Title Wise
The New Jersey Real Estate News You Can Use
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Greetings!
Monmouth and Ocean Counties reported slowing existing home sales, 21% and 27%, respectively, but median sales prices continued to climb by 10% and 12%, respectively. Inventory shortages are also having an impact on the total number of properties closed, but also driving prices up on single-family rentals.
In this edition, we have also included a YouTube video on what it takes to buy a foreclosed property. Everything considered, the market remains strong.
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
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Existing Home Sales for
Monmouth & Ocean Counties
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Closed Sales Drop While Prices Continue to Rise
Monmouth County
Single Family Homes for September
Key Metrics 2020 2021 Change
New Listings 1,069 701 – 34.4%
Closed Sales 849 664 – 21.8%
DOM* 52 30 – 42.3%
Median PX $565K $621K + 9.8%
% of PX 99.0% 102.0% + 3.0%
Inventory 2,233 1,504 – 32.6%
Months Supply 3.5 2.4 – 31.4%
*Days on Market
Ocean County
Single Family Homes for September
Key Metrics 2020 2021 Change
New Listings 1,377 885 – 35.7%
Closed Sales 1,029 745 – 27.6%
DOM* 58 34 – 41.4%
Median PX $400K $449K + 12.3%
% of PX 99.8% 102.3% + 2.5%
Inventory 2,239 1,730 – 22.7%
Months Supply 2.7 2.3 – 14.8%
*Days on Market
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Inventory Shortages Incite Rental Wars |
As the voracious buyers have, over the last 15 months, eaten away at the inventory within the single-family home market, much of the rental inventory has been sold, creating a similar shortage of homes available for rent.
Even though it appears that the housing market is slowing down to a normal pace, those individuals who were not able to buy homes in the Great Real Estate Rush of 2020 and 2021 are left to simply find single-family homes to rent. But that is becoming problematic, according to a recent CoreLogic report on rentals for single-family homes, which is up by 9.3% in August year-over-year. This is about four times the rate that had been reported for the same time in August 2020, which was up 2.2% from 2019.
The single-family home rental market is so strong that all metropolitan housing markets covered by CoreLogic reported positive rent growth for the very first time since CoreLogic began tracking such statistics.
The reasons for this surge in this market is attributed to some of these factors:
- The recovery of the economy in general following the COVID-19 pandemic.
- A strong demand for workers is giving individuals added financial flexibility to spend more on rent.
- The shortage of homes, affordable homes, is squeezing potential buyers into renters.
- Low price single-family home rentals rose by 7.1% year-over-year. The higher-priced rentals increased 10.5% year-over-year.
- According to CoreLogic, the rental market shows no signs of easing up.
The evidence that first-time home buyers are being edged out of the market was reflected in the August figures indicating that first-time buyers represented only 29% of all purchases. This figure is the lowest level recorded by CoreLogic since it began reporting on such figures.
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The Tips about Email
It is important to know which day of the week is everyone sending their campaigns?
• Email marketers favor Tuesday (closely followed by Thursday) for sending out their campaigns
Which day of the week generates the most opens?
• Wednesday is the weekday with the highest open rate, closely followed by Monday
What time of day generates the most opens?
• Regardless of weekdays, most email opens occur between 10-12 noon, with another peak between 5-6PM (in the subscriber’s time zone)
When to Send Your Emails
Monday
Email marketers generally agree that Monday is the wrong time to send a newsletter. People are busy adjusting back to their workweek. Business emails will inevitably be prioritized over promotional emails. Because of the emphasis on catching up with work, many say that Monday is one of the worst times to send your newsletter (although our 2021 data suggests it can still generate surprisingly high open rates).
Midweek
Most email marketers believe that Tuesday, Wednesday and Thursday are good days. In the middle of the week, your email subscribers are settled into their work routine and consistently checking their inboxes.
Tuesday and Thursday are the most popular days for email marketers to send out their campaigns.
Reassuringly, open rates are fairly consistent across the week. The most favorable options would be Wednesday (29.73% opens) and Monday (29.64% opens).
Best time to send an email on a Thursday
As always, 10AM is still the prime time for open rates, but interestingly, on Thursdays there is also a smaller peak between 1-3PM.
Pick a time and keep it consistent
No matter when you send your newsletter, the best practice is to keep it consistent. We are all creatures of habit, and we subconsciously crave consistency.
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The Cost of Rudeness
"The bottom line is that rudeness causes performance and team spirit to deteriorate. There is a cost to being rough. It may get you what feels good in the moment, but it will be at the expense of what you actually want. Being rude is not cheap; it's expensive. In those moments, you don't care... You just want to kick the dang beehive." Take Back Your Life, Levi Lusko p.211
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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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