Buying Bank Owned Iselin Real Estate—REOs in Middlesex County, New Jersey

Buying REOs is a very popular method of buying Iselin real estate in New Jersey for investment. If you're just getting started accumulating investment property, this is one way you can get very good deals and amass a great deal of property quickly. REO stands for Real Estate Owned and is the acronym banks place on properties they have taken back from mortgage defaults. REOs are considered non-performing assets meaning they have value but are not bringing in any money-bad for the bank, good for you.

Buy REOs at Foreclosure Auctions

Foreclosure auctions are a great way to get fantastic deals that you might not be able to convince a bank to go with prior to the event. Some savvy investors try to catch properties while they are in pre-foreclosure which avoids a property being bid up in an auction atmosphere. To do that, you often have to convince the holding bank to "short sale" a property and sell it for less than the note they were holding on it. At a foreclosure auction, the bank is usually desperate to unload the Iselin real estate and often settles for far less than the actual value without all of the short sale paperwork.

Do Your Homework

If you choose to buy properties at auction do your homework. Use foreclosure worksheets to determine the true value of a property and what your maximum bid should be in order to realize a profit from its eventual sale or use as a rental. Doing this prevents you from getting caught up in the moment and over-bidding on a piece of Iselin real estate that has a lot of competitors bidding on it.

Cathy Chaudemanche

What to Look for in an Eco-friendly Piscataway Home in Middlesex County, New Jersey

If you're like many people today, you not only want to live comfortably you want to live responsibly. That means having a Piscataway home in Middlesex County that is as eco-friendly as possible.

If you don't buy a home that's already eco-friendly, you'll have to do your own improvements. Why not look for Piscataway homes that had eco-friendly features originally built in or recently installed. Here are a few things you can look for to see if your prospective new home is "green" no matter what color it's painted.

• Double-paned windows are one very important eco-friendly feature. They keep the cold out in the winter and hold heat in, and vice versa in the summer months.


• Eco-friendly appliances already in the kitchen and utility rooms mean you won't have to go running out to buy brand new ones. Look for Energy Star symbols and ratings on all major appliances such as stoves, refrigerators, washer/dryers, heating and cooling systems.


• Low water flow fixtures keep your costs down while saving the planet's water supply.


• Even something as simple as awnings over the windows adds a great energy saving resource to a Piscataway home. Retractable awnings are even better because they will keep the heat out in the summer, and in the winter, you can put them up to let the sunlight help heat your home.


• Color counts: The color of your home's exterior should be light to reflect heat, rather than a dark color that will attract and hold heat.


• An on-demand hot water system saves energy because it only heats water when it's needed.

Looking for an eco-friendly Piscataway home in Middlesex County? I can help. Contact me today.

Cathy Chaudemanche

How The Stimulus Plan Helps You Buy an Edison Home in Middlesex County, New Jersey

The new stimulus plan has given many people new hope for their housing futures. At first, many worried that the stimulus package would merely help the banks and other financial institutions and not the actual homeowner looking to buy an Edison home. But, it has become clear that the people who really win with the new plan are those who count-prospective home buyers.

Stimulus for Banks and Buyers

The stimulus package provides huge tax rebates in 2009, and while that is a limited provision, the savings are enormous for those who get out there and buy an Edison home in Middlesex County, New Jersey. The fact that the stimulus plan includes relief for the struggling financial industry also helps buyers by making it more likely they will be able to obtain loans.

Stimulus for Higher Priced Properties

The stimulus package gives the two major government mortgage companies Fannie Mae and Freddie Mac more power and allows for larger loans for higher priced properties. That is a big incentive if you're looking to buy in a major metropolitan area because you will now be able to get a loan secured by Fannie or Freddie.

The economic boost from the stimulus package will require a little time to really become apparent, but it is working, even now. Slowly the market is rebounding and new home buyers are able to take advantage of loans and tax incentives while getting houses at prices that are extraordinarily low.

If you would like more information on how the stimulus package can help you buy a new Edison home, contact me today.

Cathy Chaudemanche

Information to Have On Hand When Selling Your Edison Real Estate in New Jersey

Selling your property, whether it is a primary home or income property in Edison or Middlesex County, is easier if you have the information your buyers are likely to want to know on hand. Type up an info sheet answering the most commonly asked questions buyers have when looking at real estate for sale such as:

• How old is the roof?

• What comes with the property? Window treatments? Do all of the appliances come with the property?

• How old are the appliances?

• Does the basement leak?

