As reported by RISMedia.com, the average American homebuyer is still very cautious, with good reasons.
1. Attitude - homeownership is no longer viewed as an investment with a guaranteed return. Many costs are rising more than incomes, so for younger buyers, it seems challenging that they can afford a mortgage plus health care and education.
2. Savings - because real estate is not a liquid asset, in the sense that it can be converted readily to cash, many buyers without savings don't want to tie up their extra cash in real estate.
3. Confidence - uncertainty about the economy, the health care system, the ability of the government to tackle major problems, all weigh on buyer confidence in the stability of a real estate investment. RISMedia.com writes, "The Joint Center for Housing Studies of Harvard University reports that real median household incomes across all age groups under 55 have not increased since 2000. It’s been posited that this will be the first decade in 40 years where real median household incomes will end lower than where they started. Simply, many Americans just don’t feel comfortable about their financial futures and are choosing to hold off on homeownership until they feel more secure."
4. Credit - lenders are still very cautious and credit remains tight for all but buyers with high FICO scores.
5. Timing - no one, even Realtors, know if the New Jersey real estate market, or in the rest of the country, has hit bottom. RISMedia.com continues, "Home values, saysYale Economist, Robert Shiller, are expected to continue falling in the short term by as much as 15-25% more. With the job market still on very rocky ground, the foreclosure crisis continuing to unfold, and the homebuyer tax credit gone, it’s anticipated that demand for middle market homes will remain relatively weak."
6. Mobility - even Seniors now realize they may have to move to work, and certainly younger generations plan on several major moves and careers during their lifetimes. So owning a home in one location becomes problematic, unless the employer offers a relocation package.
Sounds pretty gloomy doesn't it, if you want to buy a home in Hamilton, NJ? But let's talk about your options. There are great deals available, and many sellers who want and need badly to sell. So call or email and let's see if together we can structure a sensible real estate investment for you in today's market.
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.)
Showing posts with label Hamilton NJ Real Estate. Show all posts
Showing posts with label Hamilton NJ Real Estate. Show all posts
Thursday, March 24, 2011
Saturday, March 5, 2011
Fannie May Housing Survey Gives Optimism to Mercer County NJ Housing Market
Fannie Mae’s latest national housing survey finds that Americans are more confident about the stability of home prices than they were at the beginning of 2010, even though they lack confidence in the strength of the economy: The Fannie Mae Fourth Quarter National Housing Survey, conducted between October 2010 and December 2010, polled homeowners and renters to assess their confidence in homeownership as an investment, the current state of their household finances, views on the U.S. housing finance system and overall confidence in the economy.
78% of respondents believe housing prices will hold steady or increase over the next twelve months, up from 73% in January 2010; but almost two-thirds still believe the economy is on the wrong track, virtually unchanged (61%) from the beginning of last year.
Doug Duncan, Vice President and Chief Economist of Fannie Mae, said, “More Americans believe that housing prices will remain stable over the next year. We are also seeing encouraging signs in the positive attitudes toward homeownership among younger Americans, despite the severe impact of the housing crisis on Generation Y. But most respondents to our survey continue to lack confidence in the strength of the economic recovery, and they are less optimistic about their ability to buy a home in the years ahead. This sense of uncertainty is weighing on the housing recovery today and reshaping expectations for housing for the future.”
During 2010, survey respondents increasingly expressed a strong belief that it will be harder for future generations to obtain a mortgage. Three-quarters of those surveyed (74%) believe it will be harder to get a mortgage in the future, up from just over two-thirds at the beginning of 2010.
The percentage of Americans who believe that buying a home is a safe investment declined to 64% over the course of the year, from 70% in January 2010. This is down sharply from a similar survey conducted in December 2003, when 83% of the general population thought buying a home was a safe investment.
The good news for the inventory of distressed homes is that one out of three delinquent borrowers continues to say they have considered defaulting on their mortgage. However, that number fell from 39% at the beginning of the year to 31% in the fourth quarter. The number of delinquent borrowers who say they have seriously considered defaulting has also declined, from 25% in January 2010 to 19%. (Read more survey highlights at RISMedia.com.)
I know the communities in Mercer County and surrounding areas, and the local lenders. If you want to buy a home, I can help you achieve your goals. Call or email me today.
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.)
78% of respondents believe housing prices will hold steady or increase over the next twelve months, up from 73% in January 2010; but almost two-thirds still believe the economy is on the wrong track, virtually unchanged (61%) from the beginning of last year.
Doug Duncan, Vice President and Chief Economist of Fannie Mae, said, “More Americans believe that housing prices will remain stable over the next year. We are also seeing encouraging signs in the positive attitudes toward homeownership among younger Americans, despite the severe impact of the housing crisis on Generation Y. But most respondents to our survey continue to lack confidence in the strength of the economic recovery, and they are less optimistic about their ability to buy a home in the years ahead. This sense of uncertainty is weighing on the housing recovery today and reshaping expectations for housing for the future.”
During 2010, survey respondents increasingly expressed a strong belief that it will be harder for future generations to obtain a mortgage. Three-quarters of those surveyed (74%) believe it will be harder to get a mortgage in the future, up from just over two-thirds at the beginning of 2010.
The percentage of Americans who believe that buying a home is a safe investment declined to 64% over the course of the year, from 70% in January 2010. This is down sharply from a similar survey conducted in December 2003, when 83% of the general population thought buying a home was a safe investment.
The good news for the inventory of distressed homes is that one out of three delinquent borrowers continues to say they have considered defaulting on their mortgage. However, that number fell from 39% at the beginning of the year to 31% in the fourth quarter. The number of delinquent borrowers who say they have seriously considered defaulting has also declined, from 25% in January 2010 to 19%. (Read more survey highlights at RISMedia.com.)
