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#GreaterPrincetonNJ NJ Real Estate News

NJ Suburbs Growing & Labor Shortage

Hiring struggles are a sign that the labor shortage wasn’t temporary.

It could last for as long as a decade as employers scramble to fill jobs left vacant by retiring baby boomers.

And it leaves younger workers squarely in the driver’s seat.

New Jersey continued its strong job growth in September 2021, adding 21,500 jobs  — 11,900 in the private sector and 9,600 in the public sector, the state Department of Labor and Workforce Development reported Thursday.

New Jersey has recovered 68% of the jobs it lost when the pandemic first hit in March and April of 2020.

The unemployment rate ticked down to 7.1% from 7.2% as more workers reported they were actively searching for jobs, the report found.

These days, workers can be choosy.

Are you thinking of moving in Greater Princeton NJ area or planning to move out ?

Want to buy a house or sell one?

Call me today at 609-915-9665 and I will be glad to discuss your real estate needs.

I am a Realtor with Coldwell Banker and assist buyers and sellers in Princeton, NJ.

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NJ Real Estate News Buying Home

Real Estate Agent News: Real estate bidding wars aren’t going away

Are you looking to buy property in Princeton, NJ area?

I can help you navigate the buying process.

Call me today at 609-915-9665

Summary of the Article

There was also a relationship between bidding war transactions and the use of real estate agents, the study found. “The single biggest implication is …

Article

Frenzy, frustration and disappointment are what home buyers have come to dread about real estate bidding wars.

They’d better get used to it, suggests a new study. It shows that despite some drop-off over the last decade, homes sold through bidding wars have still substantially increased their share of sales over the last two decades.

Culled From

first published: 2015-03-02 18:56:15

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NJ Real Estate News

Winter Weather Causing South Jersey Real Estate Market Lag

The 2014 winter season has been very hard on the real estate market of South Jersey.

Record high levels of snow have forced many prospective buyers to cancel trips to see houses. Though snow hasn’t been the only factor behind the lag. New Jersey’s job growth rate has been below the national average, and mortgage rates have gone up. But it has led to a boom in the rental market, as more prospective buyers are conducting their searches online.

Homeowners looking to sell their home in South Jersey remains optimistic.

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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


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NJ Real Estate News Selling Home

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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NJ Real Estate News

Tax Appeals in NJ on The Rise

The number of tax appeals in New Jersey has increased dramatically in the past five years, according to the taxation division’s data.

Last year, the state logged nearly four times the number of appeals as it did in 2007, hitting its highest mark in almost 20 years. Tax attorneys and municipal officials believe that this year’s appeals may set a new record.

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Mortgage & Financing

Reverse Mortgage in a Nutshell

  • The biggest change is the introduction of a new reverse mortgage, the Home Equity Conversion Mortgage Saver option, or HECM Saver.
  • It has a cheaper upfront mortgage insurance premium, or MIP, compared with the traditional HECM reverse mortgage, now known as the standard option.
  • Mortgage insurance protects lenders from loan losses, though borrowers pay the cost.
  • New options empower seniors to tap smaller amounts of equity in a more affordable way, according to Peter Bell, president of the National Reverse Mortgage Lenders Association. The Washington, D. C. , organization represents lenders and investors. he says.
  • The biggest change is the introduction of a new reverse mortgage, the Home Equity Conversion Mortgage Saver option, or HECM Saver.
  • It has a cheaper upfront mortgage insurance premium, or MIP, compared with the traditional HECM reverse mortgage, now known as the standard option.
  • Another change is that many lenders have reduced or eliminated their origination fees on reverse mortgages, according to Barbara Stucki, vice president of home equity initiatives at the National Council on Aging, a nonprofit service and advocacy group for older Americans, based in Washington, D. C.
  • Borrowers may be tempted by the fixed-rate option, but Susanna Montezemolo, vice president of federal affairs at the Center for Responsible Lending in Washington, D. C. , says the adjustable rate may be a smarter choice because the fixed rate requires that the borrower tap the full amount of equity upfront. she says. s still a loan against the value of a house.
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Selling Home Why Work with Rosy?

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.

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Homes For Sale West Windsor - New Jersey 08550 NJ Real Estate News

West Windsor Getting Greener

WEST WINDSOR “” Mayor Shing-Fu Hsueh updated residents on the environment, he said the township has been working to include sustainability initiatives as part of its master-planning process. He highlighted the recent opening earlier this year of Princeton University’s Princeton Information Technology Center at 701 Carnegie Center as one example of an environmentally sensitive green-building initiative.

Hsueh also said a new company focused on clean-energy research, Princeton Power Systems, opening its offices here is good for both business and for sustainability efforts in the township.

The township also is working with PSE&G, discussing retrofitting the municipal complex with solar power cells and conducting other clean-energy initiatives locally.