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Gloucester County NJ Market Statistics - YTD Comparison
Gloucester County 2007
Gloucester County 2008
Details can be found on our standard web site
Housing Market in Monroe Township, NJ
The I-Team Homes has been marketing quite extensively in Monroe Township NJ
including the area of Williamstown. We provide housing market analysis for our clients.
The following is the most current data we have for Monroe Township:
For the month of December 2007 -
- Properties Currently Being Marketed - 36
- Average asking price - $257,425
- Average Days on the Market - 102 days
- Properties that are Pending Sales (Under Contract, Not Settled) - 0
- Properties that Settled in December - 15
- Average sold price - $187,245 (90.8% of average asking price)
- Average Days on the Market - 66 days
- Properties that Expired (Not Sold and Listing Agreement ended) in December - 35
- Average asking price - $295,127
- Properties that were Withdrawn from the Market by the Seller in December - 10
- Average asking price - $271,860
We can provide you with a complete and accurate market analysis for your home with an
analysis of the market area it is located in. By knowing the value of your home you have a
basis to start selling your home. If you want to know the value of your home and to
receive a no-cost home evaluation, please call our Real Estate Hotline toll-free at
1-800-374-8571 x3025.
If you are planning to sell your home and would like to receive a free 12 page report,
“Insider’s Secret To Selling Your Home”, directly to your home. “Insider’s Secret To
Selling Your Home” is a must have report for anyone planning on selling their home. Don’t
wait, call now.
- If you have an immediate need to sell your home, call 1-800-374-8571 x3051.
- If you are planning to sell you home in the near future, call 1-800-374-8571 x3052.
When you call the above numbers you will will hear recorded instructions; you will not be
directed to a live agent.
For first time home buyers, purchasing your first home can be a very stressful
experience. We can help eliminate that stress and help you through the process. We work
closely with many first time home buyers and understand your concerns. First Time
Home Buyer Programs, 0% and No Money Down Programs, Conventional, FHA, and VA
Financing (To Qualified Buyers). Seller Assist with Closing Costs, New Homes Existing
Homes in Great Neighborhoods, Fixer Upper Properties. We search all of Camden,
Burlington, Gloucester, Salem, Cumberland, and Atlantic Counties. Go to
http://www.homes4firsttimebuyers.com/
Looking for a fixer upper property? Willing to put in some “sweat equity” to buy your
next home at a bargain price. Get a complete listing of fixer uppers in your area by going
to http://www.bestfixerhomes.com/
If you would like a free list of Fannie Mae homes currently for sale ,
go to: http://www.terryi.com/FNMA/.
Housing Market in Monroe Township, NJ
The I-Team Homes has been marketing quite extensively in Monroe Township NJ
including the area of Williamstown. We provide housing market analysis for our clients.
The following is the most current data we have for Monroe Township:
For the month of November 2007 -
- Properties Currently Being Marketed - 33
- Average asking price - $270,870
- Average Days on the Market - 48 days
- Properties that are Pending Sales (Under Contract, Not Settled) - 9
- Properties that Settled in November - 22
- Average sold price - $213,804 (92.9% of average asking price)
- Average number of bedrooms - 3, average number of baths - 2
- Average Days on the Market - 58 days
- Number that sold with Seller Concessions - 3 (where seller gave some amount of net proceeds back to buyer toward buyer’s closing/settlement costs)
- Number that sold without Seller Concessions - 19
- Properties that Expired (Not Sold and Listing Agreement ended) in November - 25
- Average asking price - $273,998
- Properties that were Withdrawn from the Market by the Seller in November - 14
- Average asking price - $322,086
We can provide you with a complete and accurate market analysis for your home with an
analysis of the market area it is located in. By knowing the value of your home you have a
basis to start selling your home. If you want to know the value of your home and to
receive a no-cost home evaluation, please call our Real Estate Hotline toll-free at
1-800-374-8571 x3025.
If you are planning to sell your home and would like to receive a free 12 page report,
“Insider’s Secret To Selling Your Home”, directly to your home. “Insider’s Secret To
Selling Your Home” is a must have report for anyone planning on selling their home. Don’t
wait, call now.
- If you have an immediate need to sell your home, call 1-800-374-8571 x3051.
- If you are planning to sell you home in the near future, call 1-800-374-8571 x3052.
When you call the above numbers you will will hear recorded instructions; you will not be
directed to a live agent.
