For Immediate Release:
July 16, 2008
SEVEN THINGS YOU NEED TO KNOW ABOUT REAL ESTATE IN NEW JERSEY
New Jersey Association of REALTORS® Sees Opportunity in State's Real Estate Market
(Edison, NJ) New Jersey residents might be surprised to learn that there are many positive aspects about the state's real estate market. Currently, New Jersey real estate market offers many opportunities, evidenced by areas of positive growth including rising median sales prices in some areas of the state, increasing affordability rates and a high average of accumulated home equity, according to statistics presented by the New Jersey Association of REALTORS® (NJAR®).
"There is no doubt that some New Jersey residents are still undecided as to whether now is the right to buy a home," said NJAR® Executive Vice President Jarrod C. Grasso. "By highlighting statewide market information, we're arming the public with the knowledge they need in order to educate themselves and evaluate their housing choices."
Below are seven key facts about New Jersey real estate buyers and sellers should consider when thinking about a real estate transaction.
New Jersey homes have generally maintained their values. National news about tumbling residential real estate prices does not present an accurate picture of New Jersey's local markets. While the national seven year home appreciation rate is 37.8 percent, New Jersey's is more than double that amount at 80.4 percent. Some areas of the state, Bergen, Essex, Mercer, Cape May and Salem counties, saw median price increases in the first quarter of 2008.
The market favors first-time home buyers, who make up 40 percent of the New Jersey market. Buyers currently have many more homes to choose from and are benefitting from mortgage interest rates that are near historic lows. Without having to sell previously-owned property, first-time buyers can also take advantage of the increasing rate of affordability. According to the First Quarter 2008 New Jersey Home Sales Report, New Jersey's housing affordability composite index rose over 100, signifying that a family earning the state median income has the potential to qualify for a mortgage loan on a median-priced home, assuming a 20 percent down payment.
It's also a good time to trade up. Homeowners in need of a larger home might be hesitant about listing their current home in a buyer's market. However, while sellers may have to accept a more realistic price for their current home, the seller of the home they wish to purchase is in the same situation. Realistic pricing is key and REALTORS® familiar with a local market can be invaluable in pricing and marketing your home.
Owning a home builds long-term wealth. Over the last decade, the median prices of homes in almost every metropolitan statistical area that covers the state have more than doubled; illustrating that homeownership is a sound financial investment that historically outperforms the stock market in building long-term wealth. New Jersey home buyers who purchased their homes seven years ago have accumulated an average of $156,300 in home equity.
A home is much more than a nest egg. Despite the tax benefits and financial security which homeownership can provide, a recent survey of New Jersey homeowners revealed that the desire to establish a household and have a place to call their own was the number one reason for buying a home.
New Jersey has a lot going for it. There are many positive economic and market forces in the Garden State that support the long-term health of residential real estate. Reflecting a strong employment market, New Jersey's median income of $64,470 is the second highest in the country. Also, excellent school systems, proximity to New York and Philadelphia, a thriving tourism industry and an extensive transportation infrastructure all enhance the vitality of this area.
There are 53,000 REALTORS® in New Jersey that can provide you with localized information. Nine out of ten home buyers in New Jersey choose to work with a REALTOR® and 86 percent said they would probably work with the REALTOR® again. REALTORS® have a thorough understanding of the dynamics of their local markets and are ready to guide potential homeowners through the process.
These seven things consumers need to know about real estate in New Jersey will be featured in a consumer brochure to be distributed to REALTORS® throughout the state in the coming weeks in order to inform their clients with facts about the state's real estate market. NJAR® is encouraging New Jersey residents to Get the REAL StorySM on real estate in New Jersey with a public education campaign that features an informational website, www.REALstoryNJ.com, designed to assist potential buyers and sellers in learning about New Jersey's real estate market.
"This is one more crucial step in helping to educate New Jerseyans about the opportunities that the state's real estate market holds. By going to the website, by researching different options in their area and by consulting with REALTORS®, buyers are able to better understand their local markets and are able to make educated decisions," said NJAR® President Drew S. Fishman. For more information on the campaign, or simply to Get the REAL StorySM on real estate in New Jersey, visit www.REALstoryNJ.com.
