Blog With Choice Realty

Middlesex County Real Estate Statistics 2011

noreply@blogger.com (Choice Realty Co.) — Thu, 26 Jan 2012 11:53:00 +0000

Wondering what the Middlesex County Real Estate Statistics for 2011 look like as compared to 2010?

Reading and listening to news media reports about the current real estate market can be very confusing! National reports and statistics cover the entire country, including new construction, one family homes and condominiums and townhouses. Real estate is local! Homeowners and potential homebuyers want information regarding the market where they live or where they are interested in buying.

What has happened in real estate in Middlesex County in 2011? Did real estate sales transactions increase? Did real estate values increase, drop or level off in 2011?

Whether you are looking to buy, are interested in selling or are just curious about the real estate market, real estate is local! Real estate sales activity and real estate values vary, whether you live in Iselin, New Jersey, Colonia, Edison, in another town in Middlesex County or in any other State. They even vary from one area in a town to another. What's true of the whole is not necessarily true of the parts!

Print Middlesex County Real Estate Statistics for 2011

Want to view closed sales in or around your town in Middlesex County for 2011? Click here for lots of real estate statistics!

Interested in reliable real estate statistics where you live. Contact your REALTOR, and I am sure they can provide similar information. Not sure about who to call, just ask, and we will be happy to help! Call us at 732-283-2100.

March, 2011 Real Estate Statistics in Middlesex County

noreply@blogger.com (Choice Realty Co.) — Wed, 20 Apr 2011 10:23:00 +0000

In Middlesex County, the average sale price for one family homes through March, 2011 was $315,719 which is 5.1% less than 2010 and closed sale transactions were down 3.3%. The results for condos and townhouses for the same time period for average sale price were $244,905, down 5.7%, and closed sale transactions were down 11.3%.

Closed sales in this time period result from sale contracts originated in October through early February. Mortgage interest rates did jump slightly in December, 2010 , but dropped back in late January. Yes, the winter was colder and there was more snow this year, which would definitely affect home buyer activity.
View Year to Date Statistics for Middlesex County Sales
View Sale Prices in Your Neighborhood or Town

Spring Cleaning

noreply@blogger.com (Choice Realty Co.) — Sat, 26 Mar 2011 10:06:00 +0000

Cleaning House: Secrets of a Truly Deep Clean
Deep clean your house and you’ll brighten rooms and help maintain your home’s value. Read
Green Window Cleaning Makes Glass Pane-fully Clear
Window cleaning with non-toxic ingredients and reusable cloths protects your health, preserves resources, gains a streak-free view, and stretches your budget. Read
Cleaning Rain Gutters
Clean gutters to protect your siding and landscape plantings, and prevent thousands of dollars of damage to your foundation. Read
Spring Cleaning Guide
Make spring cleaning less of a chore by following these smarter—and mostly greener—tips for this annual rite of homeownership. Read
Cleaning and Caring for Siding
Cleaning and repairing your home’s siding once every year will pay off in the form of a long life and increased value for your home. Read

Visit houselogic.com for more articles like this.

First Time Buyers Need to Know Mortgage Basics

noreply@blogger.com (Choice Realty Co.) — Mon, 14 Mar 2011 11:45:00 +0000

Whether looking to buy a home in Iselin, New Jersey, in Colonia, in Edison, in Middlesex County or any other State, a home buyer needs to understand mortgage loans, mortgage qualifying, mortgage payment affordabilty and the mortgage application process. The reason for this is very basic: most all buyers need a mortgage loan to purchase and close on the home to be purchased!

Keeping the Explanation Very Simple!

There are three basic mortgage loans available to home buyers:
Conventional Mortgage: a mortgage loan not insured or guaranteed by any agency of the federal government
FHA Mortgage: a mortgage loan insured by the the Federal Housing Administration
VA Mortgage: a mortgage loan guaranteed by the Veterans Administration

The type of mortgage(s) available to a buyer is primarily determined by the buyer's financial circumstances, such as amount of down payment and income. In addition, there are different down payment requirements, different mortgage qualifying guidelines, different mortgage related fees and different credit report standards with each mortgage loan.

A VA Mortgage is available to Military Veteran home buyers and requires very little or no down payment, has more liberal mortgage qualifying income and credit standards and allows the buyer to finance their closing costs. There is a VA Funding Fee, which is usually added to the mortgage. For first time users, no down payment requires a 2.15% fee, up to 10% down payment requires a 1.5% fee, and 10% or more requires a 1.25% fee.

An FHA Mortgage is available with a down payment of 3.5%. There is a Mortgage Insurance Premium(MIP), which includes an up front premium that is generally financed by the buyer and added to the mortgage and a monthly premiun which is added to the monthly mortgage payment. This mortgage insurance can be eliminated when the loan to value ratio reaches 78%.

Conventional Mortgages generally require a down payment of 20%. There are conventional mortgages available with down payments of less than 20%, but they are not as easily obtainable as they were 5 years ago. However, a conventional mortgage with less than 20% down requires Private Mortgage Insurance in the form of an upfront premium paid at closing or added to the mortgage and a monthly premium added to the monthly mortgage payment. With buyers having down payments between 10% and 20%, a conventional mortgage with PMI may be a possibilty depending on the mortgage lender. I am not aware of any lender offerring conventional mortgages with 5% down at the moment.