• Where are the hot water heater, the electrical service panel, and other important maintenance items located? Are they easy to access?

• Are you open to owner financing?

• What is the age and condition of the plumbing and wiring?

• Are there schools nearby?

• What is the average utility cost per month/year?

• Have you had any major problems in the past? Your normal seller's disclosure does not require you to list problems you had and have fixed. Some sellers would like to know what those problems were. It can give them an idea if they are likely to be a recurring problem (like flood damage) or if the fact that you already had the issue and fixed it they will not likely have to deal with that particular problem in the future.

Of course, you should always have the general information about your Edison real estate available such as square footage of the building, property size, zoning and any restrictions or easements.

Having all of the information on hand will prove to potential buyers that you're serious, that you're prepared to be upfront with them about any issues y

our home may have, and that you've taken excellent care of your home.

Thinking of selling your home? I specialize in selling homes in Edison and Middlesex County quickly and at the highest price. Find out more by calling me today.

Cathy Chaudemanche

April - Middlesex County Real Estate Statistics and Market Commentary. Part #2

-Middlesex County Statistics and Commentary (Residential one family only; does not include Townhouses/Condos/Multi-family)*-

Middlesex County Trends	April 2009*	Previous Month**	April 2008
Active Inventory	2874	2747 (+4.62%)	N/A
New Homes Listed	785	765 (+2.61%)	913 (-14.01%)
Sold Homes	213	200 (+6.5%)	308 (-30.84%)
Median Sold Price	$310,000	$299,950 (+3.35%)	$372,500 (-16.78%)
Average Sold Price	$321,665	$316,381 (+1.67%)	$412,765 (-22.07%)
Sold Price/Asking Price Ratio	94.00%	94.00%	95% (-1.05%)
Days on Market	89	97 (-8.24%)	77 (+15.58%)
Days of Inventory	405	426 (-4.92%)	N/A

*Calculated on 05/07/09 **Calculated on 04/07/09

PART #2:

Both median and average sold prices are higher than the previous month (+3.35% @ $310,000 and +1.67% @ $321,665 respectively).

Median home price is back over last December lows’ and setting the stage for the seasonal price increase.

Sold price versus asking price ratio stay the same at 94%. In average, sellers are accepting offers at 94% of their asking price.

Days on market or DOM decreased 8.24% to 89 days. It takes less than 3 months in average to go under contract. A word of caution with this indicator as it is not a cumulative DOM. This is a good example of the better value of looking at those statistics, which is more in the trend analysis than in a specific number at a specific given time.

We have switched our Middlesex County Real Estate barometer from "Buyer's Market" to "Strong Buyer's Market" last November 2008. Variables for that decision were the decrease to historical lows of the 30-year fixed-rate mortgage and the November sold price correction.

We are keeping our barometer the same as we believe that we are in one of the strongest buying stage opportunity.

Cathy Chaudemanche

Realtor Associate/Keller Williams RealtyMetuchen, NJ

Servicing Home Buyers and Sellers in Middlesex County, NJ

http://www.YourHouseFast.com

*This representation is based in part or in whole on data supplied by the Middlesex County Multiple Listing System and the Garden State Multiple Listing System. Middlesex County MLS and Garden State MLS do not guarantee nor are in any way responsible for its accuracy. Data maintained by Middlesex MLS and Garden State MLS may not reflect all real estate activity in the market. Calculations deemed reliable but not guaranteed.

April - Middlesex County Real Estate Statistics and Market Commentary. Part #1

-Middlesex County Statistics and Commentary (Residential one family only; does not include Townhouses/Condos/Multi-family)*-

Middlesex County Trends	April 2009*	Previous Month**	April 2008
Active Inventory	2874	2747 (+4.62%)	N/A
New Homes Listed	785	765 (+2.61%)	913 (-14.01%)
Sold Homes	213	200 (+6.5%)	308 (-30.84%)
Median Sold Price	$310,000	$299,950 (+3.35%)	$372,500 (-16.78%)
Average Sold Price	$321,665	$316,381 (+1.67%)	$412,765 (-22.07%)
Sold Price/Asking Price Ratio	94.00%	94.00%	95% (-1.05%)
Days on Market	89	97 (-8.24%)	77 (+15.58%)
Days of Inventory	405	426 (-4.92%)	N/A

*Calculated on 05/07/09 **Calculated on 04/07/09

The number of new homes listed in April has slightly increased 2.61% versus March and is following a 16% increase from February. 785 homes listed is the highest number since June 2008.