I know the communities in Mercer County and surrounding areas, and the local lenders. If you want to buy a home, I can help you achieve your goals. Call or email me today.
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, March 1, 2011
Hamilton, NJ - Society Hill - Holly Ct - Condo for Rent
Beautiful 2nd floor, 2/2 end unit condo with patio in desirable Society Hill of Hamilton. The 1200 SF home is in move-in condition, spacious, bright, and airy. All neutral carpeting throughout the living room, dining room, and hallway. Eat-in kitchen, updated baths, large walk-in closet in master bedroom. Furnished appliances include washer, dryer, refrigerator, stove/oven.Great Location, close to Veterans Park
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 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.)
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.)
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
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
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
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.)
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 Concord
Thursday, January 27, 2011
Green Appraisals to Become More Common in the Housing Industry
The Appraisal Institute has launched a new course, Valuation of Sustainable Buildings Professional Development Program, to educate appraisers on the intricacies of valuing high-performance residential and commercial buildings.
“There is a tremendous need for this type of education within the real estate sector,” said Appraisal Institute President Joseph C. Magdziarz, MAI, SRA. He continued, "High-performance buildings represent a rapidly growing area of the real estate market, and reliable valuations are critical both to banks’ risk management and to developers’ sound development practices."
In the past, appraisers have been criticized for not accounting properly for a building's "green" features.. This new educational program is intended to bring graduates up to date on methods, techniques, case studies, and valuation for green improvements.
Magdziarz acknowledged that misconceptions about green valuation currently exist among many non-appraisers, including a failure to realize that cost does not always equal value. He noted that appraisers need to have all information from underwriters, builders, real estate agents, and home inspectors related to energy efficient features in order to recognize them and to make appropriate, market-based adjustments. He stated that "A critical issue is market recognition of the actual or perceived benefits of a green building. Do market participants view high-performance features as an enhancement to the market value of the property or as an over-enhancement? This is a critical question that will likely be unique to the particular property and local real estate market.”
If you want to add green features to your home and have questions on how those may affect its resale value, call or email me and let's talk about the market in your New Jersey neighborhood.
Joe Giancarli, SA
Real Estate Advisor
Short Sale Specialist
609-658-2612
jgiancarli@remax.net
http://www.joegiancarli.com/
http://www.njhomesource.com/
“There is a tremendous need for this type of education within the real estate sector,” said Appraisal Institute President Joseph C. Magdziarz, MAI, SRA. He continued, "High-performance buildings represent a rapidly growing area of the real estate market, and reliable valuations are critical both to banks’ risk management and to developers’ sound development practices."
In the past, appraisers have been criticized for not accounting properly for a building's "green" features.. This new educational program is intended to bring graduates up to date on methods, techniques, case studies, and valuation for green improvements.
Magdziarz acknowledged that misconceptions about green valuation currently exist among many non-appraisers, including a failure to realize that cost does not always equal value. He noted that appraisers need to have all information from underwriters, builders, real estate agents, and home inspectors related to energy efficient features in order to recognize them and to make appropriate, market-based adjustments. He stated that "A critical issue is market recognition of the actual or perceived benefits of a green building. Do market participants view high-performance features as an enhancement to the market value of the property or as an over-enhancement? This is a critical question that will likely be unique to the particular property and local real estate market.”
If you want to add green features to your home and have questions on how those may affect its resale value, call or email me and let's talk about the market in your New Jersey neighborhood.
Joe Giancarli, SA
Real Estate Advisor
Short Sale Specialist
609-658-2612
jgiancarli@remax.net
http://www.joegiancarli.com/
http://www.njhomesource.com/
Thursday, January 20, 2011
55+ Home Buyer Trends
A joint study by the 50+ Housing Council of the National Association of Home Builders (NAHB) and the MetLife Mature Market Institute shows the recession has made 55+ buyers more practical when selecting a new home. Design considerations have become less important, and financial concerns have become more prominent, according to the study. Previous studies from these two organizations found that most 55+ buyers depended on home sale proceeds to finance a new purchase. The most recent data shows that option diminished during the economic downturn.
In 2009, only 55% of new age-qualified active adult home buyers reported that their down payment came from a previous home sale, significantly down from 100% of respondents in 2005 and 92% in 2007. In 2005 and 2007, no active adult community buyers reported having to tap cash or savings for a down payment. In 2009, 45% of the average buyer’s down payment came from cash or savings.
The study, “Housing Trends Update for the 55+ Market,” explores recently released housing data from the Census Bureau’s 2009 American Housing Survey (AHS) on the 55+ demographic. The report focuses especially on households living in active adult communities. “Most 55+ consumers—those who chose to move and those who stay in their homes—report that they are happy with their homes and communities,” said Sandra Timmermann, Ed.D., director of the MetLife Mature Market Institute. “But those who did move to an age-qualified community—about 3%—reported the greatest satisfaction, rating their homes and communities at nine on a one-to-ten scale.”
“By the year 2020, as Baby Boomers move into this age bracket, almost 45% of all U.S. households will include someone at least 55 years old,” said David Crowe, NAHB’s chief economist. “The number of those households seeking housing better suited to their changing needs will therefore rise dramatically.” The desire to be near family and friends is the mature mover’s overwhelming motivation, the report noted. The design, amenities and appearance of the residence and the community remain important, but less so than before the recession. Buyers who fall into the 55+ age range that are moving into rental homes, both multi-family and single-family, cited a desire for less expensive housing as second in importance to living near friends and family.
