The Town Broker

Westfield Residents Offer Disaster Relief

I have to admit, I really didn’t expect last weekend’s nor’easter to be as bad as it was here in NJ. In fact, we threw a 50th Anniversary party for my folks in the middle of the storm! (Who knew we’d need to plan a rain date?!) Many of our friends and neighbors suffered terrific property damage due to the high winds and flooding. But as I walked around the yard gathering fallen branches, I started thinking about the people of Haiti and Chile. Now that’s a clean-up job!! I honestly can’t remember a time in my life when I’ve witnessed so many serious storms and natural disasters, all coming so close together.  All in all, we’re still pretty lucky.

Westfield Residents Continue Their Support in Haiti and Chile

One of the things that makes our communities so great, is the character and heart of our neighbors. When devastating earthquakes ravaged Haiti in January of this year, many local residents immediately stepped up to help.  But life marches on, and it’s easy for us to forget how many people still need our help all around the world…

With this in mind, members of The Presbyterian Church in Westfield are gathering items to make Hygiene Kits for Haiti and Chile. Items will be gathered locally, and with the assistance of the Presbyterian Disaster Assistance, will be distributed to victims of crisis and natural disasters in both Haiti and Chile.

Many of the needed items are things that we have buried in our linen closets. Or, if we travel for business, we get more of these items than we could use on every trip. Please consider making a donation of the essential items to help those less fortunate than ourselves around the world.

Over the course of the next four weeks, items will be collected according to the schedule below:

• March 21- Nail clippers (no metal files or emery boards please)
• March 28-Wide tooth combs and band aids
• April 4- Toothbrushes in original packages
• April 11-Washcloths and Hand Towels

Donations can be brought to the church each Sunday, and placed in one of the bins located in the narthex or Parish House. A collection box is also located in the mailroom for donations made during the week. If it would be easier for you, simply contact me and I’ll come by your house and pick up your donations.

At the end of the collection period, members of the church will assemble the kits and send them on their way.

The Presbyterian Church in Westfield is located at 140 Mountain Avenue, Westfield, NJ. 908-233-3424.

Tags: Chile, Disaster relief, Haiti, neighbors, Presbyterian Church, volunteers, Westfield

Census 2010: Why Being Counted, Counts!

I recieved by 2010 Census form in the mail this week. You probably did too. I’ll be taking the time to complete it and mail it back this this weekend, and I’m encouraging you to do the same. Why is this so important?

Now, More Than Ever Before…NJ Needs An Accurate Census Count.

I don’t know about you, but I’ve been pretty alarmed by the recently announced cutbacks in our state budget. One way to address this is to be absolutely certain that we’re getting all the federal dollars that we’re entitled to. I learned this week that NJ gets back 50 cents for every dollar we send to Washington.  OUCH!

The census will help determine how over $400 Billion in federal dollars are allocated. This money is used to pay for things like:

• Hospitals
• Schools
• Senior Centers
• Community Centers
• Emergency Services
• Bridges and Public Works Projects.

In my own industry, buyers and sellers rely heavily on the community demographics provided by the census when making real estate decisions.

Now, more than ever before, NJ residents need to be sure that we get our fair share back from Washington. So this weekend, take 10 minutes to complete the 2010 census form, and send it back.  We’re counting on you!

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Tags: Census, real estate statistics, Westfield

Home Affordability: Are We There Yet?

I was speaking to some Westfield neighbors the other day about the roller coaster ride we’ve experienced in our local housing market over the past 10 years.  We were all excited on the ride up as our home values climbed to unimaginable heights.  And, we all became a bit nauseous as they hurtled back down again.  You know what they say…”what goes up must come down”. I guess somewhere inside we all knew that this would be no exception.

But the question on everyone’s mind that day was simple: are we there yet? My answer was “I think we’re close. It all comes down to affordability.”

Housing Affordability Drives The Market

Affordability has always been the key driver in housing. When home prices go beyond what people can afford, they come back down. Simple, right?  But what people can afford is a complicated mix of: 1) how much money they have, 2) how much money they can borrow, and 3) how emotionally comfortable they are about going into debt.

The National Association of Realtors tracks what’s known as the Housing Affordability Index (HAI). The index measures whether or not a median income family could qualify for a mortgage loan on a median priced home. (The calculations assume a 20% down-payment, and a qualifying ratio of 25%. This means that the total principal + interest payment can not exceed 25% of the borrower’s monthly income.) An index value of 100 means that the median income family has exactly the income and resources needed to qualify for a mortgage on the median priced home. A higher score means that they have more than enough resources while a lower score shows not enough.

