Presented by Beatrice Bloom, Enjoy this charming and fully updated 4 bedroom, 2 1/2 bath colonial in desirable Riverside location opposite Carnegie Lake. An inviting foyer introduces the traditional floor plan with front to back formal living room with fireplace and a formal dining room. The cozy family room is carpeted and light filled. Access to the deck and yard is through the French doors in the living room or from the extended new and bright kitchen which includes a farmhouse sink, white cabinets, huge pantry, granite counters and new stainless steel appliances. The first floor also has a powder room. Upstairs, three bedrooms share a renovated hall bath while the master bedroom has two closets, a master bath with tub shower and with views of Carnegie Lake. The walk-up attic is a nice surprise providing office space with lots of customized shelves and additional storage. Throughout the property is an English garden which is ready to bloom. Hardwood floors, wood doors and moldings throughout the house are some of the special features, as well as the proximity to the lake, schools, town and transportation. Contact Beatrice Bloom (609) 577-2989 to make an appointment.
March Market Update Seminar Presentation
National Home Prices up 9.7% in January 2013
The CoreLogic Home Price Index (HPI) showed that home prices nationwide, including distressed sales, increased on a year over year basis by 9.7% in January 2013 compared to January 2012. This change represents the biggest increase since April 2006 and the 11th consecutive monthly increase in home prices nationally. On a month over month basis, including distressed sales, home prices increased by 0.7% in January 2013 compared to December 2012. The HPI analysis shows that all but two states, Delaware and Illinois, are experiencing year over year price gains.
Excluding distressed sales, home prices increased on a year over year basis by 9.0% in January 2013 compared to January 2012. On a month over month basis, excluding distressed sales, home prices increased 1.8% in January 2013 compared to December 2012. Distressed sales include short sales and real estate owned (REO) transactions.
The number of American homes that end up in foreclosure has started to decline, a welcome development that partly reflects an improving housing market.
But a look at data that tracks distressed home sales reveals another reason why foreclosures are becoming less prevalent: More homeowners are turning to short sales where they sell their homes for less than what they owe in mortgage debt and the bank typically eats the difference.
In the past, short sales were rare. Now they are becoming increasingly common in part because lenders, homeowners and real estate agents have become more experienced at marketing and pricing the properties, and because short sales are considered a more efficient way than foreclosure to sell underwater properties.
The shift is helping the housing market pare the backlog of distressed mortgages while cutting the amount of time vacant homes sit empty. That has helped keep home prices firm in the improving real estate environment.
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Pending home sales rose in January and have been above year-ago levels for the past 21 months, according to the National Association of Realtors
The Sequester Effect and the Mortgage Sector
Tim McLaughlin, VP Weichert Financial Services
Much has been written about the automatic, across the board budget cuts contained in the Budget Control Act of 2011, otherwise known as “Sequestration,” but many critical questions remain regarding official interpretations of the legislation and how it will actually be implemented on an agency by agency basis. These include questions as to exactly which governmental spending accounts are or are not subject to sequestration, how deep the percentage reduction will be in the accounts that are subject to sequestration, how much latitude agencies have in selecting the specific expenditures that will be cut, and what the offsetting expenditures will be in implementing the proposed cuts.
Various estimates of the across the board cuts that would be required in programs subject to sequestration range between 8.5% and 10% for fiscal year 2013, with some going as high as 13.3%. But sequestration would impact different programs across the government in very different ways. With government grant programs such as Title I of the Elementary and Secondary Education Act, the impact can be estimated with some degree of precision. Others are not as easy to project. A great question is how will this impact the mortgage banking sector? Although mortgage bankers aren’t (yet) worried that the sequester will hammer applications, the Federal Housing Administration could be in for some adjustments. The Department of Housing and Urban Development and Ginnie Mae could be forced to furlough thousands of employees if sequestration spending cuts go into effect as scheduled on March 1.
HUD Secretary Shaun Donovan warned lawmakers recently that cuts in several agency programs, including the FHA single-family mortgage insurance program, would leave HUD short on staff and slow the delivery of services to numerous families, individuals and communities that rely on these programs.