“Proximity to work” was more important than in the past for those relocating to age-qualified, active adult communities—12% in 2009 versus 2% in 2001—underscoring the trend toward delayed retirement in this age group. There was also a reported increase in the share of 55+ single-family homeowners who say they work at home.
Read more at RISMedia.com. For additional information, visit the Mature Market Institute.
Our part of New Jersey - Mercer County and surrounding counties and townships - offer a wide range of housing options for the 55+ demographic. Call or email me to find out about your options, including "aging in place" and reverse mortgages.
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
In 2009, only 55% of new age-qualified active adult home buyers reported that their down payment came from a previous home sale, significantly down from 100% of respondents in 2005 and 92% in 2007. In 2005 and 2007, no active adult community buyers reported having to tap cash or savings for a down payment. In 2009, 45% of the average buyer’s down payment came from cash or savings.
The study, “Housing Trends Update for the 55+ Market,” explores recently released housing data from the Census Bureau’s 2009 American Housing Survey (AHS) on the 55+ demographic. The report focuses especially on households living in active adult communities. “Most 55+ consumers—those who chose to move and those who stay in their homes—report that they are happy with their homes and communities,” said Sandra Timmermann, Ed.D., director of the MetLife Mature Market Institute. “But those who did move to an age-qualified community—about 3%—reported the greatest satisfaction, rating their homes and communities at nine on a one-to-ten scale.”
“By the year 2020, as Baby Boomers move into this age bracket, almost 45% of all U.S. households will include someone at least 55 years old,” said David Crowe, NAHB’s chief economist. “The number of those households seeking housing better suited to their changing needs will therefore rise dramatically.” The desire to be near family and friends is the mature mover’s overwhelming motivation, the report noted. The design, amenities and appearance of the residence and the community remain important, but less so than before the recession. Buyers who fall into the 55+ age range that are moving into rental homes, both multi-family and single-family, cited a desire for less expensive housing as second in importance to living near friends and family.
“Proximity to work” was more important than in the past for those relocating to age-qualified, active adult communities—12% in 2009 versus 2% in 2001—underscoring the trend toward delayed retirement in this age group. There was also a reported increase in the share of 55+ single-family homeowners who say they work at home.
Read more at RISMedia.com. For additional information, visit the Mature Market Institute.
Our part of New Jersey - Mercer County and surrounding counties and townships - offer a wide range of housing options for the 55+ demographic. Call or email me to find out about your options, including "aging in place" and reverse mortgages.
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
Positive Numbers for December Home Sales
According to the National Association of Realtors (NAR), existing-home sales rose sharply in December, and sales increased for the fifth time in the past six months.
Existing-home sales, which are completed transactions that include single-family, townhomes, condominiums and co-ops, rose 12.3% to a seasonally adjusted annual rate of 5.28 million in December, from an upwardly revised 4.70 million in November, but remain 2.9% below the 5.44 million pace in December 2009.
Lawrence Yun, NAR chief economist, said sales are on an uptrend. "December was a good finish to 2010, when sales fluctuate more than normal. The pattern over the past six months is clearly showing a recovery," he said. "The December pace is near the volume we're expecting for 2011, so the market is getting much closer to an adequate, sustainable level. The recovery will likely continue as job growth gains momentum and rising rents encourage more renters into ownership while exceptional affordability conditions remain."
The national median existing-home price for all housing types was $168,800 in December, which is 1.0% below December 2009. Distressed homes rose to a 36% market share in December from 33% in November, and 32% in December 2009. "The modest rise in distressed sales, which typically are discounted 10 to 15% relative to traditional homes, dampened the median price in December, but the flat price trend continues," Yun explained.
Total housing inventory at the end of December fell 4.2% to 3.56 million existing homes available for sale, which represents an 8.1-month supply at the current sales pace, down from a 9.5-month supply in November.
A Realtor survey by NAR showed that 1st time buyers purchased 33% of homes in December, investors 20%, and the balance were repeat buyers. All-cash sales were 29% of the total, up from 22% a year ago. Single-family sales were up over November, but still below December, 2009. Condo and Co-op sales also followed this trend.
Regionally, existing-home sales in the Northeast jumped 13.0% to an annual pace of 870,000 in December but are 5.4% below December 2009. The median price in the Northeast was $237,300, which is 1.4% below a year ago.
Let me answer your questions about our local New Jersey market. Every community, and every neighborhood, has varying market forces. Call or email me to discuss your real estate needs.
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
Existing-home sales, which are completed transactions that include single-family, townhomes, condominiums and co-ops, rose 12.3% to a seasonally adjusted annual rate of 5.28 million in December, from an upwardly revised 4.70 million in November, but remain 2.9% below the 5.44 million pace in December 2009.
Lawrence Yun, NAR chief economist, said sales are on an uptrend. "December was a good finish to 2010, when sales fluctuate more than normal. The pattern over the past six months is clearly showing a recovery," he said. "The December pace is near the volume we're expecting for 2011, so the market is getting much closer to an adequate, sustainable level. The recovery will likely continue as job growth gains momentum and rising rents encourage more renters into ownership while exceptional affordability conditions remain."
The national median existing-home price for all housing types was $168,800 in December, which is 1.0% below December 2009. Distressed homes rose to a 36% market share in December from 33% in November, and 32% in December 2009. "The modest rise in distressed sales, which typically are discounted 10 to 15% relative to traditional homes, dampened the median price in December, but the flat price trend continues," Yun explained.
Total housing inventory at the end of December fell 4.2% to 3.56 million existing homes available for sale, which represents an 8.1-month supply at the current sales pace, down from a 9.5-month supply in November.
A Realtor survey by NAR showed that 1st time buyers purchased 33% of homes in December, investors 20%, and the balance were repeat buyers. All-cash sales were 29% of the total, up from 22% a year ago. Single-family sales were up over November, but still below December, 2009. Condo and Co-op sales also followed this trend.
Regionally, existing-home sales in the Northeast jumped 13.0% to an annual pace of 870,000 in December but are 5.4% below December 2009. The median price in the Northeast was $237,300, which is 1.4% below a year ago.
Let me answer your questions about our local New Jersey market. Every community, and every neighborhood, has varying market forces. Call or email me to discuss your real estate needs.
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
Saturday, January 15, 2011
Hamilton, NJ - Short Sale - Norway Ave - Upgraded - Garage
Short Sale opportunity. 824 Norway
Contact Joe Giancarli, SA, for a private showing. 609-658-2612.
Contact Joe Giancarli, SA, for a private showing. 609-658-2612.
Friday, January 14, 2011
Hamilton, NJ - Deutzville - Short Sale - Henry St
Short Sale Opportunity. Best Priced single family detached home in Hamilton with a garage. This Colonial features 3 bedrooms, large eat- in kitchen, gas cooking, full unfinished basement, one-car detached garage, newer heater, 5 year old windows, remodeled bath, and enclosed porch. Appliances included. Fenced yard with storage shed. Great location for commuters, close to Rt 129, I-195, and I-295. Close to Deutzville Park. Move-in condition, and sellers are ready for an offer.
Contact Joe Giancarli, SA, 609-658-2612, for a private showing.
Contact Joe Giancarli, SA, 609-658-2612, for a private showing.
Thursday, January 13, 2011
Want to Buy a New Jersey Foreclosure? Here's What You Need to Know
New Jersey has its share of foreclosures, and they represent a good buying opportunity if you aren't in a hurry to close. But beware - they aren't without their problems. Here are some items you need to consider before you decide to write a purchase contract on a bank-owned home in Mercer County, NJ.
1. The highest-risk option for buying is at a foreclosure auction. You may not have had a chance to inspect the property, and almost always will be bidding against the lender, who knows their bottom line (you won't).
2. Most foreclosed properties are sold as REOs, or "real estate owned" by the lender, which is not in the real estate business (or wasn't) and presumably wants to sell. Remember, the bank took over the property from an owner who did not pay, and most likely in an adversarial transaction. The Bank has no legal obligation to disclose anything, and probably knows nothing of property defects anyway. Buyer beware!
3. Any inspections are up to the buyer, at his/her cost. At the minimum, you need a homeowner's basic inspection, and to follow up any additional recommendations for supplemental inspections, such as of pests, roof, or pool. Many properties in Mercer County are on septic tanks and you need an inspection of the tank and drainage system. You must factor these costs into the cash you need to purchase, and they can save you thousands of dollars in repairs later. If you can't afford to pay for inspections, don't buy a foreclosure.
4. Once you have a good understanding of the problems with the home, realize you will be buying "As Is." Very rarely will a bank make repairs. Don't expect them to agree to do anything except give you clear title. Plan to take possession in the condition you found it when you made your offer, and be prepared to make the repairs yourself. The only exceptions will be health and safety issues, such as something structural or a gas leak or unsafe electrical condition. If you can't afford the repairs and investments (like buying appliances) to make the property safe and livable, don't buy a foreclosure.
5. The bank will control the contract terms and the timeframe. Be very aware of the time limit you have to opt out of the contract and why. If you find unexpected problems or find they will cost more than you want to pay to repair, be sure you act quickly enough to get out of the contract. If you don't, you will forfeit your deposit.
6. You can continue to look at other properties after you have made an offer. The bank is looking at many offers while you wait to hear. So don't be in a hurry, and keep your options open.
Yes, you need an experienced Realtor working for you if you decide to buy a foreclosure. I've been in real estate in Mercer County for more than 20 years. Don't think you can blunder through bank requirements and paperwork without a professional on your side. Call or email me and let's talk about what type of purchase will fit your investment strategy.
Joe Giancarli, SA
Real Estate Advisor
609-658-2612
jgiancarli@remax.net
http://www.joegiancarli.com/
http://www.njhomesource.com/
1. The highest-risk option for buying is at a foreclosure auction. You may not have had a chance to inspect the property, and almost always will be bidding against the lender, who knows their bottom line (you won't).
2. Most foreclosed properties are sold as REOs, or "real estate owned" by the lender, which is not in the real estate business (or wasn't) and presumably wants to sell. Remember, the bank took over the property from an owner who did not pay, and most likely in an adversarial transaction. The Bank has no legal obligation to disclose anything, and probably knows nothing of property defects anyway. Buyer beware!
3. Any inspections are up to the buyer, at his/her cost. At the minimum, you need a homeowner's basic inspection, and to follow up any additional recommendations for supplemental inspections, such as of pests, roof, or pool. Many properties in Mercer County are on septic tanks and you need an inspection of the tank and drainage system. You must factor these costs into the cash you need to purchase, and they can save you thousands of dollars in repairs later. If you can't afford to pay for inspections, don't buy a foreclosure.
4. Once you have a good understanding of the problems with the home, realize you will be buying "As Is." Very rarely will a bank make repairs. Don't expect them to agree to do anything except give you clear title. Plan to take possession in the condition you found it when you made your offer, and be prepared to make the repairs yourself. The only exceptions will be health and safety issues, such as something structural or a gas leak or unsafe electrical condition. If you can't afford the repairs and investments (like buying appliances) to make the property safe and livable, don't buy a foreclosure.
