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Princeton Real Estate

Home Affordability at an All Time High…!

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Tim McLaughlin, VP Weichert Financial Services

Housing affordability conditions for all buyers reached a milestone in the first quarter, according to the National Association of Realtors. NAR’s composite quarterly Housing Affordability Index rose to a record high of 205.9 in the first quarter, based on the relationship between median home price, median family income and average mortgage interest rate. This is the first time the quarterly index broke the 200 mark since NAR began record keeping in 1970.

Furthermore, NAR’s index shows the median income family, earning just under $61,000, could afford a home costing $325,500 in the first quarter, which is more than double the national median existing single-family home price of $158,100. The median monthly mortgage principal and interest payment for a median-priced home would take only 13.5% of gross income, given the level of where historically low interest rates are.

A companion NAR index measuring the ability of first-time buyers to purchase a home also set a record, with the first-time buyer index reaching 135.8 in the first quarter. “For those with good credit, we’ve never seen better housing affordability conditions or market opportunities than we see at present,” says NAR President Moe Veissi. ” 

The US mortgage delinquency rate declined in the first quarter to the lowest level since 2008 as an improving job market and low interest rates aided borrowers.

The share of home loans at least 30 days late dropped to 7.40 percent from 7.58 percent in the previous three months, according to a report from the Mortgage Bankers Association. The rate peaked at 10.10 percent in the first quarter of 2010 and was last lower in the third quarter of 2008, when it was 6.99 percent.

“Delinquencies are clearly continuing to improve,” Michael Fratantoni, the group’s vice president of research and economics, said in a statement. “Newer delinquencies, loans one payment past due as of March 31, are down to the lowest level since the middle of 2007, indicating fewer new problems we will need to deal with in the future.”

 

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Great new Princeton townhouse for rent!

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A great New Princeton Rental! 
34 Mountain Ave Princeton.

3 beds, 2.5 baths, 3 level home.  $3300 per month.

Click here to make an appointment to see this home!

Click here for more information on 34 Mountain Ave, Princeton!

Click here to search all the rentals available in Princeton.

A Great townhouse for Rent in Princeton, NJ

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Looking for a nice rental in Princeton? Look no further. This Griggs Farm townhouse is available for rent for $1900 per month. This two bedroom has a pergo first floor, recessed lights and berber carpet upstairs.  

Click here for more photos of this property, maps and more!

 

Looking for a rental in Princeton, click here and start your search for every Rental Home in Princeton.

 

2012 February Princeton Closed Real Estate Transactions

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Here is the list of homes that closed in Princeton Boro and Township in February 2012. It is organized low to high Boro than Township.

2012 February Princeton Closed Real Estate Transactions*
Street Address Subdivision Bds Bths L Price S Price DOM
100 Randall Rd, Princeton Twp None Available 4 2 $619,000 $530,000 100
28 Maple St, Princeton Boro None Available 4 2 $849,000 $640,000 160
67 Wheatsheaf Ln, Princeton Twp None Available 4 4.1 $1,100,000 $995,018 420
108 Moore St, Princeton Boro None Available 4 2 $659,000 $580,000 33
601 Prospect Ave, Princeton Twp Riverside 5 3.1 $1,399,000 $600,000 603
6 Van Marter Ct, Princeton Twp Fieldwood Estates 4 3.1 $949,900 $776,000 179
56 Bayard Ln, Princeton Boro Western 4 2.1 $850,000 $800,000 72
27 Marion Rd E, Princeton Twp Littlebrook 5 2 $649,000 $525,000 215
124 Randall Rd, Princeton Twp Littlebrook 3 3 $695,000 $672,500 31
15 Snowden Ln, Princeton Twp Littlebrook 4 2 $599,000 $587,500 8
522 Prospect Ave, Princeton Twp Riverside 4 2.1 $750,000 $750,000 7
78 Stonecliff Rd, Princeton Twp Ettl Farm 5 4.1 $1,325,000 $1,280,000 280
84 Deer Path, Princeton Twp Littlebrook 3 1 $399,000 $320,000 43
Averages $834,069 $696,617 165

*Information deemed reliable but not guaranteed. Not all sales made by Weichert, Realtors. Source, Trend.

Positive Signs Abound

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Tim McLaughlin, VP Weichert Financial Services

Mortgage applications increased 23.1% from one week earlier, according to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending Jan. 13.

The data includes an adjustment for New Year’s Day. The MBA market composite index increased 23.1% on a seasonally adjusted basis from one week earlier. On an unadjusted basis, the index increased 38.1% compared with the previous week.

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Fewer Americans than forecast filed first time applications for unemployment benefits last week, easing concern that post-holiday firings were on the rise.

Claims plunged by 50,000 to 352,000 in the week ended Jan.14, the lowest level since April 2008, Labor Department figures showed today in Washington. The median forecast of 41 economists in a Bloomberg News survey projected 384,000. The four-week average, which smoothes out fluctuations, decreased to 379,000 last week from 382,500.
Companies are slowing the pace of firings and beginning to step up the pace of hiring even as a slump in Europe spurred by a default crisis may limit U.S. growth. The improvement may be a sign that companies are looking to expand their workforces as sales climb.

Oil demand is falling for the first time since the 2008-2009 global financial crisis as a result of a mild winter, high crude prices and the European economic crisis, according to fresh estimates from the International Energy Agency. The industrialized nations’ watchdog said oil demand dropped by 300,000 barrels a day in the final quarter of 2011. Such a fall is rare: over the last decade, oil demand has posted drops only in the financial crisis of mid-2008 to mid-2009. The end game on the supply/demand curve is as demand falls, so, too, should prices

Princeton Open House Tour, November 19 & 20

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Looking for Open Houses to attend this weekend? Here is a list of some in the Princeton and greater Princeton markets. Just click the sign to plan your Princeton Open House Tour.


First Greece, Now Italy: Why the US Cares

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Tim McLaughlin, VP Weichert Financial Services

 http://twitter.com/TimMc86

It seems like each week, the markets have a new focus on a different country that drives volatility; this week the focus is on Italy. Take a look at the week that was: Global Equity markets all rose (and Fixed Income rates sold off) Tuesday when Silvio Berlusconi agreed to resign as Italy’s Prime Minister. That’s because a lot of people think Berlusconi is the reason Italy is teetering on the edge of financial disaster. Wednesday, Equity markets were down because those same people realized that they were wrong. Thursday, another rally as maybe they were right.

The idea was that without Berlusconi, the Italian government will get its fiscal house in order and be able to pay back all the money it has borrowed. Italy depends on borrowed money to service its debt, which is significant, but not huge like that of either Greece or the US. In fact, the nation’s fiscal deficits have actually been lower than what they were projected to be.

So with that said why is the US concerned with Italy? As the International Monetary Fund reports, the problem is a “mounting concern among investors about the two way relationship between sovereign and financial risks, and about prospects for policymakers to craft a convincing and durable crisis resolution framework in the euro area. Without significant progress, there is a risk that market worries could become self-fulfilling, with consequences that could prove difficult to contain”.

In simpler terms, the fear is that the government can’t deal with the deficit. More than anything else, that worry is driving up the cost of borrowing money to service the debt. Despite the news about Berlusconi, on midday Wednesday, Italy’s 10 year bonds were at 7.68% and 2 year notes were yielding 7.10%. The magic number here is 7%. When bond yields for Greece, Portugal and Ireland hit 7%, they all had to call on the European Central Bank and the IMF to bail them out.
But unlike the other three nations, Italy has a huge economy. It is Europe’s third largest, trailing only Germany and France. This has enabled it to borrow a lot of money from other people. As of March non-Italians held $1.1 trillion in Italian bonds. This is more than the combined total of foreign-held bonds for Ireland, Portugal, and Greece. So even with the help of the ECB and the IMF, they probably aren’t going to be able to save Italy by themselves.

So why is this concerning to the US? US banks increased sales of insurance against credit losses to holders of Greek, Portuguese, Irish, Spanish and Italian debt in the first half of 2011, boosting the risk of payouts in the event of defaults. According to the Bank for International Settlement, guarantees provided by US lenders on government, bank and corporate debt to those countries rose by $80.7 billion to $518 billion. Almost all of that was CDS. If Italy defaults, or even just looks like it is in danger of defaulting, institutions are going to want to make sure that the loan guarantors can pay off. The fear is what if the US banks can’t?

Eight Great Reasons to Buy That Princeton Home

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Tim McLaughlin, VP Weichert Financial Services

http://twitter.com/TimMc86

Rates are near historical lows. Housing prices haven’t been this affordable in years, So what are the top reasons supporting the fact that it is a great time to buy that home you have had your eye on (according to the WSJ)?

1. You can get a great deal = buyer’s market. Many of the summer 2011 buyers have purchased or are waiting for spring 2012. An excellent time to beat them to the punch and grab that house of your dreams..

2. Mortgages are cheap. You can get a 30 year loan in the high 3%/low 4% range. What’s not to like? These are the lowest rates on record. As recently as three years ago they were about 6.25%. That drop slashes your monthly repayment by a fifth. When the economy and employment do recover, it is a fair bet that you won’t see these mortgage rates again in your lifetime.

3. You’ll save on taxes. You can deduct the mortgage interest from your income taxes. You can deduct your real estate taxes. And you’ll get a tax break on capital gains down the line when you sell.

4. It’ll be yours. You can have the kitchen and bathrooms you want. You can move the walls, build an extension, or paint everything bright orange if you so desire.

5. You’ll get a better place to live. In many parts of the country right now, it can be really hard to find a good rental given the glut of renter in the marketplace.

6. It offers some inflation protection. No, it’s not perfect. But studies by Professor Karl “Chip” Case (of Case-Shiller), and others, suggest that over the long term housing has tended to beat inflation by a couple of percentage points a year. That’s valuable inflation insurance, especially if you’re young and raising a family and thinking about the next 30 or 40 years.

7. It is forced savings. If you can rent an apartment for say $2,000 month instead of buying one for say $2,400 a month, renting may make sense. But will you save that $400 for your future? A lot of people won’t. Most, I dare say. Thus where is the true value and the savings?

8. Weichert will help make the transaction seamless…ask us how! Call us at the office today to make an appointment to learn the buying process! 609-921-1900

Princeton Real Estate Licensing Class: Starts Tomorrow Night!

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The upcoming evening real estate licensing class in Princeton starts tomorrow night!

If you are interested in getting your real estate license this is a great chance to do so.

Course Dates: 10/11 – 12/22/2011

Time: 6:30 – 10:15, Tues and Thurs evenings

Cost: Only $99 (vs the regular price of $350!)

Interested in enrolling? Click here to email direct or call the office and ask for Josh Wilton. 609-921-1900.

 

News Items Impacting The Real Estate Sector

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Tim McLaughlin, VP Weichert Financial

http://twitter.com/TimMc86

 

  • The S&P/CaseShiller Home Price Indices showed a fourth consecutive month of increases for the 10 and 20 city composites, with both up 0.9% in July over June. “With July’s data, we are seeing not only anticipated monthly increases, but some fairly broad improvement in the annual rates of change in home prices,” says David M. Blitzer, chairman of the index committee at S&P Indices. “Monthly price increases -were seen in 17 of the 20 cities. The exceptions were Las Vegas and Phoenix, where prices fell, while Denver was flat. The better news is that 14 of 20 cities and both composites saw their annual rates of change improve in July. 
  • Fixed mortgage rates sank to record lows over the past week following the Federal Reserve’s decision to buy longer term Treasuries and reinvest proceeds from MBS investment payoffs back into those securities, according to Freddie Mac’s weekly survey. The 30 year Fixed rate mortgage averaged 4.01% with .86 points for the week ended Thursday, down from 4.09% with .79 points the previous week and 4.32% with .62 points last year. Rates on 15 year Fixed rate mortgages averaged 3.28% with .77 points, down from 3.29% with .71 points last week and 3.75% with .72 points a year earlier. Freddie Mac Chief Economist Frank Nothaft said interest rates for Adjustable rate mortgages, however, were nearly unchanged due to the Fed’s plans to sell $400 billion in short term Treasury securities and buy longer term notes and bonds. Shorter term securities serve as benchmarks for many Adjustable rate mortgages. 
  • On another note…The top 4 reasons borrowers refinanced in 1H11, according to a JD Powers Survey:

1) Reduce monthly mortgage payment

2) Reduce term of the mortgage

3) Consolidate debt

4) Cash out refinance for various purposes

John Burke

Broker/Sales Person

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

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