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Housing market shows signs of cooling, which is good news for home buyers

 

Credible Housing market shows signs of cooling iStock 1179026119

 

 

With stagnant home prices and lackluster sales, will the housing market cool off? Home supply may still limit buyers, but low interest rates make it a good time to buy. (iStock)

The housing market typically heats up when warm weather rolls around in spring and summer, but the past year has taught us that nothing is “typical” in real estate.

Spring 2021 is already defying seasonal trends with a slight drop in home sales and a big drop in inventory, according to a report from the real estate company RE/MAX. Between 2015 and 2019, home sales were up from April to May by 53.4% on average. In 2021, home sales actually declined by 0.2% during this time period.

Just like home sales tend to ramp up around springtime, median sale prices typically increase by 3.2%, as well. This year, though, home prices stayed the same for both months at around $320,000. The number of listed homes also decreased by 7.1% at a time when new construction usually floods the market, although the demand for housing hasn’t fallen. 

“The market still tilts mainly toward sellers, but we could be seeing the first signs of a return to more balance after the hottest stretch of sales in years,” Nick Bailey, president of RE/MAX, said in the report. “Ultimately, that would be good for both buyers and sellers.”

Homebuyers can take advantage of the more merciful real estate market while also getting a good deal on a mortgage, thanks to mortgage rates hovering around record lows. If you’re ready to begin your home search, start by shopping for a mortgage. Compare mortgage rates on Credible so you can find the lowest rate for your situation.

30-YEAR MORTGAGE RATES TRENDING BACK DOWN, OTHERS HOLDING STEADY

How to be a competitive buyer in a housing boom

Although home prices and sales are finally leveling out after months of a bullish real estate market, prospective buyers aren’t out of the woods just yet. With limited housing inventory, there will still be a fair amount of competition, so it pays to be prepared before you start shopping for a home.

Here are a few tips for setting yourself apart from other home buyers, so you can submit an offer on the house you really want.

LOW DOWN PAYMENT MORTGAGE OPTIONS FOR FIRST-TIME BUYERS

Come prepared with a preapproval letter

The very first thing that seller’s agents expect from potential homebuyers is a preapproval letter, which proves that you have the funding necessary to purchase a home. Thankfully, getting preapproved for a mortgage is simple, and you can take care of virtually the entire process online. You just need to provide proof of identity, income, and assets to see what kind of mortgage terms and rates you may be eligible for.

You can get preapproved for a mortgage on Credible’s online loan marketplace.

DOES HAVING STUDENT LOANS MAKE IT HARDER TO BUY A HOUSE?

Be flexible with your schedule (and your closing date)

The market’s showing signs of cooling off, but buyers will still face a time crunch during the home shopping process. On average, houses went under contract just 28 days after listing during the month of May, with certain metro areas seeing even shorter timelines.

This means you’ll need to free up your schedule during the home purchase process since homes will be off the market quickly after being listed. When a home that meets your criteria is put on the market, you may need to cancel your plans and schedule a tour that same day.

It also helps to be flexible with your closing date, because this may give the seller a more favorable moving timeline. Something as simple as a flexible closing date may be able to set your offers apart from the rest — without costing you anything extra.

‘NOW IS A GREAT TIME TO BUY’ DESPITE HOUSING BUBBLE FEARS, MORTGAGE BILLIONAIRE SAYS

Look at homes below your spending limit in case you need to offer above asking price

Although home prices were flat between April and May 2021, they have increased 17% since May 2020. The price jumps were even higher in some metro areas with hot housing markets, the report found:

  1. Boise, Idaho: 40.7%
  2. Augusta, Maine: 37.8%
  3. Phoenix, Ariz.: 32.9%
  4. Los Angeles, Calif: 32.0%
  5. Detroit, Mich: 30.2%

Many homes are still selling far above the list price, so it’s worthwhile to look at homes that are below your absolute maximum. You can use a mortgage payment calculator to see how slight fluctuations in loan amount can affect your monthly payments.

Thanks to low mortgage rates and a much-needed break from rising home prices, now is a good time to buy a home. 

