Behind the Scenes with WPIX 11′s Real Estate Expert Sean T Shallis
Sean interviewed on WPIX about Jersey Shore Rentals
Follow this link for more information and resources on Jersey Shore Rentals: where to look, pitfalls, interactive map and transport information.
WPIX production crew hard at work!
WPIX 11 and WPLJ Speak with Real Estate Expert Sean T Shallis
NY PIX Morning News Blog – WPIX-TV: Can you really still rent a beach House this season?
Posted by shallis on May 26, 2010 · Leave a Comment
We want to kick off summer with you, our viewers!
It’s Scott & Todd’s 2010 Summer Blast Off, and we want you to join WPLJ and the PIX 11 Morning News team as we party on the Jersey Shore Friday, May 28 to the sweet tunes of the Barenaked Ladies and Kris Allen.
Come find us Friday morning (starting at 4:30 am) at Jenkinson’s On The Boardwalk in Point Pleasant Beach.
For more information, including directions, visit www.plj.com.
See you there!
Sean T. Shallis of Weichert Realtors and The Shallis Group will be kicking off the summer with his 3rd appearance on the WPIX Morning News on Friday May 28th between 7-8AM live from Jenkinson’s On The Boardwalk at Point Pleasant Beach! Sean will be returning to discuss Jersey Shore rentals for the summer. Don’t forget to tune in and set your DVR’s!
Home Prices Drop as the Tax Credit Expires
As expected, after the glitz and glamour, the market is settling in! I’ve been calling for 3-5% declines before we hit bottom. How much is “in-decision” costing you?
NY PIX Morning News Blog – WPIX-TV
We want to kick off summer with you, our viewers!It’s Scott & Todd’s 2010 Summer Blast Off, and we want you to join WPLJ and the PIX 11 Morning News team as we party on the Jersey Shore Friday, May 28 to the sweet tunes of the Barenaked Ladies and Kris Allen.
Come find us Friday morning (starting at 4:30 am) at Jenkinson’s On The Boardwalk in Point Pleasant Beach.
For more information, including directions, visit www.plj.com.
See you there!
Sean T. Shallis of Weichert Realtors and The Shallis Group will be kicking off the summer with his 3rd appearance on the WPIX Morning News on Friday May 28th between 7-8AM live from Jenkinson’s On The Boardwalk at Point Pleasant Beach! Sean will be returning to discuss Jersey Shore rentals for the summer. Don’t forget to tune in and set your DVR’s!
The Bergen County Real Estate Tax vs School Performance Mashup
If you’re moving to Bergen County for the first time and wondering which town is right for you, there is more to consider besides home values especially if you have a family. After you explore the local resources, culture and transportation options available in the different areas of Bergen County, knowing each city’s property tax rate versus local school performance can be the deciding factor in your decision. It may come as a surprise to know that the city with the highest property tax does not have the high school with the highest SAT score.
Above Average (*Please see the formula used below to calculate the tax amount.)
- Englewood Cliffs – Tax: $1876 SAT: 1581
- Franklin Lakes – Tax: $3148 SAT: 1696
- Paramus – Tax: $3353 SAT: 1600
- Old Tappan – Tax: $3654 SAT: 1735
- Montvale – Tax: $4195 SAT: 1699
Property Prices Still Falling
Real estate sales are up 21.1%…What about the prices? Not so much!
According to the Associated Press, 5/25/2010 a private report showed home prices fell during March despite government support and low mortgage rates, signaling weakness in the housing sector. Prices fell even though the government said Monday that sales had risen in April, and a realtors’ trade group said on May 4 that buyers signing contracts to buy homes jumped in March. A record number of homeowners, more than 10 percent, were delinquent on their mortgages in the first quarter, according to the Mortgage Bankers Association. The flood of foreclosed homes on the market is weighing on prices.
OK Sean, “‘What about the price of my home? Should we sell now or wait out the storm?”
Both great questions! Call me immediately at 201-427-1020 for your free personal and confidential property evaluation.
Tell us what you think?
Existing-Home Sales Surge
Thinking of Buying or Selling? “We can give you 21.1 reasons why now is the time!” Call Me Immediately…201-988-1393.
Follow Us: www.facebook.com/midtowndirectrealtor
Mortgage Rates and the Impact from Commercial Mortgage-Backed Securities
What has happened to mortgage rates since the U.S. Government pulled out of the CMBS (commercial mortgage-backed security) business at the end of March 2010?
Honestly, I truly believed the cost of a mortgages would have risen once the US Government stopped buying “CMBS”. Not so says Drew McKenzie, one of Bank of America’s leading mortgage bankers!
You may recall that a month and a half or so ago the U.S. Government stopped its large-scale purchases of U.S. mortgage-backed securities. Many pundits thought that mortgage rates would soar once this event occurred. Prevailing rates on mortgage loans up to $417,000 have instead fallen well below 5% on 30-year paper and to 4.25% on 15-year paper. Jumbo paper (above $417,000) is nearly as low with some rates, depending on the county in the U.S., now also below 5% on a jumbo 30-year.
How did this happen?
Here’s one plausible explanation and it has to do with the turmoil in Greece. The Greek government, with the help of our Wall Street banks, borrowed “off balance sheet”, just like Enron did. This made markets and investors very uneasy as it broke a sacred confidence that sovereign nations would always operate in transparent and honest ways with respect to the markets. Since Greece has the same currency as the rest of Europe and is part of the EU, the currency for all of Europe has been pushing down a lot. Nearly every hedge fund that operates in the currency markets is “short” the Euro, meaning they have bet it will fall and continue to fall. Since currency markets are many times the size of debt and equity markets, there is a lot of money looking for a home (when a Euro is “sold” the money has to go into something).
As banks and investors sold or dumped Euros, money has been flowing into (buying) U.S. treasuries faster than BP can pump oil into the Gulf. This purchasing has brought U.S. treasury rates down quite a bit and made mortgage bonds look attractive in terms of yields offered to an investor. So investors, not the government, have been snapping up (buying) mortgage-backed securities. This in turn has pushed mortgage rates as low as can be recalled.
How long this latest financial hiccup will last is unknown at this point.
Guest post provided by long time business partner and friend, Drew McKenzie.
Drew McKenzie
Phone: 973.316.4574 or 973.316.4574
Fax: 866.759.8022
email: drew.mckenzie@bankofamerica.com
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