Money Matters Feed

September 2016 | Market Update

We are located in Holmdel, Shrewsbury, Middletown, and Rumson, New Jersey and serve real estate buyers and sellers in Monmouth County, New Jersey.  Before buying or selling real estate our clients consistently ask –– What homes have ‘SOLD’ in the neighborhoods we are looking to purchase or sell real estate?

With this information in hand, we post a monthly Market Update Report by town; and includes both the List and Sold prices, as well as Days on Market and Sold Date. This report includes all single family, condominium, and adult community homes sold from September 1, 2016, through September 30, 2016, in Monmouth County, New Jersey per the Monmouth/Ocean Multiple Listing Service.*

You can find our monthly market report by CLICKING the photo above or visitingwww.MonmouthCountyLivingUpdates.com .


Heritage House Sotheby’s International Realty is an independently owned and operated full-service brokerage company.  The firm’s Corporate Headquarters is located at 834 Broad Street, Shrewsbury, New Jersey 07702. For additional information, including office addresses and phone numbers as well as our associate directory, please visit our website at www.HeritageHouseSIR.com.

The Sotheby’s International Realty® network currently has more than 18,800 independent sales associates located in approximately 835 offices in 63 countries and territories worldwide. Each office is independently owned and operated.

*Information deemed reliable but not guaranteed Copyright 2016 by the Monmouth County Association of REALTORS®.


Living by and between the Boxes

Did you know the old adage, "Location, Location, Location" has new twists on what that means. Data shows that having a Starbucks in your neighborhood has a positive impact on home values.

How about the big box retailer? Realty Trac found some  compelling data that the proximity to a Walmart or Target does impact property values.

It turns out that living near a Target may empty your wallet, and it could boost the value of your home.

While living near a Walmart saw an increase in value the homes appreciated at a lower rate than the national average.

Among homeowners who sold in 2015 in the same zip code as that of Target saw a 27% increase in home prices since they purchased their home. That's about 5% higher than the national average which is 22%.

Meanwhile those homes within the same Walmart zip code saw only a 16% price gain falling short of the national average.

So when looking to sell or buy a house you can boast that not only living near a Target is convenient it may actually mean price appreciation down the road.


Coldwell Banker reports ranks most expensive, most affordable markets in New Jersey

Coldwell Banker reports ranks most expensive, most affordable markets in New Jersey

Coldwell Banker Real Estate LLC has released its 2015 Home Listing Report (HLR), which ranks the affordability of 188 real estate markets in New Jersey. The Coldwell Banker HLR named Chatham Township the most expensive market in New Jersey, with an average listing price of $882,260, while Willingboro ranked as the most affordable market in the state, with an average listing price of $134,853.

The annual report is the most extensive home price comparison tool currently available in the United States, ranking the average listing price of four-bedroom, two-bathroom homes in more than 2,700 markets. While other affordability reports provide average or median prices for all homes in a given area, the Coldwell Banker HLR analyzes more than 81,000 four-bedroom, two-bathroom home listings to better address how much a home in one market would cost if the same home were located somewhere else in the country.

“The Coldwell Banker Home Listing Report illustrates the wide variety of housing options available in New Jersey. Whether you want to live on the outskirts of Manhattan, in the scenic Appalachian and Highlands regions, or along the beautiful New Jersey shoreline, this state offers just about any lifestyle you desire. The HLR is an excellent resource for potential home buyers who want to compare home prices in New Jersey and across the United States,” said Hal Maxwell, president of Coldwell Banker Residential Brokerage in New Jersey and Rockland County, N.Y.

The Top 10 Most Expensive
Real Estate Markets in N.J.
by Average Listing Price

1. Chatham Township, $882,260
2. Madison Borough, $847,494
3. Bernards Township, $816,920
4. Westfield Town/Westfield,
$788,976
5. New Providence Borough,
$727,242
6. Glen Rock, $725,162
7. Holmdel, $712,088
8. Princeton Junction/West Windsor,
$711,442
9. Englewood/Englewood Cliffs,
$705,375
10. Ridgewood, $682,495

The Top 10 Most Affordable
Real Estate Markets in N.J.
1. Willingboro, $134,853
2. East Orange, $150,107
3. Newark, $159,448
4. Bridgeton, $162,310

5. Roselle, $182,229
6. Atco, $182,369
7. Woodbury/Woodbury Heights,
$185,120
8. Paterson, $190,622
9. Clayton, $200,100
10. Millville, $200,865

According to the HLR, half of the top 100 most expensive markets in the United States are in California; Newport Beach topped the list with an average listing price of $2,291,764 for a four-bedroom, two-bathroom home. In contrast, Cleveland ranked as the most affordable market in the Unites States for the third consecutive year, with an average listing price of $74,502 for a four-bedroom, two-bathroom home. There is a difference of $2.2 million between the nation’s most affordable and most expensive average listing price, according to the HLR.

Full data for the United States, including affordability rankings of local markets in New Jersey, is available on the Coldwell Banker Home Listing Report website at hlr.coldwellbanker.com.

About the 2015 U.S. Home Listing

Report (Methodology):

The Coldwell Banker U.S. Home Listing Report analyzes the average listing price of four-bedroom, two-bathroom real estate properties on coldwellbanker.com between December 2014 and June 2015 for 81,417 listings in 2,722 markets. The Coldwell Banker franchised affiliates, as well as other franchise brands associated with Realogy Holdings Corp, contribute to listings on coldwellbanker.com. Markets without at least 10 four-bedroom, two-bathroom listings on coldwellbanker.com between December 2014 and June 2015 were excluded from the ranking.

About Coldwell Banker Residential Brokerage in New Jersey and Rockland

County, N.Y.:

Coldwell Banker Residential Brokerage in New Jersey and Rockland County, N.Y., a leading residential real estate brokerage company, operates approximately 50 offices with more than 3,100 affiliated sales associates serving all communities from Rockland County, N.Y. to Monmouth County. Coldwell Banker Residential Brokerage in New Jersey and Rockland County, N.Y. is part of NRT LLC, the nation’s largest residential real estate brokerage company


Do's and Don'ts of Credit

Here are some important credit related facts that everyone who would like a higher credit score should know! Please pass along to any of your potential clients!

 

1. Don't Apply For New Credit. Every time that you have your credit pulled by a potential creditor or lender, you can lose points from your credit score immediately. ** Exception to the Case- When pulled for mortgage purposes or car loans, multiple credit pulls will not have a negative impact on a score, if done within a certain time frame**

2. Don't Pay Off Collections or "Charge Offs". If you want to pay off old accounts, do it through escrow, making sure that the debt is yours. Request a "letter of deletion" from the creditor. 

3. Don't Close Credit Card Accounts. If you close a credit card account, it may appear that your debt ratio has gone up. Closing a card will affect other factors in the score, including credit history.

4. Don't Max Out or Over Charge Credit Card Accounts. Try to keep your credit card balances below 40 percent of their limit during the process. Pay Down balances if possible

5. Don't Consolidate Your Debt. When you consolidate all of your debt onto one or two credit cards, it will appear that you are "maxed out" on that card and you will be penalized.

 

Thank You!

 

 

Dominic DiGrazio | Branch Manager

Residential Home Funding Corp.

60 Route 46 East, 2nd floor | Fairfield, NJ 07004

Main(973) 575-1550  ext. 10 | Toll Free: (844)-524-1026

Cell(973) 356-5333  | Fax(973) 575-1551

NMLS # 204838 | Company NMLS # 34973

ddigrazio@rhfunding.com

www.rhfunding.com

 


Home Possible Mortgages

Home Possible Mortgages are a responsible, low down payment mortgage option that will help you realize new possibilities to expand your realtor business and help more borrowers realize their dream of homeownership.

Home Possible provides you with an easy and convenient way to expand your reach in rapidly growing markets for first-time homebuyers and low- to moderate-income borrowers.

Key Features

  • Stable monthly payments with our fixed-rate mortgages
  • Reduced mortgage insurance coverage levels
  • Flexible closing cost funding options
  • No cash-out refinancing

Home Possible Homeownership Education Requirement

Homeownership education is required for first-time homebuyers for purchase transaction Home Possible Mortgages.

This requirement stresses the importance of utilizing a curriculum that contains the minimum core content specified by the National Industry Standards for Homeownership Education and Counseling. These standards help ensure quality education and counseling is delivered with fairness and respect to homebuyers and homeowners.

Description

Fixed rate, fully amortizing with level payments for the life of the loan. This purchase and rate/term refinance product is for low-to-moderate income borrowers who need low down    payment options and credit flexibility. Primary residence only. This is NOT an FHA loan program, but is a Conventional loan program.

Maximum loan limits adhere to conforming loan limits per State and County.

Minimum down payment for 1 unit properties is 3%.

Minimum down payment for 2-4 unit properties is 5%!!

Borrowers with NO CREDIT HISTORY will be considered.

Borrowers may not have ownership in any other properties.

Manufactured Housing allowed and must meet certain requirements.

Condo's and PUD's allowed.

Borrowers are required to participate in pre-purchase homebuyer education and counseling prior to mortgage closing.

The income used to qualify the borrower must not exceed the percentages in the high costs areas set forth per County.

 

Please do not hesitate to contact me if you have any potential borrowers that would be interested in the HOME POSSIBLE loan program.

 Thank You!

 Dominic DiGrazio | Branch Manager

Residential Home Funding Corp.

60 Route 46 East, 2nd floor | Fairfield, NJ 07004

Main(973) 575-1550  ext. 10 | Toll Free: (844)-524-1026

Cell(973) 356-5333  | Fax(973) 575-1551

NMLS # 204838 | Company NMLS # 34973

ddigrazio@rhfunding.com

www.rhfunding.com


Avoid Mortgage Insurance with Peoples NEW Combo loan!

Avoid Mortgage Insurance with Peoples NEW Combo loan!
The 80/10/10 loan is re-emerging as a viable option for today’s
homebuyer. This is good news for homebuyers who want more
options when deciding how to finance a home.
The first mortgage is opened at 80% of the home’s purchase price. Then, a second loan is opened at
10% of the purchase price. The second loan is often called a second mortgage, home equity line of
credit (HELOC), or a home equity loan.
This loan allows borrowers to put less than 20% down on a home, while avoiding private mortgage
insurance (PMI) and high FHA costs.
80/10/10 Mortgage Facts
• Minimum credit score of 680 to qualify.
• *No mortgage insurance means you save money!
• No prepayment penalty – Pay down the balance on the higher interest rate 2nd loan without
penalty. Save interest and have a fast and easy way to pay down your overall home loan balance
so all you have left is one low fixed rate.
Want to know if a Combo loan is the right one for you? Contact me today!

Peoples Home Loans
A DIVISION OF PEOPLES BANK
Gerald Santoro
Mortgage Banker
NMLS #630694
198 US 9N, Ste 206
Manalapan, NJ 07762
732.800.0060
gsantoro@bankingunusual.com
www.PeoplesHomeLoansNJ.com/gsantoro


SEA BRIGHT February 2013 REAL ESTATE REPORT

 

SEA BRIGHT MONTHLY REAL ESTATE REPORT

February 1 - February 28, 2013

Total Number of closed sales

No Sales

Average days on market

0

Ratio of sale price to list price

0%

Lowest closed price

$0

Highest closed price

$0

Median closed price

$0

Distribution of Closed Sales

# under $400,000

0

# between $400,001-$700,000

0

# above $700,001

0

0

Total under contract as of 3/8/13

4

Total homes available as of 3/8/13

8

Median price of available homes

$1,862,000

Source: Monmouth/Ocean MLS. Information deemed reliable but not guaranteed.

For Prospective Sellers, The Message Is Clear, Put Your Home On The Market NOW!

The 2013 Spring real estate market is upon us earlier than usual and Monmouth County has an incredible lack of inventory. With fewer homes to choose from, buyers are suddenly finding themselves in bidding wars.

Low Interest Rates + Low Inventory = HIGH DEMAND!

If you’re considering a move or have questions about current market conditions, please contact me today!


RED BANK February 2013 REAL ESTATE REPORT

 

RED BANK MONTHLY REAL ESTATE REPORT

February 1 - February 28, 2013

Total Number of closed sales

2

Average days on market

178

Ratio of sale price to list price

83%

Lowest closed price

$95,000

Highest closed price

$235,000

Median closed price

$165,000

Distribution of Closed Sales

# under $400,000

2

# $400,001 - $700,000

0

# above $700,000

0

Total under contract as of 3/8/13

19

Total homes available as of 3/8/13

25

Median price of available homes

$389,900

Source: Monmouth/Ocean MLS. Information deemed reliable but not guaranteed.

For Prospective Sellers, The Message Is Clear, Put Your Home On The Market NOW!

The 2013 Spring real estate market is upon us earlier than usual and Monmouth County has an incredible lack of inventory. With fewer homes to choose from, buyers are suddenly finding themselves in bidding wars.

Low Interest Rates + Low Inventory = HIGH DEMAND!

If you’re considering a move or have questions about current market conditions, please contact me today! 732-245-4031




FAIR HAVEN February 2013 REAL ESTATE REPORT

 

FAIR HAVEN MONTHLY REAL ESTATE REPORT

February 1 - February 28, 2013

Total Number of closed sales

4

Average days on market

161

Ratio of sale price to list price

97%

Lowest closed price

$555,000

Highest closed price

$1,352,000

Median closed price

$687,500

Distribution of Closed Sales

# under $500,000

0

# $500,001 - $1,000,000

3

# above $1,000,000

1

Total under contract as of 3/8/13

18

Total homes available as of 3/8/13

32

Median price of available homes

$744,700

Source: Monmouth/Ocean MLS. Information deemed reliable but not guaranteed.

For Prospective Sellers, The Message Is Clear, Put Your Home On The Market NOW!

The 2013 Spring real estate market is upon us earlier than usual and Monmouth County has an incredible lack of inventory. With fewer homes to choose from, buyers are suddenly finding themselves in bidding wars.

Low Interest Rates + Low Inventory = HIGH DEMAND!

If you’re considering a move or have questions about current market conditions, please contact me today!