The most recent HAI shows a national index score of 177.8%. This is the highest it’s been in a while. However the lowest score was in the northeast which posted a modest 131.4%.  According to NJ market expert Jeffrey Otteau (President of the Otteau Valuation Group), NJ’s affordability index typically hovers somewhere between 120% – 140%. But at the end of 2009, NJ posted an affordability index level of only 109%. (I guess the good news is that this is UP from a mere 81% in 2006.)  OK…these numbers hurt my head. What does it all mean?

I think it means that housing affordability is coming back in NJ, but we’re not quite there yet. There will still be some towns where prices will continue to decline. Others will level off and hold their own throughout 2010. (Incidentally, I think Westfield and many of the surrounding towns fall into the later camp).

But our journey back into affordability is fragile. There are several key things that could significantly alter the affordability equation. These include:

1. Rising mortgage interest rates,
2. Tight(er) credit qualification standards,
3. Decreased consumer demand as tax incentive programs expire,
4. Increasing inventory levels (if more distressed properties come into the market, OR  sellers who gave up in recent years decide to come into the market now),
5. Consumer Anxiety (aka “I’m still worried about losing my JOB” anxiety).

The recently announced State budget cuts will also factor into the discussion, although it’s too soon to say exactly how. Will buyers continue to pay current market prices in a town that anticipates cutbacks in services or school programs?

So…are we there yet? I think we’re close, but affordability will remain an important issue in NJ for many years to come. Stay tuned…I’ll keep you posted.

Tags: home affordability, home prices, Housing Affordability Index, Westfield

Spring Ahead Into Home Safety!

Yup…it’s that that time again! Daylight savings time officially begins at 2am on Sunday, March 14th. As someone who is probably more of a night owl, I don’t really love losing the hour of sleep. But… the extra evening daylight is a wonderful treat! (More time to explore some of our local parks and attractions!)

Hopefully, when you set your clocks ahead this weekend, you’ll remember to change the batteries in your smoke and carbon monoxide detectors. It’s not a bad idea to use this time to review what your family would do if there REALLY WAS a fire. (When I was a kid, we all knew the escape route from our bedroom in case of fire, and we knew where to meet other family members outside).

But here’s a question for you: When was the last time you replaced the smoke or carbon monoxide detector?

Most smoke detectors are designed to last about 8 – 10 years. Carbon monoxide detectors commonly last about 5 years. If you don’t know how old your units are, then you should probably just go ahead and replace them this weekend. They’re cheap…your family is irreplaceable.

I recommend that you write the installation date in the battery compartment. This way, you’ll always know when it’s time to swap them out.

Happy daylight savings time everyone! Enjoy the longer days!!!

Tags: carbon monoxide detector, daylight savings time, fire safety, smoke detector, Union County, Westfield

Westfield, NJ Market Report- February 2010

In Westfield NJ, the month of February closed with inventory levels coming down (at least vs. last February), and buyer demand on the rise. Here are the key numbers for the month.  Check out this video report for more detail and analysis.

Number of Active Listings: 152

Number of Closed Sales:    15

Average Days on Market:    55

Median Sale Price:     $756,000

Tags: market report, real estate statistics, Westfield

Westfield Market Report – January, 2010

In Westfield NJ, the month of January closed with average sale prices, up and days on market down. Here are the key numbers for the month:

Number of Active Listings:          145

Number of Closed Sales:               11

Average Days on Market:             54

Average Sale Price:                      $941,682 

Check out this video report for more detail and analysis.

Tags: market report, real estate statistics, Westfield

60 Seconds That Could Save a Child’s Life

When the unthinkable happens, every moment counts.

Westfield Provides Emergency Alert System.

The town of Westfield has recently signed on with Honeywell to provide residents with the Instant Alert Plus emergency communication system. When an emergency happens, Read the rest of this entry »

Tags: Emergency Alert System, Westfield

Great Neighbors Making a Difference

All of us have been touched in one way or another by the heartache and suffering in Haiti since the devastating series of earthquakes began on January 12th. And many around the world have been moved to take action. Last week, over 80 million TV viewers tuned in to the Hope For Haiti Now Telethon and raised nearly $60 million. But Hollywood isn’t the only place where people are coming out to help. Locally, we have a few stars of our own  who are making a difference where they can.

Westfield Residents Rise To Meet The Challenge.

Right here in Westfield, 3 enterprising high school students, Ryan Krasnoo, Billy Sickles and Ian Mackenzie quickly initiated the Hearts For Haiti campaign. Selling paper hearts for a dollar a piece to their friends in school and to neighbors around town, the trio quickly raised Read the rest of this entry »

Tags: Haiti, neighbors, volunteers, Westfield