Mortgage Terms:
Fixed Rate Mortgage: a mortgage loan where the interest rate remains the same for the entire term of the loan. The most common and preferred is a 30 year loan for first time buyers. While other terms are available, the 15 year mortgage loan generally provides a slightly lower interest rate than a 30 year mortgage.
Adjustable Rate Mortgage: a mortgage loan where the interest rate adjusts at given intervals, generally one, three or five years. The initial interest rate will be lower than the a 30 year fixed rate mortgage loan, and provides the ability for a buyer to obtain a larger mortgage without increasing the initial mortgage payment. Important considerations are the interest rate adjustment caps at each interval period and for the lifetime of the loan. Home buyers need to analyze the benefits and risks involved with adjustable rate mortgage loans.

Mortgage Payment:A mortgage payment consists of principal and interest, monthly real estate taxes, monthly homeowners insurance and monthly mortgage insurance premium, if applicable, and is commonly referred to as PITI.
For mortgage qualifying puposes, if there are homeowner association monthly fees, they are also considered.

Mortgage Qualifying:Important criteria in the mortgage approval process is the analysis of a home buyer's income, employment history, credit score and monthly debt. Of importance, income is income only if it is reported to the IRS and can be verified. There are various lenders who provide mortgage loans to buyers who do not meet general mortgage qualifying standards and guidelines.

There are Mortgage Income Qualifying Guidelines lenders follow in the mortgage approval process, commonly referred to Mortgage Qualifying Ratios. While these guidelines vary from one mortgage type to another and sometimes from one lender to another, there is an acceptable standard a home buyer can rely on in calculating an affordable mortgage payment.
28%/36%: a monthly mortgage payment(PITI) should not exceed 28% of the the home buyers monthly gross income, commonly referred to as the front ratio; a monthly mortgage payment(PITI) plus monthly recurring debts should not exceed 36% of monthly gross income, commonly referred to as the back ratio.

There is so much more to the mortgage application and mortgage qualifying process than the basics discussed here. Mortgage standards and qualifying guidelines are always changing.

Upon making the decision to look for a home, it is extremely important for a home buyer to contact and meet with a Mortgage Representative from a bank or a mortgage company for the purpose of obtaining pre mortgage approval and getting a thorough understanding of the mortgage qualifyng process. Not sure who to call? Recommendations from friends or family who recently purchased is one option, where you bank is another and the REALTOR you are planning to look at homes with is another. Need recommendations?

The mortgage application and mortgage approval process is important in a real estate purchase. It will be much more beneficial if this meeting is in person, and not simply done on the phone!

FHA Mortgage Insurance Premium Increasing

noreply@blogger.com (Choice Realty Co.) — Wed, 16 Feb 2011 11:53:00 +0000

Just the other day, FHA Commissioner David H Stevens announced changes for FHA Mortgage Loans. These changes are for any FHA loans that are assigned case numbers on or after April 18, 2011.

FHA Loans Will Cost More After April 18, 2011
The FHA Mortgage Insurance Premium (MIP) will increase 25 Basis Points

Instead of paying the current rate of .9 % of the loan amount, and then dividing that by 12 to reach the amount of MIP paid monthly, the new calculation will be 1.15 % of the loan amount divided by 12 to equal the monthly payment.

Example: $250,000 Mortgage Loan
.9 % Calculation: $250,000 X .009 = $2,250 /12 = $187.50 per month
1.15% Calculation: $250,000 X .0115 = $2,875/12 = $239.6 per month
This is an increase of $52.00 per month!

The upfront mortgage insurance premium (UFMIP) amount will remain unchanged at this point and remain at the current rate of 1.0% of the loan amount.

Is affects monthly mortgage payments and mortgage qualifying If you have been prequalified to purchase a home and have not yet found the right one, take a more serious approach to looking now and purchasing before April 18th! After April 18th, you will need to update your mortgage pre approval to reflect these new MIP monthly premiums.

Contact your REALTOR for more information! Contact your Mortgage Representative for more information! Why wait longer if you are a First Time Buyer and will be obtaining a FHA Mortgage to purchase a home!

2010 Real Estate Sales Data, Middlesex County, New Jersey

noreply@blogger.com (Choice Realty Co.) — Thu, 27 Jan 2011 10:47:00 +0000

Wondering about real estate statistics for Middlesex County in 2010?

Considering selling? Curious about sale prices in your town?

Considering buying a home in Middlesex County? In Iselin? Colonia? Edison? Take a look at real estate statistics in those towns and others for 2010.

Lots of reports and statistics from the Middlesex County Multiple Listing System to view!

Click here to view Middlesex County, New Jersey real estate statistics for 2010!

Mortgage Interest Rates

noreply@blogger.com (Choice Realty Co.) — Wed, 19 Jan 2011 10:34:00 +0000

Interest rates have been surprisingly low for such a long time, no one really thought they would go up. Well, they did, and everyone was caught off guard. In fact, at the end of December, mortgage interest rates increased to 5%. and slighly higher. A surprise to most people involved with real estate!

