Title Wise
The New Jersey Real Estate News You Can Use
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Greetings!
There's no turning back... this market isn't an anomaly. It is for real, as we see the sustained demand for homes move into January. The one thing that may be holding the market back is the new variant, Omicrom, which continues to spread like sand in a windstorm. Another factor impacting our New Jersey real estate market is inflation, with energy prices climbing 21.8% year-over-year, and food rising by 6.8%. But those numbers are skewed obviously, since in many cases prices have even doubled. Home prices are only going to track with inflation until there is a serious price correction.
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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Housing Trend to Make More New Highs in 2022 |
Incoming president Robert White of New Jersey Realtors stated that he believes that this current frothy seller’s market in the Garden State still has room to grow. He does not see a curtailment in the number of listings with multiple offers with the average of 6 to 12 offers per property slowing down. He also believes that these offers will be between 3 and 5% over asking price.
Some of the factors fueling this strong market go beyond inventory shortages; they also track with the inability of the construction industry to keep up with the demand for new single-family homes.
The whole concept of the ‘normal real estate market’ has been turned on its head. We are talking about a robust real estate market and it’s just the beginning of January. We haven’t even hit the traditionally strong selling periods starting from March to June.
Right now the only thing that’s going to curtail the trajectory of this current market is a shortage of buyers, and that may occur only if prices continue to reach levels that most buyers cannot afford.
As the work-from-home economy continues to thrive, and New York-based businesses put off the back-to-the-office deadlines, the value of a roomy, one-family home with one or two home offices is going to become the norm rather than the abnormal.
Now homes have to be properly priced because if they are overpriced, they run the risk of appearing to be flawed in their initial valuation.
Many New Jersey homes still offer the ideal combination of bedrooms, open concept kitchens and living rooms, big yards and backyards with decks. New Jersey also ranks very high in the nation for its education system. But when it comes to taxes, if you live in New Jersey you’re going to pay the taxes that allow you to have proximity to New York City and access to the beaches.
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Debt Creating a Real Estate Ceiling? |
So much has contributed to this dynamic and historic real estate market that even the industry experts are scratching their heads as to just how high this market can go. There may be some clues as to what may hold back or even cut back on the steep price escalations we have experienced for the last 18 months.
According to some financial websites including NerdWallet, they are indicating that three-quarters of Americans have received some form of relief as a result of the pandemic, but without that relief there may be concern as to how physically viable these households are. With those funds many households paid off credit card debt, some mortgages, auto loans and student loans. But the government is not anticipating releasing any more relief, even if inflation continues at its rapid rate.
NerdWallet reported that the average US household owes some form of debt totaling over $155,000 totally more than $15 trillion currently. This is up by 6.2% from one year ago. Now some of this debt may be short-term, as many homes have seen some form of renovation. Stocks like Home Depot and Lowe's and Angie's bear this out. But moving forward, things are going to become exceedingly more expensive, as in the case of automobiles, food, and of course housing.
As reported earlier, the average rent for a single-family home is now approaching double-digit increases year-over-year. All of these price increases are going to place additional pressure on households to pay down the current debt that they hold. With the average new car cost coming in at over $42,000, consumers are going to have to finance these steep price increases somewhere, only adding to the fiscal instability moving forward.
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"The time people spend building personal brands would be better invested in personal connections. Products have brands. People have relationships and reputations. Authenticity is not about marketing yourself to create an image. It’s about aligning your actions with your values." 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.
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As the pandemic continues to wear upon communities across the nation, and place additional restrictions upon activities and attendance, the work-from-home economy continues unabated.
Professionalize your workspace
Whether you are working from the office or from a home office, it is vitally important. Your presentation skills are making the most of your time and effort. Zoom calls are becoming the order of the day, so that being said, make sure that your background in your video reflects the kind of professionalism and quality you want those on the other side of the camera to get when you speak and when you make your points in the course of the conversation. Clear away the clutter and make sure your shelves contain either books or non-offensive pictures.
Dedicated workspace
If you are working from home anywhere from one to two days a week or more, make sure that you clear away the clutter from the area that you intend to work from and keep it clutter-free so that you avoid sitting at the same desk looking at the same disheveled pile of papers. Some home office experts estimate that you end up spending 20% of your time clearing and organizing your workspace. Don't think of it as something that's unnecessary; actually, schedule time regularly to do your cleanup. It goes without saying but make sure you have a place to put your coffee or glass of water and a trash can to dispose of things.
Post-it board
Having a cork board or a erasable chalkboard next to your desk if you have to do some planning or mental organizing. Some things are good to write down, but other things are good to look at and organized from a distance. A whiteboard is a great way to keep your day and your mind focused on the most important task at hand.
Eliminate wardrobe
Another bad habit that seems to sneak into home offices is clothing depots, otherwise known as piles of clothes. Make sure that your office is dedicated to the purposes that you are establishing for it. This should not be the place where you store laundry or jackets or hats. Make sure that your office reflects the kind of work output you're expecting to do, and that includes the quality of the output.
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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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