New Jersey home prices increased ...

New Jersey home prices increased for the 2^nd consecutive
quarter due to rising purchase demand and tight inventory levels. Median home
prices increased by 2.07% in the 1^st  quarter. This latest increase follows a 2.91% rise in Q4.2012. The continuing rise in home prices is the result of increased home purchase demand, tight unsold inventory, and continuing economic recovery from The Great Recession. The number of homes
being offered for sale in New Jersey now stands at its lowest level in 8 years while the pace of sales is the highest in 6 years.

The combined effects of both higher home prices and mortgage rates in the 1^st  quarter caused home purchase affordability in New Jersey to decline in the 1st quarter. The Affordability Index in the state fell for the first time in two years to 130% indicating that today’s home buyers earning median income are able to afford a home that is priced 30% higher than the state’s median home value. This unusual opportunity illustrates the ‘sense of urgency’ that home buyers are feeling as they rush to take advantage of today’s affordable home prices and record low interest rates. Looking to the future, the combined effects of continued increases in home prices and mortgage rates will further erode home buyer purchasing power in the market.

 

 

Use a Garden Hose to Mark a Flowerbed Border

Use a Garden Hose to Mark a Flowerbed Border



OK, so here's a handy home garden hint: If you've tried to lay out a flowerbed
with a curving, serpentine border using string you know what a frustrating
experience that can be. We suggest you try a garden hose. A garden hose makes a
definitive, substantial line that, unlike string, won’t be easily cut or moved
accidentally with a shovel. It is also easy to reshape the hose as you work so
you can get the border just the way you want it to be.

Treasury Department Extends Application Deadline for the Making Home Affordable Program

Treasury Department Extends Application Deadline for the Making Home Affordable Program



5/30/2013. The U.S. Department of the Treasury and the U.S. Department of
Housing and Urban Development today announced an extension of the Making Home
Affordable Program through December 31, 2015. The new deadline was determined
in coordination with the Federal Housing Finance Agency (FHFA) to align with
extended deadlines for the Home Affordable Refinance Program (HARP) and the
Streamlined Modification Initiative for homeowners with loans owned or
guaranteed by Fannie Mae and Freddie Mac. The Making Home Affordable Program
has been a critical part of the Administration’s efforts to provide relief to
families at risk of foreclosure and help the housing market recover from a
historic housing crisis. The program deadline was previously December 31, 2013.

Is Your Lawn Mower Ready for Summer?

Is Your Lawn Mower Ready for Summer?



While we are tossing out all these handy home hints (that is what we do, after
all), here are some to get your mower ready for the summer: Inspect all
surfaces. Check out the deck, belts, blades and all bolts and fasteners. Check
out the tires and wheels. If you have fuel older than 30 days stored in
containers, get rid of it! Do not use it. Chances are you have had separation
between the fuel and ethanol. Do you have any idea when you last changed the
oil in your mower? Drain it and replace it with oil the manufacturer
recommends. Consider replacing the sparkplug—if you do, add a couple drops of
engine oil into the hole, and then replace the plug. Check your air and fuel
filters and replace if dirty or clogged.

Get Your Central Air Conditioning Ready for Summer

Get Your Central Air Conditioning Ready for Summer



Popular Mechanics says, "Sweltering temperatures are just around the
corner, and your best defense is a central air-conditioning system. If you have
one at your house, there are a few things you can do to make sure that it's
tuned up and ready to go when the summer sun arrives...You should leave some of
the more delicate parts of the system, such as the refrigerant lines, to the
professionals. But there are easy things you can do to maintain the system, particularly
before summer heats up." See their article for a guide to what you can do on your own.

Thunderstorms Are Coming - Check Your Garage Door and Opener

Thunderstorms Are Coming - Check Your Garage Door and Opener



When was the last time you thought about your garage door or its automatic
opener? Right, thought so. Like any mechanical system, the door and opener need
some periodic, preventative maintenance. If you live in an area of frequent
thunderstorms, a tight, well maintained garage door can also help prevent the
amazingly messy and expensive results of a storm-ruptured door. The Door &
Access Systems Manufacturers Association International has a good
guide to help you inspect and test your complete garage door system. It's a
good idea to make monthly inspection and testing a part of your regular
routine.

Little Silver Real Estate Market...

20 is the minimum number that statisticians consider “statistically significant”, and for small towns like Little Silver it can take several months before we have 20 home sales. As it turns out, as of the end of April, 19 single-family homes had sold in Little Silver, so let’s say that’s close enough to 20 and take a look at how the market is shaping up so far this year.

Parts of Little Silver were hit hard during super storm Sandy, so we may have expected that, as in Rumson, the median sales price would be lower than it was a year ago. Surprisingly, that’s not what happened. In fact, the #1 thing you need to know is that, at the end of 4 months, the median 2013 Little Silver home price was 11% higher than it was for those same 4 months in 2012. The 2^nd thing you need to know is that the average sales price was 17% higher. In most cases the median price is a better number to look at, since it’s not as affected as the average is by one or two very high or very low sales prices (the median is the number where 50% of the sales prices are higher and 50% are lower).

Here are all 8 numbers that you need to know:

Little Silver Home Sales, January 1 – April 30
	2012	2013	Comments
Sales (Demand)	17	19	12% more sales.
Listings (Supply)	43	34	21% fewer listings.
Months’ Supply (Absorption Rate)	8.5	5.9	Demand vs Supply much stronger.
Based on prior 12 months
Average Sale $ (Value)	$490,911	$575,152	17% higher average sales price.
Median Sale $ (Value)	$450,000	$500,000	11% higher median sales price.
Average Listing $	$527,294	$606,963	15% higher listing price.
Avg Sale/List %	93.1%	94.8%	Higher Sale/List %.
Avg Cumulative Days On Market	116	91	Fewer CDOM

If you’re thinking of selling a home in Little Silver, all 8 numbers are good news. In addition to the higher median and average prices, 12% more homes have sold, 21% fewer homes are on the market, the real estate absorption rate decreased from 8.5 months to 5.9 months, the average listing price is 15% higher, homes are selling closer to their asking prices, and they’re selling faster. All of them say you might get a higher price for your home than you would have a year ago. On the other hand, if you’ve been thinking of buying a home in Little Silver, those same numbers aren’t so good, because they’re predicting you’ll have to pay more than you would have a year ago.