5. The bank will control the contract terms and the timeframe. Be very aware of the time limit you have to opt out of the contract and why. If you find unexpected problems or find they will cost more than you want to pay to repair, be sure you act quickly enough to get out of the contract. If you don't, you will forfeit your deposit.
6. You can continue to look at other properties after you have made an offer. The bank is looking at many offers while you wait to hear. So don't be in a hurry, and keep your options open.
Yes, you need an experienced Realtor working for you if you decide to buy a foreclosure. I've been in real estate in Mercer County for more than 20 years. Don't think you can blunder through bank requirements and paperwork without a professional on your side. Call or email me and let's talk about what type of purchase will fit your investment strategy.
Joe Giancarli, SA
Real Estate Advisor
609-658-2612
jgiancarli@remax.net
http://www.joegiancarli.com/
http://www.njhomesource.com/
The Appraisal Institute has released helpful tips for consumers, providing guidance for homeowners and buyers seeking to ensure their sales are completed in a timely manner. The document is available here: http://www.appraisalinstitute.org/newsadvocacy/downloads/AIhelpfultipsforconsumers.pdf . The Institute created the recommendations to help consumers protect themselves and avoid unnecessary frustration when selling or buying a home.
“Too many consumers in this struggling real estate market face problems with appraisals when attempting to buy or sell a home,” said Appraisal Institute President Joseph C. Magdziarz, MAI, SRA. “But rather than passively endure delays in closing a sale, homeowners and buyers can take proactive steps to avoid pitfalls.”
The Appraisal Institute’s tips encourage homeowners and buyers to:
-Understand the role of appraisals.
-Make sure their lender hires a qualified appraiser (such as a designated SRA, SRPA or MAI member of the Appraisal Institute).
-Accompany the appraiser during the inspection of the property if possible.
-Request a copy of the appraisal report from the lender.
-Examine the appraisal report and ask questions.
-Appeal the appraisal if appropriate.
-Ask the lender to order a second appraisal by a qualified and designated appraiser.
-File legitimate complaints with appropriate state board or professional appraisal organizations.
“Appraisers today are doing the same thorough, fact-based research and analysis they have always done,” Magdziarz said. “Nothing has changed in that regard.” He added that appraisers have been wrongly accused of prolonging the nation’s real estate downturn by developing value opinions that are below proposed sale prices.
For more information, visit http://www.appraisalinstitute.org/
Call or email me to discuss values and what an appraisal means to you.
Joe Giancarli, SA
Short Sale Specialist
Real Estate Advisor
609-658-2612
jgiancarli@remax.net
http://www.joegiancarli.com/
http://www.njhomesource.com/
“Too many consumers in this struggling real estate market face problems with appraisals when attempting to buy or sell a home,” said Appraisal Institute President Joseph C. Magdziarz, MAI, SRA. “But rather than passively endure delays in closing a sale, homeowners and buyers can take proactive steps to avoid pitfalls.”
The Appraisal Institute’s tips encourage homeowners and buyers to:
-Understand the role of appraisals.
-Make sure their lender hires a qualified appraiser (such as a designated SRA, SRPA or MAI member of the Appraisal Institute).
-Accompany the appraiser during the inspection of the property if possible.
-Request a copy of the appraisal report from the lender.
-Examine the appraisal report and ask questions.
-Appeal the appraisal if appropriate.
-Ask the lender to order a second appraisal by a qualified and designated appraiser.
-File legitimate complaints with appropriate state board or professional appraisal organizations.
“Appraisers today are doing the same thorough, fact-based research and analysis they have always done,” Magdziarz said. “Nothing has changed in that regard.” He added that appraisers have been wrongly accused of prolonging the nation’s real estate downturn by developing value opinions that are below proposed sale prices.
For more information, visit http://www.appraisalinstitute.org/
Call or email me to discuss values and what an appraisal means to you.
Joe Giancarli, SA
Short Sale Specialist
Real Estate Advisor
609-658-2612
jgiancarli@remax.net
http://www.joegiancarli.com/
http://www.njhomesource.com/
Thursday, January 6, 2011
If you Want to Sell your Hamilton Home in 2011, Think Ahead
If your New Year's resolution involves selling your home in 2011, you need to plan ahead: There's plenty of inventory and it is still a buyer's market. If you don't have to sell this year, if you are not in a distressed situation, it may be more challenging because you will have to deal with the values set in the marketplace by these bank-owned and short sale properties. You just need to be flexible and prepared.
1. By listing in early January, you might be able to catch some of those early birds who start browsing in the winter so they can find a new home before school starts in the fall. Many buyers start their searches online right after Christmas, and continue through the Spring.
2. Price it right the first time. The longer a property sits on the market, the more price reductions you will make. Buyers will assume there's something wrong with the home, and realtors won't aggressively show the property, because they think you aren't motivated to sell. Obviously, the expertise of an experienced Mercer County NJ Realtor (me) is invaluable to make sense of prices in your community.
3. Advertise that your home is not a short sale or bank-owned property, if that is the case. Not all buyers are looking for a fixer upper or want to wait several months for a bank to decide on their offer.
4. Stage your home for buyers. Make the decor neutral, hide your momentos, and declutter. You will be moving anyway. Always leave for showings and take your pets and children with you.
5. Clean and clean some more. Remember, you have to look better than your competition.
6. Repair all the minor items you've been putting off. A home inspection prior to listing is really worth the money. Then you will be prepared for what the buyers will find.
7. Get your documents ready. Buyers will want to know what the utilities run, the age of the roof, plumbing repairs, hot water heater, etc.
8. Be flexible and patient. If a buyer wants to come at your dinner hour, or on Super Bown weekend, or when you are at church, let them. They will just look at another house if you don't.
So much of trying to sell is common sense and thinking of how you would feel as a prospective buyer. But we get busy and may not always be prepared. If you plan now for what you will need to do to be in the best position to sell when it gets busy (Spring), you'll be way ahead.
Call or email me to talk about the price you might get for your home, and what the market forces are in your Mercer County community.
Joe Giancarli, SA
Short Sale Specialist
Real Estate Advisor
609-658-2612
jgiancarli@remax.net
http://www.joegiancarli.com/
http://www.njhomesource.com/
1. By listing in early January, you might be able to catch some of those early birds who start browsing in the winter so they can find a new home before school starts in the fall. Many buyers start their searches online right after Christmas, and continue through the Spring.
2. Price it right the first time. The longer a property sits on the market, the more price reductions you will make. Buyers will assume there's something wrong with the home, and realtors won't aggressively show the property, because they think you aren't motivated to sell. Obviously, the expertise of an experienced Mercer County NJ Realtor (me) is invaluable to make sense of prices in your community.
3. Advertise that your home is not a short sale or bank-owned property, if that is the case. Not all buyers are looking for a fixer upper or want to wait several months for a bank to decide on their offer.
4. Stage your home for buyers. Make the decor neutral, hide your momentos, and declutter. You will be moving anyway. Always leave for showings and take your pets and children with you.
5. Clean and clean some more. Remember, you have to look better than your competition.
6. Repair all the minor items you've been putting off. A home inspection prior to listing is really worth the money. Then you will be prepared for what the buyers will find.
7. Get your documents ready. Buyers will want to know what the utilities run, the age of the roof, plumbing repairs, hot water heater, etc.
8. Be flexible and patient. If a buyer wants to come at your dinner hour, or on Super Bown weekend, or when you are at church, let them. They will just look at another house if you don't.
So much of trying to sell is common sense and thinking of how you would feel as a prospective buyer. But we get busy and may not always be prepared. If you plan now for what you will need to do to be in the best position to sell when it gets busy (Spring), you'll be way ahead.
Call or email me to talk about the price you might get for your home, and what the market forces are in your Mercer County community.
Joe Giancarli, SA
Short Sale Specialist
Real Estate Advisor
609-658-2612
jgiancarli@remax.net
http://www.joegiancarli.com/
http://www.njhomesource.com/
Thursday, December 30, 2010
Cost vs Value - What Remodeling Projects Bring the Highest Return
As part of the 2010-11 Remodeling Cost vs. Value Report, REALTORS® recently rated exterior replacement projects among the most cost-effective home improvement projects, demonstrating that curb appeal remains one of the most important aspects of a home at resale time.
“This year’s Remodeling Cost vs. Value Report highlights the importance of exterior projects, which not only provide the most value, but also are among the least expensive improvements for a home,” said National Association of REALTORS® President Ron Phipps.
Nine of the top 10 most cost-effective projects nationally in terms of value recouped are exterior replacement projects. The steel entry door replacement remained the project that returned the most money, with an estimated 102.1% of cost recouped upon resale; it is also the only project in this year’s report that is expected to return more than the cost. The midrange garage door replacement, a new addition to the report this year, is expected to recoup 83.9% of costs. Both projects are small investments that cost little more than $1,200 each, on average. These projects can significantly improve a home’s curb appeal. “Curb appeal remains king – it’s the first thing potential buyers notice when looking for a home, and it also demonstrates pride of ownership,” said Phipps.
The 2010-11 Remodeling Cost vs. Value Report compares construction costs with resale values for 35 midrange and upscale remodeling projects comprising additions, remodels and replacements in 80 markets across the country. Data are grouped in nine U.S. regions, following the divisions established by the U.S. Census Bureau. This is the 13th consecutive year that the report, which is produced by Remodeling magazine publisher Hanley Wood LLC, was completed in cooperation with REALTOR® Magazine.
According to the report, replacement projects usually outperform remodel and addition projects in resale value because they are among the least expensive, and contribute to curb appeal. Various types of siding and window replacement projects were estimated to return more than 70% of costs. Upscale fiber-cement siding replacement was judged the most cost effective among siding projects, recouping 80% of costs. Among window projects, upscale vinyl window replacements were expected to recoup the most, 72.6% upon resale. A wood deck addition, with a minor kitchen remodel, was the fourth most profitable project, recouping an estimated 72.8% of costs.
The top interior projects for resale value included an attic bedroom and a basement remodel. Both add living space without extending the footprint of the house. An attic bedroom addition costs more than $51,000 and recoups an estimated 72.2% nationally upon resale; a basement remodel costs more than $64,000 and recoups an estimated 70%. Improvement projects that are expected to return the least are a midrange home office remodel, recouping an estimated 45.8%; a backup power generator, recouping 48.5%; and a sunroom addition, recouping 48.6% of costs.
Although most regions followed the national trends, the regions that consistently were estimated to return a higher percentage of remodeling costs upon resale were the Pacific region of Alaska, California, Hawaii, Oregon and Washington; the West South Central region of Arkansas, Louisiana, Oklahoma, and Texas; the East South Central region of Alabama, Kentucky, Mississippi and Tennessee; and the South Atlantic region of the District of Columbia, Florida, Georgia, Maryland, North Carolina, South Carolina, Virginia and West Virginia.
The regions where REALTORS® generally reported the lowest percentage of costs recouped were New England (Connecticut, Massachusetts, Maine, New Hampshire, Rhode Island, and Vermont), East North Central (Illinois, Indiana, Michigan, Ohio and Wisconsin), West North Central (Iowa, Kansas, Minnesota, Missouri, Nebraska, North Dakota and South Dakota), and Middle Atlantic (New York, New Jersey, and Pennsylvania).
“It’s important to remember that the resale value of a particular improvement project depends on several factors,” said Phipps. “Things such as the home’s overall condition, availability and condition of surrounding properties, location and the regional economic climate contribute to an estimated resale value. That’s why it is imperative to work with a REALTOR® who can provide insight and guidance into local market conditions whether you’re buying, selling or improving a home.”
I have many years of experience in the building trades, and New Jersey real estate. Call or email me to discuss the project you have in mind so you can decide if it makes sense to spend your money.
Joe Giancarli, SA
Real Estate Advisor
Short Sale Specialist
609-658-2612
jgiancarli@remax.net
http://www.joegiancarli.com/
http://www.njhomesource.com/
Source: National Assn of Realtors
“This year’s Remodeling Cost vs. Value Report highlights the importance of exterior projects, which not only provide the most value, but also are among the least expensive improvements for a home,” said National Association of REALTORS® President Ron Phipps.
Nine of the top 10 most cost-effective projects nationally in terms of value recouped are exterior replacement projects. The steel entry door replacement remained the project that returned the most money, with an estimated 102.1% of cost recouped upon resale; it is also the only project in this year’s report that is expected to return more than the cost. The midrange garage door replacement, a new addition to the report this year, is expected to recoup 83.9% of costs. Both projects are small investments that cost little more than $1,200 each, on average. These projects can significantly improve a home’s curb appeal. “Curb appeal remains king – it’s the first thing potential buyers notice when looking for a home, and it also demonstrates pride of ownership,” said Phipps.
The 2010-11 Remodeling Cost vs. Value Report compares construction costs with resale values for 35 midrange and upscale remodeling projects comprising additions, remodels and replacements in 80 markets across the country. Data are grouped in nine U.S. regions, following the divisions established by the U.S. Census Bureau. This is the 13th consecutive year that the report, which is produced by Remodeling magazine publisher Hanley Wood LLC, was completed in cooperation with REALTOR® Magazine.
According to the report, replacement projects usually outperform remodel and addition projects in resale value because they are among the least expensive, and contribute to curb appeal. Various types of siding and window replacement projects were estimated to return more than 70% of costs. Upscale fiber-cement siding replacement was judged the most cost effective among siding projects, recouping 80% of costs. Among window projects, upscale vinyl window replacements were expected to recoup the most, 72.6% upon resale. A wood deck addition, with a minor kitchen remodel, was the fourth most profitable project, recouping an estimated 72.8% of costs.
The top interior projects for resale value included an attic bedroom and a basement remodel. Both add living space without extending the footprint of the house. An attic bedroom addition costs more than $51,000 and recoups an estimated 72.2% nationally upon resale; a basement remodel costs more than $64,000 and recoups an estimated 70%. Improvement projects that are expected to return the least are a midrange home office remodel, recouping an estimated 45.8%; a backup power generator, recouping 48.5%; and a sunroom addition, recouping 48.6% of costs.
Although most regions followed the national trends, the regions that consistently were estimated to return a higher percentage of remodeling costs upon resale were the Pacific region of Alaska, California, Hawaii, Oregon and Washington; the West South Central region of Arkansas, Louisiana, Oklahoma, and Texas; the East South Central region of Alabama, Kentucky, Mississippi and Tennessee; and the South Atlantic region of the District of Columbia, Florida, Georgia, Maryland, North Carolina, South Carolina, Virginia and West Virginia.
The regions where REALTORS® generally reported the lowest percentage of costs recouped were New England (Connecticut, Massachusetts, Maine, New Hampshire, Rhode Island, and Vermont), East North Central (Illinois, Indiana, Michigan, Ohio and Wisconsin), West North Central (Iowa, Kansas, Minnesota, Missouri, Nebraska, North Dakota and South Dakota), and Middle Atlantic (New York, New Jersey, and Pennsylvania).
“It’s important to remember that the resale value of a particular improvement project depends on several factors,” said Phipps. “Things such as the home’s overall condition, availability and condition of surrounding properties, location and the regional economic climate contribute to an estimated resale value. That’s why it is imperative to work with a REALTOR® who can provide insight and guidance into local market conditions whether you’re buying, selling or improving a home.”
I have many years of experience in the building trades, and New Jersey real estate. Call or email me to discuss the project you have in mind so you can decide if it makes sense to spend your money.
Joe Giancarli, SA
Real Estate Advisor
Short Sale Specialist
609-658-2612
jgiancarli@remax.net
http://www.joegiancarli.com/
http://www.njhomesource.com/
Source: National Assn of Realtors
Home Affordability Continues in Mercer Co, NJ
The U.S. Department of Housing and Urban Development (HUD) and the U.S. Department of the Treasury have released the December edition of the Obama Administration’s Housing Scorecard. The figures show continued home affordability in the housing market, with interest rates near record lows. The market, however, remains fragile. Prices are unsettled in many areas (contact me to find out about your own community), but foreclosure starts and completions dropped significantly in November.
“The Obama Administration’s broad set of programs have helped promote stability for the housing market, neighborhoods, and the nation’s homeowners, but there is much more work to be done,” said HUD Assistant Secretary Raphael Bostic. “Since taking office in 2009, the Administration’s efforts have helped millions of families stay in their homes and helped millions more refinance, but the data clearly show that the market remains extremely fragile. That’s why we’re continuing to focus on successfully implementing the programs we’ve put in place—such as additional refinancing assistance and emergency loans to help unemployed homeowners—and ensuring that help is available to homeowners as early as possible.”