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‘A seller’s market’: Here’s where home prices are soaring in NJ even as the pandemic fades – NorthJersey.com

On the hunt for a home last summer, Priscilla Gabela and her husband, Antonio Aluotto, gave up after a month. Bidding wars were everywhere, and the North Arlington couple decided to wait things out, taking a break from September through December.

When they reentered the market early this year, they were in for sticker shock. If prices were too lofty in 2020, this year they zoomed into the stratosphere.

“It’s been crazy,” Gabela said. “We’ve seen a lot of houses priced really high.”

Welcome to the post-pandemic North Jersey real estate market, where price appreciation is the brutal reality even with vaccines spreading, interest rates climbing and more homes going on sale. With demand still high, last year’s “COVID premium” isn’t fading away.

Antonio Aluotto and Prscilla Gabela-Aluotto pose for a photo by their North Arlington home on Friday June 11, 2021.

In Bergen County, the median home sale price in Tenafly jumped 16% this May compared with a year earlier. Hackensack’s rose 19%, and Teaneck saw a whopping 33%, according to data from the state realtors’ association and individual agencies.

Some axioms of North Jersey housing held true: Towns with quaint, walkable downtowns or easy access to NJ Transit fared well — Montclair prices leaped 22%.

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NJ real estate:How hot is NJ’s spring real estate market? Cash offers, bidding wars, forgone inspections

But some of the sharpest increases occurred farther to the west, as the trend toward hybrid and online work schedules encouraged buyers to settle farther from New York. Morris County’s median price surged by $100,000, or 23%, in April, the latest month available. Sussex County soared as well, led by Sparta’s 23% increase.

Sellers are taking advantage of escalating prices and buyers are feverishly absorbing the inventory — it’s still very much a seller’s market,” said Max Stokes, a real estate associate at Christie’s International Real Estate Northern New Jersey in Ho-Ho-Kus.

Hunting for a home

Gabela and Alutto, both 36, have been looking for a four-bedroom, two-bath Colonial under $900,000 in northern Bergen County — Upper Saddle River, Allendale and Wyckoff have been the main hunting grounds.

They’ve stood in long lines at open houses but found that even homes that need work are commanding high prices. One dated property in Allendale was selling for $900,000. While the pandemic’s decline means more houses have hit the market this year as compared with last, there are also more buyers, real estate agents said.

Gabela knows they will pay more for the same house now after putting their search on hold. But she also expects to get more for her North Arlington home, which she plans to list at $430,000 once the couple buy a property. An agent priced the home at $350,000 last year, based on an analysis of similar homes.

“It’s a wash,” Gabela said.

NJ housing guide:Everything to know if you’re looking to buy or sell a home in North Jersey

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Median sales prices jumped 14% in Bergen County this April, compared with a year earlier; 19% in Passaic County and 21% in Essex.

The market faces a major test in the coming months, as companies start asking employees to return to work, said Stokes, the Ho-Ho-Kus real estate agent. For now, Bergen County homes continue to sell quickly, with competition at every price point, he said.

Although the market ground to a halt when the pandemic erupted in March 2020, it recovered quickly with a momentum that has carried through into this year. Statewide, home sales were up 20% for January through April, compared with the same period in 2020. New Jersey’s median home price rose from $335,000 to $407,000, up 21.5%.

The market’s new reality is “multiple offers, shorter days on the market, more cash deals and higher prices,” said Noemi Morales Barile of Coldwell Banker Realty in Alpine and Closter. Buyers are waiving inspections; bidding wars are common.

“I’ve seen $400,000 homes sell for $75,000 over asking price; I’ve seen $3 million homes sell for almost a million over asking price,” added Greg Rice, a Coldwell Banker agent in Spring Lake, in Monmouth County.

More space for your money

The virus pushed city dwellers to seek out more space in the suburbs, and buyers have been looking for more value by heading west, said Jeff Fellers, a real estate associate at KL Sotheby’s International Realty in Mendham. Towns in Morris County offer more room for the dollar, and with remote and hybrid working models an option, an extra 15 minutes for the commute doesn’t seem so bad two to three times a week, he said.