Many of the 9,000 HUD employees in 81 field offices across the country would be subject to forced leave and other personnel actions, although sequestration plans are still under review, Donovan said. On the other hand, Ginnie Mae will also be hit by spending cuts, though not as significantly as HUD. An estimated $2 million would be cut from the agency’s Mortgage Backed Securities Loan Guarantee Program under the sequestration rules.
We will keep a watchful eye on this as the day progresses.
Financial Benefits to owning a home…
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Owning a home invokes more than a sense of pride and freedom. It is also a long-term investment opportunity. With tax season here, it is a great time to speak to your tax advisor about the tax advantages associated with homeownership.
Some of the items you should plan to discuss include the following tax breaks commonly available to homeowners.
- Mortgage interest deduction: Interest you pay on a mortgage of up to $1 million – or $500,000 if you’re married filing separately – is deductible when you use the loan to buy, build or improve your home.
- Prepaid interest deduction: Points you paid when you took out your mortgage is 100 percent deductible in the year you paid them.
- Property tax deduction: You can deduct the real estate property taxes you pay each year, as well as any property taxes paid at the time you closed the purchase of your house.
- Mortgage insurance premium deduction: If you had to take out private mortgage insurance, the premium on that insurance can be deducted, as long as your income is less than $100,000 (or $50,000 for married filing separately).
Speak to your preferred tax professional for advice and more specifics about how these deductions and credits could lower your tax bill.
Looking to buy a home in Princeton? Take a look at these great Princeton properties:
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FHA Premiums on the Rise…
FHA to hike premiums on mortgages
By Les Christie @CNNMoney
January 31, 2013: 8:04 AM ET
“Government-insured mortgages are about to get more expensive.
The Federal Housing Administration, which is the largest insurer of low-down payment mortgages, announced Wednesday that it will raise premiums by 10 basis points, or 0.1%, onmost of the newmortgagesit insures.
Translation: A borrower opting for a 30-year, fixed-rate mortgage who puts 5% or more down will now pay an annual insurance premium of 1.3% of their outstanding balance. And someone who puts less than 5% down will pay a premium of 1.35%.
The agency said it will also raise premiums for borrowers with jumbo loans — or loans of $625,000 or more — by 5 basis points, or 0.05%, and increase the minimum down payment requirement on these loans to 5% from 3.5%. “
222 Bullock Drive, Princeton, A Princeton Home for Rent
Mark Butler presents a new Princeton rental home at the end of a quiet cul-de-sac in Princeton’s Washington Oaks, this beautiful 3 bedroom, 2 1/2 bath townhome features an inviting tile foyer with vaulted ceiling leading into a formal dining room and living room. A double-sided gas fireplace complements these rooms. With an open floor plan, to the left is a breakfast room adjacent to the spacious kitchen. Heading upstairs, you will find 3 sizeable bedrooms with large windows and window treatments. The main bedroom features a tray ceiling with ceiling fan, wooded view, walk-in closet and well-lit main bath with soaking tub, separate shower and dual sinks. The second floor also has a second full bath accessible to the second bedroom and the hallway. The laundry with included washer and dryer rounds out the second floor. This home also has a 1 car garage, back deck and full, unfinished basement. The included association sports 2 tennis courts and playground. Washington Oaks Lease rider will accompany lease.
Not the Princeton rental you were looking for? Here are other Princeton rentals in the same price range:
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The newest listings to the Princeton Real Estate Market…
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12 Scott Ave, West Windsor, NJ Home for Sale
Teresa Cunningham presents this bright, inviting, recently built home in the best location in West Windsor. Walk out your door to the Princeton Junction train station, with shops and West Windsor’s award winning schools nearby. Built by a developer for his own family with quality upgrades, this house is hassle-free and made to last. Hardwood floors throughout. Master bedroom suite with bath and walk in closet. Spacious fully-finished basement with terrific light and roomy office to boot. Maple cabinets in the Kitchen, wood-burning fireplace in the Family Room, large deck leading to a wonderful blue-stone patio with open back yard. Offered at $575,000.
Call Teresa direct to see this great West Windsor home: (c) 609-802-3564
Princeton Townhouses for Sale $300 – $500,000
Looking for an affordable option to a single family home in Princeton? Maybe a Princeton townhouse is what you are looking for. Take a look at Princeton townhouses for sale from $300-$500,000:
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