The Active Inventory (AI) as we follow it (homes for sales not including "under attorney reviews") has increased +4.62% as well compare to March. It has slowly increased since last December but is still much lower than last year high.

This month’s absorption rate (213 homes/month) or number of sold homes has increased 6.5% versus last month, following over 26% increase from February. Good numbers and we expect the trend to keep up as we are engaging the busiest season (spring and summer).

This is beneficially affecting the Days of Inventory (DOI) which has decreased almost 5% versus last month, following a 11% decrease versus February. At 405 days, it means it will take over 1 year to sell all existing inventory.

Part #2 will be posted tomorrow.

Cathy Chaudemanche

*This representation is based in part or in whole on data supplied by the Middlesex County Multiple Listing System and the Garden State Multiple Listing System. Middlesex County MLS and Garden State MLS do not guarantee nor are in any way responsible for its accuracy. Data maintained by Middlesex MLS and Garden State MLS may not reflect all real estate activity in the market. Calculations deemed reliable but not guaranteed.

5 Tips When Looking for Middlesex County Homes for Sale in New Jersey

There are a lot of Middlesex County homes for sale in New Jersey now which makes it a great time to buy (over 7400 current listings on the Middlesex county Multi Listing System). Not only can you find a wide variety of beautiful homes at lower than before prices but thanks to the new American Recovery and Reinvestment Act of 2009, if you're a first-time home buyer, you can get a generous bonus at tax time.

Here are some tips for taking full advantage of the stimulus and to make shopping for a new home more pleasurable.

1. Don't Settle for the First Place You See

It isn't a race and you don't get extra points for being fast. Take your time to find just the right one for you.

2. Weigh the Pros and Con

Just about any home will need a few improvements. Even newly constructed homes usually need improvements like landscaping. Home sellers are savvier now about how to make enhancements to catch a buyer's eye, but look carefully. There will still be things you want to change. Weigh the difference between the cost of those repairs and the sale price. If you really want a home even though it's going to take a lot of work, place your bid accordingly.

3. Start Looking Now

The new stimulus plan allows for more homeowners to remain in their homes where only a short time ago they needed to sell. The housing market will begin to stabilize and prices will get stronger. If you are thinking about buying a new home, now is the time to do it.

4. Get Help

The sea of homes available can be mind-boggling. Find a professional real estate agent to wade through Middlesex County homes for sale and find homes that meet your family and financial needs.

5. Get Your Financing in Order

The new stimulus plan makes banks and mortgage companies stronger and loans once again are available. Make sure you have all your information ready. Having financing done in advance makes your job of buying Middlesex County homes for sale much easier.

If you’re looking for a professional real estate agent to help you find your perfect home, find out how I can help and contact me.

Looking for timely and insightful mortgage and real estate information? Bookmark my Blog today! You'll get also local real estate commentaries, statistics and trends. I post 5 to 7 times a week.

Cathy Chaudemanche

Current and Historical Mortgage Rates Graphical Representation

Mortgage rates are one of the most important variables in the housing’s equation. First time home buyers usually overlook the effect of mortgage rates to focus more on home prices.

The mortgage rate is used to calculate monthly payment. The higher the interest rate, the higher the monthly payment. The lower the interest rate, the lower the monthly payment.

What it means is that when interest rates rise, it lessens the buying power of buyers because it increases monthly payments which are used to decide how much money the lender will let the buyer borrow.

The historical graph below tracks the 30 Year Fixed rate mortgage since 1971. Historical data is from the Freddie Mac archives. The orange lines represents both "support and resistance" lines at 6% and 16%.

Same 30 Year Fixed rate mortgage since 1971 historical graph but with a "5 year" grouping. Historical data is from the Freddie Mac archives as well.

Cathy Chaudemanche

Barriers to Selling a Woodbridge Home in New Jersey FSBO

The biggest barriers to selling your home are often those you create yourself by wanting a quick sale or not learning all there is to know about presenting your house to its best advantage.

When you first begin to think about selling your Woodbridge home it seems easy. Put a sign on the lawn and list it. Once the shine wears off of the desire to do it all yourself, you might need some tips to help sell your home:

Clean It Up

That's the first and foremost advice. Nothing deters a real estate sale faster than a messy house. Living in your home while trying to sell it makes it difficult to keep it clean, but if you're serious about wanting to sell your home, it's worth the extra effort. You may want to learn how to clean your home fast for those times when a buyer calls and wants to see your home in 15 minutes or less.

Take Good Pictures

Where do you think people search first for homes for sale? Online. Newspapers used to be the first place people looked for homes. But now, over 85% of all home buyers look online before searching anywhere else.

Due to cost and space limitations, newspapers usually display only one photo of the front view of the home. On the internet, where space is abundant, buyers expect to see lots of exterior and interior pictures, in fact, the more the better. If you aren't experienced at getting good room photos that show off your Woodbridge home to its best advantage, hire a photographer or a real estate agent who can do it for you.

Hold an Open House

Or several. Selling your home takes time. If you are busy and can't fit opening your home up to viewers into your schedule, you may want to list your home with a real estate agent who can do it for you. It's better to leave your home in the hands of a professional real estate agent so you aren't tempted to hover over buyers as they walk through. Hanging around discourages buyers from talking to each other about the qualities of your home and from taking the time to view and consider the true potential of your home.

There are pitfalls you can get tripped up on when selling your Woodbridge home. If you'd like to work with a real estate agent who can help you maneuver around those pitfalls, give me a call today.

Cathy Chaudemanche

Housing Affordability Index (HAI Index)

What is the Housing Affordability index?

The Housing Affordability Index (HAI) is published monthly by the National Association of Realtors (NAR).

It measures the relationship between median priced home, median family income and mortgage rates to determine if a median income family can qualify for a mortgage on a median priced home.

The calculation assumes a down payment of 20 percent and it assumes a qualifying ratio of 25 percent. Simply said, it tracks whether housing is becoming more or less affordable for the typical household.

How to interpret this index?

A value of 100 means that a family with the median income has exactly enough income to qualify for a mortgage on a median-priced home. A HAI of 115.0 means a family earning the median family income has 115% of the income necessary to qualify for a conventional mortgage on a median-priced home.

Basically, an increase in the Housing Affordability Index shows a median income family is more able to afford the median priced home. Also a higher index number indicates that more households can afford to purchase a home.

The HAI has reached an all time high in the first quarter of 2009 at 173, meaning a median income family has 173% of the income necessary to qualify for a conventional mortgage on a median priced home. The 3 variables for this index being the US median income, median home price and interest rates. Median home prices have corrected to the lowest in years and the interest rates have made historical lows, thus explaining the HAI explosion in 2009.

Historical data from Realtor.org

Cathy Chaudemanche
Realtor Associate/Keller Williams RealtyMetuchen, NJ
Servicing Home Buyers and Sellers in Middlesex County, NJ
http://www.yourhousefast.com/

You Don’t Need Paint to Make Your Metuchen Home Green in New Jersey

The environment is a major news issue and everyone is thinking green. Sometimes it seems difficult to go green in your everyday life, but just a few simple steps can move you down the path to a green Metuchen home. You won't even have to break a sweat or crack open a can of paint.

In the Laundry Room

Pick machines for your Metuchen home that have an Energy Star rating for peak performance to conserve water and electricity. According to Planet Green, an Energy Star washer saves enough water over the machine's life to provide drinking water for six people for a LIFETIME. It will also save you hundreds of dollars in utility bills over an average 11 year machine lifespan. Use natural drying when possible. Hang clothes on a clothesline in the sun on nice days.

Use green products to wash your clothes. Laundry soaps that contain phosphates are dangerous to the environment. Look for products made from bio-degradable phosphate free materials.

At the Store

Buy your cleaning supplies and cleaning detergents as concentrates so you get more in each bottle. The fewer bottles you buy throughout the year the less ends up in a landfill.

Buy florescent bulbs instead of incandescent and carry your purchases home in reusable shopping bags.

Eat Green Right from Your Backyard

You can make your Metuchen home your very own grocery store. It doesn't take a huge space to grow a garden big enough to feed an average family each year. You will harvest fresh vegetables you know are free of pesticides and herbicides that are bad for the environment and your health.

Need help understanding mortgage and real estate terms? Subscribe to my blog today! Or Bookmark my main Blog Here. You'll get also money saving home maintenance and staging tips, local real estate tips, info and statistics 4 to 6 times a week.

Cathy Chaudemanche

Realtor Associate/Keller Williams RealtyMetuchen, NJ

Servicing Home Buyers and Sellers in Middlesex County, NJ

http://www.yourhousefast.com/

Wise Investments to Prepare your Edison Home for Sale in New Jersey

If you're thinking of listing your Edison home for sale in New Jersey and know it needs a little sprucing up, here are a few tips on the smartest home improvements you can make to help sell your home faster and for more money.

• Kitchen remodeling stands at the top of any list of most attractive projects for re-sale value. Crisp clean new cabinets, fresh tile and countertops all make for buyer approval and is money well spent.

• Bathroom remodeling is a good bet but not nearly as good as adding additional bathrooms, unless your home already has a lot of them.

• Adding central heat and air to replace floorboard or radiator heat is a huge selling point for any Edison home for sale.

• Installing a deck or patio. This one hovers close to the middle of the do/don't numbers but it is still a nice investment that can make your home feel more comfortable and give it more 'space.'

Items that are less likely to be worth the money include:

• Installing a backyard pool. Some people think a pool is attractive. To many buyers, it's nothing but additional work and expense.

• Converting your basement into a finished living space. Many buyers like a finished basement, but it's the main living space that counts most to them. Your money would be better spent above ground.

It is important to fix up your home to get it ready for buyers. But with money tighter than we've seen it in a long time, you need to focus on those improvements that will give you a good return on your money.

If you are considering selling your home in the area and would like more tips on what works and what doesn't when fixing up your home, I can help. Buyers are back but this is still a challenging market for sellers in Middlesex County, New Jersey. Contact me today, I have people and I get results :)

Cathy Chaudemanche

May YTD Average Condo and Townhouse Prices for Middlesex County Cities (New Jersey)

- Middlesex County Condos and Townhouses prices (do not include single family homes price). Calculated with YTD=05/01/2009

Avenel $240,125
Dunellen $194,000
East Brunswick $244,124
Edison $281,032
Fords $245,000
Helmetta $221,500
Highland Park $346,000
Iselin $203,333
Jamesburg $208,250
Metuchen $291,000
Middlesex $181,967
Milltown $207,000
Monroe $370,000
New Brunswick $219,000
North Brunswick $226,575
Old Bridge $298,913
Perth Amboy $179,000
Piscataway $271,048
Plainsboro $220,496
Sayreville $262,109
South Amboy $396,250
South Brunswick $273,202
South Plainfield$245,000
Spotswood $208,800
Woodbridge $190,438

*Source Data from Middlesex County Multiple Listing System MLS.

Cathy Chaudemanche
http://www.yourhousefast.com/members-only--------.asp

What If A Seller Has A “Counter” Out On An Edison Home For Sale In New Jersey?

Waiting to hear back from a seller on an offer you made on an Edison home for sale can be nerve wracking. Since sellers aren’t obligated to respond immediately, you may spend time waiting anxiously by the phone. When your agent finally calls you, it’s with the news that the seller has a “counter” out on the property already. What does that mean?

Is your offer out the window?

Not exactly. In New Jersey, a seller is allowed to counter or respond to as many offers to buy their home as they want. If the seller has responded to a buyer’s offer with a counter-offer and then receives an offer from a second buyer that is better, the seller does not have to accept the first buyer’s offer. The seller simply takes back the counter-offer and accepts the second buyer’s bid.

Make Your Best Offer

So, how do you make the best offer on an Edison home for sale that has a counter-offer out on it? First of all, if there is another offer on the property, submit an offer for the most money that you would pay for the house. You may not get another chance to negotiate for this dream home, and you don’t want to miss your opportunity.

Get a Pre-approval Letter

A seller will take your offer more seriously if you attach a pre-approval letter from your lender to it. If your offer is similar to the other person’s, you may win out because you have financing already secured. Many sellers are waiting for their old homes to sell before they buy a new one. If your offer will get them into their new home faster, it might be the edge you need to get the home that you want.

Increase Your Earnest Money Deposit

Make a large earnest money deposit on the Edison home for sale. If you’re unable to pay more for the home, you can increase the size of your earnest money check. You don’t lose any of the money because it will go towards your down payment or closing costs.

If you're thinking of buying a home in Edison or Central Jersey, I'd love to help you find your perfect home. Contact me today.

Cathy Chaudemanche

A Great Middlesex County Real Estate Agent Can Help You Find the Best Homes for Sale in New Jersey

Finding a home may seem like a simple ordeal. There are ads all over the internet, and your local newspaper probably has pages of listings. So why bother working with a Middlesex County real estate agent?

Your real agent isn't going to help you just find homes for sale; they're going to help you find the perfect home. So what does a Middlesex County real estate agent knows that you don't know, and how can they find the best homes for sale?

Intimate Knowledge

Finding a Middlesex County real estate agent who specializes in the area where you want to buy is especially helpful because they have intimate knowledge of the homes for sale. The agent also knows the locale and can give you tips about schools, transportation, shopping and other necessities.

