Thursday, February 24, 2011

Jan 2011 Home Sales Rise for 3rd Consecutive Month

According to the National Assn of Realtors (NAR), existing-home sales, which are completed transactions that include single-family, townhomes, condominiums and co-ops, increased 2.7% to a seasonally adjusted annual rate of 5.36 million in January, from a downwardly revised 5.22 million in December.  Sales were 5.3% above the 5.09 million level in January 2010. This is the first time in seven months that sales activity was higher than a year earlier.

Lawrence Yun, NAR chief economist, said, “The uptrend in home sales is consistent with improvements in the economy and jobs, which are helping boost consumer confidence.  The extremely favorable housing affordability conditions are a big factor, but buyers have been constrained by unnecessarily tight credit. As a result, there are abnormally high levels of all-cash purchases, along with rising investor activity.”

Investors accounted for 23% of purchases in January, up from 20% in December and 17% in January 2010. The balance of sales were to repeat buyers. All-cash sales rose to 32% of the total in January, up from 29% in December and 2% in January 2010.  First-time buyers purchased 29% of homes, down from 33% in December and 40% in January 2010 when an extended tax credit was in place.

"Increases in all-cash transactions, the investor market share and distressed home sales all go hand-in-hand. With tight credit standards, it's not surprising to see so much activity where cash is king and investors are taking advantage of conditions to purchase undervalued homes," Yun said.  All-cash purchases are at the highest level since NAR started measuring these purchases monthly in October 2008, when they accounted for 15% of the market. The average of all-cash deals was 20% in 2009, rising to 28% last year.

The national median existing-home price for all housing types was $158,800 in January, down 3.7% from January 2010. Distressed homes edged up to a 37% market share in January from 36% in December; it was 38% in January 2010.

A very positive sign for the real estate market nationwide is the decrease in inventory.  Total housing inventory at the end of January fell 5.1% to 3.38 million existing homes available for sale, which represents a 7.6-month supply at the current sales pace, down from an 8.2-month supply in December. The inventory supply is at the lowest level since December 2009 when there was a 7.3-month supply.

Regionally, existing-home sales in the Northeast fell 4.6% to an annual pace of 830,000 in January from a spike in December and are 1.2% below January 2010. The median price in the Northeast was $236,500, which is 4.0% below a year ago.

Single-family home sales rose 2.4% to a seasonally adjusted annual rate of 4.69 million in January from 4.58 million in December, and were 4.9% higher than the 4.47 million level in January 2010. The median existing single-family home price was $159,400 in January, down 2.7%  from a year ago.

Existing condominium and co-op sales increased 4.7% to a seasonally adjusted annual rate of 670,000 in January from 640,000 in December, and are 7.9% above the 621,000-unit pace one year ago. The median existing condo price5 was $154,900 in January, which is 10.2% below January 2010.

Each community is different, so call or email me for details on home sales in your neighborhood of Hamilton, Mercer County, and surrounding New Jersey areas.

Joe Giancarli, SA
Real Estate Advisor
Short Sale Specialist
609-658-2612
jgiancarli@remax.net
http://www.joegiancarli.com/
http://www.njhomesource.com/
http://www.newjerseynewhomes.blogspot.com/
www.activerain.com/blogs/josephgiancarli

Find homes for sale using my new mobile app. Just text JOEG to 87778 and you will be sent download instructions. Once installed on your device, you will be able to do searches and see complete listing details including photos and prices. If your device is GPS enabled you will also see the listings on a map. (Data rates may apply.)

Friday, February 18, 2011

Homeowners Trend to Remodeling

Many Americans, including homeowners in New Jersey, are choosing to remodel their current homes rather than purchase a new house or apartment. BuildFax, a leading provider of building permit data recently released the latest findings of its monthly BuildFax Remodeling Index (BFRI), in addition to a comprehensive review of remodeling activity throughout last year. The findings indicate that in December 2010, residential remodeling activity rose 18% year-over-year and for the fourteenth straight month.

According to the BFRI 2010 Year in Review, in most of the country, remodeling in 2010 resembled what 2008 might have looked like had the housing market not collapsed. In the Northeast, however, 2010 was the worst year in the history of the BuildFax Remodeling Index.