The Good News is that they have dropped back down to 4.75% so far in january. However, prior to the increase they were in the 4.25% range. That is still a half percent difference. That difference in a .5% change in an interest rate would be approximately $41.00 per month for a mortgage in the amount of $275,000. In other words, the rate increase of .5%, increased a monthly mortgage payment by approx $41.00 per month this past month for buyers searching for a home.

That $41.00 per month change equates into an appox $7,000 change in mortgage borrowing ability. In other words, in order to keep the mortgage payment equal to what is was at 4.25%, a buyer would have to reduce the amount borrowed by $7,000 and reduce their price range by $7,000.

Yes, mortgage interest rates do have a tremendous affect in home affordability, whether you are looking to purchase a home in Iselin, New Jersey, Colonia, Edison, in Middlesex County or any other State. With mortgage rates still at historically low levels, the important question is when will they increase and by how much!

Planning on buying a home in 2011? Take advantage of mortgage rates now before you start finding that they are in the 5% plus range! Why risk higher mortgage payments or lowering your price range due to increased mortgage interest rates?

The Closing Date Can Affect Closings Costs For a Buyer

noreply@blogger.com (Choice Realty Co.) — Tue, 18 Jan 2011 10:41:00 +0000

Understanding How the Actual Closing Date
Can Affect a Buyer's Closing Costs!

Yes, there is an often overlooked cost related to the mortgage in closing on a home purchase! And that is the interest rate adjustment from the day of the closing to the last day of the month.

Let me clarify first. There is a difference in paying rent to a landlord as compared to paying the mortgage to the bank. Rent is due on the first day of the month and is paid for the month in advance. Rent is paid on January 1 for the enjoyment of using the apartment for the month of January. A mortgage is paid to the bank on the first of the month, but it is for the interest expense for the previous month. When a mortgage payment is made on January 1, the interest espense is for the month of December. In other words, a mortgage payment is an after the fact payment.

With that in mind, if a buyer closes on a home purchase on January 31, 2011, the first mortgage payment will be due on March 1, not February 1. The mortgage payment due on March 1st is for the interest expense for the month of February. Again, a mortgage payment is an after the fact payment, paying for the previous month's interest for the use of bank's money.

But what happens when the closing date is not the last day of the month? What happens if the closing is on January 10th instead of the 31st? Well, the first payment is due on March 1st, just as it would be if the the purchase closed on the 31st. No, a buyer does not to live in the home from the 10th to the 31st without paying the interest on the mortgage loan for those 21 days. And this is where many buyers are actually caught by surprise at their closing when the closing costs are hundreds of dollars more than what they were prepared for and were told.

If a buyer is borrowing $275,000 at 4.75% interest and the real estate closing is on January 10th, there will be an adjustment for interest from the day of the closing to the last day of the month. It is simple to calculate. Multiple the interest rate(.0475) by the mortgage amount($275,000). That equals $13,062.50 which represents annual interest. Divide that total by 365 to obtain a daily cost($35.78). Then multiply that by the balance of the days in the month(21). The total is $751.38.

In this example, there will be a charge at closing of $751.38 for prorated interest from the day of the closing to the last day of the month. Needless to say, if a buyer was not aware of this or did not prepare for this expense, a difference in $751.38 in closing cost expenses could be more than just surprising!

Whether you are buying a home in Iselin, New Jersey, Colonia or Edison, in Middlesex County or in any other other State, obtaining a thorough understanding of the expenses in purchasing a home and obtaining a reliable estimate of closing costs is important for home buyers.

Have questions on what closing costs on a home purchase may be in Middlesex County, New Jersey? Contact Choice Realty. We will be happy to provide assistance!

Tips for the Holiday Season

noreply@blogger.com (Choice Realty Co.) — Fri, 17 Dec 2010 10:05:00 +0000

(New!)
5 Holiday Hosting Disasters and How to Avoid Them
Take a look at the most common things that can go wrong when you have guests and learn how to prevent them. Read
Holiday Fire Safety Tips
The holiday season is one of the most dangerous times of the year for household fires, so take note of these tips to reduce your risk. Read

Visit houselogic.com for more articles like this.

Real Estate Year to Date Sales Data, Middlesex County, New Jersey, October, 2010

noreply@blogger.com (Choice Realty Co.) — Tue, 16 Nov 2010 12:04:00 +0000

Wondering what the real estate sale statistics are in your town or neighborhood. Considerig buying a home? Considering selling a home?

Whether you are interested is sales data in Iselin, Colonia, Edison or any other town in Northern Middlesex County, view property sale prices and real estate sale statistics year to date and view a comparison to 2009.
View Year to Date Sales Statistics in Northern Middlesex County

Want to know exactly what your home is worth, Choice Realty would welcome the opportunity to provide a current Market Analysis!

Real Estate Sales Data, Middlesex County, New Jersey, September, 2010

noreply@blogger.com (Choice Realty Co.) — Sat, 23 Oct 2010 21:53:00 +0000

Are there more closed sale transactions in Middlesex County through September, 2010 as compared to last year?

