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Monmouth and Middlesex Schools Recognized

New Jersey’s state education commissioner Lamont Repollet recognized 11 public schools as Lighthouse Districts.

As part of the state’s effort to keep on top of schools and their students’ educational progress, every year the state sees fit to identify certain school districts as Lighthouse Districts.

Such recognition is based upon the school demonstrating that they have excelled in helping their students achieve distinguishable academic gains.

Such designated schools then share their strategies and successes with the other New Jersey school districts.

Two of the eleven districts singled out were located in Monmouth County and one was in Middlesex County:
Perth Amboy School District (Middlesex County)
Long Branch School District (Monmouth County)
Red Bank Borough School District (Monmouth County)

Bergen and Essex County Sales

Bergen County
Single Family Homes for June
Key Metrics    2018   2019   Change
New Listings  1,334   1,195 – 10.4%
Closed Sales     814     728   – 10.6%
DOM*              52        52        0.0%
Median PX     $515K $513.5K – 0.3%
% of PX        98.4%   98.6%    + 0.2%
Inventory   3,964  3,382   – 14.7%
Months Supply   6.5   5.5     – 15.4%
*Days on Market

Essex County
Single Family Homes for June
Key Metrics      2018     2019    Change
New Listings    778    742    – 4.6%
Closed Sales       567      496     – 12.5%
DOM*                49           45      – 8.2%
Median PX       $472K   $480K    + 1.7%
% PX Rec’d    103%     101.3%   – 1.7%
Inventory        2,004       1,704      – 15.0%
Month Supply   4.9           3.9       – 20.4%
*Days on Market

In New Jersey, Summer’s a Beach

By recent estimates, New Jersey is home to 60 beaches and 141 miles of coastline.  Photo by Anthony DiMaio

Back in the day, before air-conditioning, the Internet and jet travel, New Jersey was a summer destination for many seeking relief from the heat of summer, drawing from New York and Philadelphia.

The Jersey Shore continues to thrive as an artisan hub as well as a party-capital for singles due to its abundance of beaches and boardwalks. Monmouth County saw two of its beaches listed in the top 10, Bradley Beach and Manasquan, with Asbury Park in the top 15.  “The Jersey Shore is lined with over 40 different towns and communities, each with a different character and flavor. Many cater extensively to summer tourists, others are completely full-year residential communities, while some are a mix of both.” [Wikipedia]

Beaches
21 beaches in Monmouth
3 beaches in Middlesex
21 beaches in Ocean
5 beaches in Atlantic
10 beaches in Cape May

In 2018, visitation to New Jersey was up 7.4% from 2017 to 111 million people and  the beaches are the big reason why. Recently the top 10 beaches in New Jersey were listed in an NJ.com article, featuring these locations:

  1. Cape May
  2. Beach Haven
  3. Ocean City
  4. Lavallette
  5. Ship Bottom
  6. Manasquan
  7. Cape May Point
  8. Bradley Beach
  9. Harvey Cedars
  10. Stone Harbor

https://www.nj.com/entertainment/2018/06/ranking_all_the_beaches_in_new_jersey_because_some.html

If you have any questions about this information or title insurance, please contact Ralph Aponte: 732.914.1400.

Counsellors Title Agency, www.counsellorstitle.net, founded in 1996, is one of New Jersey’s most respected title agencies, serving all 21 New Jersey counties with title insurance, clearing title, escrow, tidelands searches, and closing and settlement services for commercial or industrial properties, waterfront properties and marinas, condominiums, townhouses or residential single family homes. Counsellors Title also features its own Attorney Settlement Assistance Program™ [ASAP], which is an individual resource customized to fit the needs specifically of real estate attorneys, including, Documentation, Preparation, Disbursement of Funds, Attendance at Closing, HUD Preparation or Post-Closing Matters.

LET’S CONNECT ONLINE!