Towns with strong downtowns and direct train access to the city have been fairing well, a result of city dwellers moving out, said Rich Stanton of Stanton Company in Montclair.

Buyers also like the small-town, walkable charm of Morris County towns like Denville, said Ilene Horowitz, a real estate agent at Coldwell Banker Mountain Lakes.

Lake communities such as White Meadow Lake in Rockaway Township are also seeing more demand from transplants like Meredith and Nick Huddy, who bought into the neighborhood in April. They were moving from Arlington, Virginia, with a new baby in March and found that homes were selling as soon as they were listed.

So Meredith, 32, leaped into action when she saw a three-bedroom Colonial with a two-car garage that she liked online. The family drove to New Jersey the next day for a viewing and immediately made an offer. Competition was fierce: The Huddys had to bid $21,000 over the $439,000 price.

“It was the first house we saw, and we knew we had to make the move right now,” Meredith said. “We knew the market was hot. We didn’t know how crazy it was.”

Mary Chao 趙 慶 華 covers the Asian community and real estate for NorthJersey.com. To get unlimited access to the latest news out of North Jersey, please subscribe or activate your digital account today.

Email: mchao@northjersey.com

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2021 Princeton New Jersey Real Estate Market

Looking to Buy or Sell a Property in Princeton, New Jersey ?

According to Zillow’s 2021 housing market predictions, annual home sales growth will be the highest in 40 years in the United States at an estimated 21.9%. Home buyers flock to homes unequally, converging upon the most attractive ones, and in a thicker market that means this subset of homes draws far more buyers than before.

zillow

The 2020 real estate market in New Jersey was unlike anything seen before, according to the New Jersey REALTORS organization. The median sales price for homes rose 14% last year, and New Jersey REALTORS expects the market to continue to show strength in 2021.

NJ Realtors Association

The pandemic has had a big impact on the real estate landscape in New Jersey, upending the market as buyers eager to get out of the city look for houses with more space.

Millenials

In particular, millennials are looking for first homes or trading up in housing size due to their desire to leave the major cities and find space for growing families. (A market grows “thicker” when it has more participants on both sides, while holding their proportion fixed.) The experience of heightened competition around those homes affects perceptions.

Higher Sales Prices

And when that culminates in higher sales prices, those sales serve as “comparables,” which inform asking prices on subsequent listings , lifting housing prices more quickly. At first, the pandemic slowed the housing market, but then it took off. What started off as a bright year for the housing market and the economy was soon derailed by a global pandemic and severe economic recession.

Impact of Pandemic

A larger trend in the face of the pandemic is that people will be moving from higher density living to lower density areas, for example from Manhattan to the suburbs, and Healey expects that trend to continue for the foreseeable future. And in terms of COVID, people really want their own space.

The pool of potential homebuyers has increased, in part due to the pandemic. But perhaps the most important factor is the sheer rise in volume of buyers. Adding more buyers and sellers can generate frenzy all on its own, even without altering their balance.

And that would be a welcome development in a city where only 22 percent of households are homeowners. Home prices were soaring in the surrounding suburbs, with stories of lines around the block for open houses and bidding wars.

As the pandemic has made suburban living more attractive to many city dwellers, home prices and sales volume have risen over the past year, according to the multiple listing service. A year ago, there was so much uncertainty surrounding the pandemic and politics, which made real estate somewhat of a gamble, at least in hard-hit New York City.

One of the big winners has been the housing market, which saw home sales and prices hit decade-plus highs following decade lows in the span of just a few months. Because of the activity and the rising prices, it’s a great time to sell, but where would they go,” she said. Prices jumped 10 percent over the same period, to a median of $700,000.

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NJ housing guide: Everything to know if you’re looking to buy or sell a home in North Jersey – NorthJersey.com

It’s been a wild year in the real estate market. The coronavirus changed what buyers are looking for, with many of us shifting to work from home.