Have average sale prices increased in Middlesex County through September, 2010 as compared to last year?

Whether you live in or are interested in purchasing or selling a home in Iselin, New Jersey or Colonia, or any other town in Middlesex County, you can view year to date Middlesex County MLS Sales Data.

View Year to Date Sale Statistics as compared to 2009! Are you curious about sale prices for specific properties in your area? That information, and much more is avalable, at www.RealEstateSalesData.ChoiceRealty.com.

Real Estate Statistics in Middlesex County, New Jersey as of July 31,2010

noreply@blogger.com (Choice Realty Co.) — Sun, 15 Aug 2010 12:07:00 +0000

In addition to providing professional real estate services to buyers and sellers, Choice Realty Co. recognizes the value in keeping past clients and current homeowners up to date with the real estate market. Real estate sales transactions are up in most towns in Middlesex County as compared to last year. While real estate values are still in a state of flux, some towns have experienced a rise in average sale prices compared to one year ago. And that is due primarily for two reasons: the home buyer tax credit (now expired) and continued historically low mortgage interest rates, now at or about 4.5% for a 30 year fixed rate mortgage loan.

                      Wondering what year to date sales statistics are in Middlesex County?

                     Wondering what the sales activity is like in various price price ranges?

Why pay attention to the trends in real estate values in your neighborhood, town or county? Not to difficult to answer when thinking or planning on buying or selling a home! Keeping up to date with real estate values can also provide immediate benefits to current homeowners as well. There is the possibility of over/under insuring your home in regard to homeowners insurance and the possibility of obtaining a real estate tax appeal and reducing current real estate taxes when real estate values are dropping.

Wondering how to obtain a reliable estimate of the current value of your home? Contact a local REALTOR who is very familiar real estate values in the local area!

Curious about other real estate statistics? Curious as to previous year statistics in your town? Curious about sale prices of various homes in your neighborhood or town?

Our Website offers offers monthly updates and real estate statistics for Northern Middlesex County.
                               Bookmark this link for future reference!

Want more information regarding real estate home ownership?Our Website provides valuable information whether looking to buy or sell estate, obtaining mortgage related information, maintaining and improving a home and much more.
                                Bookmark this link for future reference!

Just interested in viewing homes for sale?

Our Website provides homes for sale in Middlesex County, Monmouth County and in the Garden State MLS, with homes for sale in Union County, Hunterdon County, Somerset County, Warren County, Morris County and Essex County in addition other surrounding Counties in New Jersey.
                             Your Source For Real Estat Information
                                 www.ChoiceRealty.com

Why Is It a BUY NOW Scenario for Home Buyers?

noreply@blogger.com (Choice Realty Co.) — Tue, 27 Jul 2010 11:25:00 +0000

Historically Low and Favorable Home Prices

When thinking of buying real estate, which market would you rather be in? A Buyer's market or a Seller's market? Not too difficult to figure is it?

Is a 30 year mortgage interest rate at 4.5 % appealing?

Are favorable home prices a consideration?

When looking to buy a home in a seller's market, a home buyer may experience a shortage of available homes to look at, may have to compete with other buyers interested in the same home and may be in situations where there are multiple contract offers from home buyers interested in the same home resulting in bidding wars among buyers and higher sale prices. In a market such as that, buyer demand exceeds available home inventory, listing days on the market begin to drop and asking prices begin to increase. And there have been various real estate markets like this in the past 38 years when mortgage interest rates were no where near historic lows! Economics 101, supply and demand, at its finest!

The fact of the matter is that the real estate market began to change in earlty 2006. Listing inventory stayed on the market longer as there were fewer home buyers. Buyers became hesitant and were no longer anxious to meet home owner's asking prices or counter offers. Real estate values began to stabilize, and then started to drop. And they have continued to drop, creating an ideal opportunity and the perfect real estate market for all type of buyers.

I cannot remember a real estate market in the 38 plus years I am selling real estate where mortgage interest rates are at levels of creating new historic lows and real estate values have dropped as substantially as they have!

Over the years I have been selling real estate, I have often been asked by home buyers when looking to purchase, "what do you think this home will be worth 5 years from now" or "how much appreciation can I expect if I sell it in 5 years". Reasonable questions to be asked by a home buyer.

My answers were always the same. It depends. It depends are on the current market when you will be selling, it depends on the mortgage interest rates, it depends on the economy and the financial markets, it depends on the the job market, it depends on national events, it depends on local market conditions, it depends on what improvements you've made or didn't make to the home. It just depends on so many things!

However, back in 2006 and 2007 when I answered that question when asked, never did I think that the drop in real estate values would have been as severe as they have been, especially since high mortgage interest rates were not a factor and did not enter the scenario. Likewise, I could have never believed that my technolgy stock profile would drop as severe as it did after the stock boom in 2000. But it has.

Why is the current real estate market a buy now scenario for home buyers? Two important reasons: Mortgage Interest Rates and Favorable Home Prices!

* Mortgage Interest Rates: Take a look at the 5 Year History of Average Mortgage Interest Rates!