For first time home buyers, purchasing your first home can be a very stressful
experience. We can help eliminate that stress and help you through the process. We work
closely with many first time home buyers and understand your concerns. First Time
Home Buyer Programs, 0% and No Money Down Programs, Conventional, FHA, and VA
Financing (To Qualified Buyers). Seller Assist with Closing Costs, New Homes Existing
Homes in Great Neighborhoods, Fixer Upper Properties. We search all of Camden,
Burlington, Gloucester, Salem, Cumberland, and Atlantic Counties. Go to
http://www.homes4firsttimebuyers.com/
Looking for a fixer upper property? Willing to put in some “sweat equity” to buy your
next home at a bargain price. Get a complete listing of fixer uppers in your area by going
to http://www.bestfixerhomes.com/
If you would like a free list of Fannie Mae homes currently for sale , go to: http://www.terryi.com/FNMA/.
Federal Reserve Lowers Interest Rate
In a much anticipated move, the Federal Reserve lowered is prime interest rate by a full half of a percent to 4.75%. The move was the Fed’s first rate reduction of any kind in four years, the steepest in nearly five years and its most abrupt reversal of course since January 2001, when policy makers sharply cut rates at an unscheduled emergency meeting just before the last recession. For consumers, the Fed’s move could mean lower borrowing costs for mortgages and automobile loans. With home prices down and lower interest rates, the Fed is hoping that home sales return to a normal pace to help stabilize the economy. Much of our economy is driven by the housing market. When housing slows, so does the economy.
A large majority of home buyers are under the misconception that there is no mortgage money for them to buy a home. That is not true. There is plenty of money for people looking to buy homes using standard mortgages, like FHA, VA or Conventional loans. If a home buyer is looking to buy a home and is financing less than $471,000, if they can document their incomes and have fair credit, they can buy a house today. It is the sub-prime borrowers that are having a hard time finding financing. The days of financing 106% of the purchase price, with a 1.5% teaser rate and not providing any income documentation are gone.
In the last 6 months, we have seen the majority of home sellers drop their asking price, which is a good thing. We have also seen many sellers just give up and take their homes off the market for good, stating that they are not going to give their homes away; they will just stay where they are for a few more years.
What does all this mean for the average home buyer? - Lower mortgage payments. Home prices are down, sellers are helping with closing costs, interest rates are historically low and there is an abundance of houses on the market. Buyers who come out in this market will be able to take advantage of the new market conditions. Those buyers who wait until Spring could find home prices are back on the rise again.
Federal Reserve Lowers Interest Rate
In a much anticipated move, the Federal Reserve lowered is prime interest rate by a full half of a percent to 4.75%. The move was the Fed’s first rate reduction of any kind in four years, the steepest in nearly five years and its most abrupt reversal of course since January 2001, when policy makers sharply cut rates at an unscheduled emergency meeting just before the last recession. For consumers, the Fed’s move could mean lower borrowing costs for mortgages and automobile loans. With home prices down and lower interest rates, the Fed is hoping that home sales return to a normal pace to help stabilize the economy. Much of our economy is driven by the housing market. When housing slows, so does the economy.
A large majority of home buyers are under the misconception that there is no mortgage money for them to buy a home. That is not true. There is plenty of money for people looking to buy homes using standard mortgages, like FHA, VA or Conventional loans. If a home buyer is looking to buy a home and is financing less than $471,000, if they can document their incomes and have fair credit, they can buy a house today. It is the sub-prime borrowers that are having a hard time finding financing. The days of financing 106% of the purchase price, with a 1.5% teaser rate and not providing any income documentation are gone.
In the last 6 months, we have seen the majority of home sellers drop their asking price, which is a good thing. We have also seen many sellers just give up and take their homes off the market for good, stating that they are not going to give their homes away; they will just stay where they are for a few more years.
What does all this mean for the average home buyer? - Lower mortgage payments. Home prices are down, sellers are helping with closing costs, interest rates are historically low and there is an abundance of houses on the market. Buyers who come out in this market will be able to take advantage of the new market conditions. Those buyers who wait until Spring could find home prices are back on the rise again.
Low Interest Rates + Lower Prices = A Great Home
Posted by admin on Sep 2, 2007 in Marketplace, home inventories
Now could not be a better time to buy a house. Interest rates are at nearly historic lows, home prices down and home inventories at record highs. All of this translates into the best BUYERS MARKET in 50 years. Not since the mid-1950’s has the home buying market been this good for the home buyer.
That being said, many buyers seem to be sitting on the fence waiting to something to happen in the market before they make a move to buy a house. Well, it has already happened. The feds are starting to help home owner who were victims of predatory loans save their homes. The interest rates are soon to drop again, allowing for lower monthly payments to home buyers. And the FHA has streamlined their processes to allow for faster mortgage approvals.
