Dear Ralph,

As exciting as our business can be, it involves a boatload of effort, resources and detail before the pen hits the bottom line. The cost to sell a property is usually more than most are expecting. In order to avoid the glitches and roadblocks, a selling strategy is mission critical to manage expectations and results. Our brief article can help organize the costs associated with the sale of a home. Another brief article is about the counties in New Jersey that are seen as flood-prone. And finally, please consider joining me to support Ocean County College's Foundation. Start planning now for SUP the River 2024, September 14th.

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

Feel free to book a call to discover how we can serve your needs.



Cost of Selling a Home

by: Anthony DiMaio

According to a recent report published by Clever Real Estate, selling a house can be quite an expensive undertaking. It's not only inflation that is costing homeowners money, it is the home selling expenses that are involved with every sale. And now those costs are rising to about $55,000 to sell a home, according to this recent report. These realities are causing many home sellers to have regrets about selling their house.

According to the report, nearly one-half of home sellers found that the cost of selling their home was higher than they anticipated.

An interesting statistic that came out of the report was that among the sellers who did not hire a real estate agent, 59% did so to save money. Sellers who used a real estate agent, though, sold their home for approximately $34,000 more than those who did not.

Home sellers who followed their real estate agent's advice on home preparation found that 67% of those recommended costs were more than they felt that they were comfortable spending.

Here are some of the other findings:

■ An interesting finding was that 2024 sellers were 87% more likely to sell below asking price than sellers in 2022.

■ About 64% of sellers made money on their sale.

■ The median profit resulting from each sale totaled $100,000.

■ More than half of sellers (58%) had to reduce their asking price.

■ Approximately one-third (34%) of home sellers were not satisfied with the final sale price of their home.

■ About 89% of sellers have regrets about their sale. The most common regrets include selling too quickly (30%), missing their old home (29%), and not selling for enough money (28%). 

■ Another 89% of sellers had to compromise on their priorities.

■ The most-compromised priority was selling above asking price. One-third of sellers (33%) said it was a priority, but of those, 13% had to settle for asking price or below.

Average cost of selling a home depends on a number of factors. Here are some of the categories and breakdowns for the costs for homeowners to sell their homes:

• Listing agent commission on the median-priced home: $11,136 
• Buyer's agent commission on the median-priced home: $10,467 
• Pre- and post-listing repairs, improvements, and renovations: $10,000
• Closing costs: $8,000
• Concessions to the buyer: $7,200
• Moving costs: $3,250
• Marketing: $2,300
• Staging: $2,263

# # #

SUP the River is back again! 

Join the OCC Foundation and the Kiwanis Club of Greater Toms River on September 14 from 9 a.m. – 12 p.m. at the Toms River Yacht Club.

This competition is open to all levels.

Not a paddler? Join us as a spectator at the beautiful Toms River Yacht Club for a Networking Breakfast!

SUP the River is back again!! This annual event is co-hosted by the Ocean County College Foundation and the Kiwanis Club of Greater Toms River and is open to all levels of competition. Race day is a great way to come out and support our community and local water resource.   



This year's race will start and finish at the spectator-friendly Toms River Yacht Club, where racers and fans will have a great view of the course and paddlers. 

Awards will be given to top three finishers in each category and gender, and a kid-friendly short course to wrap up the races! 

Board Rental available through Jersey Shore Mermaids: 

https://jerseyshoremermaids.com/

The Ocean County College Foundation invites you to tee off with us at Pine Barrens Golf Club on Tuesday, October 15th. This event is held annually to assist the Foundation in its mission to make higher education more accessible to Ocean County residents through scholarships and awards. We are offering various levels of sponsorship and participation, and we hope you will join us!

When: Tuesday, October 15

Where: Pine Barrens Golf Club, Jackson

Schedule of Events:

• Registration & Brunch – 9:30 a.m.
• Driving Range – 9:30 a.m. – 11:00 a.m.
• Shotgun Start – 11:00 a.m.
• Awards/Cocktail Reception – 4:00 p.m.

*The event will be held rain or shine.

To Sign Up or Find Out More Information Click HERE!

Ocean & Atlantic Counties Cited as Flood-Prone

by: Anthony DiMaio

A recent report and study by LawnStarter, the industry publication that studies landscaping and outdoor architecture, identified that four out of five of the most flood-prone counties in the U.S. are located in New Jersey. This study identified that Harris County, Texas came in number one and Bergen County, New Jersey came in number two, with Ocean County coming in as the third most prone to floods. In addition, Atlantic County and Cape May County also were identified as high-risk counties. The same study found that Monmouth County ranked only 20th on the same list.



Within the study, many of the high-risk counties found that their primary source of flooding was due to rivers, while most of the coastal counties included New Jersey and Florida.

According to a report, the study’s authors reviewed and investigated 940 counties with a moderate to high flood risk according to FEMA.



One piece of good news from the study was that Ocean County’s population was not determined to be highly vulnerable, which is defined by the number of mobile homes, senior citizens and children who live in the flood zones.

# # #

New Jersey Prices Hit New All-Time High

by: Anthony DiMaio

The most recent report from Redfin is that the median sale price of a home domestically hit an all-time high of $394,000 during the first week ending June 9th.

Part of it might be attributed to the easing of mortgage rates down to approximately 6.5%, but demand for homes is still very robust.

In the pandemic hotspots, including Austin, Texas, Fort Worth, and Portland, Oregon prices are starting to see a little softness.

Inflation is surely taking a toll on this market, but demand for homes is still unrelenting. If mortgage rates fall to below 6% within this quarter, housing prices will be sure to surge ahead. The numbers show that demand for purchase applications are up 9% week-over-week, and new listings have jumped 7.8% from 2023.

In some other markets we continue to see the number of people paying above list price is significantly slowing, and those properties that are reducing their price are increasing in percentage.

New Jersey Real Estate

In summary, more sellers are being forced to cut prices to attract buyers as the housing market cools. The real estate market is experiencing a notable shift as more sellers are cutting prices to attract buyers, according to a recent report by Redfin.

Key Points

■ Rising Price Cuts: The percentage of homes with price cuts has steadily increased throughout 2024, reaching 6.4% over the past month, the highest level since November 2022.

■ Falling Asking Prices: For the first time in months, asking prices have dipped, although list prices and sale prices remain near record highs.

■ Increased Inventory: Active listings are up 15% compared to a year ago, giving buyers more choices.

■ Median Sales Price: As of May 2024, the median sales price for all residential properties in New Jersey is $536,200.

■ Mortgage Rates: The current 30-year fixed mortgage rate in New Jersey is approximately 6.95% as of June 13, 2024.

■ Inventory Levels: The total inventory of homes in New Jersey remains constrained, with about 15,455 properties available as of early 2024, a decrease from previous years.

■ Price Appreciation: Home prices in New Jersey have seen a robust 9.0% increase over the past year, reflecting high demand and low inventory.

■ While asking prices have fallen slightly for the first time in months, median list prices and sale prices are still near record highs.

■ However, affordability remains a major challenge for many buyers as median list prices have risen nearly 30% or over $100,000 in just the past four years.

# # #

About Counsellors Title Agency

We are an award-winning agency and one of New Jersey's leading title insurance businesses, based in Toms River. Counsellors is known for its team of knowledgeable service professionals recognized for its exceptional title, settlement and escrow services, for all 21 New Jersey counties. Its glitch-free signature service provides confidence to home buyers, sellers, and industry professionals. The knowledge base of its staff has processed over $17 billion in orders and established itself as a pillar of trust and benchmark of excellence within the real estate community.