Connect with Ralph on Facebook: https://www.facebook.com/CounsellorsTitleAgency/

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Median Sale Hits New Record Part 2

As the median sales price continues to rise, homeowners are staying longer before they move, and inventory remains at critically low levels. There are other factors that are impacting the growth of the industry, such as home seller profits, reduced cash sales and growth of institutional purchases. Here are some of these stats:

Average Home Seller Gains
U.S. homeowners selling in Q2 2019 realized an average home price gain since purchase of $67,500, an average 33.9% return from the original purchase price. The results from Q2 2019 is an increase from an average gain of $57,706 reported in Q1 2019 and is also an improvement from the average gain of $60,100 reported in Q2 2018.

Cash Sales by Percentage Decrease Annually
Domestic all-cash sales represented 25% of all single family and condo sales in Q2 2019, which is down 26.9% of all from sales in Q2 2018 of and from 27.7% of all sales from Q1 2019.

Institutional Investor Sales
The share of institutional investor sales of U.S. single family homes and condos sold (entities buying at least 10 properties in a calendar year) came in at 2.2% in Q2 2019, which is up from 1.9% in Q1 2019 but down from 2.4% in Q2 2019. The annual slow-down might be attributed to the increase in the median sales price. The metro areas with the highest institutional purchases were in Atlanta, Charlotte, and Memphis; reporting 7.9%, 6.7%, and 6.4%, respectively.

Homeowner Tenure
The period of time homeowners remained in the property before selling in Q2 2019 averaged 8.09 years. This was a new high, up 3% from Q1 2019 and up 4% from Q2 2018. The homeownership tenure has nearly doubled from the average of 4.21 years recorded nationwide between Q1 2000 and Q3 2007, but has slowly increased from the Great Recession.

If you have any questions about this information or title insurance, please contact Ralph Aponte: 732.914.1400.

Counsellors Title Agency, www.counsellorstitle.net, founded in 1996, is one of New Jersey’s most respected title agencies, serving all 21 New Jersey counties with title insurance, clearing title, escrow, tidelands searches, and closing and settlement services for commercial or industrial properties, waterfront properties and marinas, condominiums, townhouses or residential single family homes. Counsellors Title also features its own Attorney Settlement Assistance Program™ [ASAP], which is an individual resource customized to fit the needs specifically of real estate attorneys, including, Documentation, Preparation, Disbursement of Funds, Attendance at Closing, HUD Preparation or Post-Closing Matters.

LET’S CONNECT ONLINE!

Connect with Ralph on Facebook: https://www.facebook.com/CounsellorsTitleAgency/

Connect with Ralph on LinkedIn: https://www.linkedin.com/in/ralphaponte/

Gen Z – A Homebuying Profile

The oldest segment of Generation Z [Gen Z] is 24. While Millennials represent the largest segment of today’s homebuyers, this Gen Z niche appears ready to roll. 
Statistically, they comprise a larger size as compared to Millennials. Gen Z was born 1997 and later and represents 90.55 million individuals, whereas Millennials (born 1981-1996) comprise 72.06 million individuals.
Millennials account for about a third of the U.S. homebuying market; Gen Zers represents 27% of the population of homebuyers. It is projected that the Gen Zers will represent the largest U.S. demographic homebuying group of 82 million individuals. According to a Home.com survey, 87% of Gen Zers want to buy a home before the age of 35. This represents a higher percentage as compared with the total U.S. homeownership.
One reason for the strong appetite for homeownership from Gen Z is they have grown up within an economy that has gradually improved over the last 11 years. Gen Z’s perception of economy is more through the prosperity lens.
Other Factors from the Survey
■ 48% of Gen Z buyers are racial and ethnic minorities
■ 58% of the survey respondents said they’d prefer to live in a racially and ethnically diverse neighborhood
■ Gen Zers surveyed were also more likely to be unmarried (either singles or couples)
■ They want to live close to where they work
■ 70% of Gen Zers viewed proximity to work as the top factor affecting their homebuying locations
■ Gen Z homebuyers are also concerned with housing affordability
■ Gen Z homebuyers understand that they will have to save

 

If you have any questions about this information or title insurance, please contact Ralph Aponte: 732.914.1400.