Mortgage interest rates are at or near 40 year historic levels! The questions is, how long can they stay at these levels? The funny thing is that we never never know when interest rates hit bottom, until they've gone up! Then it is too late! A change of just .05% in the mortgage interest rate increases the monthly mortgage payment by $82.88, or $994.56 per year on a mortgage of $275,000.

That slight increase in the mortgage rate reduces the amount of the mortgage to be borrowed by approximately $15,000 in order to keep the same payment as the lower interest rate. More simply put, if a buyer did not want a higher mortgage payment, their price range or mortgage amount would need to drop by $15,000 or they would need to add an additional $15,000 to the down payment.

* Favorable Home Prices: So what has happened with real estate values in the same period?
Real estate is local. Real estate values vary from one neighborhood or section within a town, from town to town, county to county and state to state. There are so many factors that can affect real estate values, most of which can be read daily.

Needless to say, real estate values are substantially lower than previous years, and that is the reason why the current real estate market is a buy now scenario for all type of buyers and not just for first time buyers! The math is simple! The purchase price determines minimum down payment, which determines the amount of a mortgage required and then determines the amount of the mortgage payment.

As purchase prices drop, buyers benefit as minimum down payment requirements are less, the amount needed for a mortgage is less and the monthly mortgage payment is less, whether looking to buy a home a home in Iselin, New Jersey, Colonia, Edison, Middlesex County or any other State.

Here is a look at closed sale residential one family statistics in Middlesex County, as obtained from the Middlesex County Multiple Listing System as of July 24, 2010. Statistics are provided through 2006 as the MLS saves 5 years of data and previous available reports did not include calculations for only Mddlesex County.

Just click the image for a larger view or to print.

So what are the benefits to home buyers? A $64,000 drop in average sale prices from 2006 in Middlesex County is an approximate savings of $320.00 in a monthly mortgage payment. Not only are buyers purchasing homes at substantially lower prices than in previous years, but they are able to obtain mortgage interest rates that are substantially lower than in previous years, and that equals more savings!

Will prices drop further? They may or they may not. The more immediate concern should be will mortgage interest rates rise, when and by how much. A thorough understanding of the impact of mortgage interest rates is also important.

Regardless of where the home search is or what town a home is located in, obtaining reliable market value information is important! Information like this can be provided by your local REALTOR. Home buyers and home sellers are always asking for this type information.

Our immediate market area is Northern Middlesex County and here are the links to the average sale prices since 2002 for some of the towns Choice Realty lists, shows or sell homes in every day.

Iselin
Colonia
Avenel
Fords
Woodbridge
Edison
Metuchen
Carteret

Middlesex County Real Estate Statistics, May 2010

noreply@blogger.com (Choice Realty Co.) — Tue, 15 Jun 2010 10:09:00 +0000

Yes, the real estate market has been more active as compared to 2009!
Yes, there has been an increase in closed sales through May, 2010!
View Year to Date May, 2010 Sales Comparisons in Middlesex County

But

Real estate is local, and real estate sales and sale price statistics have not changed equally in all Towns or in all locations within a Town or County.
Interested in viewing more statistical reports, take a look here!

However

If you are planning a sale of your current home or are planning to purchase your first home, you need to obtain more reliable information. Real estate statistics provide general information, provide trends, but is not the most reliable indicator as to what may be happening in the real estate market you have interest in.

Contact a Local REALTOR

Obtaining local, reliable information is important when buying or selling real estate! The REALTOR you choose can provide a more objective and more detailed view of the local real estate market.

While there is a tremendous amount information available on the Internet, there is no substitute for a knowledgeable real estate professional. Closed sales provide information as to what the real estate market was like a couple of months previously. Sales price was negotiated two or so months prior to the closed sale. A closed sale may not be truly reflective of the current market.

There is so much more to understanding the real estate market than just studying real estate sales transactions. There is the amount of current listing inventory on the market for sale. There is a comparison of listing inventory to pending sales, commonly referred to as absorption rate. There is an analysis of days on market of active listings as compared to sold listings.

Information like this can be provided by a local REALTOR, whether you are interested in buying a home or selling one. When looking to buy a home... when looking looking to sell a home.... Make the Right Choice.... Be sure you utilize the services of a knowledge and local REALTOR, one who is familiar with the LOCAL REAL ESTATE MARKET!

Real Estate Sales Statistics, April 2010

noreply@blogger.com (Choice Realty Co.) — Sun, 30 May 2010 10:34:00 +0000

Wondering about the direction of real estate values in Iselin, New Jersey, Colonia, Edison or any other Town in Middlesex County? Take a look at year to date comparison statistics and a comparison to last year for the month of April, as obtained from the Middlesex County Multiple Listing Sysytem.

Real estate values are local. Real estate value trends differ from County to County, Town to Town and one neighborhood to another. Obtaining reliable real estate information is especially important if you are currently looking to buy or planning to sell.

While statistics can be very helpful, they paint a general picture of the real estate market. A local REALTOR is the perfect source when looking to obtain a reliable market value estimate! While there is a tremendous amount of information available on the Internet regarding real estate sale transactions and sales prices, there is no substitute for the value a reputable and knowledgeable REALTOR offers in providing a real estate "Market Analysis"!

