Happy Thanksgiving To Our Friends

From all of us at Counsellors Title Agency!!
All of us at Counsellors Title Agency want to wish you a very Happy Thanksgiving!

Remaining Fort Monmouth Property Sold

According to the website NJBiz.com, it was announced that the Fort Monmouth Economic Revitalization Authority [FMERA] announced that it has purchased the remaining 560 acres of Fort Monmouth tracts held by the U.S. Army.
The property was purchased for a single payment of $33 million.
FMERA’s redevelopment is already underway and is looking to attract investments and employment opportunities to the region, which was significantly impacted by the closure of the fort back in September 2011.
FMERA will be working with the county freeholders and the mayors of the three boroughs to foster the new development options that will bring employment and commerce back.
The funding for the second phase of this purchase came from two series of notes issued by the Monmouth County Improvement Authority.
The former post is surrounded by the communities of Eatontown, Tinton Falls and Oceanport, New Jersey and covers nearly 1,126 acres of land.
At this point, Commvault, a global cloud company, was the first company to locate itself on the property grounds and has invested over $100 million to complete Phase I of its world headquarters, where it currently employs more than 900 people.
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.

NJ Single Family Homes Up 8 Percent

NJ Realtor Stats October 2016
Market predictions have been, in a word, predictable. A relatively comfortable pace of activity has been maintained thanks to continuing low unemployment and mortgage rates. The one basic drag on market acceleration has been inventory decline. There is little to indicate that the low inventory situation will resolve anytime soon.
• Single Family Closed Sales were up 8.1 percent to 6,218 from October 2015.
• Townhouse-Condo Closed Sales were down 2.3 percent to 1,842 from October 2015.
• Adult Communities Closed Sales were down 1.7 percent to 676 from October 2015.
• Single Family Median Sales Price increased 1.5 percent to $299,000 from October 2015.
• Townhouse-Condo Median Sales Price increased 3.0 percent to $254,950 from October 2015.
• Adult Communities Median Sales Price increased 6.5 percent to $180,000 from October 2015.
Builder confidence is as high as it has been in more than a decade, yet the pace of economic growth has been slow enough to cause pause. A low number of first-time buyer purchases and a looming demographic shift also seem to be curbing the desire to start new single-family construction projects. As older Americans retire and downsize, single-family listings are expected to rise. The waiting is the hardest part.

October 2016 NJ Stats For Ocean And Monmouth

Ocean County
Single Family 2015 2016 Change
New Listings 990 920 -7.1%
Closed Sales 601 619 +3.0%
Days on Market 96 95 -1.0%
Median Sales Price $270K $287K +6.3%
% of Price Recvd 95.3% 96.2 +0.9%
Inventory 5,424 4,463 -17.7%
Months of Supply 11.0 7.3 -33%
Monmouth County
Single Family 2015 2016 Change
New Listings 855 829 -3.0%
Closed Sales 505 535 +5.9%
Days on Market 83 71 -14.5%
Median Sales Price $370K $400K +8.1%
% of Price Recvd 95.7% 96.2 +0.5%
Inventory 4,050 3,222 -20.4%
Months of Supply 8.6 6.0 -30.2%

Big Real Estate Trends For 2017

Home prices are projected to continue to rise nationally at the low-end of 3.5% in 2017 according to many of the industry analytic groups.
This compares with the 5.5% increase reported by the recent S&P CoreLogic Case-Shiller Index from what was reported in September of 2015.
+ The September S&P Case-Schiller CoreLogic report is up from the 5.1% annual gain in August.
+ The index has now surpassed its previous peak of July 2006.
+ The nation’s 20 largest cities reported an average 5.1% annual gain, unchanged from August.
+ The report notes that in the new post-recession peaks, those areas that experienced the biggest booms were: Miami, Tampa, Phoenix and Las Vegas – remained well below their all-time highs.
Seattle prices jumped 11.0% year-over-year, followed by Portland with 10.9%, and Denver with an 8.7% increase, and 12 cities reported greater price increases in the year ending September 2016 versus the year ending August 2016.
These positive trends are also confirmed by the Zillow Home Value Index, which shows home values nationally up over 6% year-over-year. The competition for homes is so strong that less than half of buyers get the first home they make an offer on, according to the Zillow report.
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.

Inventory Location Inventory

The saying used to go, “Location. Location. Location.” Now with shrinking inventory continuing to play a significant role in these upward trends, it will probably be restated to be, “Inventory. Location. Inventory.”
According to the Zillow Report, “It’s common for sellers to receive multiple bids, and in the hottest markets, sell for over asking price, but these conditions will change in the future.”
According to Zillow, among the nation’s largest metropolitan housing markets, Boston, Indianapolis and Kansas City showed the biggest drop in inventory. In Boston there are 26% fewer homes for sale than there were a year ago, and 24% fewer in Indianapolis.
The average price per-square-foot in metro areas has risen 52% over the past five years but it has jumped 76% in the urban cores, according to Redfin.
Buyers Can Expect to Update
More than half of homeowners who bought in the past year got a place that needed at least some updates, according to a recent Zillow survey.
Slower Won’t Change the Trend
Along with the scarcity of inventory contributing to a temporary slowdown is the rise in mortgage rates.
This compounded with the traditionally slower winter season, sellers and buyers can expect to see less up-ticks in activity than have recently been the case. Redfin reported that the number of home tours fell 3.7% from September, and the number of customers writing offers on homes fell 5.9%.
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.

