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Title Wise
Title Tips & Tactics for Today's Real Estate Professionals
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New Jersey's home equity rose over the last 12 months to $6,000 on average per home. The biggest winner as a state was Idaho, which saw the average home equity climb by an incredible 22%. And the equity is also being reflected in the demand for rental properties. New Jersey's value trajectory remains healthy and growing at a reasonable pace.
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
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Home Equity Surging
Prices may be higher on the east and west coasts of the US, but if you want to gain some fast traction when it comes to home equity, the big winners are found in the western portion of the United States.
CoreLogic published a study in which it stated that equity in real estate has now climbed to a new all-time high. Since the second quarter of 2018, the average borrower in the United States gained approximately $5,000 in home equity.
Home Equity Winners
- Idaho $22,000
- Wyoming $20,000
- Nevada $17,000
The only losses occurred in Connecticut, Delaware and North Dakota. New York saw a gain of $4,000 and New Jersey a $6,000 gain in home equity. Illinois just squeezed in a $2,000 gain. 2018 was an exceptionally strong year for the homeowners, who gained on average nearly $10,000 in homeowner equity. 2019 is showing itself to be much lower than 2018.
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Home Maintenance Costs 
According to Freddie Mac, home buyers should budget up to 4% of the property value in annual maintenance costs. That translates into $12,000 a year for a $300,000 home. And as Counsellors Title readers know, the average home price in America now stands at $312,000. So as homes appreciate, so does the cost of maintaining and keeping those homes. So before you get up in the morning on the first of the month, already your home will cost you $1,000 that month. Of course some months are less but certain events occur, such as the replacement of a water heater, roof replacement, and of course painting every four to five years.
Some basic expenses required to operate a home can include:
- Annual property taxes
- Landscaping
- Hazard insurances
- Heating and electricity
- Water
- Sewer
- Pressure washing roofs
- Internet service
- Replacing appliances
So as the average home appreciates 5 to 6% every year, so does the cost of maintaining a home increase, most likely to a proportionate measure.
When most people shop for a home, they do the math in order to figure out what that home will cost them to purchase. But what is not figured into that price by many homeowners is the cost of maintenance, which also includes taxes.
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According to a study published by homes.com, more homeowners are renting spaces in homes for income value. This is not just a small percentage, according to the study, which states that 51.2% of homeowners said that they had to rent out space in their home.
Renting has become a part of the real estate culture within the United States. As homes have continued to become more expensive not only to purchase but to maintain, renting has become not only a trend but now a way of life.
A report published by RealPage in November of 2019 indicates that 2019 is the second highest apartment leasing season ever, accounting for 281,800 units being rented. This marks the highest renting season since 1997.
High rental rates were seen across the country, with even southern markets participating in record-shattering seasons.
Dallas, Texas had the largest demand, with 16,500 rental units being absorbed. Dallas's occupancy rate right now stands at 95.6% as of the third quarter. Fort Worth also saw a great deal of activity, nearly doubling its average performance since 2000, reporting 3,600 units being rented in the last 6 months.
Across the country multi-family vacancy levels fell to 3.6%, down 40 basis points from 2018, which represented the lowest level since 2000, according to CBRE.
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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
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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.
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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.
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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 [email protected].
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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.
Fannie Mae
Freddie Mac
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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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