“Throughout the country—even in the lagging Northeast—the last quarter of 2010 shows promise for increased remodeling activity in 2011,” said Joe Emison, vice president of research and development at BuildFax. “The winter is always the trough of the seasonal remodeling cycle, and December 2010 was better than or equal to December 2009 in every region of the country.”  Northeast continues to lag all other regions while still showing signs of recovery. The BuildFax Remodeling Index for the Northeast was down 4.1 points (5%) month-over-month but up 1.3 points (2%) year-over-year.

Contact me to discuss your remodeling plans.  With my background in construction and lifelong residency in Mercer County, I can help you decide if you should remodel or sell "as is."

Joe Giancarli, SA
Real Estate Advisor
Short Sale Specialist
609-658-2612
jgiancarli@remax.net
http://www.joegiancarli.com/
http://www.njhomesource.com/
http://www.newjerseynewhomes.blogspot.com/
www.activerain.com/blogs/josephgiancarli

(resource:  RISMedia.com)

Find homes for sale using my new mobile app. Just text JOEG to 87778 and you will be sent download instructions. Once installed on your device, you will be able to do searches and see complete listing details including photos and prices. If your device is GPS enabled you will also see the listings on a map. (Data rates may apply.)

Hamilton, NJ - Nottinghill - Brockton Rd - Affordable Cape Home

56 Brockton Road
, in Nottinghill of Hamilton, is a Cape home in move-in condition.  The newly-renovated kitchen features maple cabinets, granite countertops, Wilsonart flooring, high-end stove, stainless steel refrigerator, and built-in dishwasher. An eating with crown molding provides ample space for dining. There’s hardwood flooring in the living and breakfast rooms, and a gas fireplace in the living room.  The finished basement can be used as a family or recreation room, and has 2nd fireplace.  One guest bedroom and half bath are on the main level.  Two bedrooms and a full, neutral bathroom are upstairs. The master bedroom offers a wall of built-in dressers and a walk-in closet.  Space in this home has been utilized fully. A newer central air unit was recently installed.  In the fenced backyard is a 12x10 shed, and maintenance-free deck with retractable awning.  Nottinghill is an established neighborhood of well-maintained Cape homes with yards and mature landscaping. 

Joe Giancarli, SA
Real Estate Advisor
Short Sale Specialist
609-658-2612
jgiancarli@remax.net
http://www.joegiancarli.com/
http://www.njhomesource.com/
http://www.newjerseynewhomes.blogspot.com/
www.activerain.com/blogs/josephgiancarli

Find homes for sale using my new mobile app. Just text JOEG to 87778 and you will be sent download instructions. Once installed on your device, you will be able to do searches and see complete listing details including photos and prices. If your device is GPS enabled you will also see the listings on a map. (Data rates may apply.)



Thursday, February 17, 2011

Hamilton, NJ - Birkshire Rd - Custom Colonial - Priced below Comps


34 Birkshire Rd
is a custom Colonial, built in 2004 by Russ Wilber, located on a private cul-de-sac lot, and priced to sell quickly. Its upgrades and amenities include 4 bedrooms, 3.5 baths, full finished walkout basement, 9' ceilings, hardwood floors, gas fireplace, zoned central A/C, and brick front.  The gourmet kitchen features granite counter tops, and stainless steel appliances, gas stove, oven, microwave, dishwasher, and refrigerator.  There’s a deck off the kitchen and family room to enjoy a large and private rear yard.  Hamilton train station and Veterans Park are 5 minutes away.  This same model home has recently sold in the area for over $500,000, making the home a great price opportunity.  Contact agent for school information.
Joe Giancarli, SA
Real Estate Advisor
Short Sale Specialist
609-658-2612
jgiancarli@remax.net
http://www.joegiancarli.com/
http://www.njhomesource.com/
http://www.newjerseynewhomes.blogspot.com/
www.activerain.com/blogs/josephgiancarli

Find homes for sale using my new mobile app. Just text JOEG to 87778 and you will be sent download instructions. Once installed on your device, you will be able to do searches and see complete listing details including photos and prices. If your device is GPS enabled you will also see the listings on a map. (Data rates may apply.)



