March 4th, 2021
Title Wise
The New Jersey Real Estate News You Can Use
Greetings!

Demand continues to outpace supply, and loans in forbearance continue to fall. The convergence of many positive facts make this historic seller's market strong enough to establish new price benchmarks in every property category.

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
732.914.1400
6 Factors to Keep this Seller's Market in Drive

There are at least 6 factors that will continue to drive this market into even higher record territory.

1. Record Low Mortgage Rates
Rates fell below 3% --- what is more encouraging is that they continue to run below 3.5%. Such low rates, within the perspective of history, is only going to fuel the continued pent-up demand coming from buyers thirsty to own their first home.

2. Low inventory
Scarcity of available properties has created a new insatiable appetite for properties, where the average days on market has plummeted from months to weeks and even days.

3. Work from Home
The fact is that we now have a fully entrenched work-from-home economy. It is now just part of the way business gets done. People are not only looking to escape densely populated areas, but also want homes with available space to conduct business within a home.

4. More Outdoor Room
Some people are still concerned about contracting the virus, and so they are looking for outdoor spaces, where people can maintain social distancing.

5. Move-in Ready Homes Available
Many buyers are looking for move-in ready properties. They don't want to renovate to accommodate.

6. Builders Can't Meet Demand for Homes
The shortage of buildable plots, materials and skilled labor is putting extreme pressure on builders to try to keep up with demand.

# # #
The Buying Surge Continues

January started off strong for the housing market, with healthy buyer demand and strong market fundamentals. A robust increase in housing starts in December points to an active year for new construction, but higher material costs, especially lumber, and a limited supply of buildable lots will temper the number of new units.

• Single Family Closed Sales were up 17.7% to 6,378.
• Townhouse-Condo Closed Sales were up 15.3 % to 1,918.
• Adult Communities Closed Sales were up 17.3% to 609.
• Single Family Median Sales Price increased 22.4% to $404,000.
• Townhouse-Condo Median Sales Price increased 7.5% to $285,000.
• Adult Communities Median Sales Price increased 31.8% to $263,500.

The Mortgage Bankers Association’s January research estimates approximately 2.7 million homeowners with mortgages are currently in forbearance plans. Some of these homes may eventually come to market, but given the strong appreciation in most market segments in recent years, these eventual home sales are likely to be mostly traditional sellers. However, a modest increase in short sales and foreclosures at some point this year would not be surprising.
Stability of the Real Estate Market

According to the Mortgage Bankers Association, the total number of loans now in forbearance fell by 7 basis points from 5.29% portfolio volume to 5.22% as of February 14th.
 
This translates into approximately 2.6 million homeowners that are in forbearance.
 
The share of Fannie Mae and Freddie Mac loans in forbearance also decreased slightly by 4 basis points. Even Ginnie Mae loans fell by 2 basis points to 7.32%.
 
Definitely this is an encouraging sign within the mortgage market, as for the third week in a row there has been a decline in the percent of mortgages in forbearance. In addition, requests for new forbearances have dropped 6 basis points.
 
This is always good news as the trend continues to point to a more healthy market.
 
Within the context of this very strong market, the strong home sales, the shortage of inventory and the inability of contractors to provide additional properties for sale give the overall market a stability that it might not have otherwise.
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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 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

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