Counsellors Title Agency, www.counsellorstitle.net, founded in 1996, is one of New Jersey’s most respected title agencies, serving all 21 New Jersey counties with title insurance, clearing title, escrow, tidelands searches, and closing and settlement services for commercial or industrial properties, waterfront properties and marinas, condominiums, townhouses or residential single family homes. Counsellors Title also features its own Attorney Settlement Assistance Program™ [ASAP], which is an individual resource customized to fit the needs specifically of real estate attorneys, including, Documentation, Preparation, Disbursement of Funds, Attendance at Closing, HUD Preparation or Post-Closing Matters.

LET’S CONNECT ONLINE!

Connect with Ralph on Facebook: https://www.facebook.com/CounsellorsTitleAgency/

Connect with Ralph on LinkedIn: https://www.linkedin.com/in/ralphaponte/

Understanding Title Insurance

The purchase of a home for many represents the most valuable asset.  

When you are buying the physical structure as well as the land it is built upon, the land is defined by the deed or property title. Such a title involves its legal history, as it is identified in the title. Should there be a problem with the title that was not disclosed or known or resolved prior to the closing, that problem or defect is the buyer’s responsibility.

Title insurance protects against loss resulting from matters affecting the title to real property. The title insurance policy is an agreement to indemnify the insured for any loss sustained as a result of defects in, or liens upon, the title to real property, which were in existence on the date of the title insurance policy, but were not excluded from coverage by the terms of the policy.

When title insurance is purchased, the title company and its agency should have reviewed the prior history of deed before the purchase of the property. The evaluation of the history of the property ensures that nothing in “the chain of title” will result in a loss to the insured. Often, the title search will reveal a defect. Such a defect must “be cured” prior to the policy date or shown as an exception on the policy.

Since 80% of buyers finance their purchases, most lenders require a title insurance policy to be purchased in the lender’s name, called the loan policy. The loan policy is for the lender and terminates once the loan is paid off. Even though the purchaser pays for the policy at the closing, it does not protect the buyer.

The buyer must purchase a separate policy called the owner’s policy to protect themselves from any defect in the title of that property. Such a policy provides the coverage for the buyer not just for the time you own the property, but for as long as you might be liable to any future owner. Title insurance only requires a single one-time premium payment.

Real estate transactions can be complicated and time consuming, and may involve some degree of risk. If you have questions about purchasing property and title insurance, you should seek advice from an attorney.

If you have any questions about this information or title insurance, please contact Ralph Aponte: 732.914.1400.

Counsellors Title Agency, www.counsellorstitle.net, founded in 1996, is one of New Jersey’s most respected title agencies, serving all 21 New Jersey counties with title insurance, clearing title, escrow, tidelands searches, and closing and settlement services for commercial or industrial properties, waterfront properties and marinas, condominiums, townhouses or residential single family homes. Counsellors Title also features its own Attorney Settlement Assistance Program™ [ASAP], which is an individual resource customized to fit the needs specifically of real estate attorneys, including, Documentation, Preparation, Disbursement of Funds, Attendance at Closing, HUD Preparation or Post-Closing Matters.

LET’S CONNECT ONLINE!

Connect with Ralph on Facebook: https://www.facebook.com/CounsellorsTitleAgency/

Connect with Ralph on LinkedIn: https://www.linkedin.com/in/ralphaponte/

Attorney Settlement Assistance Program

Closing Services for Attorneys, Lenders & Realtors 

Counsellors Title Agency understands the demands that real estate transactions can place on attorneys’ already hectic schedule. That is why the Attorney Settlement Assistance Program [ASAP] was created. This program was designed with YOU, the Attorney, and your needs in mind.

Our Real Estate Secretarial Services are able to assist you in every aspect of the sale, purchase, refinance or loan closing process. We will directly communicate with all the parties involved in the transaction and coordinate and obtain all the items necessary to bring the matter to closing.

Our ASAP services can be individually customized to fit your needs. These services include:

  • Documentation Preparation
  • Disbursement of Funds
  • Attendance at Closing
  • HUD Preparation or
  • Post-Closing Matters

These are just some of the many services that we can provide to you.

