright © by Realty Times

New Listing at The Point!

Best Location in The Point!

Most Desirable 2 Bedroom, 2 Bath Townhome with Loft! Features include Vaulted Ceiling with Skylights, Living Room/ Dining Room Combination, Pergo Floors, Updated Kitchen and Baths, Walk in Closets in both Bedrooms, Loft overlooking Living room could be possible Guest Room/ Office. Fireplace in Living Room, Laundry in Unit, Patio off Living Room with Privacy Fence! Gated Community, Clubhouse and Pool, Bus to NYC and access to all major hwys. Call Lisa Stafford (908)337-2021 for additional information.

OPEN HOUSE 4/11/10

OPEN HOUSE SUNDAY 4/11/10
1:00PM to 4:00 PM

1 Sylvester Street ~ Cranford, NJ

Offered at $729,000

Come see this loveley 5 BR, 2.5 Bath Victorian with Wrap Around Porch.

For more info call Lisa Stafford (908)337-2021

Tax Credit

Planning To Use The $8,000 Tax Credit?

You have until April 30 to get a home under contract.

Don't miss out.

Cranford Victorian

Cranford Classic Victorian, featuring 5 Bedrooms, and 2.5 Baths, Gorgeous Eat in Kitchen with charming Window Seat, Formal Living Room with Alcove and Wood Burning Fireplace, Hardwood Floors, Finished Basement and Attic add to this spectacular home. Near Downtown Cranford and Train Station. Call Lisa Stafford today 908-337-2021.

English Village Condo

Charming Cranford 1 Bedroom Condo located in desirable English Village! Near Downtown Cranford and Train Station this unit offers second floor living with 1 Bedroom, Living Room/ Dining Room Combination, Updated Granite Eat in Kitchen featuring 42" Cabinets and Stainless Steel Appliances! Views of Court yard from every window!Call Lisa Stafford today to see this great Cranford unit! (908) 337-2021

28 Desser Place Metuchen, NJ ~ Open House ~ 2/21/10 1-4 pm

Open House Sunday 2/21/10 1-4pm
28 Desser Place Metuchen, NJ 08840


Exceptional Ground Entry Split featuring 3 Bedrooms and 1.5 Baths. Hardwood Floors, Vaulted Ceiling in Living Room/ Dining Room, Updated Kitchen and Baths. Ground Level Family Room, Finished Basement offers additional Living Space, Sliding Glass Doors to Deck, Hot Tub and Professionally Landscaped Yard. 1 Car Attached Garage with 2 Car Wide Driveway. If unable to attend or would like additional information call Lisa Stafford at 908-337-2021.

http://www.seetheproperty.com/57600

Play 4 The cure!

Cranford Varsity Field Hockey vs. Arthur L Johnson

October 21, 2009

7:00pm

Cranford Memorial Turf Field

Cranford High School Varsity Field Hockey is dedicating this game to Play 4 the Cure! As well as hosting Senior Night for the 10 Seniors who play on the Varisty Team. The following players are Alexa Kravarik, Maddie Johnstone, Kristin La Batte, Amy Negrin, Marissa Buzar, Sara Caroline, Beth Ramey, Allison Przygocki, Hillary Joseph and Mia Renna.



Since October is breast cancer awareness month and October is field hockey season we thought what better way to raise awareness and collect donations. The game will be played with an official PINK ball, the girls have been raising money for the last 2 weeks and will continue to collect donations at the game. Please come out and suport our girls and help raise awareness for a very important cause.

Open House Sunday Oct. 4th 1-4pm

Cranford Open House

Sunday October 4th 1-4pm

81 Spruce Street

Cranford, NJ

Pristine Condition Split Level offering 3 Bedrooms and 2.5 Baths! Hardwood Floors, Eat in Kitchen, Vaulted Ceilings in Living Room and Dining Room, Ground Level Family Room, 2 car garage, Lovely Fenced in backyard with Patio! Close to Schools, Town and Train! Make sure to stop by or call Lisa Stafford for additional information 908-337-2021

New Listing

Just Listed


Elegant Georgian Colonial featuring 5 Bedroom Suites and 4.5 Luxurious baths! Step back in time with all the modern conveniences. New High Velocity Central Air, Hardwood Floors, Gourmet Eat in Kitchen with Breakfast area, Formal Living room with Gas Fireplace, family Room/ Den, Formal Dining Room, Finished Basement offer additional living space, Impressive park like property with under ground sprinklers, extensive landscaping, pond and completely fenced in. Two Car Garage with circular drive, and Mountainside low taxes! Truly a must see home.

Call Lisa Stafford to schedule your private viewing (908)337-2021

New Listing

Just Listed !

Large Ground Entry Split Level home in Garwood, Features include 3 bedrooms, 2.5 baths, Hardwood Floors, Eat in Kitchen, Finished Basement with Bedroom/Office, Large ground level family room with sliders to covered patio and fenced in yard. Great Opportunity Asking $377,500. call Lisa Stafford today for your private showing (908)337-2021

New Listing

Great Opportunity to Own in Cranford!

Just Listed 2 bedroom 1 Bath Duplex. Features include Hardwood Floors, Updated Kitchen and bath, First floor addition currently being used as a Dining room, but could be a great Family room. First floor Office, Large yard with patio, located on a cul de sac, close to schools and all major hwys. Off street parking available. Asking $274,900 Call Lisa Stafford today for your private viewing (908)337-2021.

Economic Update

Economic Week in Review: Is the recession over?
Federal Reserve Chairman Ben Bernanke's speech declaring the recession “likely over” began a week of fairly optimistic economic reports. Producer prices rose, business inventories dropped, and retail sales reached their highest level in three years. While the economy may have turned a corner, it remains weak. It's unclear whether the consumer spending momentum will continue given the end of incentive programs such as Cash for Clunkers and a still high unemployment rate. For the week ended September 18, the S&P 500 Index rose 2.5% to 1,068.30 (for a year-to-date total return of about 20.2%). The yield of the 10-year U.S. Treasury note rose 15 basis points to 3.49% (for a year-to-date increase of 124 basis points).



Producer prices rise sharply
Producer prices for finished goods rose 1.7% in August from –0.9% a month earlier, largely because of higher energy prices. The energy goods index jumped 8.0% in August—the largest monthly increase since November 2007—with a spike in gasoline, home heating oil, and liquefied petroleum prices. Excluding food and energy, the price of core finished goods increased 0.2%, offsetting a decline in July. The rise in the Producer Price Index last month is expected to ease some economists' fear of deflation.



Clunkers propel retail sales
Retail sales climbed 2.7% in August, the highest level in three years, far outstripping analysts' expectations. Sales were driven largely by the popular Cash for Clunkers program, which boosted auto sales for the month by 10.6%. Excluding autos and energy, retail sales rose 0.6% in August. There was a broad-based increase in sales across many retail outlets ranging from apparel to sporting goods. The only weak spots were furniture and building supply stores.



New-home construction jumps
New-home construction rose at an annual rate of 1.5% in August to 598,000 units compared with a month earlier. The increase in housing starts came from a spike in multifamily home constructions. After five straight months of gains, single-family starts declined 3.0% in August from July. Single-family homes are the largest segment of the residential market. While total housing construction permits rose 2.7% in August, housing completions—which have yet to reach bottom—fell 5.5%. On a regional basis, the Northeast reported the largest number of housing starts in August, while the South was the biggest laggard.
The economic week ahead
The week begins with a report on The Conference Board's index of leading indicators (Monday). On Wednesday the Federal Open Market Committee (FOMC) will release minutes from its meeting, while Thursday brings reports on jobless claims and existing-home sales. Data on durable goods and new-home sales will be out Friday.



courtesy of Ron Melao



Ron Melao
RJR Mortgage Company, LLC.
908.709.9070(p)

New Cranford Listing!

Just Listed!

7 Wade Avenue

Cranford, NJ 07016

Asking $429,900

Open House Sunday July 19, 2009 1- 4pm

Adorable Move in Condition Cape featuring 4 Bedrooms, 2 Full Updated Baths, Hardwood Floors, Living Room/ Dining Room combination, Lovely Finished Basement, Crown Molding, Newer Windows, Slider off Dining room to Deck and fenced in yard. Directions: Elizabeth ave to #7 wade. Call Lisa Stafford for additional information or appointment (908)337-2021