The demand for space supercharged North Jersey housing sales as people flocked from cramped city apartments to the (relatively) wide-open ‘burbs. Low interest rates and low inventory – who wants strangers walking through your home in a pandemic? – added to the frenzy.

It’s a seller’s market, with open houses mobbed and bidding wars in full force. Homeowners can count on multiple offers, with cash buyers waiting in the wings.

With vaccinations in place and the world reopening, more homes are expected to come on the market for sale. Yet there is still a pent up demand, with competition fierce for properties in good condition.

To keep you up to date, here’s a compilation of our recent real estate coverage. It’ll be updated throughout the summer, as the market is ever changing.

What to know if you’re buying or selling

Where home prices are soaring: Market data shows some of the biggest increases in western areas like Morris and Sussex counties. With remote offices and hybrid work schedules more of an option, a longer commute is no longer a turnoff for some buyers.

Looking to buy a house? North Jersey may soon see more properties on the market. The lifting of pandemic restrictions means sellers are more comfortable with listing their homes. This subscriber-only story follows one couple who were finally enticed to sell – with a starting price of almost $1 million.

Tales of the spring real estate frenzy: Cash offers, bidding wars, foregone inspections. When it comes to winning a bidding war, cash is king. “There’s no room for negotiations,” one shopper told us. “You have to be willing to pull the trigger right away.”

Buyers are wooing sellers with ‘love letters.’ But are they legal? Realtors are taking a closer look at the practice, worried that the missives will convince owners to sell to people like them – and run afoul of fair housing laws.

What does $600k gets you in North Jersey’s overheated real estate market? Our reporter shopped four counties to find out. I was a buyer too! Here’s what worked for me.

Bidding $130k over asking: Why the housing market is red hot in 2021. A tiny home in Parsippany received 31 offers. Here’s a subscriber-only look at factors driving the demand.

Housing trends

This Alpine mansion at $3.7 million showcases a real estate market for the rich. Big is back in vogue. The pandemic has prompted would-be home buyers to seek luxurious details in their abodes if they have the means. This story is for subscribers.

How the pandemic could change the direction of housing development in North Jersey. A tour for subscribers though the post-pandemic condo and apartment market, where builders are offering bigger units, shared workspace, touchless entries and other perks. This story is for subscribers.

Why these 10 towns are the hottest in NJ. These were the most popular towns for home sales in New Jersey last year. The list may surprise you.

Living and renovating

In the New York suburbs, “home for the holidays” took on a new meaning for a new crop of arrivals.  As the coronavirus took hold, families asked themselves: Is it time to flee to the suburbs or somewhere even more remote? This story is for subscribers.

Want a hot tub? You’ll have to wait, say NJ retailers slammed by demand. Hot tub and pool sales soared as owners stuck at home looked for new diversions.

Why retro pink bathrooms are popular in North Jersey. More than 70 years after pink bathrooms appeared on the scene, they are in vogue again. And North Jersey has plenty of them.

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N.J. real estate: Which towns will be the hottest as the spring market skyrockets? – NJ.com

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The pandemic has had a big impact on the real estate landscape in New Jersey, upending the market as buyers eager to get out of the city look for houses with more space.

Demand strongly outpaced supply last spring, and homebuyers had to deal with bidding wars that went tens of thousands of dollars over the asking price. Or they lost a home that was snapped up by a faster or more qualified buyer.

As the spring real estate season nears, New Jersey is braced for more unusual trends for buyers and sellers.

“The spring 2021 market is expected to be very busy and active, and similar to 2020 in that buyer demand is still very high, inventory is very low and home loan interest rates are exceedingly low,” said Katie Severance, a Realtor with Brown Harris Stevens in Montclair.

Severance, who is also the author of “The Brilliant Home Buyer: 101 Tips for Buying a Home in the New Economy,” shared her tips and her forecast for the spring and summer, which towns are hot right now and what COVID will mean for the market in the months to come.

Q: We saw huge demand and little supply as people wanted to get out of cities or move to less crowded areas to have more space because of COVID. What will the spring look like? Has the trend changed through the winter?