 
Let us take the burden of Today’s Real Estate Transaction off of your shoulders. Our goal is to provide you and your clients with a smooth, stress-free closing process. Please contact our office to discuss your options and advantages of ASAP.

For more information about the attorney services provided by Counsellors Title please call our home office: 732-914-1400 or email us at info@counsellorstitle.com

June Morris and Middlesex Counties

Morris County
Single Family Homes for June
Key Metrics    2018   2019   Change
New Listings  908   897   – 1.2%
Closed Sales     593     535 – 9.8%
DOM*              49        48     – 2.0%
Median PX     $467K  $489K  + 4.7%
% of PX      98.5%   98.1%   – 0.4%
Inventory     2,448  2,438   – 0.4%
Months Supply 6.0  6.1        + 1.7%
*Days on Market

Middlesex County
Single Family Homes for June
Key Metrics      2018     2019    Change
New Listings    1,020      931    – 8.7%
Closed Sales       542      594      + 9.6%
DOM*                61         59      – 3.3%
Median PX      $335K    $356K    + 6.2%
% PX Rec’d     98.9%     98.5%    – 0.4%
Inventory     2,193       2,163      – 1.4%
Month Supply   4.0         4.1       + 2.5%
*Days on Market

Monmouth and Ocean County Sales

Monmouth County
Single Family Homes for June
Key Metrics    2018   2019   Change
New Listings  1,175   1,047 – 10.9%
Closed Sales     758      725   – 4.4%
DOM*              56        51      – 8.9%
Median PX     $460K  $463K  + 0.6%
% of PX      98.2%   99.0%    – 0.2%
Inventory     3,298  3,093   – 6.2%
Months Supply 5.5  5.4      –  1.8%
*Days on Market

Ocean County
Single Family Homes for June
Key Metrics      2018     2019    Change
New Listings    1,335    1,324    – 0.8%
Closed Sales       824      788     – 4.4%
DOM*                70          69      – 1.4%
Median PX      $305K   $312K    + 2.3%
% PX Rec’d     96.9%     97.3%    + 0.4%
Inventory      4,832       4,362      – 9.7%
Month Supply   7.4          6.2       – 16.2%
*Days on Market

Ocean Grove – A Go To Summer Destination

There are many summer vacation-friendly towns in New Jersey, the Garden State, but surely, Jersey’s most liquid asset are its beaches. With nearly 200 miles of beautiful shoreline, Jersey is a state like no other. One of those town with a rich history of summer solace and surf activities is Ocean Grove, which this year is celebrating its 160th birthday. New Jersey Monthly did a fantastic feature piece on the the town known as “God’s Square Mile.”  Click on the link below or right here!

Exploring Ocean Grove: Where Summer Congregants Maintain a Century-Old Tradition

NJ June Real Estate Sales

June Real Estate Sales

As was widely expected, the Federal Reserve did not change the target range for the federal funds rate – currently set at 2.25 to 2.5 percent – during their June meeting. Although the economy is still performing well due to factors such as low unemployment and solid retail sales, uncertainty remains regarding trade tensions, slowed manufacturing and meek business investments.

• Single Family Closed Sales were down 10.4 percent to 8,115.
• Townhouse-Condo Closed Sales were down 15.5 percent to 2,160.
• Adult Communities Closed Sales were down 5.7 percent to 730.

• Single Family Median Sales Price increased 4.2 percent to $350,000.
• Townhouse-Condo Median Sales Price increased 5.8 percent to $277,500.
• Adult Communities Median Sales Price increased 0.0 percent to $210,000.

In terms of relative balance between buyer and seller interests, residential real estate markets across the country and here in New Jersey are performing well within an economic expansion that will become the longest in U.S. history in July. However, there are signs of a slowing economy. The Federal Reserve considers 2.0 percent a healthy inflation rate, but the U.S. is expected to remain below that this year. The Fed has received pressure from the White House to cut rates in order to spur further economic activity, and the possibility of a rate reduction in 2019 is definitely in play following a string of increases over the last several years.

 

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