For more real estate reports, as of April, 2010, click here!

What is a CMA: Comparative Market Analysis

noreply@blogger.com (Choice Realty Co.) — Sat, 03 Apr 2010 09:39:00 +0000

A Comparative Market Analysis is a real estate agents opinion of market value as detailed by an analysis of recent comparable sales. It is not a written real appraisal.

Homeowners should stay in touch with the real estate market and continually be aware of the current value of their home, especially if they have future thoughts of selling. If not considering a future sale, knowing the current value of the home is important for insurance purposes. It is extremely important that the homeowner's insurance limits reflect current market value. Insurance is necessary to protect the assets you own, and carrying the proper amount of fire insurance limits becomes very important.

Knowing the current market value of your home is most important when thinking of selling, especially if the proceeds of the sale are needed to purchase another home. When homeowners guess wrong, they begin to look at homes or purchase another home in the wrong price range or find that the amount of equity is much less than anticipated.

When planning to sell a home, obtaining a reliable and comprehensive "Market Analysis Report" is a very important consideration for homeowners. A Market Analysis Report should contain much more than sold properties. While sold properties are the most reliable indicators of value, they represent events of the past.

Real estate values vary from one time frame to another. Just because a home sold for a certain price three or six months ago does not mean that a similar home will sell for the same price today. It could sell for more, if the real estate market is strong and values are rising, and it could sell for less, if the real estate market is weak and values are dropping.

It is the current real estate market which determines market values. A comprehensive analysis of market value should also include active listings, under contract sales and expired listings, those properties which did not sell during the marketing term. The analysis should include asking price history and days on market.

Real estate is local, whether the home is in Colonia or Iselin, New Jersey, in Middlesex County or in some other State. What is occuring in one section of the Country, State, County or Region may not be representative of what is occuring locally. Home sales and home values vary from one Town to another and from one Neighborhood to another.

When properly prepared and presented by a REALTOR for a Homeowner, a Market Analysis Report should provide a realistic and reliable estimate of the current value of their home.

Curious as to what the value of your home is? Wondering if you should refinance? Thinking of a move to a larger or smaller home? We would be happy to provide assistance!

Middlesex County Real Estate Statistics 2009

noreply@blogger.com (Choice Realty Co.) — Wed, 20 Jan 2010 09:01:00 +0000

2009 Sales Comparison Statistics
Middlesex County

Wondering what the real estate market was like in 2009 compared to 2008? Curious as to what average sale prices are in Iselin, Colonia or Edison, New Jersey or in any other town in Middlesex County? Obtaining trends in real estate values is important, especially if there are future plans to buy or sell a home.

Real estate values are local. Real estate values vary from one town to another and from one neighborhood to another. Statistics provide a guide as to what is happening in the real estate. However, for a more reliable understanding of market values and real estate trends, a Local REALTOR can provide more detailed information and provide a reliable Market Analysis if one is needed.

View the 2009 Middlesex County Sales Comparisons to 2008.

View More 2009 Real Estate Reports.

New Choice Realty Website Content

noreply@blogger.com (Choice Realty Co.) — Mon, 04 Jan 2010 11:46:00 +0000

Choice Realty Co, Iselin, New Jersey is pleased to announce that new content has been added to our company's real estate website, information which is vital to owners in protecting, improving and maintaining one of the largest investments people have, their home.

Providing real estate services "with a commitment to service excellence since 1974", we have a responsibilty to our past and current clients and the public to provide as much information as possible to help in maintaining, protecting, improving and enhancing the value of their home, whether their home is in Iselin or Colonia, New Jersey or any other Town and State. "It's all about being a more educated and a smarter homeowner", according to David Fialk, Broker Owner of Choice Realty Co.

The home ownership content is provided by HouseLogic, a Consumer oriented Website developed by the National Association of REALTORS. The content provided on ChoiceRealty.com provides links to this inter active Website. a Website created by NAR and designed by HouseLogic specifically for current homeowners.

The content and specific consumer oriented design provides homeowners with the ability to view, read and print valuable real estate home ownership information and provides the abilty to log on and create a personal account. In creating a personal account, the consumer/homeowner can then obtain and receive more personalized information, and experience a more personalized involvement in the information they need or would like to have regarding home ownership, home repairs or home remodeling.

Upon creating a personal account, articles can be saved or printed. Not only can information be obtained for many home repairs and improvement projects, but step by step how to do it and complete the project is provided. A homeowner can then organize home projects, create to-do lists, set reminders, set goals and then measure the progress as they move forward in improving and repairing their home.

Begin helping yourself in protecting, maintaining, improving and enhancing your home. Help and assistance is now available online on a consumer oriented Website developed by REALTORS for Homeowners!

Visit our Website by clicking the link above and begin obtaining vital home ownership information.

We have already started providing links to numerous categories and lots of good reading on topics such as:

Tax Credits for Home Owners(You may surprised at the amount of money you can get back when making improvements)

IRS Home Buyers Tax Credit for Current Home Owners and First Time Buyers

Essential Home Maintenance

Repair or Remodel

Repair or Replace

Things Homeowners May Not Know

Homeowners Can Save Money, Go Green

Important Information For Homeowners

And more articles will be added! Be sure to Bookmark our Website and the Good Reading Web page for easy access to valuable home ownership information.

