Monmouth Home Repair Grants

CounsellorsTitle.net

January 23, 2020

Title Wise

The New Jersey Real Estate News You Use

According to CoreLogic's data, home prices increased by 0.5% from October to November and are now projected to increase by 5.3% come November 2020. The projections continue to track the momentum of 2019. In this edition, you'll learn about $10,000 grants from Monmouth County, a rush of new buyers and sellers into this market and how Manhattan sales are falling back to earth.

Please feel free to email me at [email protected]

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

Ralph Aponte

732.914.1400

Monmouth Home Repair Grants of $10,000

Every homeowner knows that home repairs and maintenance are often expensive and inconvenient. In Monmouth County, New Jersey, the Office of Community Development Division of Planning administers a special program. This program can fund home improvements and repairs that are often expensive and necessary. This home repair program is available for qualified homeowners in the county of Monmouth.

In order to qualify for the financial benefits of this program, Monmouth County residents need to meet low-to-moderate-income standards as mandated by the Federal Department of Housing and Urban Development, also known as HUD.

The approved homeowners can receive up to $10,000 in the assistance for a single repair; this is not a budget for multiple non-related home Improvements.

This specific home repair program made available replaced a former home repair improvement program that was available in 2018. The program is funded through HUD's Community

Block Grant Program.

Since the rollout of the program, Monmouth County has assisted approximately 50 families with home repairs at no cost to those individuals.

For more information on HUD's Community Block Grant Program. visit www.visitmonmouth.com or email [email protected].

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Buyers & Sellers Pour Into the Market

The National Association of Realtors announced that their survey of buyers and sellers indicated both feel it's a good time to buy and sell.

This survey was conducted in the fourth quarter of 2019. It reported that 63% of people believe now is a good time to buy a home. Of that 63%, 33% stated that they believe now is a very good time to buy a home. On the other hand, 74% of people polled say that now is a good time to sell.

The factors contributing to this sentiment are believed to come from the low mortgage interest rates, a strong economy and very strong job markets.

The current market climate reflects the intersection of these low interest rates combined with high buyer demand. One of the constraints within this market comes by way of contingency clauses. A contingency clause defines a condition or action that must be met for a real estate contract to become binding. A contingency becomes part of a binding sales contract when both parties, the buyer and the seller, agree to the terms and sign the contract. Selling a home is not the issue in this current climate, it is rather finding the new place to buy or move to after you have sold the property.

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Manhattan Sales Slump

New Jersey prices are rising while Manhattan real estate prices continue to fall. According to the report issued by Douglas Elliman, the average sales price for Manhattan real estate property fell by 7.5%.

According to the CNBC report, the average sales price in Manhattan fell to $1.8 million. The median sales price for a property selling in Manhattan fell below $1 million.

As opposed to many of the counties in New Jersey, many of the sales of apartments priced at $5 million or more fell 38% in Q4. This left behind a two-year supply of luxury apartments on the market.

According to the report, there is an 8-month supply of unsold apartments. In many New Jersey counties, supply of unsold properties is down to just 4 months.

One of the big hurdles that New York property buyers face is the new mansion tax, which targets multimillion-dollar apartments in the city.

The new taxes impose a 1% fee on sales of $1 million or more. This applies to not just apartments and townhouses but also homes. There is an additional 1.25% tacked on for transactions above $2 million and 3.9% for sales that exceed $25 million, adding to the high cost of living in Manhattan.

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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

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.

Careers @ Counsellors

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 [email protected]

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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.

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: