If you are a fan of sleep then you are probably also a fan of this Sunday November 6th, the day we get to set our clocks back an extra hour at 2:00 am marking the end of daylight savings time 2011. This is also a great time to change the batteries in your smoke and carbon monoxide detectors protecting your home and loved ones. Click here to learn more.

Please see below for the average asking and selling price per square foot of some very commute friendly towns from October 2011.

Commute Homes Sales Trends

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More good news for home ownership. As home prices and mortgage rates continue to shift down, the monthly cost of owning a home has decreased 2.6% since January. Conversly rental prices have increased 5.9% this year.

Below you see the average asking and selling price per square foot of some very commute friendly towns from September 2011.

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Below you see the average asking and selling price per square foot of some very commute friendly towns from August 2011.

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Strong Pre-Construction Sales @ 1450 Washington Is It The Time To Buy?

According to a Toll Brother Representative, about 30 of the 157 condos are already reserved in this pre-construction initial pricing phase. The current offering focuses around 750 to 860 sq ft one bedrooms in the $450,000 to $500,000 range and 1,100 to 1,300 sq ft two bedrooms in the $600,000 to $785,000 range. The following pictures were taken during a recent hardhat tour including the future Zen garden, glass living room atrium, rooftop terrace, and views:

Please contact me to schedule a private tour and to learn more about this exciting landmark Hoboken community.

Below you see the average asking and selling price per square foot of some very commute friendly towns from July 2011.

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Toll Brothers unveils its newest addition to Hoboken's high-rise luxury community "1450 Washington at Hudson Tea".

1450 Washington at Hudson Tea marks the next Phase of the prestigious Hudson Tea Family of Buildings with a ground up newly constructed twelve story concrete structure. Following the success and styling of the Harbor Side Lofts, 1450 Washington shares the contemporary styling and Cabana rooftop features, but combines the convenience of private on unit terraces, all at an impressive new price point.

Units range in size from studio to three bedrooms with a concentration on One Bedroom homes in the High $300,000s to Low $600,000s and Two Bedrooms in the low $600,000s to the Mid $800,000s. Please contact me to schedule a private tour and to learn more about this exciting landmark Hoboken community.

Below you see the average asking and selling price per square foot of some very commute friendly towns from June 2011.

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20% Down Payment Required - QSM Mortgage Guideline

Buyers and Sellers alike should be aware of the proposed “Qualified Residential Mortgage” regulations as soon as April 2012. QRM seeks to address the contributing factors of the 2007-2009 meltdown, with stricter regulations such as a 20% minimum down payment for a conventional, non- government- backed residential mortgage.

Directly related to QRM is the Dodd-Frank Act signed into law last year that requires financial institutions retain 5 percent of the risk on loans they securitize. The purpose is to discourage excessive risk-taking and create strong incentives for responsible lending and borrowing.

For the Sellers: The introduction of QRMs will increase overall mortgage costs and thereby reduce the pool of potential home buyers, pushing down demand for homes.

For the Buyers: Roughly 39% of homebuyers in 2010 made a down payment of less than 20%, QRM will increase the amount of time it takes buyers to save for their first home purchase.

For specific questions about QRM, email me.

Below you see the average asking and selling price per square foot of some very commute friendly towns from May 2011. You will also see a new feature: the number of units sold in each town.

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Government Website Detailing Property Tax Records

In an effort to increase government transparency, Governor Chris Christie recently launched a website that provides the public with data that makes it easier to understand New Jersey’s public finances: Property Tax Records

For questions about specific property tax records, email me.

Below you see the average asking and selling price per square foot of some very commute friendly towns from April 2011.

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Build More Equity in Your Home

Bi-weekly mortgage payments allow you to pay off your mortgage sooner and save on the total interest paid out over the course of the loan.

This is how the program works: You pay half of the monthly mortgage payment on the first of the month, and then every fourteen days until sufficient funds are paid to make your monthly mortgage payment. This cycle repeats throughout the year. With 52 weeks in a year, this schedule results in three payments occurring within one calendar month two to three times a year. During those months, the last payment will be directly applied to the principal balance.

For example; on a typical $340,000 loan you can save approximately $70,000 in interest and shave 6 years off the loan term.

Below you see the average selling price per square foot of some very commute friendly towns over the past five months.

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Tax Appeal Deadline of April 1st Rapidly Approaching

With the recent decline in properties values, many home owners are now saving money on their property taxes thru a Tax Appeal. To find out if you are eligible send me an email with your property address and I will be happy to run a preliminary calculation. For more information from a Law Firm that specializes in local Tax Appeals, please contact:

Michael Schneck, Managing Member
Schneck Law Group LLC
o: 973-533-9300
e: mschneck@schnecklaw.com
w: www.schnecklaw.com

PS - Daylight Savings Time (DST) begins this Sunday at 2:00 am. Remember to turn your clocks ahead by one hour, ideally at bedtime on Saturday night.

I also would like to thank you, my loyal customers who have helped me to achieve my third consecutive year as a recipient of the New Jersey Association of Realtors, Circle of Excellence Award!

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As you can see from the January 2011 sales chart below the selling prices for several towns were up, several were down, and several were constant. The more noticeable change was in that the number of transactions were up in Edgewater and Guttenberg but down in all other towns.

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Rent vs. own ratio to flip in 2011?

Many Americans are content to rent after witnessing the crumbling housing market in recent years. But with rents on the rise and home prices continuing to fall, a reversal is in sight.

Renting In 2010:

Questioning the so-called American Dream of homeownership, many would be buyers became renters. With the increased demand for rental properties, rentals prices increased nationwide.

Owning In 2011:

According to Mark Zandi, Moody’s chief economist, "By mid 2011 and certainly by end of 2011, buying will be superior to renting in most parts of the country,"

The housing market continues to suffer from over supply, and with rental prices projected to continue increasing this year, owning a home just makes sense for qualified buyers.

This would be a positive development, as a healthy housing market typically puts renting and owning at more equal footing.

via CNNmoney.com

Locally in Hoboken we are seeing rental prices increase dramatically and buyer activity strengthen marginally. 

What are your housing plans for 2011?

Below you see the current average asking and selling prices per square foot of some very commute friendly towns for the month of December 2010. You will notice that most areas showed a decrease in value however several showed a slight increase.

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New Lending Guidelines from Fannie Mae

On Dec. 13 new lending guidelines being rolled out by Fannie Mae will make securing a mortgage a lot easier for some borrowers but harder for others.

The Good News:

Buyers will be allowed to use gifts and grants from nonprofit groups for their minimum 5 percent down payment, which is the threshold set by Fannie Mae.

The Bad News:

Debt-to-income ratios or the amount of a borrower’s gross monthly income that goes toward paying off all debts will be getting tougher. The maximum ratio for those seeking a conventional mortgage will drop to 45 percent from 55 percent under the new guidelines.

via NYTimes.com

Here you will see the current average asking and selling prices per square foot of some very commute friendly towns. Don't see your town of interest; just email me for a customized report. Based on your feedback I will add more towns that are rated as commute friendly.

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