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Princeton Real Estate

Clearing all the Mortgage Hurdles

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Tim McLaughlin, VP Weichert Financial Services
http://twitter.com/TimMc86

Getting a mortgage in the new regulatory world is a much different experience than it was say three to five years ago.
For a first time borrower, or for borrowers who haven’t taken out a new mortgage in some time, if you are not working with the right mortgage professional, the process can seem daunting, and even unattainable. Here are a few tips to make your mortgage acquisition process that much easier:
– Know Your Credit in Advance: Before beginning the search for a mortgage, you should know where you stand from a credit score perspective. After all, a subpar credit score can bump up your mortgage interest rate several percentage points or leave you with no approval at all. Your Weichert Financial Gold Services Manager can help identify this in the pre-approval process as well as provide helpful tips to help improve your score if needed.
– Applying for Additional Credit: As important, be sure to avoid applying for any other type of credit before and during the mortgage application process. Whenever you apply for new credit, you’re seen as a greater credit risk, at least initially. If you happen to apply for a credit card or auto loan around the same time you apply for a mortgage, your credit score might get dinged enough to impair your eligibility or bump up your interest rate.
– Not Getting Pre-Approved: Advance preparation is the key to obtaining a mortgage. Before shopping for a home, make sure you can actually qualify for financing by getting a preapproval. A mortgage pre-approval is more robust than a simple pre-qualification because the mortgage company will pull your credit and will look at your income, assets, and employment. Your DTI (Debt-to-Income) ratio will also come into play to ensure you know exactly how much you can afford. With this pre-approval, you will also get a written commitment from the lender that will show home sellers you’re serious about the purchase. Something your Weichert Financial Gold Services Manager can provide you today.
– Using the Best Resources You Have Available: Purchasing or refinancing a home will probably be the single biggest financial undertaking many of us will encounter in our lifetime. The biggest concern is two-fold: trust and confidence. Do not leave this up to chance – feel confident that Weichert Financial, a top 30 Fannie Mae lender, will help you navigate the process quickly, confidently, and seamlessly.

Princeton Real Estate Report: 2009 v 2010 Closed Homes

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Who would have thought it…the number of homes that closed in 2010 was higher in 2009! When you have a constant news cycle of falling real estate transactions, dropping prices etc, it is nice to see some positive news. The following are the number of homes that sold in the Borough and the Township 2009 v 2010.

[table id=49 /]


This is not to say that the Princeton Real Estate market does not face strong challenges as does the country in 2011. Keep in mind that last years spring market was buoyed by the Federal Tax Credit and that helped to keep the home sales numbers high. Check back to www.weichert-princeton.com in the next few days as we will be posting more 2010 information and we will constantly keep you updated on what is happening in the Princeton Real Estate market.

Searching for a home in Princeton? Start your search here, quickly and easily:

Single Family Home Search: http://dispensable-humor.flywheelsites.com/for-buyers-sellers/buying-selling/search-for-homes/single-family-homes/

Condo/ Townhouse Home Search: http://dispensable-humor.flywheelsites.com/for-buyers-sellers/buying-selling/search-for-homes/townhouses-townhomes/


The above information is deemed reliable and is drawn from the TREND MLS service (www.trendmls.com). 

All information, regardless of source, is not guaranteed and should be  independently verified.

Princeton December 2010 Sold Homes Report

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Here are the properties that closed in Princeton in December.  If you have any questions as to what another property in Princeton sold for give me a call and I would be glad to help. – Josh W. (c) 609-577-6786

Here are the Princeton Boro homes that sold in December 2o10. The report includes the list price, final sales price and the number of days on market (dom).

[table id=47 /]


Here are the Princeton Township homes that closed in December 2010. The report includes the original list price, final sales price and the number of days the home was on the market (dom).

[table id=48 /]

The Housing Market in 2011

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by, Tim McLaughlin, VP Weichert Financial Services

As we enter the New Year, the two biggest questions we hear are “what will happen on the housing front in 2011” and “what are the expectations for interest rates”? There is a lot of chatter about this, not only in our industry, but in the broader markets as well.

Strictly speaking from a market perspective, there are five general factors that appear to be driving how the housing market will develop in 2011:
  • Employment: Certainly, it stands to reason that the higher the employment rate in this country, the healthy the housing market will be with new, willing entrants. Today’s employment data report was a good start to the year, with the headline unemployment rate dipping down to 9.4% (down 0.4%). Some noise in the data release, but hopefully a positive sign of things to come.
  • The Foreclosure Process: How long it will take to process, list, sell, and clear all the pending foreclosures will have a direct impact on the housing sectors inventory level. “Robogate” stalled the process in 4Q10, but with foreclosures once again being processed at the beginning of the year, the sooner we clear the existing inventory of foreclosures, the quicker we normalize the housing market.
  • Regulatory Changes: The future of Fannie/Freddie, the Dodd/Frank Act, Risk Retention, Compensation Rules -> all items that you may have heard about directly or on the periphery that will shape the way business is conducted and will indirectly impact the Real Estate sector in the year ahead.
  • Underwriting Guidelines: 90+% of production is now connected to some type of government agency. In order for that to change, private lenders are going to have to step up lending
  • Interest Rates: A lot of interest rate projections are based on what the economy does in 2011, and there is an inverse relationship between the recovery in the market and rates. Most economists project that if the economy stays cool, interest rates will trend lower. The hotter/quicker the economy recovers, the more interest rates will rise. The important takeaway is that rates are still at historical lows, with Fixed Rates loans starting with a 4 in many cases, and hybrid ARM’s still in the 3+% range.

Any questions please feel free to call us about the financial market and the local Princeton real estate market.

Princeton Rentals Report: Closed Princeton Rentals, January 2011

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Here is a list of the rentals in Princeton, NJ that settled in January 2011. 

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Looking for your next Princeton rental?

Click Here to start your search for Princeton Rental! 

Not sure if you should rent or buy?

Click here to compare the benefits of owning a Princeton townhouse v renting one…

 

 

 

 

 

 

 

 

 

 

 

 

 

 

What is the long term outlook for the Greater Princeton Real Estate Market?

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Curious about the long term outlook of the real estate market in Mercer County, NJ? Take a look at this information from Richardson Commercial Realtors, a very reputable and research focused commercial real estate firm in Mercer County. It shows the long term outlook for the Mercer County market from the perspective of, are we building enough to meet demand?

Establishing Your Buying Power is the Key to Getting a Deal in Princeton’s Market

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The Princeton real estate market has changed in the past five years. Prices have declined a bit and rates have come down, offering buyers an absolutely fantastic chance to buy a house in Princeton at an affordable monthly payment. If you have not established your buying power check out this slide that will put it in the right perspective.

If you ever have questions about how to establish your buying power or strategies to sell your home in Princeton please feel free to contact us. (0) 609-921-1900. – Josh W.

Princeton Real Estate Report: YTD Closed Home Analysis

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If I were selling a a home in Princeton I would want to get on the market and off  the market quickly!

I have three kids, and it is difficult to maintain a home on  normal day let alone when I have to have it perfect for every showing.

There has also been independent research done to show that the longer a home sits on the market, the less of the original asking price the seller retains. I did some research on Princeton closed homes through mid October and what I found was interesting. Click below for details.

The data originates with TREND MLS. The information above, while reliable, is not guaranteed and subject to change as more Princeton homes close. Any questions regarding the above data should be independently verified.

John Burke

Broker/Sales Person

Weichert, Realtors
350 Nassau St,
Princeton, NJ 08540
Office: (609) 921-1900

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