We are excited to be able to provide more information and more value with the information on our Company Website!

Real Estate Sale Statistics, Middlesex County, New Jersey

noreply@blogger.com (Choice Realty Co.) — Tue, 22 Dec 2009 10:16:00 +0000

Choice Realty, Iselin, New Jersey Provides
Real Estate Sale Comparison Statistics for November, 2009?

Real estate values vary from one town to another, and from one neighborhood to another. Real Estate values are local.

Whether you are selling a home, searching to buy a home or are just curious as to the trends in real estate values in Middlesex County or in Iselin or Colonia, New Jersey, obtaining reliable information is important. The information provided is obtained from the Middlesex County Multiple Listing System and is year to date through November, 2009 with comparisons to last year.

View November, 2009 Year to Date Real Estate Sale Statistics in Middlesex County, New Jersey for residential one family homes, condos and townhouses.

Real estate values are local, whether the home is in Iselin, New Jersey, Colonia, Edison or in any other Town in Middlesex County.

Home sale prices vary from Town to Town and neighborhood to neighborhood. Obtaining trends in real estate market values is important, but if your needs require a reliable market value estimate, it is recommended that a local REALTOR be called who can provide a comprehensive "Market Analysis" detailing the value of the home. Obtain a Home Value Market Analysis from Choice Realty Co.

For more detailed reports for 2009 and reports from 2004, View All Middelsex County Sales Data

Middlesex County Real Estate Sales Statistics

noreply@blogger.com (Choice Realty Co.) — Thu, 15 Oct 2009 10:45:00 +0000

Is your home search in Iselin, New Jersey?
Are you looking to sell a home in Colonia?
Are you wondering what homes are selling for in Edison, or any other town in Middlesex County?

Choice Realty Co. provides updated real estate listing and sales statistics on our Website for Middlesex County, and this sales data is updated monthly. Not only is there current sales information, but data from prior years is available as well.

View Current Real Estate Sales Statistics for Middlesex County

Buy Right, Buy Now!

noreply@blogger.com (Choice Realty Co.) — Sat, 05 Sep 2009 10:54:00 +0000

Home Buyers: What Are You Waiting For?

Sitting on the fence wondering if you should purchase a home?

Wondering if real estate values will drop futher?

Wondering if mortgage interest rates will drop further? Hoping to take advantage of the $8,000 First Time Buyer Tax Credit?

If the $8,000 First Time Buyer Credit is important , the time to act is quickly approaching. To qualify, a First Time Buyer must close on their purchase by November 30, 2009. Again, that is close title on the purchase, not be under contract to purchase. With the recent changes in mortgage processing, a time frame of two months to accomplish everything and close on a real estate purchase will be close.

Coincidently, August under contract sales were extremely robust. Coincidently, buyer activity, contract offers and sales have been very robust the last week of August and into this end of Summer Labor Day weekend. Apparently, many other First Time Buyers are realizing that the time to purchase is now!

As important, mortgage rates are very favorable, currently hovering around 5.25 %, based on the buyer's mortgage loan program. Opportunities to otain such favorable mortgage interest rate financing like this cannot last much longer. If real estate sales and mortgage applications increase, as they have been in the past 3 months, how much longer will it be before lenders increase the mortgage interest rate?

What about real estate values? Yes, they are much lower then they were in 2006. Too much attention is given to when they will hit bottom. The bottom will only be known when prices begin to increase. More attention needs to spent on affordability and affordabilty is a combination of purchase price, interest rates and, yes, having the opportunity to receive the $8,000 First Time Buyer Credit.

If purchasing a home is in your plans, invest some time now and meet with a REALTOR in the area you would like to move to and meet with a Mortgage Representative to see what mortgage options are available to you and obtain a Mortgage Pre-Approval.

Interested in viewing real estate statistics in Iselin, New Jersey, Colonia, Edsion or any other town in Middlesex County? There's lots of information here.

July, 2009 Middlesex County Real Estate Sales Statistics

noreply@blogger.com (Choice Realty Co.) — Sat, 15 Aug 2009 08:55:00 +0000

Interested in Middlesex County Real Estate Sales Statistics?

Whether you are searching for a home in Middlesex County, considering selling your home or are just curious about home values, obtaining reliable information is important. The information provided is obtained from the Middlesex County Multiple Listing System and is year to date through July, 2009 with comparisons to last year.

View July, 2009 Sales Comparison Statistics

Is your home search in Iselin, New Jersey? Are you looking to sell a home in Colonia? Are you wondering what homes are selling for in Edison, or any other town in Middlesex County? Choice Realty Co. provides updated real estate listing and sales statistics on our Website for Middlesex County, and this sales data is updated monthly. Not only is there current sales information, but data from prior years is available as well.

