Title Wise
The New Jersey Real Estate News You Can Use
|
Greetings!
As more pressure in placed upon this market by buyers, less inventory becomes available. This is creating a very difficult market to understand, especially now that the winds of inflation are blowing hard against the wallets of homeowners and those who wish to become owners.
The shortages are having a palpable impact on the rentals. Rents continue to climb to ever new heights. Refin reported that the average rent in December climbed by 14%, hitting a new record of $1,877 per month.
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
Founder & President
732.914.1400
|
Morris County Falls to 1 Month Supply |
Of course, the scarcity of inventory throughout the state of New Jersey has been a headline for over 2 years, but it appears to have hit a new breaking-point.
The available number of homes for sale in Morris County has fallen to just a one-month supply. This has NEVER OCCURRED.
The New Jersey Realtor website posted its monthly report citing that available inventory for the month of December 2021 bottomed-out at 480. This is shocking, as the number of closed sales of 539 for the month was greater than the available inventory of 480 on the market.
This is not just a strong sellers’ market, this is economically unhealthy. Even the Townhouse-Condo sector of the Morris County market reflects this severe state: with closed sales for this past December coming in at 117, and the inventory of available Townhouse-Condos reported to be just 74! This puts the months supply of inventory at just a 0.6-month supply!
With the supply chain crisis continuing to have an impact upon construction and shortages of skilled labor being an ever-constant factor, we can clearly expect that inflation is going to have a great effect upon the New Jersey housing market in the coming months.
Only the coming months will reveal whether there is some sort of hidden inventory that is waiting until the traditional spring selling season to list, as to whether this is an anomaly or the new normal.
|
Tips for Decluttering a Home |
We all want a better, more productive 2022. One way to start with the new is get rid of the old. Here is a short checklist of things to get rid of in January 2022:
■ Old receipts
■ Winter clothing and shoes that you haven’t worn,
■ Toys and games that are stored in the back of the closet
■ Old food from the freezers in the house
■ Flyers and catalogs
■ Company magazines if you are still receiving them
■ Create 3 folders: folder 1, paperwork you need; folder 2, paperwork you might need; folder 3, paperwork you will never need
■ All expired makeup and first aid items
■ Put the contents of your junk drawer into 2 pots, first pot, out all the house gadgets you use, in the second pot, put all gadgets you rarely use
■ Old Christmas wrapping paper
■ Old ribbon
■ Christmas cards that don’t have envelopes
■ All the blankets you haven’t used in the last 5 years
|
"We listen to views that make us feel good, instead of ideas that make us think hard. And people are remarkably open to criticism when they believe it’s intended to help them.” Adam Grant
Counsellors Title is initiating this feature of Title Wise called Life Quotes.
Oftentimes we are so busy doing that we forget the reason(s) why. Life Quotes are those mental speed bumps that we will occasionally come across and insert, just to rehearse the important things in life.
|
Inflation Drives Rents & Mortgage Payments Higher |
Inflation seems to have hit the housing market again according to a recent report published by Redfin. December mortgage payments for home buyers skyrocketed by 21.6% from December 2020, coming in at $1,553.
Mortgage payments aren't the only thing rising; the average rent surged again in December by 14%, hitting a new record of $1,877 per month. This represents the largest year-over-year recorded increase in the last four years.
Mortgage payments are growing due to a number of factors, the first of which is the rising mortgage rates. But in addition, the shortage of available rental units plus the inability for builders to replenish supply, compounded by building material shortages, is creating a bottleneck for those individuals looking to rent or to buy.
According to the Redfin report, these areas saw the largest increase in year-over-year rents:
Austin, TX increased 40%
Nassau County, NY increased 35%
Manhattan increased 35%
Newark, NJ increased 35%
New Brunswick, NJ increased 35%
Miami, FL increased 34%
Nassau County, NY, New Brunswick, NJ, New York, NY, and Newark, NJ tied for the highest average monthly rental price of $3,718.
|
|
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. |
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
|
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.
|
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
|
|
 |
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.
|
|
|
|
|
|
Mr. Ralph Aponte
Our Office: 504 Hooper Avenue,
Toms River, NJ 08753
Phone Number: (732) 914-1400
Fax: 732-914-8898
|
|
|
|
|
|
|
|
