5 NJ Counties Boom in Growth

CounsellorsTitle.net

December 19, 2019

Title Wise

The New Jersey Real Estate News You Use

New Jersey's five western counties bordering Philadelphia have boomed over the last 12 months, with one county reporting an increase in the median price by over 30%. In addition, Monmouth County will be receiving a sigificant amount of state funding to assist in rebuilding its infrastructure.

Please feel free to email me at ralph@counsellorstitle.com

if you have any questions or would like to follow up on any of this edition's articles.

Ralph Aponte

732.914.1400

Buyers Rush into Mercer, Burlington, Camden, Gloucester and Salem Counties

Now there is another pattern that has formed in New Jersey's western counties of Mercer, Burlington, Camden, Mercer, Gloucester and Salem counties.

The lower inventories, higher prices and low interest rates are attracting buyers in waves not seen before this.

According to Realtor.com the November housing supply has fallen by 9.5% year over year, confirming that in the starter-home segment homes priced below $200,000 decreased by 16.5%. Realtor.com's senior economist George Ratiu said, "This decline has disproportionally impacted the nation's Millennial homebuyers who tend to fall in the first-time homebuyer segment."

George Ratiu said, "As Millennials - the largest cohort of buyers in U.S. history - embrace homeownership and take advantage of this year's unexpectedly low mortgage rates, demand is outstripping supply, causing inventory to vanish."

What distinguishes these counties from other New Jersey counties are a few factors: including proximity to Philadelphia.

It is not only the rush into low entry level homes that is a factor, but buyers are realizing one of the best ways to gain entry into higher-priced markets is to buy in up-and-coming neighborhoods and convert that equity into dollars they can use to buy into mid-range homes. In the 5 counties adjacent to Philadelphia the average median price of a home increased by 9% - 31%; that is anywhere from 300% to 1,000% higher than the national average. The average median price of a home in Mercer and Salem counties appreciated 21.8% to 30.6%, respectively.

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Cohabitation Increasing; Marriage Rates Decline

As indicated by Pew Research, marriage rates have continued to decline, and the share of U.S. adults living with an unmarried partner has risen. The cultural mores surrounding cohabitation appears to be not as strong as it had been in prior decades.In many cases cohabitation appears to be a choice based upon resources and the modernization of social mores.

Here are some of the findings from the Pew Research report:

1. A larger share of adults have cohabited than have been married. It's now more common to have cohabited than to have married. Among adults ages 18 to 44, 59% have lived with an unmarried partner at some point in their lives, while 50% have ever been married, according to Pew Research Center analysis of the National Survey of Family Growth. By contrast, in 2002, 54% of adults in this age group had ever cohabited and 60% had ever married.

2. Most Americans (69%) say cohabitation is acceptable even if a couple doesn't plan to get married. Another 16% say it's acceptable, but only if the couple plans to marry, and 14% say it's never acceptable for an unmarried couple to live together.

3. Married adults have higher levels of relationship satisfaction and trust than those living with a partner. Married adults are more likely than those who are living with a partner to say things are going very well in their relationship (58% vs. 41%). They also express higher levels of satisfaction with specific aspects of their relationship.

4. Many cohabiting adults see living together as a step toward marriage. About two-thirds of married adults (66%) who lived with their spouse before they were married (and who were not yet engaged when they moved in together) say they saw cohabitation as a step toward marriage. Among cohabiting adults who were not engaged when they moved in with their partner, 44% say they saw living together as a step toward marriage.

5. About four-in-ten cohabiting adults cite finances (38%) and convenience (37%) as major reasons they moved in with their partner. By comparison, just 13% of married adults cite finances and 10% cite convenience as major reasons why they decided to get married.

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Monmouth County 2020 Capital Improvements

Aberdeen: Cliffwood Avenue Phase 2 Improvements Roadway Preservation $270,000.00

Allenhurst: Ocean Place Roadway Preservation $115,000.00

Allentown: Improvements to Waldron Road, Quinn Road, and Hamilton Street Roadway Preservation $180,000.00

Asbury Park: Bond Street Improvements Roadway Preservation $430,105.00

Atlantic Highlands Borough Road Improvement Program - Phase III Roadway Preservation $350,000.00

Avon-By-The-Sea: FY2020 NJDOT Municipal Aid Program - Stormwater Improvements for Flood Prevention Roadway Preservation $180,000.00

Belmar: Fifteenth Avenue Roadway Preservation $337,250.00

Bradley Beach: FY2020 Roadway Improvement Program Roadway Preservation $285,000.00

Brielle: Improvements to Union Lane - Phase III Roadway Preservation $215,000.00

Colts Neck: Improvements to Heulitt Road Roadway Preservation $330,000.00

Deal: Roosevelt Avenue Roadway Preservation $270,000.00

Eatontown: Pinebrook Road Improvements Roadway Preservation $370,294.00

Englishtown: Heritage Drive & Raymond Court Improvements Roadway Preservation $154,000.00

Fair Haven: Improvements to Hance Road and Cooney Terrace - Phase II Roadway Preservation $350,000.00

Farmingdale: Pedestrian Crosswalk Safety Improvements Pedestrian Safety $300,000.00

Freehold: Frances Drive Roadway Improvements Roadway Preservation $310,000.00

Freehold Township: Stonehurst Boulevard - Phase I Roadway Preservation $200,000.00 $0.00 $200,000.00

Hazlet: Beers Street Roadway Preservation $270,000.00

Highlands: 2019 Road Improvement Program Roadway Preservation $154,000.00

Holmdel: Crawfords Corner Road Improvements Phase V Roadway Preservation $180,000.00

Howell: Lanes Mill Road Roadway Preservation $250,000.00

Interlaken: Improvements to Iona Street Roadway Preservation $171,000.00

Keansburg: Seabreeze Way Roadway Improvements Roadway Preservation $200,000.00

Keyport: Improvements to Church Street Roadway Preservation $215,000.00

Lake Como: Improvements to 17th Avenue and Newman Street Roadway Preservation $290,000.00

Little Silver: Silverside Avenue - Phase I Roadway Preservation $270,000.00

Long Branch: City of Long Branch 2020 Road Improvement Program; Woodgate Avenue Roadway Preservation $351,123.00

Manalapan: FY2020 Improvements to Gordons Corner Road Roadway Preservation $270,000.00

Manasquan: East Main Street Phase III Improvements Roadway Preservation $310,000.00

Marlboro: Wyncrest Road 2020 Marlboro Road Program; Roadway Preservation $215,000.00

Matawan: Overbrook Lane Improvements Roadway Preservation $200,000.00

Middletown Township: Holland Road Improvements Phase Two Roadway Preservation $215,000.00

Millstone: Nurko Road Roadway Preservation $180,000.00 $0.00

Monmouth Beach: Ocean Ave Splash Pad and Sidewalk Improvements Phase II Pedestrian Safety $215,000.00

Neptune: 2020 Various Road Improvements Roadway Preservation $211,103.00

Neptune Township: Improvements to Portions of Embury Avenue and Ridge Avenue Roadway Preservation $336,683.00

Ocean Township: Deal Road - Phase II Roadway Preservation $165,000.00

Oceanport: Comanche Drive Improvements Phase 1 Roadway Preservation $205,000.00

Red Bank: Spring Street Rehabilitation Roadway Preservation $215,000.00

Roosevelt: Improvements to School Lane Roadway Preservation $255,000.00

Rumson: West River Road Curb & Sidewalk Improvements - Phase IV Pedestrian Safety $290,000.00

Sea Bright: Riverview Place, Shrewsbury Way, Henry Lane, and River Way Roadway Improvements Roadway Preservation $270,000.00

Sea Girt: Second Avenue Phase I Roadway Preservation $200,000.00

Shrewsbury: Improvements to Samara Drive & Birch Drive Roadway Preservation $180,000.00

Shrewsbury Township: Barker Avenue Roadway Improvements Roadway Preservation $158,000.00

Spring Lake: Passaic Avenue Phase I Roadway Preservation $285,000.00

Spring Lake Heights: EMERSON AVENUE AREA IMPROVEMENTS Roadway Preservation $200,000.00

Tinton Falls: HOPE ROAD RESURFACING - PHASE II Roadway Preservation $215,000.00

Union Beach Borough Reconstruction of Lorillard Avenue Roadway Preservation $350,000.00

Upper Freehold Township: Burlington Path Road Roadway Preservation $330,000.00

Wall Townshi:p Improvements to Allenwood Road Roadway Preservation $180,000.00

West Long Branch: Wall Street Sidewalk Improvements Phase II Pedestrian Safety $270,000.00

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A.S.A.P. Attorney Settlement Assistance Program

Our real estate secretarial services are able to assist you in every

aspect of the sale, purchase, refinance or loan closing process. We will directly communicate with all the parties involved in the transaction and coordinate and obtain all the items necessary to bring the matter to closing.

Our ASAP services can be individually customized to fit your needs. These services include:

Documentation Preparation
Disbursement of Funds
Attendance at Closing
HUD Preparation or
Post-Closing Matters

Our Commitment to Excellence

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Free Online Title Insurance Calculator

Counsellors Title Agency announced its updated Title Calculator for New Jersey home purchases & refinances at: Title Calculator

Loan officers, real estate agents and home buyers can find out how

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Easy-To-Use Functionality
This online tool includes many of the endorsements involved in calculating the cost of a title policy in New Jersey. CTA's Title Calculator is a great tool for real estate salespersons, loan officers, attorneys and those who are buying or refinancing their home.

It calculates the cost of title insurance based upon the purchase price of the home, the loan amount, and the various endorsements that can accompany the loan. The calculator provides the user the scalability of selecting the various endorsements involved in the transaction.

Counsellors Title Closing Services for Attorneys

Counsellors Title provides its Attorney Settlement Assistance Program [ASAP] with the real estate attorney in mind.

The Counsellors ASAP program offers secretarial services to assist in the process of a sale, purchase, refinance or loan closing.

Counsellors will even communicate directly with all the parties involved in the transaction to coordinate and obtain all the items necessary to assist in the close.

ASAP includes:

Documentation Preparation
Disbursement of Funds
Attendance at Closing
HUD Preparation or
Post-Closing Matters

For more information about the attorney services provided by Counsellors Title call our home office: 732.914.1400 or email us at info@counsellorstitle.com.