NEW JERSEY HOME SALES REPORT

NEW JERSEY HOME SALES REPORT

If you’re a buyer looking for a home in New Jersey right now, you’re in luck.

The 1st quarter New Jersey Home Sales Report for 2011 was just released, highlighting an all-time high Affordability Index of 151.1. Of course, various factors contribute to calculating the index, including home price, mortgage rates, average income, and the like. So, over time, change is expected. Yet, now, this number shows that buying a home now, if you can afford it, is a worthwhile investment.

Please visit this link to see the full report on the New Jersey Association of Realtors’ website: 2011 N.J. Home Sales Report

The average home price in New Jersey is $314,900, with an average price of $364,400 in Northern NJ and an average of $223,800 in Southern NJ.

Although the graph on page 9 shows that resale activity volume has decreased from last year, it is the right time to buy if you can afford to do so. Almost 110,000 homes are currently being sold in New Jersey, and a little over 57,000 are located in Northern NJ, with plenty of options for various family incomes, mortgages, and location preferences. Numbers for Central and Southern NJ show that 52,000 home are being sold. So wherever you are in the market for a reasonably priced home in the Garden State, there is something for you.

Lastly, New Jersey has a fairly high affordability index of 151.1 compared to the United States average of 191.0. This index of 151.1 rose rapidly from just 131.7 in the third quarter of 2010.

Call Leanne @917 596 2772 or Anna 732 371 3233 with all of your real estate needs.

FINANCIAL REASONS TO BUY REAL ESTATE NOW

Article Courtesy of Michael Scarimbola of SI Mortgage Group

Financial Reasons to Buy Now By The KCM Crew

Here are three great financial reasons why you should not wait before taking the plunge into homeownership.

1. The 30-Year Mortgage May Disappear:

There has been much debate regarding government's role in providing support for homeownership. There are several experts who believe if Fannie Mae and Freddie Mac's roles are eliminated, or even limited, it may be the end to the 30-year mortgage. This concern is addressed in MSN Real Estate's, Is it curtains for the 30-year mortgage?

2. QRM Requirements Could Be Much More Stringent:

Here are proposed changes to the requirements for a 'qualified residential mortgage':
Certain mortgage types would be eliminated
You would need to put a minimum of 20% down
You would need a minimum 690 FICO score
The ratios of income to both the mortgage payment and overall debt would become much more conservative (28% and 36%)
There would be loans available to purchasers who don't qualify under the new rules. However, they will probably be more expensive to the buyer (both in rate and costs).

3. Rents are Expected to Increase:

The supply of available rentals is decreasing and the demand is increasing. That will lead to an increase in rental costs throughout the year. The Wall Street Journal recently quoted a report by Reis, Inc in which it states, "Expect vacancies to continue declining, and rents rising through the rest of 2011 at an even faster pace."Bottom LineYou may be waiting on the sidelines to see if prices will continue to depreciate before you purchase a home. The mortgage expense is a major piece in the overall financial picture of homeownership. Make sure you consider it when timing your decision.Reprinted with permission.

All Contents ©2011. Steve Harney. KCMBlog.com.

If you know anyone who is looking to buy, sell or refinance a home, please call Anna @ 732 372 3233 or Leanne @ 917 596 2772. The greatest compliment you could possibly give us is the referral of your friends and family.

Eatontown, NJ Brookwood Townhouses For Sale

Eatontown, NJ Brookwood Townhomes for Sale! Just Listed this Eatontown, NJ Brookwood Townhouse for sale in the Brookwood community! This lovely well maintained townhouse for sale features 2 bedrooms, 2.5 baths with a loft area ideal for the office.

Eat in kitchen, with oak cabinets & ceramic tile, fabulous open floor plan ideal for entertaining. Ideally located facing Gazebo & Tennis court. Enjoy quiet time or BBQ on your rear deck. 1 car garage.

Brookwood is ideally located, close to shopping & Parkway & Rt 18...don't miss out! Being offered completely furnished at $239,500.

Call Leanne @ 917 596-2772 or Anna @ 732 371-3233 today to preview!

Visit our website to view all of our listings at http://www.leannelucarelli.com/

New Listing 43 Dartmouth Dr., Hazlet

We are pleased to announce our newest listing located at 43 Dartmouth Dr. in Hazlet, NJ. This lovely 4 bedroom 2 1/2 bath home home has been expanded to accomodate for a spacious kitchen, laundry room and extra bath.

Updated kitchen w/ granite counters and eat in area. Bathrooms have been updated. Hardwd floors through out main house and bedroom level. Large private yard backs to green acres. Cathedral ceilings in the Living Room and bedrooms. Ideal for commuting, close to shopping and Route 35 and Rt 36. Priced aggressivley at $349,000. Call Anna @732-371-3233 or Leanne @ 917-596-2772 to preview this home or for all your real estate needs.

ROBERT DEFALCO REALTY'S ANNUAL CHAIRMAN'S AWARD WINNERS

Robert Defalco hosted his 2010 Annual Awards Luncheon and Holiday Party on December 2, 2010 at the Richmond County Country Club on Todt Hill, Staten Island. At this event, Mr. Defalco announces his top producers of the year for both his Staten Island office and his Colts Neck office.

This year's top producers and winners of the prestigious Chairman's Award for the New Jersey office were the team of Anna Appolonia and Leanne Lucarelli. Anna and Leanne have closed, year to date, in excess of $10MM worth of volume with an approximate $1.5MM dollars of volume still expected to close by year end.

Anna and Leanne have been able to succeed in this challenging Real Estate Environment due to their unwavering dedication, work ethic and excellent customer service.

Please join the Robert Defalco Realty Management staff in congratulating them on this year's achievement!