Title Wise
The New Jersey Real Estate News You Can Use
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Greetings!
An article in WalletHub published last week reported that New Jersey is the BEST STATE TO LIVE IN! Of course, everyone knows that to be true, except for those who don't live here. And just one more reason people keep buying houses is that rentals on single-family houses continues to go up. This boom market shows no end in sight, and so we do our best to close without glitches.
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
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Rents for Houses On the Rise
Inventory shortages as well as price increases across the board nationwide are having their collateral impact upon rents for single-family homes. Across the nation, rents for single-family homes have jumped anywhere from 3.9% to 6.1%.
The CoreLogic report that tracked the top 20 metropolitan markets indicated that Phoenix, Arizona reported the highest single-family rent increases from 2020, coming in at 12.2%. Another Southwest market, Tucson, Arizona, reported a 10.6% increase from 2020 as well. Las Vegas and Atlanta came in third and fourth, reporting 9.3% and 9.1%, respectively.
In some sense these are significant increases, but within the entire scope of the market, these single-digit increases do not compare with the sales price increases that were reported for these similar markets, which typically came in at 12% to 20% higher for single-family homes.
Some of the increase in prices is clearly attributed to the migration of home sellers from the Northeast and Northern Midwest into these Southern regions. Rather than selling their homes in the North at premium prices and then reinvesting those proceeds into homes in the South and Southeast, many sellers have opted to simply rent until the market potentially cools off.
According to the CoreLogic report, rents for single-family detached homes were up 7.9% as compared with 2020.
The migration had a negative impact upon single-family rentals in Boston and Chicago. Boston reported a 5.9% rent decrease in price as well as Chicago, which reported the 2.6% decline.
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Checklist for Buying a Buildable Lot |
Buying a Buildable Lot
A checklist when purchasing property without a building.
In this kind of market some buyers are willing to purchase a buildable lot if they can’t find a house that’s right for them. Buildable lots have a different set of checklists that may not be necessary when buying an existing home; in some cases they don’t include the same items.
When you’re buying a buildable lot, most likely sewer service, utilities and certain subdivisions should be investigated.
Title Issues
Title issues need to be properly researched by a professional licensed title officer. The title search, amongst other things, will review prior deeds, tax information and records, easements, and other factors affecting the legal transfer of property.
Usually the first stop is the tax records for the property, which are matters of public record. Most property tax records are available to the public online.
Other things that need to be covered are the water resources that may be part of the property such as tidelands, wetlands, rivers and streams. Tidelands issues can become very involved since they may involve state and federal agencies such as the Environmental Protection Agency. This is another reason why vacant lots should be reviewed by a professional title officer. Another term relating to water rights is referred to as riparian matters.
Sewer
Most towns and municipalities provide sewer services to properties. It may be necessary to make sure that a connection is available. The purchasers should reach out to the town clerk, who will provide the necessary information as to its nature, how expensive it will be and how far it is from the nearest sewer line. In another case, it may have to have a septic system that may need to be installed. When it comes to installing a septic system, a separate improvement permit will need to be obtained.
Water
Water hookups or permits may be needed in order to provide the proposed building the necessary public water system.
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New Jersey Ranked #1 State to Live In |
Most Affordable
Alabama 1
West Virginia 2
Arkansas 3
Education & Health
Massachusetts 1
Vermont 2
Connecticut 3
Minnesota 4
New Jersey 5
Safety
New Jersey 1
New York 2
New Hampshire 3
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Boardwalk Bench in Avon-by-the-Sea |
Get This Month's Free Rental Planner Spreadsheet |
Rental Income Planner in Excel Spreadsheet
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A.S.A.P. Attorney Settlement Assistance Program
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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
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Our Commitment to Excellence |
Counsellors Title Agency wants to thank you for the opportunity to work with you and your clients to grow your business. Please feel free to click the link above or here to leave us a review on Google. We appreciate your business. |
Sales: Leading NJ title insurance agency seeks experienced licensed salespersons to help expand its market share throughout the entire state. Benefits include health insurance, 401k with an employer match, flexible spending account, expense account, & marketing support. Send resumes by fax: 732-914-8898 or ralph@counsellorstitle.com
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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 much title insurance will cost for purchases made in New Jersey.
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.
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Handy Guide to Real Estate Sources |
Here are some of the most widely used governmental websites for the real estate industry.
I look forward to being of service to you, providing you with outstanding real-time information and some humor to make doing business a pleasure.
Sincerely,
Ralph
Ralph Aponte
Counsellors Title
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Counsellors Title Agency, Inc. specializes in providing title insurance, title search services and loan closing services serving attorneys, Realtors, banks and various mortgage companies throughout the State of New Jersey. CTA offers full search and insurance capabilities within all 21 counties of New Jersey for commercial, residential and new construction purchases in our Toms River, Freehold, Chatham, and Union locations.
CTA is equipped with the latest digital technologies to ensure a complete and timely transaction.
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Mr. Ralph Aponte
Our Office: 504 Hooper Avenue,
Toms River, NJ 08753
Phone Number: (732) 914-1400
Fax: 732-914-8898
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