LONG BRANCH MONTHLY REAL ESTATE REPORT

LONG BRANCH MONTHLY REAL ESTATE REPORT
January 1 - January 31, 2013
Total Number of closed sales	7
Average days on market	132
Ratio of sale price to list price	89%
Lowest closed price	$127,000
Highest closed price	$420,000
Median closed price	$215,000
Distribution of Closed Sales
# under $400,000	6
# $400,001 - $700,000	1
# above $700,000	0
Total under contract as of 2/8/13	36
Total homes available as of 2/8/13	111
Median price of available homes	$299,999
Source: Monmouth/Ocean MLS. Information deemed reliable but not   guaranteed.

TINTON FALLS MONTHLY REAL ESTATE REPORT

TINTON FALLS MONTHLY REAL ESTATE REPORT
January 1 - January 31, 2013
Total Number of closed sales	3
Average days on market	98
Ratio of sale price to list price	95%
Lowest closed price	$370,000
Highest closed price	$$550,000
Median closed price	$459,000
Distribution of Closed Sales
# under $400,000	1
# between $400,001-$700,000	2
# above $700,001	0
Total under contract as of 2/8/13	18
Total homes available as of 2/8/13	35
Median price of available homes	$369,900
Source: Monmouth/Ocean MLS. Information deemed reliable but not   guaranteed.

 

 

Is It Spring Yet?!?

It
may still be cold outside, but the Spring real estate market is already heating
up! Low inventory means homes like yours are in great demand. Low interest
rates means buyers are motivated! If you’ve been considering a move, go for it!
Contact me today and take advantage of these great market conditions. It could
be your best move yet.

Newest short sale guidelines offer more options to struggling homeowners

Short sales are notorious for being complex and slow, making it difficult for those most in need, including individuals facing possible foreclosure, to sell. The good news is that guidelines have been greatly simplified and streamlined over the past year – which may benefit agents as well as sellers by potentially
expediting the closing of a home and making it easier for sellers to
qualify.

Most significantly, as of November 1, 2012, guidelines were
consolidated for all Fannie Mae and Freddie Mac short sale programs into one
standard, streamlined program. Lenders can now qualify someone for a short sale
more quickly and easily, and homeowners can more easily determine if they are
eligible for a short sale. Highlights include*:

• A borrower may qualify for a short sale, even if they are current on
  their house payments, if they can prove specific hardships, including: death
  of a borrower or co-borrower, unemployment, divorce or legal separation, illness
  or disability, or a distant employment transfer/relocation.
• Borrowers can make a financial contribution at closing in exchange for the
  lender not pursuing them for a deficiency judgment later (assuming the homeowner
  has sufficient income and/or assets).
• Fannie Mae and Freddie Mac will offer up to $6,000 to second lien holders to
  expedite a short sale. (Previously lenders would often attempt to negotiate a
  higher payment from the homeowner.)
• In certain circumstances, homeowners will be eligible to receive up to
  $3,000 in relocation assistance.
• Military personnel who are being relocated (have Permanent Change of Station
  orders) will be offered special treatment.

These follow June guideline changes which stipulate that lenders must respond to short
sales within 30 days of receipt of the short sale offer, provide weekly updates
to the borrower, and communicate a final decision to the borrower within 60 days
of receipt of the offer.

It all adds up to more options and a smoother short sale process for homeowners who choose to take this route. Homeowners should reach out sooner rather than later to their lender if they are
considering a short sale.

For the full list of updated guidelines, read the Federal Housing Finance Agency press
release.

*Source:
Fox Business, "New Short Sales Guidelines Coming Soon – Here's Your Cheat
Sheet."

Design Dos and Don'ts for Sellers

In a buyer's market, selling a home takes
some patience and creativity. Just a few inexpensive updates can make your
customers' homes look more appealing. Offer these simple design tips to your
customers to help entice potential buyers at your next open house:

1. Don't leave wallpaper up. When most potential homebuyers see
   wallpaper, they envision the unenviable project of taking it down. Take this
   project off of potential buyers' to-do lists and strip old wallpaper from walls.
   Paint the walls a neutral tone to appeal to a wider audience of buyers.
2. Do replace old fixtures. Brass fixtures were big in the 1980s but
   today's trend is satin nickel and oil rubbed bronze finishes on doorknobs and
   lighting. Refinishing outdated brass fixtures using metallic spray paint is a
   simple and inexpensive fix and replacing outdated hardware on cabinets gives
   them a fresh, modern look.
3. Don't keep that old avocado-colored toilet – do replace it with a simple
   white one. Other relatively easy and inexpensive updates that can go a long
   way include replacing old vanities and sinks. Do replace or repair any broken
   shower tiles. Tight on space? Add a large wall mirror to make a small bathroom
   seem bigger.
4. Do add extra storage space in a kitchen and update countertops. If
   granite countertops are not in the budget, many home stores offer laminate
   countertops that look like granite for half the cost. Small additions such as a
   stylish island or kitchen cart can add counter and storage space. Do replace
   builder-grade faucets with modern fixtures, which can make a big difference for
   a small cost. For the do-it-yourself seller, adding a backsplash using glass
   tiled self-adhesive panels can add a modern flair.
5. Don't show buyers clutter. Do organize with shelves, cabinets and
   baskets. In closets, shelves and decorative baskets can help organize items such
   as linens and make closets appear larger and clutter-free. In the laundry room,
   adding inexpensive cabinets or shelves above the washer/dryer not only provides
   extra storage, but also gives this space a clean look and feel – just what a
   buyer wants in this area of the home!

Repair Before Remodel: In today’s market, research shows that repair work on a home actually nets a better response from buyers than a full remodel when it comes to return on the dollar. If you are trying to decide between a number of small repairs or one big remodel, the repairs are likely the way to go.

Governor Christie Unveils New Rebuilding Rules

  

On January 24, 2013, Governor Chris Christie announced new emergency regulations issued by the Department of Environmental Protection (DEP) adopting the FEMA flood maps, which provide rebuilding standards in the aftermath of Hurricane Irene and Superstorm Sandy in New Jersey. The new maps, while already issued by FEMA, will not take effect for 18-24 months, potentially leaving property owners in a state of limbo as to whether they should rebuild their properties today or wait up two years until the new maps are adopted. Under federal law, property owners in flood prone areas whose property was damaged by 51% or more, automatically must meet current rebuilding and height standards. Those whose properties were 50% or less damaged are not required to meet current rebuilding and height standards. However if they choose not to rebuild, they may pay substantially more for flood insurance.

The emergency rule also allows property owners who rebuild to the new guidelines (plus one foot) to do so with a Permit by Rule (PBR), cutting red tape for these property owners to apply for a Flood Hazard Area permit and saving them at least $500 in permit fees plus designing and engineering costs. In addition, this portion of the rule allows for reconstruction to begin without waiting for DEP approval of the flood hazard area permit. The adoption of the FEMA flood maps and the other portions of this rule take effect immediately and are meant to provide guidance so property owners can rebuild today without paying significant flood insurance premiums and to prevent potentially hundreds of sets of standards that could vary by municipality. For additional information and to view the rules, visit the DEP website.

Foreclosure Legislation

 

Governor Christie Conditionally Vetoes Foreclosure Legislation

On January 28, 2013, Governor Chris Christie issued a conditional veto of S-2157, the “New Jersey Residential Foreclosure Transformation Act”.  In its original form, this legislation created the “Foreclosure to Affordable Housing Transformation Fund” in the Housing and Mortgage Finance Agency (HMFA), with the purpose of purchasing foreclosed properties and converting them to affordable housing units. Under the Governor’s conditional veto, which would have to be adopted by the Legislature in order to become law, the Governor recommends using existing federal funding and state programs rather than create a new fund in the HMFA to keep families in their homes in New Jersey. Stay tuned to the NJAR® Government Affairs Facebook page for details on this bill as it moves through the legislative process.

 

On the other hand, the states that had the highest number of people leaving -- that is, the most moves out -- are:

1. New Jersey

2. Illinois

3. West Virginia

4. New York

5. New Mexico

Here are the top five areas that had the highest number of people moving in last year, according to United’s study:
1. Washington, D.C.
2. Oregon
3. Nevada
4. North Carolina
5. South Carolina

Hurricane Sandy and the Jersey Shore: did engineering or ecology protect us better? - Video | NJ.com

Ledger Live for Feb. 1, 2013 - Ledger Live with Brian Donohue. On today's Ledger Live, Donohue compares the highly engineered beaches of Sea Bright, New Jersey with the wind-formed dunes of Midway Beach in the South Seaside Park section of Berkeley Township. While Sea Bright was devastated by Hurricane Sandy, Midway was unscathed. Donohue asserts that outcome runs counter to New Jersey Gov. Chris Christie's assertion that towns with "engineered beaches" fared better in the storm.

via videos.nj.com