KS: It appears that the spring market 2021 — February through June — will have at least the same level of demand as last year and possibly even higher demand. Buyers are still leaving the city. And there continues to be very little inventory on the market; especially right now due to both winter and COVID, and perhaps even due to the uncertainty that always comes with a change in presidential administrations. Add to that the fact that interest rates remain shockingly low. So right now, correctly priced homes on the market are selling very swiftly — and many of them in bidding wars. And that will continue for at least the next several months.

Q: With COVID, lots of people have purchased homes sight unseen, or just on video. What should people do in these situations?

KS: It is not recommended to buy any home sight unseen but if it must be done, walk through it virtually via FaceTime with your Realtor. Don’t rely on a pre-produced video. They are produced to show only the best parts of the home.

Or send a trusted friend or family member to see the house for you. And send a trusted friend, family member, or better yet, a contractor, on the inspection.

Get a copy of the Seller’s Disclosure form if the seller has filled one out. New Jersey is one of the states that does not require it, but many sellers fill one out anyway. This gives the buyer an idea of what parts of the home may have past or present problems or material defects.

Evaluate as many comparable homes or “comps” online with the help of a Realtor to try and establish value and the right amount to offer — without overpaying.

Q: Have you been seeing bidding wars or a lot of offers on homes like we saw in the late spring and summer last year?

KS: The first month of 2021 has already seen many bidding wars, some of them abnormally frothy. For example, recently there have been a couple of houses in Bloomfield that had 29 and 49 offers respectively. Most of these competitive situations occur around homes listed under $1 million, and particularly with entry-level homes.

The current luxury market is more finicky and has been since the fall of 2016. Offers on those homes depend heavily on whether or not the house is priced well. The luxury market is very price-sensitive. While some are selling, many of these higher-end homes are sitting on the market with no offers. With medium- or entry-level homes, there are so many buyers that the pricing process is not nearly as sensitive.

Q: If the supply/demand imbalance continues, how can buyers make their offers attractive and how is it different from “normal” times?

KS: In any type of competitive real estate market — COVID or otherwise — there are always two ways to improve your offer: through price or terms. Price is self-explanatory. But there are many terms in a purchase offer including:

  • Closing when the seller wishes to close;
  • Being pre-approved for a mortgage;
  • Putting down a large deposit (20% is standard but more is better);
  • Not having to sell another property in order to buy this one;
  • Modifying the inspection contingency by offering an “inspection cap”;
  • Modifying the appraisal contingency by offering an appraisal “floor”;
  • Allowing the seller to stay in the house for a short term beyond closing or extending the closing period. Note that this may affect the buyer’s loan lock-in rate, causing it to expire.

Q: Should sellers wait until spring or summer if they have a flexible time horizon?

KS: A lot of sellers are waiting for the COVID curve to flatten and also for winter to be over to list their homes. This may be a mistake because a listing will really stand out on the Multiple Listing Service (MLS) right now and get a lot of attention from buyers due to low inventory. We are getting bidding wars right now, and come April and May, there will be much more competition among sellers when everyone who is thinking of selling will list their homes.

A seller will still do well enough in April and May because demand will still be there, but there will be lots more houses to compete with. So there is a very strong supply and demand argument for listing right now and getting a potentially better sale price.

Also, the buyers who are looking and making offers right now, despite COVID, are all business. If they are out and looking, they are focused and serious buyers.

Q: What are the hottest markets in New Jersey right now, and why? And will they continue to sizzle?

KS: Pretty much any town with a train line to New York City is going to be included among the hottest markets. These towns are known to be “the last ones into a market correction and first ones out of it.” Historically, this is because trains connect people to jobs.

But a newer reason is that home buyers have evolved in terms of seeking a lifestyle or a living experience. They want quality of life in their outdoor amenities and fast access to nearby metro hubs for dining, shopping and entertainment, as well as their commute. Most of them will not tolerate a commute that is more than 90 minutes door-to-door. That means a train ride under one hour, so towns with Midtown Direct service under one hour are the hottest of all.