Info from New Jersey Association of Realtors
Wednesday, July 16, 2008
Thursday, July 10, 2008
What's working in New Jersey's favor?
The housing market is a favorite topic for the media these days. In general, the news coverage of the real estate market by New Jersey's media outlets has tended to focus on national trends. However, these news stories do not present an accurate picture of what is actually occurring here in the Garden State. There are many positive market forces contributing to the state's healthy residential and commercial real estate markets, including:
The exceptional employment opportunities afforded to New Jersey citizens draw people to the state.
New Jersey's 2006 median household income was $64,470 while the United States median was $48,451. According to the U.S. Census Bureau, New Jersey had the 2nd highest median income in the nation in 2006 (behind Maryland at $65,144).
Source: US Census Bureau
People want to raise their families in New Jersey because of the excellent school systems.
New Jersey ranked 7th in the nation in graduation rates (behind Nebraska, Wisconsin, Vermont, Iowa, North Dakota and Minnesota).
Source: Digest of Education Statistics, US Department of Education
New Jersey also has seen 8 out of 10 high school graduates enter college after high school according to the New Jersey Department of Education statistics from 2005-2006.
Source: New Jersey Department of Education
New Jersey's thriving tourism industry fueled by the Jersey Shore makes it an attractive place to live.
In 2007, tourism expenditures in New Jersey totaled $38 billion. In terms of economic value to the state, this number is $27 billion.
Source: NJ Tourism: An Economic Juggernaut, April 2008
So, call me and let's find you a new home.
From the NJAR website...Get The Real Story on Real Estate in NJ
The exceptional employment opportunities afforded to New Jersey citizens draw people to the state.
New Jersey's 2006 median household income was $64,470 while the United States median was $48,451. According to the U.S. Census Bureau, New Jersey had the 2nd highest median income in the nation in 2006 (behind Maryland at $65,144).
Source: US Census Bureau
People want to raise their families in New Jersey because of the excellent school systems.
New Jersey ranked 7th in the nation in graduation rates (behind Nebraska, Wisconsin, Vermont, Iowa, North Dakota and Minnesota).
Source: Digest of Education Statistics, US Department of Education
New Jersey also has seen 8 out of 10 high school graduates enter college after high school according to the New Jersey Department of Education statistics from 2005-2006.
Source: New Jersey Department of Education
New Jersey's thriving tourism industry fueled by the Jersey Shore makes it an attractive place to live.
In 2007, tourism expenditures in New Jersey totaled $38 billion. In terms of economic value to the state, this number is $27 billion.
Source: NJ Tourism: An Economic Juggernaut, April 2008
So, call me and let's find you a new home.
From the NJAR website...Get The Real Story on Real Estate in NJ
Monday, July 7, 2008
Agency
REALTORS® add value to the real estate transaction by representing the interests of their clients. Consumers can choose from a variety of business relationships with real estate professionals, including buyer representation, seller representation or both with full disclosure and informed consent.
The National Association of REALTORS® Code of Ethics requires REALTORS® to disclose whether they represent the buyer, the seller, or both parties. Laws governing the method and timing of the disclosure are different in each state.
NAR supports state laws to clarify the law of agency as applied to real estate brokerage relationships. NAR recommends that state laws clearly define the duties for each type of brokerage relationship.
Under designated agency, a broker may appoint one agent affiliated with that broker to represent the seller and another agent with that same broker to represent the buyer in the same transaction without creating a dual agency relationship.
In dual agency, one agent represents both the buyer and the seller in the same transaction. Dual agency is not allowed in some states, but where permitted, it must be disclosed to both buyer and seller, who must both consent to a dual agency relationship.
NAR does not support the pure nonagency facilitator concept in which a licensee assists the parties to a real estate transaction in reaching an agreement without being an advocate for the interest of either party. In that type of relationship, the licensee owes the consumer none of the traditional fiduciary duties.
REALTORS® work to protect consumers in the real estate transaction, and full and timely agency disclosure is essential for successful consumer relationships.
NAR encourages real estate firms to have a written company policy that addresses brokerage relationships with consumers. That policy should provide brokers and sales associates with guidelines about their duties and obligations to consumers.
NAR also stresses the importance of education and training for real estate professionals on the topic of brokerage relationships with consumers. The association encourages state regulatory bodies to require pre-licensing courses and core continuing education programs to assure that licensees fully understand their state’s agency laws and requirements.
NAR recommends that states adopt laws that mandate agency relationship disclosure and rules to provide meaningful and timely written disclosure.
State laws should specify how brokerage relationships end; describe an agent’s duties upon terminating a client relationship; eliminate or modify the consumer’s vicarious liability for the acts of the agent; describe the disclosure duties of agents with respect to property condition; and, once a statutory framework is in place, replace the state’s common law (case law) if inconsistent.
Information provided by NAR
The National Association of REALTORS® Code of Ethics requires REALTORS® to disclose whether they represent the buyer, the seller, or both parties. Laws governing the method and timing of the disclosure are different in each state.
NAR supports state laws to clarify the law of agency as applied to real estate brokerage relationships. NAR recommends that state laws clearly define the duties for each type of brokerage relationship.
Under designated agency, a broker may appoint one agent affiliated with that broker to represent the seller and another agent with that same broker to represent the buyer in the same transaction without creating a dual agency relationship.
In dual agency, one agent represents both the buyer and the seller in the same transaction. Dual agency is not allowed in some states, but where permitted, it must be disclosed to both buyer and seller, who must both consent to a dual agency relationship.
NAR does not support the pure nonagency facilitator concept in which a licensee assists the parties to a real estate transaction in reaching an agreement without being an advocate for the interest of either party. In that type of relationship, the licensee owes the consumer none of the traditional fiduciary duties.
REALTORS® work to protect consumers in the real estate transaction, and full and timely agency disclosure is essential for successful consumer relationships.
NAR encourages real estate firms to have a written company policy that addresses brokerage relationships with consumers. That policy should provide brokers and sales associates with guidelines about their duties and obligations to consumers.
NAR also stresses the importance of education and training for real estate professionals on the topic of brokerage relationships with consumers. The association encourages state regulatory bodies to require pre-licensing courses and core continuing education programs to assure that licensees fully understand their state’s agency laws and requirements.
NAR recommends that states adopt laws that mandate agency relationship disclosure and rules to provide meaningful and timely written disclosure.
State laws should specify how brokerage relationships end; describe an agent’s duties upon terminating a client relationship; eliminate or modify the consumer’s vicarious liability for the acts of the agent; describe the disclosure duties of agents with respect to property condition; and, once a statutory framework is in place, replace the state’s common law (case law) if inconsistent.
Information provided by NAR
Wednesday, July 2, 2008
Monthly Statistics June 2008
Following are the statistics for the month of June, 2008 in both Cherry
Hill and Marlton. If you have any questions regarding the information,
feel free to give me a call on my cell phone at; 609-405-4111.
Cherry Hill June 2008 Statistics
Listed 129 Under Contract 42 Settled 82
Marlton June 2008 Statistics
Listed 135 Under Contract 37 Settled 68
As you can see, the number of homes settled are less than the number of homes listed.
That is causing an abundance of listings in the areas. While this may not be a good thing
for a Seller, it certainly is good for buyers. So, with the combination of lower prices,
lower interest rates and an ample number of available homes, this is a great time
for a buyer.
Hill and Marlton. If you have any questions regarding the information,
feel free to give me a call on my cell phone at; 609-405-4111.
Cherry Hill June 2008 Statistics
Listed 129 Under Contract 42 Settled 82
Marlton June 2008 Statistics
Listed 135 Under Contract 37 Settled 68
As you can see, the number of homes settled are less than the number of homes listed.
That is causing an abundance of listings in the areas. While this may not be a good thing
for a Seller, it certainly is good for buyers. So, with the combination of lower prices,
lower interest rates and an ample number of available homes, this is a great time
for a buyer.
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