MLS Searches

While you can view many listings online, your real estate agent will know exactly how to manipulate the MLS to find the most desired features you want in a New Jersey home.

Negotiation Skills

One of the most important things a good Middlesex County real estate agent can do for you is negotiating your offer. There is a lot more to finding (and getting) a home than just looking through listings. Your agent will make sure all of the proper procedures are being followed, home inspections and title searches are getting done and time schedules are being met.

Legal Know How

Real estate agents go through special training to ensure they know all the real estate laws. Going it alone makes for ample room to slip up and either negate the deal or end up in hot legal water.

Don't take any chances on letting that prized home get away by missing a legal loophole, or just plain not finding it.

If you're looking for a real estate agent who can find your perfect New Jersey home and negotiate to get the best price and terms for you, contact me today.

Cathy Chaudemanche

May YTD Average Home Prices for Middlesex County Cities (New Jersey)

- Middlesex County Single family home (do not include Townhouse/Condo). Calculated with YTD=05/01/2009

Avenel $274,125

Carteret $258,730

Colonia $343,154

Cranbury $680,000

Dunellen $261,125

East Brunswick $376,110

Edison $384,256

Fords $266,017

Helmetta $270,000

Highland Park $308,563

Hopelawn $241,300

Iselin $318,679

Jamesburg $255,286

Keasbey $256,500

Metuchen $390,800

Middlesex $297,305

Milltowm $272,571

Monroe $458,942

New Brunswick $278,158

North Brunswick $338,630

Old Bridge $355,721

Perth Amboy $197,088

Piscataway $325,877

Plainsboro $490,667

Port Read $275,000

Sayreville $293,106

Sewaren $256,250

South Amboy $207,600

South Brunswick $522,499

South Plainfield$302,290

South River $278,500

Spotswood $307,129

Woodbridge $295,857

*Source Data from Middlesex County Multiple Listing System MLS.

Cathy Chaudemanche

Scrounging Up a Down Payment for Your Iselin Real Estate in New Jersey

You've decided to take the plunge and buy a home in New Jersey for your family. You may still be looking for ways to need a more sizeable down payment. So, how do you get the down payment for the Iselin real estate you've always dreamed of?

Get Scrounging

Scour your attic, basement and storage units. Look in every nook and cranny to find items that are in decent shape, but no longer used, and have a garage sale. Sure it's usually pennies on the dollar of what your stuff is worth. But if you're not using it, someone else can, and you get the cash in hand. If you find items that are more valuable, sell them on eBay. Every little bit helps.

Rich Relatives?

Hey, if you have'em use'em. This is no time to feel shy about asking for a gift. Purchasing Iselin real estate in New Jersey is a wise investment. Many relatives who might otherwise be unwilling to give cash for frivolous items are happy to help loved ones buy a home.

Sell Something Big

Having precious jewelry or antiques is a great asset. Consider selling items you've been holding onto as investments, in order to get the home of your dreams.

There are many ways to come up with the down payment and financing you need to buy Iselin real estate.

Cathy Chaudemanche

Rent or Buy a North Brunswick Condo in New Jersey?

With the current economy, it may seem like a better idea to rent a North Brunswick condo in New Jersey instead of buying one. Let's explore some of the reasons why it's still better to buy rather than rent.

Throwing Money Away

When you rent that's basically what you're doing. You give your money away in exchange for a 'perishable' item—one month of living space. Once that month is over, the money is gone and you didn't get anything of long term value in return.

When you buy a North Brunswick condo you still spend money for a month of living space, but in addition, you're building long term equity. It may take longer and property may not increase in value as quickly as it did in the past, at least for now, but the money you spend becomes a back end asset instead of just disappearing.

Tax Breaks

When you buy a home, you can deduct the interest and property taxes that you pay every year on your income taxes. That can be a sizeable amount of money. If you buy your first home in 2009, you get an even bigger tax break of $8,000 as a result of President Obama's stimulus plan.

Saving Money

Yes, you actually end up saving money in the long run if you buy a home rather than rent. According to The New York Times, over a 16-year period you can save as much as $5,000.00 by owning your own home. And, that number doesn't include the $8,000 tax credit first-time home buyers get when they purchase a principle residence in 2009.

The bottom line is that the housing market troubles have nothing to do with the 'evils' of homeownership. They have to do with bad lending practices, and people wanting more than they can afford.

Choose your North Brunswick condo wisely, only buy what you can afford to pay for each month, and pay attention to the loan you are being offered.

Cathy Chaudemanche