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June Housing Data

Single family home housing data for the month of June was released by the New Jersey Association of Realtors providing us a snapshot of the very middle of the selling season. Statewide, pending sales, those with contracts not yet closed were up 6.5% last June compared to June 2013 while closed sales were down by -2.7%. New listings increased by a healthy 12.0% margin, year over year.
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Home Inspections

Your sales contract will have wording that allows you to back out of your contract and still receive your deposit back or allow you to adjust your offer. A home inspection is optional but highly suggested. A professional home inspector will crawl through your potential purchase from the basement through the roof making notes from a list of literally hundreds of physical and mechanical features of the home. Features that you want to know about.

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July Real Estate and Mortgage News

Now that we’re full swing into the home selling season, it’s time again to take a look at statistics just released by the New Jersey Association of REALTORS. The May numbers, the most recent available, show a rather healthy market across the state when compared to the very same period last year. According to the report, in May there were 19,731 new listings compared with 17,895 in May 2013 representing a 10.3% increase. At the same time, inventory has fallen as well and while that’s to be expected as we move into spring and summer it’s still a reduction as we’re looking at May 2013 and May 2014 numbers. In May of last year, there was a 9.6 month supply of homes while this past May there was an 8.7 months of inventory. That’s a drop of nearly 10%. Continue reading July Real Estate and Mortgage News

June New Jersey Market Report

We’re now in the middle of the spring and summer selling season and it’s time to look at recent trends and make some estimations of what we might expect in the near future. With Q2 now coming to an end and with four months of economic data released both by the New Jersey Association of REALTORS and the New Jersey Department of Labor we have some statistics that look to bode well for the Montgomery Township, Somerset County and the State of New Jersey as a whole. Let’s take a look at some of the numbers. Continue reading June New Jersey Market Report

Choosing a Home Inspection Company

When purchasing a home, a vital part to being sure you are getting a sound investment is to have a home inspection done. This is a step in the home buying process that you won’t want to forego. A home inspection company will investigate the home’s foundation, structural condition, heating and air conditioning units, plumbing, electrical system, roof, floors, windows, doors, insulation, and much more. They are there to assure you that the home is not in need of any major repairs and that all systems in the home are in good working condition. Continue reading Choosing a Home Inspection Company

Understanding the Difference between a Mortgage Banker, Mortgage Broker, and a Bank

Purchasing a home can be a perplexing process; there are so many different people you have to deal with during the transaction, from a real estate agent to a title company to a lender. When it comes to choosing a lender, a buyer also has the question of whether they want to go with a mortgage banker, mortgage broker, or a bank. You might be asking yourself, “What is the difference?” Understanding the difference could be the key to saving thousands of dollars when you are purchasing a home. Continue reading Understanding the Difference between a Mortgage Banker, Mortgage Broker, and a Bank

Taking Advantage of Today’s Interest Rates And Values; Buy Now!

While Central Jersey’s real estate market has seen a lot of positive growth in the last couple of years, the market is currently experiencing a slight slowdown of sales and a calm in the rising interest rates. This decrease in sales along with a decrease of over 2.5% in listing prices offers buyers an opportunity to take advantage of more affordable inventory. Middlesex County would be a good example of what is happening in Central Jersey.  Middlesex County zip codes that have seen average listing price decreases are 08816, 08820, 08857 and 08854. Compared to last year’s numbers, Middlesex has also seen a 22.3% decrease in price per square foot. Continue reading Taking Advantage of Today’s Interest Rates And Values; Buy Now!

Buyer’s Agent vs. Dual Agent

A buyer’s agent is a licensed real estate agent that is representing only the purchaser(s) in a real estate transaction. They are in place to look out for the best interest of their purchaser(s), find them a home that suits all of their needs, write up a purchase agreement when they have found the home of their dreams, and assist them through the entire home buying process, including the closing.
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Pre-Approval vs Pre-Qualification

Before you get any further in the home buying process, you must first obtain your preapproval from a mortgage lender. But what exactly is a preapproval?

A preapproval is a written acknowledgement from a lender that states you are qualified to obtain a home loan for the amount requested. But what many buyers may not understand is there is a real difference between a prequalification and a preapproval. The terms are not interchangeable.
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Market Watch; Home Sales in Central Jersey

Whether you are buying a townhouse in Bridgewater, a condo in Montgomery or a home in Somerset county, Central Jersey is the place to buy a home. Through the recession, central jersey has been one the most stable areas in the country for Real Estate. Inventory of Houses for sale in this region is very stable and recently there are some that would say that the market is moving towards a sellers market. Continue reading Market Watch; Home Sales in Central Jersey

Appraisals

An appraisal is an independent report ordered by your lender that supports the sales price of your home. The appraiser makes a physical visit to the property for an inspection, much like the home inspector. And while the appraiser also estimates the current condition of the property the appraiser does so to establish value. The lender must approve the appraisal much in the same manner as you are approved. You can have a preapproval from the lender but the property does not appraise. In this instance, the loan cannot close.
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Credit Score

Perhaps one of the most confusing elements of the lending process is credit scoring. The credit score is often referred to by mortgage lenders and others as the “FICO” score, the acronym for the company that developed the mortgage credit scoring algorithm, Fair Isaacs Company. The credit score is a three digit number ranging from 300 to 850 with the higher numbers indicating better credit.
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Municipal Inspections

Properties must also conform to local municipal code and if any issues are found regarding the current condition of the property or there are outstanding permits on the real estate, those issues must be resolved just as a title report must be cleared. A municipal code requirement is something that needs to be repaired but not just repaired but repaired by a licensed contractor. The city inspector’s office will have a list of any repairs that were made to the property as well as the nature of the repairs. Continue reading Municipal Inspections