From time to time, the housing market undergoes changes that may affect my clients. It’s my responsibility to pass along industry news and keep clients informed. As of April 1, 2013, annual mortgage insurance premiums for most FHA loans will increase by 10 basis points. The increase is one of a series of changes to be issued to allow the agency to better manage risk and further strengthen the health of the MMI Fund, the FHA’s Mutual Mortgage Insurance Fund. Read more
This is news you can’t ignore if you are considering taking on a new mortgage or refinancing in the near future It may not seem to make that much of a difference in the short term but take a closer look and consider how just a 1% rate change changes your mortgage payment for the year and over the life of the loan. Read what our good friend Cathy Haddad, from Atlantic Home Mortgage and Loans, has put together for us explaining what Read more
Interest rates are the lowest they have ever been so if you haven’t refinanced or if you’ve been putting off a home purchase, you might want to seriously consider acting sooner rather than later. My husband, Peter, and I are closing on our refinance today with a rate of 3.125%! Speaking with many in the mortgage industry, they seem to concur that it is unlikely that money will get significantly cheaper to borrow than it is right now. Likewise, If Read more
Data compiled by the Census Bureau has revealed the wealthiest counties in America, and three of the counties listed in the top ten can be found in the northern part of New Jersey. Many factors are involved with determining the wealth of a county, as well as the characteristics that help them to achieve this distinction. Some counties contain Fortune 500 companies, some are popular vacation destinations, and others contain vast amounts of upscale retail space that help to provide Read more
I’ve been in the business since 1983, when the interest rates were about 14% and on their way down. Since that time, I’ve seen fluctuations in home prices, lending practices, mortgage rates and so much more! I don’t remember ever seeing the stars lined up so perfectly for qualified New Jersey buyers. If you are interested in financing a midtown direct home in New Jersey, take note of the following current rates.
Whether you are buying or selling real estate in New Jersey, you can benefit from having an understanding of the local market. The average listed sales price of a Maplewood New Jersey home for the month of August, 2011 was $327,400, with a median sales price of $517,500 for sold Maplewood homes. Housing inventory has decreased in Maplewood when compared with August of 2010, with 144 active listings being reported for the last day of August for Maplewood versus 161 in August of 2010. Read more
Whether you are buying or selling real estate in New Jersey, you can benefit from having an understanding of the local market. The average listed sales price of a Millburn/Short Hills, New Jersey home for the month of August, 2011 was $1,250,000, with a median sales price of $947,926 for sold Millburn/Short Hills homes. Housing inventory has decreased in Millburn/Short Hills when compared with August of 2010, with 94 active listings being reported for the last day of August for Millburn/Short Read more
NJ Home Sellers: Price It Right and Come Out On Top! Buyers: “Days On Market” can help you gauge your offer!
It is well known by NJ Midtown Direct Trainline Town real estate professionals that a well priced home generates tons of interest amongst buyers, and creates demand for that house…. in any market. It actually creates a Seller’s market, even when it’s a Buyer’s market. ( Above info from GSMLS for Summit, Millburn/Short Hills and Chatham NJ sold listings from March 2010 through February 2011) The average list to sale price ratio for Sue Adler Team listings sold over the past 12 months is 99.3%. When Read more
It is hard to believe that half of 2010 has come and gone. Looking at our local statistics for Millburn/Short Hills we see some interesting activity in the first quarter. Inventory was up significantly over 2009 but under contracts seemed to remain the same until March and April when we see a significant jump. Possibly due to the home buyer tax credit. As we have all seen over the past few weeks the market seems to be slowing down a bit Read more
As many predicted, with rates on the rise, pent up demand, and the tax credit deadline approaching, NJ real estate market activity this spring has really picked up along the Midtown Direct Trainline towns, and it has once again become the norm to see multiple offers on homes that are priced well and in great locations The difference is some buyers initially dont believe it. Then once they lose a house or two in a multiple bid situation, and later become the winning Read more