November 19th, 2020
Title Wise
The New Jersey Real Estate News You Can Use
Greetings!

The fact that New Jersey homeowners pay the highest property taxes in the country is notbig news! But what is BIG NEWS is that property values in 2020 have bumped up in some cases by 27% year-over-year, and so higher taxes is more than compensated by the increased values. Even as the number of existing sales may slow down toward the end of the year, homewoners continue to take advantage of the historic low interest rates, reducing the cost of homeowership.

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
Property Tax Increases Offset By Values
Counties in NJ with the Lowest Property Taxes
 
In 2019, the average amount paid in real estate taxes in New Jersey was a national high of $8,953, representing an increase of $186 over the amount paid in 2018.

Though this figure is significant, there is a bright side to this: the average homeowner gains in the average sales price and in homeowner equity by more than 10 times this amount. The average increase in property tax was 2.1%, which is higher than the average increase from the year before, which at 0.9% was a record low.

U.S. homeowners with mortgages, which account for roughly 63% of all properties, saw their equity increase by 5.4% year-over-year, representing a gain of nearly $489 billion since the fourth quarter of 2018. This translated into the average U.S. homeowner gaining $7,300 in equity in 2019.

As of October, the average single-family home in New Jersey was sold 27.5% higher than in 2019, from $409,000 to $521,700.

Unfortunately, property taxes have more than doubled in the last two decades.
These are the New Jersey counties that paid the lowest in property taxes in 2019.

1. Walpack, Sussex County
2018 Average Residential Tax Bill: $450
2019 Average Residential Tax Bill: $515

2. Camden, Camden County
2018 Average Residential Tax Bill: $1,710
2019 Average Residential Tax Bill: $1,728

3. Woodbine, Cape May County
2018 Average Residential Tax Bill: $1,947
2019 Average Residential Tax Bill: $1,963

4. Teterboro, Bergen County
2018 Average Residential Tax Bill: $2,059
2019 Average Residential Tax Bill: $2,026

5. Lower Alloways Creek, Salem County
2018 Average Residential Tax Bill: $2,157
2019 Average Residential Tax Bill: $2,053

6. Commercial, Cumberland County
2018 Average Residential Tax Bill: $2,589
2019 Average Residential Tax Bill: $2,539

7. Audubon Park, Camden County
2018 Average Residential Tax Bill: $2,411
2019 Average Residential Tax Bill: $2,574

8. Washington Township, Burlington County
2018 Average Residential Tax Bill: $3,438
2019 Average Residential Tax Bill: $2,941

9. Dennis, Cape May County
2018 Average Residential Tax Bill: $3,043
2019 Average Residential Tax Bill: $3,185

10. Salem, Salem County
2018 Average Residential Tax Bill: $3,167
2019 Average Residential Tax Bill: $3,232
Applications Remain Stable
Refinances Increase to 70%

According to the Mortgage Bankers Association, "The refinance share of mortgage activity increased to 70.0 percent of total applications from 68.7 percent the previous week. The adjustable-rate mortgage (ARM) share of activity decreased to 2.0 percent of total applications."

In a press release issued on November 11th, MBA stated, "Mortgage applications decreased 0.5 percent from one week earlier, according to data from the Mortgage Bankers Association's (MBA) Weekly Mortgage Applications Survey for the week ending November 6, 2020."

"The Market Composite Index, a measure of mortgage loan application volume, decreased 0.5 percent on a seasonally adjusted basis from one week earlier. On an unadjusted basis, the Index decreased 1 percent compared with the previous week. The Refinance Index increased 1 percent from the previous week and was 67 percent higher than the same week one year ago. The seasonally adjusted Purchase Index decreased 3 percent from one week earlier. The unadjusted Purchase Index decreased 5 percent compared with the previous week and was 16 percent higher than the same week one year ago."

The number of mortgage applications decreased last week, despite the 30-year fixed rate falling to 2.98 percent.

On the other hand, the refinance index climbed to its highest level since August, with a 1.5 percent increase in conventional refinances.

Homebuyer demand eased somewhat, but in the overall view, activity remains elevated. The demand remains solid, but without the frenetic trajectory seen in the second quarter of 2020.

According to the release, "Homebuyer demand is still strong overall, and activity was up 16.5 percent from a year ago. However, inadequate housing supply is putting upward pressure on home prices and is impacting affordability."
Planning for 2021: Try The Compound Effect by Darren Hardy
It's right before Thanksgiving, and there are so many things that we will need to be doing in the next 6 weeks, but something that is often overlooked is planning for the next year.

So often, January 2 comes, and we feel like life and business are at a full stop and that is why over the next few weeks we will be providing some outstanding resources to help you enter 2021 with the necessary momentum to make it a great year.

One of these resources comes in the form of a book. What we read often provides us insights and information that helps us operated at a level necessary to maintain our flow and revenue stream.

One of the books that we recommend is The Compound Effect by Darren Hardy. You may not recognize the name at first, but Darren Hardy is the founder of Success Magazine.

The compound effect is defined by Darren Hardy as a strategy of sowing and reaping significant transformational rewards from everyday small, but intentional actions. Improvement is only realized when actions are measured and recorded. By measuring such actions, we take 100% responsibility for everything that happens or doesn't happen to us.

One of the quotes from the book is, "Consistency is the ultimate key to success."

Here is a link to a summary of the book if you would like to see what the author is all about.
Autumn Blooms
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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