Keeping You Informed About the Housing Market!

Single Family Homes in Ocean County, New Jersey

Beachwood
April: 38 New Listings, 23 Under Contract, 15 Closed at a Median Price of $272,500

Brick
April: 192 New Listings, 113 Under Contract, 74 Closed at a Median Price of $322,500

Toms River
April: 233 New Listings, 116 Under Contract, 80 Closed at a Median Price of $350,000

Island Heights
April: 6 New Listings, 3 Under Contract, 0 Closed

Lakehurst
April: 3 New Listings, 5 Under Contract, 0 Closed

Manchester
April: 49 New Listings, 17 Under Contract, 18 Closed at a Median Price of $320,250


Berkeley Township Adult Communities for the Month of April

Holiday City

Berkeley: 89 Total Listings, Lowest Price of $124,000 and Highest Price of $284,900, 9 Closed with the Lowest Price of $135,000 and the Highest Price of $199,000, Average Days on the Market was 53

Carefree: 55 Total Listings, Lowest Price of $145,900 and Highest Price of $259,900, 8 Closed with the Lowest Price of $125,000 and the Highest Price of $221,000, Average Days on the Market was 89

Heights: 37 Total Listings, Lowest Price of $169,900 and Highest Price of $388,900, 4 Closed with the Lowest Price of $170,000 and the Highest Price of $325,000, Average Days on the Market was 100

South: 57 Total Listings, Lowest Price of $154,888 and Highest Price of $279,000, 6 Closed with the Lowest Price of $145,000 and the Highest Price of $239,900, Average Days on the Market was 102

West: 56 Total Listings, Lowest Price of $137,000 and Highest Price of $410,000, 4 Closed with the Lowest Price of $142,500 and the Highest Price of $177,500, Average Days on the Market was 98


Silver Ridge Park

East: 9 Total Listings, Lowest Price of $145,000 and Highest Price of $193,000, 4 Closed with the Lowest Median Price of $165,000 and the Highest Median Price of $239,900, Average Days on the Market was 21

North: 12 Total Listings, Lowest Price of $162,900 and Highest Price of $235,000, 2 Closed with the Lowest Price of $179,000 and the Highest Price of $195,000, Average Days on the Market was 27

West: 17 Total Listings, Lowest Price of $129,000 and the Highest Price of $225,000, 3 Closed with the Lowest Price of $164,500 and the Highest Price of $220,000, Average Days on the Market was 11

Westerly: 19 Total Listings, Lowest Price of $149,000 and the Highest Price of $296,000, 4 Closed with the Lowest Price of $190,000 and the Highest Price of $247,500, Average Days on the Market was 53

Information from Monmouth/Ocean MLS– Deemed reliable but not guaranteed– May not reflect all real estate activity in market

Out and About ~ Local May Festivities

Annual Fishing Contest – May 5th, 8-2PM. Lake Shenandoah County Park. Info call 609-971-3085.

Garden State Philharmonic – May 6th, 3PM. Best Sound of Broadway at the Ocean First Theater in Stafford Township Arts Center. Information 609 489-8600.

Benefit for Toms River Fire Company #1 – May 6th, 1-3PM. Food, massages, health screenings, surprise gifts. LaBeute Salon at the New Orchards Dover Shopping Center, Route 37 West. 732 349-0144

12th Annual Adult Fair and Picnic – May 16th, 10-2PM. Free for Seniors. 652 Garfield Ave, Toms River

Sailing Round the World – May 19th, 2PM. George Smith and Janet Murphy lecture on their 17 year sailing adventure circling the globe. Barnegat Lighthouse State Park. Information call 609-494-2016

Ocean Fun Day – May 19th, 11-3PM. Island Beach State Park. Free admission, parking, nature tours.

18th Annual Chili/Salsa Cook Off – May 19th, 11-5PM. Come ready to sample the entries! Join the fun! Washington Street in Toms River.

Spring Garden Tour – June 2nd, 10-4PM. Deep Cut Gardens, Red Hill Road, Middletown. Just beautiful!

Notes From All Over…

We can expect Washington to respond to the subprime mortgage crisis with tougher Federal Trade Comm. laws on deceptive practices by mortgage lenders and support from the FED to get states to adopt uniform guidelines.

FHA which specializes in low and moderate mortgage borrowers, hopes to regain some of the subprime market, having lost out because of red tape and lack of flexibility in loan practices.

Nationally, new home inventory levels are at an 8.1 month supply, marking the highest level since January 1991.

Waterfront Homes

With more inventory than ever, it’s a great time to consider buying a vacation home. Insurance premiums add significantly to the cost of owning a home on the water. Get insurance quotes early so you know what the cost will be.

“Green” Mortgages Mean More Than Money!

Hybrid cars, organic foods, natural clothing fibers– going “green” is the 21st century megatrend that’s here to stay. The homebuilding industry has been quietly converting to solar and wind power, energy efficient appliances and using eco-friendly building materials that point to a “green” future.

Starting in 1995, these attempts to conserve energy and natural resources were recognized for their effect of reducing monthly utility costs and spawned the Energy Efficient Mortgage–EEM.
The FHA EEM covers upgrades for new and existing homes and is available in all 50 states.

Home buyers can count the extra income from energy savings toward their income-to-debt ratio, allowing them to qualify for a larger loan and often a better interest rate.

Call our Toms River West office at 732-244-2200 for more information on EEMs.

Property Tax Bill Signed

In early April Governor Corzine signed a bill for property tax relief that he and other Democrats call the centerpiece for “reining in the top policy issue for state residents”. The bill will generate credits on municipal taxes, up to 20% for home owners with less than $100,000 annual income. Also included is a minor spending cap on local government spending. Critics of the bill cite the $2.3 billion cost to the state for the credits and wonder if the bill can be sustained for more than one year.

Great Move-Up Market

Spring is usually the hottest time of year in home sales. Sellers put their property on the market just as the daffodils bloom for the best curb appeal! With inventory at a 5 year high, and mortgage rates still reasonable, we are calling this a Great Move-Up Market. Investors have mostly moved on to other income sources, leaving lots of choice for buyers. Your home may sell for less, but you will save money on your purchase, maybe with a lower interest rate.

New Construction? New Buying Tips!

As the housing market has changed to a cooling off cycle, developers have also changed their strategies. Rather than build new developments on speculation and give buyers their pick of new homes, builders now rely on preconstruction sales to determine whether or not to break ground. With prices still expected to go down in the resale market, it’s important to protect your investment. For buyers thinking about a preconstruction purchase:

· Negotiate an exit strategy within the contract. Lead times have been growing longer, so it is not unreasonable to state a “break ground” date, which if not adhered to, releases you from the contract.

· Ask for an interest bearing account for your deposit until ground breaking.

· Make sure all changes to the original contract are in writing with color and style selections specified.

· Based on the current market, builders may be offering sales incentives to lure buyers. Check often for model price reductions.