Friday, February 11, 2011

Robbinsville, NJ - the Ridings - New Homes - Buyer Options Available - Gordon Rd

331 Gordon Road is a custom 3,000 SF home, 4 bedrooms/2.5 baths, to be built on a 2-acre estate lot in Robbinsville, in the prestigious neighborhood of The Ridings.  This is the best new home construction, value opportunity, in Robbinsville, by the highly respected local builder, JRM Construction.  Standard features of the Presidential Model include a 3-car side entry garage; brick front; 9’ ceilings throughout the first floor; hardwood floors in foyer, kitchen and breakfast room; wall-to-wall carpeting; wood-burning fireplace; 1st floor office/study; separate laundry room; 2-zoned natural gas heating & AC; full basement; and Energy Star certification.  The cook’s gourmet kitchen will offer custom 42-inch cabinets, granite tops, and built-in dishwasher, gas range, and microwave.  You have the option of a full bath on the 1st floor.  The master bedroom suite offers an optional sitting room, 2 walk-in closets, master bath with soaking tub, separate stall shower, double vanities, and ceramic tile floor and surrounds.   With the sitting room, a $17,000 retail value, you would gain an extra 140 SF, making the total interior 3140 SF.  The builder will grade and seed the acreage, which will create a private estate atmosphere.  You will have room for a garden, sports, play sets, pool, and to enjoy the natural surroundings and beauty of rural New Jersey.  Of course, JRM Construction offers a 10-year homeowners warranty.  And if you act soon, you’ll be able to choose custom paint and carpet colors.  Full list of standard features available on request.



Joe Giancarli, SA
Real Estate Advisor
Short Sale Specialist
609-658-2612
jgiancarli@remax.net
http://www.joegiancarli.com/
http://www.njhomesource.com/
http://www.newjerseynewhomes.blogspot.com/
www.activerain.com/blogs/josephgiancarli

Find homes for sale using my new mobile app. Just text JOEG to 87778 and you will be sent download instructions. Once installed on your device, you will be able to do searches and see complete listing details including photos and prices. If your device is GPS enabled you will also see the listings on a map. (Data rates may apply.)

Home Prices Stabilize in Most US Markets 4th Quarter, 2010

The National Association of Realtors (NAR) reported that home sales rebounded in 49 states during the fourth quarter with 78 markets - just over half of the available metropolitan areas - experiencing price gains from a year ago, while most of the rest saw price weakness.  Total state existing-home sales, including single-family and condo, jumped 15.4% to a seasonally adjusted annual rate1 of 4.80 million in the fourth quarter from 4.16 million in the third quarter,

In the fourth quarter, the median existing single-family home price rose in 78 out of 152 metropolitan statistical areas2 (MSAs) from the fourth quarter of 2009, including 10 with double-digit increases; three were unchanged and 71 areas had price declines. In the fourth quarter of 2009 a total of 67 MSAs experienced annual price gains.  The national median existing single-family price was $170,600 in the fourth quarter, up 0.2% from $170,300 in the fourth quarter of 2009.  Distressed homes, typically sold at discount of 10 to 15%, accounted for 34% of fourth quarter sales, little changed from 32% a year earlier.

Lawrence Yun, NAR chief economist, is encouraged by the trend. "Home sales clearly recovered in the latter part of 2010 and are helping to absorb the inventory, including many distressed properties. Even with foreclosures continuing to enter the inventory pipeline, they've been selling well and housing supplies have trended down," he said. "A recovery to normalcy requires steady trimming of the inventories."

Yun added, "An improving housing market and job growth will go hand in hand. The housing recovery will mean faster job growth." He projects about 150,000 to 200,000 jobs will be added to the economy this year from an anticipated 300,000 additional home sales in 2011.

NAR President Ron Phipps, said a very favorable affordability environment is a huge factor in the recovery. "Although job growth has been relatively modest and credit is tight, you can't underestimate the impact of historically high housing affordability conditions," he explained.  "Mortgage interest rates recently hit record lows, median family income has edged up, and prices in most areas have been stable following the correction from the housing boom. For people with good credit and long term plans, it's hard to imagine a better opportunity than what we see today," Phipps said.

