New Jersey Real Estate News & Blog

Market Trends: Mercer County, March 2018

Sales were down 24.9% compared to last March while the median sold price was down 0.7% from last March. There were 52 foreclosure sales in Mercer this month, down 26% from March 2017. Foreclosure sales were 20% of all sales in March.

Inventory increased by 4.4% this month, and is 12.3% lower than a year ago. The Months Supply of Inventory increased to 4.0 months compared to 4.5 months in March 2017.

Sales in March were down 24.9% from last March and are down 15.3% year-to-date. Excluding all foreclosure sales, normal sales were down 23% from last March and are down 12.1% year-to-date. The Property Marketing Period was down from 60 days last...

Market Trends: Gloucester County, March 2018

Sales were down 1.4% compared to March 2017 but are up 6.2% YTD. Prices were down 2.8% compared to last March. Foreclosure sales were 24% of March's sales, up from 21% in March 2017.

Gloucester didn't change the number of homes for sale during March and is slightly below the 2017 level compared to a 15% shortfall throughout the region. The Months Supply of Inventory is at 5.3 months, down from 5.5 months a year ago.

Sales were down 1.4% compared to last March but are up 6.2% year-to-date. Foreclosure sales were up 14% from March 2017 and comprised 24% of all sales in March while normal sales were down 8% from March 2017. The Property Marketing...

Market Trends: Camden County, March 2018

In March, Camden County home sales were down 0.7% compared to March 2017 but the median sold price was up 5.5%. The 132 foreclosure sales were 11% lower than March 2017 but still constituted 23% of all sales.

The number of homes available for sale in Camden County decreased by 2.4% in March and is now 17.5% lower than a year ago. The Months Supply of Inventory has dropped from 5.2 months a year ago to 4.3 months due to the increase in sales over the past year and much lower inventory.

March sales were 0.7% below last March and are 5.8% lower year-to-date. Foreclosure sales declined by 11% this month compared to last March but comprised 23% of all...

Market Trends: Burlington County, March 2018

Foreclosure sales were up 12% on a year over year basis and were 22% of all March sales. Non-foreclosure sales were about the same as last March. The median sold price was up 6.2% from last March. New Bank Owned listings in March were at 136, down 7.5% from last March, but still at a high level.

Inventory decreased by 43 listings during March, a month when inventory typically increases, and is 16.5% below last year's inventory. The Months Supply of Inventory decreased to 4.1 months, and is down from 4.9 months a year ago. The number of new listings were down 14% from last March, with new Bank Owned listings down 7.5% from last March.

Sales were 2.0% above last March and are up 6.8% year-to-date in 2018,...

5 Home Inspection Mistakes Buyers and Sellers Make

(TNS)— A home inspection is an assessment of a home’s condition. Home inspectors not only identify problems with houses; they can give buyers information that will help them with the upkeep.

“We want to teach them how to maintain the property because it’s the biggest investment they’ll ever make,” says Alden E. Gibson, a past president of the American Society of Home Inspectors.

If you’re getting a home inspection, here are five mistakes to avoid.

Not Researching the Inspector
Too many buyers and sellers hire whoever is recommended to them without doing any research. The inspection is only as good as the inspector doing it, says Troy Bloxom, owner of Home Inspections Plus near Anchorage, Alaska,...

Planning Your Spring ‘To Do’ List? Don’t Forget to Go Outside!

I know it’s warm and cozy doing your spring cleaning inside, but remember that spring cleaning plans should include a thorough walk around outside, as well.

The Marsh & McLennan Agency LLC (MMA) in Minneapolis tells homeowners that an early inspection and maintenance of their property is extremely important to prevent risk. To assist in that, MMA has compiled a checklist of things to inspect each year:

Review the roof. The company suggests starting by inspecting your roof for broken or missing shingles and interior rafters for water stains. Most water stains will be found around or below an inadequately flashed chimney, skylight and other openings.

Gut the gutters. MMA says gutters are able to perform when kept clean, so remove dirt and debris from all gutters and downspouts.

Look at lights. Lighting...

Expert Insights: What Is the First Step to Buying a Home?

Make sure you are ready—psychologically and financially. Ask yourself the following questions: Do I have a steady income? Is my debt lower than my total income? Do I have enough money to pay for the down payment and closing costs? Am I working hard enough to improve bad credit?

A house needs constant care and attention. Also ask yourself if your budget will allow for unexpected repairs and upkeep. Once you can honestly answer “yes” to these questions, you are several steps ahead of the game and that much closer to becoming a homeowner.


Real Estate Q&A: Can I Get My Neighbor to Pay for Her Tree’s Damage to My House?

Q: My neighbor’s large, seemingly dead tree overhangs my screened-in pool and has long made me nervous. I have repeatedly asked her to remove it. She always ignored or rejected my requests. During a hurricane, the tree finally came down, like I knew it would, and damaged my pool cage and house. The damage, while expensive, was less than my insurance deductible. Can I get my neighbor to pay for the damage?

A: The rules regarding neighbors’ trees that overhang or intrude on your property are long settled and have been discussed in this space before: If a branch or root extends on your property, you may trim the tree back to the property line but may not kill or unnecessarily damage the tree. If you do not take the opportunity to do this, and your property is damaged as a result, you would...

Expert Insights: What Is a Second Mortgage?

It is a loan against the equity in your home. Financial institutions will generally let you borrow up to 80% of the appraised value of your home, minus the balance of your original mortgage.

You may incur all the fees normally associated with a mortgage, including closing costs, title insurance, and processing fees.

Home improvement loans are often written as second mortgages. And sometimes you can get a college tuition loan by using a second mortgage. In case of default, the loan is paid off from the proceeds of the sale of the property, after the first mortgage has been paid off first.


Expert Insights: If Faced With Foreclosure, What Are My Options?

Talk with your lender immediately. The lender may be able to arrange a repayment plan or the temporary reduction or suspension of your payment, particularly if your income has dropped substantially or expenses have shot up beyond your control.

You also may be able to refinance the debt or extend the term of your mortgage loan. In almost every case, you will likely be able to work out some kind of deal that will avert foreclosure.

If you have mortgage insurance, the insurer may also be interested in helping you. The company can temporarily pay the mortgage until you get back on your feet and are able to repay their “loan.”

If your money problems are long term, the lender may suggest that you sell the property, which will allow you to avoid foreclosure and protect your credit record.

As a last resort, you could consider a deed-in-lieu...