With the resurgence of the old standard for many home buyers: the FHA Mortgage, the home buying market will begin to return to a more normal market. FHA loans are insured loans, so lenders are more willing to lend money to an FHA buyer because the lender will not lose money as they did in the sub-prime market. These new FHA loans will help mortgage companies continue to write mortgages.
FHA requires a lower down-payment; as low as 2.25% and will allow for down payments to be a gift from family or a non-profit organizations and will allow the seller to assist with closing costs.
In this market, many homeowners are helping the buyers with closing costs to make the sale. Pluse, if you have a few dings on your credit, an FHA loan is the way to go.
All the economic indicators are predicting a upsurge in home sales in Spring of ‘08 and a return to normal in early ‘09. When that happens, prices too will return normal, sellers will be less willing to help with closing costs and many buyers who waited on the fence, will be out of the market again.
If you have been on the fence about buying a home, now is the time to start the process. There are many great homes that went unsold during the summer and are waiting for you. Autumn has always been a great time to negotiate for a great home.
If you are getting off the fence, contact us now, so we can get started and you could be in your new home for the holidays.
Linda - 609-417-1084
Terry - 609-417-1086
Housing Market Outlook for Gloucester County
Posted by admin on Jul 25, 2007 in Marketplace, Real Estate
The numbers are out for the second quarter of 2007. The information below is provided by myself and my wife, Linda, for all of our customers and clients. Our marketing group provides details pertaining to the composite figures below.
Composite market figures for Gloucester County in the 2nd Qtr 2007:
- Average # Of Offerings/Monthly - 678.7 (2nd Qtr 2006 = 668.7)
- Average # Of Sales/Monthly - 293.3 (2nd Qtr 2006 = 343.3)
The average number of homes, per month, being offerred for sale has increased from the same time last year. Additionally, the average number of sales, per month, has decrease from the same time as last year. The impact of this shows in the number of homes that are going unsold, as shown below and represented by the Projected Absorption Rate. The Absorption Rate denotes how long it will take (in months) to deplete the current inventory of homes if no additional listings were added.
- Unsold Inventory - 2436 (2nd Qtr 2006 = 1944)
- Projected Absorption Rate (in months) - 8 (2nd Qtr 2006 = 6)
Essentially, this shows that the number of homes still on the market that have not sold is at 2436 units, which is an increase of almost 500 units from the same time last year. It would take 8 months, at today’s market condition, to deplete the inventory of these homes in Gloucester County.
What does this mean to the home owner? That you may need to re-evaluate what you think your home is really worth. For the 2nd Qtr, the number of homes that are selling at $600,000 or more has decreased significantly from the same time as last year. But how many were actually priced below $600,000 or were withdrawn from the market is not known at this time; but the fact the the number of homes remaining unsold is a good indication of which option was chosen. Pricing a home correctly is a key factor that we do to insure that the homes we market actually sell, and not just sit on the market. The heyday of of few years ago are gone. The fact that a former neighbor’s house down the block sold for a specific dollar mount three years ago, is not relevant to your home in today’s market.
Now, what do these numbers mean to potential buyers? In a nutshell, sitting back thinking that the prices may be lowered even lower could backfire. The home you saw today may be off the market tomorrow…and not because it sold, but because the owner withdrew it from the market or the listing time on market has run out (expired). You have to rely on your real estate agent to advise you regarding the market price of the home you are looking at. The fact that homes were selling at extemely high prices a few years ago cannot be changed at this time. People are not going to give their homes away or take a loss. Unless they HAVE to sell, they will hold their property until the market catches up with their expectations.
If you’re currently a home owner who is planning on selling your home, call us now before you make your next move. We can save you time and frustration.
Terry => 609-417-1086
Linda => 609-417-1084
Speaking of Real Estate
- More of what REALTORS are thankful for November 18, 2008
- How You Can Go Green—And Why Your Should November 18, 2008
- What ForSaleByOwner.com said is SO not true! November 14, 2008
- I'm Thankful For . . . November 13, 2008
- What some REALTORS® are thankful for November 11, 2008
- Short Sales Solutions for REALTORS® November 10, 2008
- NOT READY Secrets of the (REALTORS® of the) Rich and Famous November 10, 2008
- Inspiration at the General Session November 9, 2008
- What I Share with NAR's New President November 9, 2008
- Video: How Has Your Market Changed? November 9, 2008
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