Categories
Buying Home Mercer County NJ NJ Real Estate News

Mercer County has Low unemployment rate – Princeton Home Values Increase

Mercer County has Low Unemployment Rate

The unemployment rate in Mercer County is 5.3 percent, nearly three points under the New Jersey rate of 8.4 percent and lower than the latest national numbers showing a 6.7 percent unemployment rate.

Princeton Area Home Values Increase

Princeton saw the average home sell at $933,122 – a $76,254 increase from 2012’s average. Hopewell Borough also saw a sharp increase, from an average of $356,774 in 2012 to $413,944 last year, and in Pennington Borough, the average sales price rose from $414,453 in 2012 to $471,851 last year. Montgomery and Lawrence townships last year, annual unit sales were up in both municipalities, rising from 230 in 2012 to 295 last year and from 237 to 323, respectively.  West Windsor, Plainsboro and Cranbury also saw a modest rise in average sales price and a jump in annual unit sales from 554 to 638.

Categories
Buying Home Mortgage & Financing NJ Real Estate News

Record High Housing Affordability Index

According to National Association of Realtors:

  • According to Housing affordability conditions have reached the highest since recordkeeping in 1970.
  • NAR’s Housing Affordability  rose to a record high 206. 1 in January 2012, based on the relationship between median home price, median family income and average mortgage interest rate.
  • The higher the index, the greater the household purchasing power.
  • An index of 100 is defined as the point where a median-income household has exactly enough income to qualify for the purchase of a median-priced existing single-family home.  (20% down payment and 25% of gross income devoted to mortgage principal and interest payments).
  • For first-time buyers making small down payments, the affordability levels are relatively lower.
  • Latest data underscores buyer opportunities in today’s market. 
  • Good news for buyers who can qualify for a mortgage.
  • NAR projects the affordability index for all of 2012 will be at an annual high, with little movement in mortgage interest rates or home prices during the year.
  • Housing inventory levels have declined.
  • When the access to credit improves, there will be stabilization in home prices.

 

Ask Rosy at 609-915-9665 how first-time buyers making small down payments can buy homes in Mercer, Middlesex or Mercer Counties of New Jersey.

Categories
NJ Real Estate News

Lawrence Commons Uplifts Lawrenceville

Mercer County Property Value Enhancer Project

By 2014 or so, y0u will not be able to recognize the 900-foot section of Route 1 in Lawrenceville, New Jersey.  From Bakers Basin Road to the Ford Lincoln dealership farther south, it is proposed to raze all of the buildings along Route 1 and bring in a Wawa gas station and convenience store, a McDonald’s restaurant and a TD Bank.  And yes, Mrs. Gs will get a face lift in new retail section just as well!

The McDonald’s and Wawa gas station-convenience store would face Route 1, along with a new freestanding retail strip center locating Mrs. G store. The TD Bank would front Bakers Basin Road.

 

April 30, 2012


View Larger Map