News involving the real estate market of Princeton, New Jersey.
Although prices are down, the number of sales rose during the quarter, boosted by the first-time buyers’ tax credit.
Sales of condos, coops and single-family homes rose 5.9 percent nationwide, to an annual rate of 5.3 million.
In New Jersey, the number of sales rose 8.5 percent, to an annual rate of 122,800. Both rates are still well below the 180,000-plus clocked during the peak of the housing boom in 2004-2005
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.
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
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.
Among the community’s specific elements will be:
PRINCETON, N.J. — Freeman Dyson, 91, the famed physicist, author and oracle of human destiny, is holding forth after tea-time one February afternoon in the common room of the Institute for Advanced Study.
first published: 2015-02-19 20:04:34[otw_is sidebar=otw-sidebar-9]
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.
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.
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.
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.
The Princeton Town Council on June 14, 2021 voted for two ordinances adopting redevelopment plans for affordable housing designating the Princeton Shopping Center and adjacent parcels in need of redevelopment as the Harrison Terhune Redevelopment Area.
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:
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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