Regionally, the median existing single-family home price in the Northeast increased 2.3% to $240,400 in the fourth quarter from a year earlier. Existing-home sales in the Northeast rose 15.0% in the fourth quarter to a level of 797,000 but are 22.8% below the surge in the fourth quarter of 2009 (due to the 1st time buyer tax credit).

Now is the time for you to consider becoming a homeowner.  Contact me to discuss your options and what would work best for you.

Joe Giancarli, SA
Real Estate Advisor
Short Sale Specialist
609-658-2612
jgiancarli@remax.net
http://www.joegiancarli.com/
http://www.njhomesource.com/
http://www.newjerseynewhomes.blogspot.com/
www.activerain.com/blogs/josephgiancarli

Find homes for sale using my new mobile app. Just text JOEG to 87778 and you will be sent download instructions. Once installed on your device, you will be able to do searches and see complete listing details including photos and prices. If your device is GPS enabled you will also see the listings on a map. (Data rates may apply.)

Tuesday, February 8, 2011

Hamilton, NJ - Adams Ct - Golden Crest - SOLD

Desirable Concord model in Golden Crest features 5 bedrooms and 3 full baths under 400K.  The home just needs a little TLC, new carpet and paint. New roof in May 2010; new furnace, central air, and hot water heater in 2002. Finished basement with second kitchen and walk-up outside entrance. Beautiful landscaping compliments the stunning stone entry. Located on cul-de-sac. Owner wants offers & quick sale.  Great opportunity to get into one of the largest and desirable (Concord) models in Golden Crest for under $400,000.Contact Joe Giancarli, SA, for a private showing.  609-658-2612


Thursday, February 3, 2011

Don't Hurt your Credit Score by Making These Mistakes

When you pay your bills, you can make a decision to kill your credit score or help it, or at least help you rebuild it.  “Most people have wrong or little information about how the system works, and that’s a big reason scores go down when difficult decisions are made during a recession,” said Eddie Johansson, of Credit Security Group.  Here are common misunderstandings that could lower your credit score, as reported by RISMedia.com:

"1. Paying late didn’t hurt my credit since I’m caught up now. Johansson said recent late payments are the credit score killers he sees most often. 'It’s great that you caught up,' he said, 'but it doesn’t change the fact that you paid late. Anything other than ‘paid as agreed’ on accounts on your credit report hurts your score.'

"2.  Dollar amounts matter in credit scores. An example of bad credit score advice here is 'pay the highest bill first,' Johansson said. 'Dollar amounts don’t matter in FICO scoring; ratios and recency do. The effect on your score is the same for a $1 late payment as a $1,000 late payment. The fewer late payments on your credit report, the higher your score—regardless of their dollar amounts,' he said.  If you must pay late and want to avoid damage to your score, pay the accounts that report to credit bureaus first. You can find this information by getting a copy of your credit report.

#3.  Closing credit card accounts helps your score. If you cancel a card, you may have just thrown away your chance to increase your score by continuing to build on years of positive credit. 'Very long term positive account history can really boost your score,' Johansson said. 'It’s best for your score to keep cards open and active, using them for small purchases. Next best is to just keep them open so you can build your score back up quickly by using them later.'

"4.  Don’t make a bad situation worse. In tough economic times, people often buy more on credit than they usually would. The amount they pay in interest on these purchases is largely determined by their credit scores. Poor decisions that lower scores combined with an already tight budget can be very costly, making money problems worse than they have to be."

Good credit is an essential element of financial security.  If you are having problems paying the mortgage on your Mercer County home, call or contact me before you get too far behind.  You have options if you act early enough.

Joe Giancarli, SA
Short Sale Specialist
Real Estate Advisor
609-658-2612
jgiancarli@remax.net
http://www.joegiancarli.com/
http://www.njhomesource.com/
http://www.newjerseynewhomes.blogspot.com/
www.activerain.com/blogs/josephgiancarli

Find homes for sale using my new mobile app. Just text JOEG to 87778 and you will be sent download instructions. Once installed on your device, you will be able to do searches and see complete listing details including photos and prices. If your device is GPS enabled you will also see the listings on a map. (Data rates may apply.)