Key points of the HUD report:
-Foreclosure starts and completions dropped significantly in November. As lenders review internal procedures related to foreclosure processing, many foreclosure actions have been delayed, leading to a 21% drop in foreclosure activity in November. While this is the biggest month-over-month decrease since 2005, the decline is likely to be temporary, as lenders eventually revise and resubmit foreclosure paperwork in the coming months.
-As expected with the expiration of the Home Buyer Tax Credit, new and existing home sales have remained below levels seen in the first half of 2010. However, the report shows that home prices and home equity declined moderately, as prices remain unsettled at this fragile stage of the recovery.
-More than 3.9 million mortgage aid offers were initiated between April 2009 and the end of October 2010—more than double the number of foreclosure completions during that time. These actions included over 1.4 million Home Affordable Modification Program (HAMP) trial modification starts, more than 600,000 Federal Housing Administration (FHA) loss mitigation and early delinquency interventions, and nearly 1.8 million proprietary modifications under HOPE Now. While some homeowners may have received help from more than one program, the number of agreements offered were more than double the number of foreclosure completions for the same period (1.7 million).
If you want to find out the value of your Hamilton NJ home in today's market, call or email. If you are having trouble paying your mortgage, don't wait - call or email me today. You have options to foreclosure.
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
“The Obama Administration’s broad set of programs have helped promote stability for the housing market, neighborhoods, and the nation’s homeowners, but there is much more work to be done,” said HUD Assistant Secretary Raphael Bostic. “Since taking office in 2009, the Administration’s efforts have helped millions of families stay in their homes and helped millions more refinance, but the data clearly show that the market remains extremely fragile. That’s why we’re continuing to focus on successfully implementing the programs we’ve put in place—such as additional refinancing assistance and emergency loans to help unemployed homeowners—and ensuring that help is available to homeowners as early as possible.”
Key points of the HUD report:
-Foreclosure starts and completions dropped significantly in November. As lenders review internal procedures related to foreclosure processing, many foreclosure actions have been delayed, leading to a 21% drop in foreclosure activity in November. While this is the biggest month-over-month decrease since 2005, the decline is likely to be temporary, as lenders eventually revise and resubmit foreclosure paperwork in the coming months.
-As expected with the expiration of the Home Buyer Tax Credit, new and existing home sales have remained below levels seen in the first half of 2010. However, the report shows that home prices and home equity declined moderately, as prices remain unsettled at this fragile stage of the recovery.
-More than 3.9 million mortgage aid offers were initiated between April 2009 and the end of October 2010—more than double the number of foreclosure completions during that time. These actions included over 1.4 million Home Affordable Modification Program (HAMP) trial modification starts, more than 600,000 Federal Housing Administration (FHA) loss mitigation and early delinquency interventions, and nearly 1.8 million proprietary modifications under HOPE Now. While some homeowners may have received help from more than one program, the number of agreements offered were more than double the number of foreclosure completions for the same period (1.7 million).
If you want to find out the value of your Hamilton NJ home in today's market, call or email. If you are having trouble paying your mortgage, don't wait - call or email me today. You have options to foreclosure.
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
Thursday, December 23, 2010
First Time Buyers Still Driving our Real Estate Market
According to the latest Campbell/Inside Mortgage Finance HousingPulse Tracking Survey, rising mortgage rates helped push first-time homebuyers to buy properties in November, surging from 34.4% in October to 37.2% last month.
Investors lost some of their enthusiasm for distressed properties last month, falling from 21.4% for home purchase transactions in October to 19.9% in November. During September, investor participation peaked at 22.3%, a 15-month high, according to the closely watched survey. The large inventory of distressed properties is making investors nervous that prices will decline in 2011, Popik reported, adding that many investors see their previous business model - buy, rehab, and immediately sell - becoming increasingly difficult to execute and are now being forced to rent their properties.
"The recent surge in interest rates has made potential homebuyers nervous," explained Thomas Popik, director of the HousingPulse survey. "If rates go up much more, then a good percentage of them will no longer qualify for the properties they want. As a result, they're making bids on homes and quickly closing before their rate locks expire."
Our New Jersey real estate market is still in a state of flux with constantly changing conditions. Call or email me to discuss your options and where you can find the best home for your needs.
Joe Giancarli, SA
Real Estate Advisor
Short Sale Specialist
609-658-2612
jgiancarli@remax.net
http://www.joegiancarli.com/
http://www.njhomesource.com/
Investors lost some of their enthusiasm for distressed properties last month, falling from 21.4% for home purchase transactions in October to 19.9% in November. During September, investor participation peaked at 22.3%, a 15-month high, according to the closely watched survey. The large inventory of distressed properties is making investors nervous that prices will decline in 2011, Popik reported, adding that many investors see their previous business model - buy, rehab, and immediately sell - becoming increasingly difficult to execute and are now being forced to rent their properties.
"The recent surge in interest rates has made potential homebuyers nervous," explained Thomas Popik, director of the HousingPulse survey. "If rates go up much more, then a good percentage of them will no longer qualify for the properties they want. As a result, they're making bids on homes and quickly closing before their rate locks expire."
Our New Jersey real estate market is still in a state of flux with constantly changing conditions. Call or email me to discuss your options and where you can find the best home for your needs.
Joe Giancarli, SA
Real Estate Advisor
Short Sale Specialist
609-658-2612
jgiancarli@remax.net
http://www.joegiancarli.com/
http://www.njhomesource.com/
Subscribe to:
Posts (Atom)
Posts