Among the perennially popular communities with Midtown Direct train service under one hour are: Chatham, Summit, Millburn, Montclair, Glen Ridge, Bloomfield, South Orange, Maplewood, Princeton, Westfield/Cranford, Hoboken, Jersey City and Rutherford/Secaucus/Clifton.

Also, towns with walkable shopping villages are very popular. Good schools are always a plus, but alone, that’s not enough. They want the experience and the good commute and they are willing to pay for it. Second homes excluded from this.

These factors are unlikely to change much even though COVID has caused people to spread out even further from New York City. And having the freedom to work remotely from home.

But, that could be a temporary dynamic. People will return to commuting to New York City at some point, if not immediately for full-time at-office work, then certainly for shopping, dining and entertainment.

Towns where rural-meets-town or are “sparse suburban” are also popular. Hillsborough in Somerset County has lots of protected land and outdoor activities, yet still has shopping and dining, plus near-by Princeton and Bridgewater. Clinton in Hunterdon County has beautiful land and outdoor recreation — room to breathe yet access to major highways. Medford has a charming Main Street.

Washington Township in Gloucester County is one of the fastest growing communities in the state. Their motto is “Where preservation meets progress.” It’s also only 20 minutes to Philadelphia. Stratford in Camden County is half hour to Philadelphia and growing fast in popularity. Bridgewater in Somerset County has loads of retail and dining plus a central location in the state. Access to everything.

Jersey Shore towns are still getting even more popular. Stone Harbor in Cape May County has big, wide, beautiful beaches, protected ecosystems, restaurants, hotels and shopping. Ocean Grove in Monmouth County has a charming town center and arts. Manasquan and Belmar, also in Monmouth County, have loads of restaurants and shopping, with great beaches.

Communities with revitalized downtown districts surrounded by rural/sparse suburban areas like Somerville in Somerset County and Haddonfield in Camden, only 15 miles to Philadelphia, are also popular.

Lake homes are also hot, like Lake Mohawk/Sparta in Sussex County. There are several lake communities in Sparta but Lake Mohawk is most well-known and most charming and historic. Getting very hot.

Q: What about rental prices through COVID? We saw rents drop in New York City. Are there trends in New Jersey and where do you expect that to be in the spring/summer?

KS: Rents in New Jersey are sort of on an even keel. Many rentals are going quite quickly but there is definitely still inventory to choose from. New Jersey rentals are faring far better than New York City but I wouldn’t say it’s on fire.

The rental market would be even stronger in New Jersey if it weren’t such a favorable time to buy in terms of interest rates). Even with prices up, the lending climate makes buying very attractive and makes rentals less attractive. And in terms of COVID, people really want their own space. They don’t want communal living if they can avoid it.

Q: What about Jersey Shore rentals for the summer?

KS: Summer rentals at the Jersey Shore are booking up super fast. People have cabin fever and are making summer plans and getting excited to get out of the house, have fun, and for a hopeful return to normal — or near normal. I spoke with one New Jersey Shore-based landlord who owns multiple rentals in the Point Pleasant area who was 60% booked by Christmas Eve. I think by now he is probably 100% booked.

Q: With many shops closed and many businesses having people work at home, how has commercial real estate fared? What will happen to commercial leases and rent going forward?

KS: We will see commercial real estate suffer more in the urban areas than in the suburban areas. The suburban consumer is still utilizing local business to a greater degree than urban.

Urban commercial real estate businesses obviously rely on the millions of people coming into the city every day to work, dine, shop and for entertainment — and they are not coming.

So we can expect to see a greater increase in both vacancies and business failures in urban locales.

This will result in increased supply which will then result in incentive packages for tenants, such as free months of rent, rent deferrals and even rent abatement.

Commercial landlords in all locations with the best incentive packages will win in terms of finding and keeping tenants.

Q: Are there opportunities for investors?

KS: Oh yes, especially in commercial real estate. But there are also opportunities in residential real estate.