View More Middlesex County Real Estate Statistics

View Middlesex County Real Estate Statistics, June 2009

noreply@blogger.com (Choice Realty Co.) — Sun, 02 Aug 2009 09:42:00 +0000

View Middlesex County June, 2009 Real Estate Statistics

Is your home search in Iselin, New Jersey? Are you looking to sell a home in Colonia? Are you wondering what homes are selling for in Edison, or any other town in Middlesex County?

Choice Realty Co. provides updated real estate listing and sales statistics on our Website for Middlesex County, and this sales data is updated monthly. Not only is there current sales information, but data from prior years is available as well.

Click Here to View Middlesex County MLS Real Sales Statistics for June, 2009 and prior years.
And Bookmark this Website for future reference.

Real Estate Sale Statistics, Middlesex County, New Jersey

noreply@blogger.com (Choice Realty Co.) — Sun, 14 Jun 2009 10:59:00 +0000

View Real Estate Statistics

Is your home search in Iselin, New Jersey? Are you looking to sell a home in Colonia? Are you wondering what homes are selling for in Edison, or any other town in Middlesex County?

Choice Realty Co. provides updated real estate listing and sales statistics on our Website for Middlesex County, and this sales data is updated monthly. Not only is there current sales information, but data from prior years is available as well.

Click here to view Middlesex County Sales Statistics.

And Bookmark this site for future reference!

Contract Offers: What Buyers Should Know_Part III

noreply@blogger.com (Choice Realty Co.) — Thu, 28 May 2009 09:38:00 +0000

Conditions in the Contract Offer

A contract to purchase real estate includes a sale price, a mortgage amount (more often than not) and a closing date, whether your home search is in Iselin, New Jersey, Colonia or Edison, in Middlesex County or any other state.

However, there is more to a contract to purchase than these details, and that includes the content language in the contract document. The form of the real estate contract prepared by a REALTOR® or real estate licensee can be different from one real estate company to another, from county to county and from state to state. I am providing the Real Estate Contract from the New Jersey Association of REALTORS® for review purposes.

While price and terms are important, the most overlooked aspect and perhaps a very important consideration for the seller are the conditions in the real estate contract offer, if any. All real estate contracts have conditions. A condition in a contract offer can be more easily explained as a subject to event.

The most common condition is that the contract is subject to the buyer obtaining mortgage approval and a written mortgage commitment within a certain time frame in the amount required to purchase the home.

Another very common condition is that the buyer performs a termite inspection, home inspection and perhaps a radon inspection within a certain time frame. These type inspections are so common that they are pre-printed and included in the real estate contract as shown above. Other important inspection clauses that are also found in real estate contracts are the termite inspection, lead based paint inspection and perhaps well water and septic tank inspections.

As previously mentioned, these type conditions are found in most all real estate contracts. What is important and needs to be reviewed is that as a condition, these subject to clauses can be a concern to a seller. The concern is not that a mortgage needs to be obtained or that a home inspection needs to be done, but it is a question of in what time frames will these be completed by the buyer.

In most circumstances, the seller has agreed to take their home off the market during the time frame in which the buyer needs to obtain mortgage approval and conduct their inspections. It is that time frame, if too long, which could be questioned by the seller during a contract presentation.

Time frames vary in obtaining mortgage approval and in conducting inspections. It is important that a buyer understands the process and time frame in submitting a formal mortgage application and the time frame in conducting the required inspections and obtaining the written reports. A diligent REALTOR® or Buyer Agent can provide valuable assistance and guidance in suggesting appropriate time frames. If the dates are too long, they may have a negative response from the seller in contract negotiations. If the dates are too short, complications could arise, such as waiver of inspections or perhaps even voiding of the contract of sale. The sooner the buyer can complete the conditions in the contract, the more comfortable the seller will be in knowing that there home will be under contract with all contingencies being satisfied.

There are other subject to contingencies that can be more of a concern to a home seller, such as subject to the sale of the buyer’s present home, especially if it is not yet on the market for sale or not under contract. While it is understandable that a home buyer needs the equity from their home sale in order to purchase another home, many sellers may not be willing take their home off the market and wait for the buyer to sell their current home.

A buyer with a home sale contingency is a much weaker buyer than a buyer without a home sale contingency. However, a buyer who has a signed contract on the sale of their home would be in a much better negotiating position than one without a sales contract. It is important that the REALTOR® or Buyer Agent is completely informed and aware of all circumstances related to the buyer’s financial needs in order to provide professional guidance and assistance.
When submitting a contract offer, so much is dependent on the seller and what time frame they have in selling. Some sellers are extremely flexible in when they would like to close, others are buying another home and need a specific date and others just may need a fast closing due to relocation or otherwise. The seller’s situation and home sale needs will be the factor in whether a buyer’s home sale contingency is something that may be acceptable or something which is completely unacceptable.

While price is an important aspect in contract presentations and negotiation, the conditions in the contract, such as mortgage terms, inspection time frames and other contingencies, are the most overlooked details by buyers in making a contract offer. In fact, it is quite common that the conditions in a contract offer are the reason the offer is not accepted and not the price.

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Real Estate Sale Statistics, Middlesex County, New Jersey

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Buy Right, Buy Now!

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Real Estate Sale Statistics, Middlesex County, New Jersey

Contract Offers: What Buyers Should Know_Part III