The Next 4 Months In New Jersey Real Estate

A closer look at the numbers will reveal a real breakdown in activity in the market for the state. Such historical data should be factored into any decision to sell or buy a home in New Jersey during the months of December to May 2017.
Back in November of 2015, the average price received for:
Single Family: $295K
Townhouse/Condo: $245K
Senior Housing: $175K
By February of 2016, the average price received for:
Single Family: $264K
Townhouse/Condo: $233K
Senior Housing: $150K
The average price did not fully recover until May of 2015 as seen by these figures::
Single Family: $305K
Townhouse/Condo: $255K
Senior Housing: $182K
Based upon the figures provided by New Jersey Realtor, the best month to sell a home is during the month of August, which in 2016 came in at:
Single Family: $332.5K
Townhouse/Condo: $255K
Senior Housing: $185K*
*In the case of senior housing, the best month for the last 12 months was July, which came in at $195K.
Best Months to Sell
Avg Days on Market
May 2016 80
June 2016 73
July 2016 70
August 2016 73
This information has been provided by New Jersey Realtor.
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.

Counsellors Title Triple Play Booth 912

Counsellors Title Agency will be attending Triple Play in Atlantic City December 6-7th.
Please be sure to stop by to say hello at the Counsellors Booth 912.
The Triple Play REALTOR® Convention and Trade Expo, presented by the New Jersey, New York State and Pennsylvania associations of REALTORS®, is the premier event for the real estate industry in the tri-state area.

NOVEMBER Projected Results 2016

According to the National Association of Realtors:
Projected home sales rose from 5.3 million to 5.5 million
Median home price fell to $234,000 $240,000 from last month
Median home price rose to $234,000 from $222,000 in 2015
Freddie Mac Fixed 30 year mortgage is up from 3.48% to 3.51%

Homebuiding In New Jersey

The fact remains that inventory of homes for sale continues to erode and homebuilders are still unwilling or unable to keep pace. Recently it was reported that homebuilder permits fell 19% to 1,594 in October from September 2016, according to CohnReznick.
The number of 2016 approvals through October was also down 17% from the first 10 months of 2015. This is creating a scarcity mentality among house hunters and agents. According to New Jersey Realtor, the average price received by a seller is 96.9% average statewide, and for Monmouth and Ocean counties is the same: 96.2%.
Other Stats
+ The report found that 47.4% of October’s permits were for multifamily projects.
+ Contributing factors for the decline were “limited inventory due to stagnant pricing,” and longer permitting reviews slowing approvals.
+ Since July 2015, monthly changes in permits have alternated between gains and declines, the report said, with nine months up and seven months down.
Lock in Loan
§ Buying a home will cost on average $900 more next year based on anticipated jumps in mortgage rates.
§ 2016 mortgage rates aren’t expected to last and average rates could rise as much as half a percent in the next few months.
§ What might that mean in terms of dollars and cents? It would translate into $864 in annual payments on a $250,000 mortgage should rates jump to 4.2% from the 3.7% average on 30-year fixed loans in November.
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.

Turnaround In Cumberland County PT 1

The median sales price of a single family home in Cumberland County, New Jersey has ranged from $150,000 in October 2011 to $118,000 as recently as October 2015.
As of October 2016, the average price of a single family home has increased 13.5% to $134,500.
What is even more impressive is how the inventory of single family homes has plummeted from a high of 21.2 months for October 2011 to 8.9 months for October 2016, a 58% reduction in the number of single family homes on the market, according to New Jersey Realtor.
Cumberland’s affordability appears to stand out to the local residents of southern New Jersey, attracting approximately 1,500 residents between 2010 and 2014. (New Jersey Realtor & U.S. Census Bureau)
The real estate metrics and census numbers appear to be bearing-out the idea that Cumberland County is a value proposition as far as bang for the real estate dollar.
Many of the new residents came from Atlantic, Burlington, Camden and Cape May counties.
The census numbers also show that there is a reverse trend taking place in Atlantic, Cape May and Ocean counties.

Turnaround In Cumberland County PT 2

The great migration is most likely the result of the weakness of the Atlantic County economy and closure of four casinos in Atlantic City.
U.S. Census figures put the median monthly gross rent in Cumberland County at $978, which is less than the rents in Atlantic, Cape May and Cumberland counties and the state.
The value that may be also attracting migrants to Cumberland County is the lower cost for a home. New Jersey Realtor placed the median price of a home sold in Cumberland County in October at $131,000, compared to $178,000 in Atlantic County. That translates to a 26% difference.
Of those people who decided to move, 42% did so for housing-related reasons, such as wanting a new or better home or apartment, according to the census, and another 20% cited an employment-related reason.
The U.S. Census calculated Cumberland’s median household income at $50,603, almost $22,000 less than the overall state figure, with a 7% unemployment rate in October.
Cumberland County
Key Metrics 2015 2016 % Change
New Listings 181 150 -17.1%
Closed Sales 99 107 +8.1%
Days on Mkt 112 84 -25%
Median Sales Price $118.5 $134.5 +13.5%
% of List Px Recd 94.6% 96.7% +2.2%
Inventory 1,150 980 -14.8%
Months Supply 11.8 8.9 -24.6%
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.

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