There are plenty of homes that need work or are full-blown fixer uppers. Buyers today are less willing than ever before to take on “work” — more than maybe an old bathroom. It’s not that they cannot afford it. They can. It’s that they are so busy. So many are dual income families with children. They simply don’t have the time or the interest to do work. That is why they are willing to pay a premium for upgraded move-in ready homes.

Therefore, any buyer who is willing to do work is going to get a deal. These buyers avoid paying the premium for someone else’s upgrade and therefore pay less for both the house and the work they choose to do. And they make those upgrades themselves to their precise specifications and taste.

Flipping is another opportunity but that takes a high level of knowledge and expertise, and it depends largely on the market continuing to go up while the renovations are being done. This is why flips are done fast — because a successful flipper only wants to sell the property in the same or better market in which he or she purchased it. If the market drops suddenly in the middle of a renovation, the results can be disastrous.

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Princeton’s Housing Master Plan News

The Greater Princeton Area housing continues to expand.

The Regional Planning Board of Princeton approved the site plan on April 12. In June, work at the approximately 16-acre site will begin with environmental abatement and will continue through the summer and fall with the razing of the two existing buildings. The complex is expected to be completed in summer 2014 and to house up to 715 residents in 329 units.

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Among the community’s specific elements will be:

  • 74 townhome units featuring open-concept layouts, including three-bedroom, three-bathroom units, and four-bedroom, three-bath units in buildings that will be two and three stories tall;
  • 255 apartment units featuring open-concept layouts, including one-bedroom, one-bath units; two-bedroom, two-bath units; and three-bedroom, three-bath units, in buildings four and five stories tall;
  • a “commons” area with a fitness center, social lounge with a television, a computer cluster with a printer, a children’s playroom and a multifunction room;
  • outdoor common areas, including a patio for barbecuing, a basketball court and a volleyball court; and
  • a parking garage with 504 spots (408 for Lakeside residents and the others to be allocated by the University’s Transportation and Parking Services) that is served by the University’s TigerTransit shuttle service.

You can call Rosy at 609-915-9665 Today to learn more about living in Princeton and surrounding communities.

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Short Summary on Short Sales

freddie fannieThere are new rules and federal guidelines on short sales in New Jersey.  Basically:

  • If your loan is owned or securitized by either of the dominant conventional mortgage market players — Fannie Mae or Freddie Mac — you can expect a response within 30 business days, with a final decision taking no more than 60 days. t hear back during the first 30 days, the bank will be required to send you weekly updates telling you precisely where the holdups are and when they are likely to be resolved.
  • The mandatory timelines, which real estate and mortgage industry experts say should help speed up what traditionally has been a glacial process, are being imposed by the Federal Housing Finance Agency, the regulatory overseer of Fannie and Freddie in conservatorship.
  • Short sales, in which the lender or loan servicer agrees to accept less than the full amount owed by the borrower, represent an important alternative to foreclosure.
  • Although short sales can be complex and messy, and can take anywhere from several months to more than a year to complete, they are turning into a mainstay of the real estate market.
  • According to a report from the foreclosure data firm RealtyTrac, short sales jumped 33% in January compared with the same month the year before.
  • In 12 states — including California, Arizona, Colorado, Florida, New York and New Jersey — there were more short sales recorded during January than sales of foreclosed properties.
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Selling is All About Upgrades

Upgrades & Uprovements!

The home improvement projects with the highest price increases to a home’s resale value are updating the kitchen ($1,200 cost / $2,850 price increase).

The next best ROI is painting the outside of the home ($900 cost / $1,815 price increase).

Home staging ($300 cost / $1,780 price increase).

Contact Rosy today at 609-915-9665 to discuss this and other options!

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Selling Home Why Work with Rosy?

Long Process of Short Sale

Short sales (when houses sell for less than the mortgages owed on them) can be anything but short.   Unless they work with highly skilled agents, buyers and sellers can get frustrated if the process is protracted, which may lead to the deals simply getting abandoned.

Working with a skilled realtor can save a lot of headache.

Rosy can help you with your Real Estate needs in Mercer, Middlesex and Somerset counties of New Jersey.