New Jersey Real Estate News & Blog

Market Trends: Burlington County, August 2018

Foreclosure sales were down 17% on a year over year basis and were 12% of all August sales. Non-foreclosure sales were up 10% from last August. The median sold price was up 3.3% from last August. New Bank Owned listings were 38% lower than last August.

Inventory decreased by 39 listings during August, and is 16% below last year's inventory. The Months Supply of Inventory increased to 4.1 months, but is down from 5.1 months a year ago. The number of new listings was up 14 listings from last August, with new Bank Owned listings down 38% (62 listings) from last August....

Market Trends: Camden County, August 2018

In August, Camden County home sales were up 3.0% compared to August 2017 and the median sold price was up 2.9%. The 133 foreclosure sales were down 19% from August 2017 but still were 17% of all sales.

The number of homes available for sale in Camden County dropped 4.2% in August and is now 16.7% lower than a year ago. The Months Supply of Inventory has dropped from 5.1 months a year ago to 4.2 months due to the lower inventory.

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Market Trends: Gloucester County, August 2018

Sales were up 5.5% compared to August 2017 and are up 8.7% year-to-date. Prices were down 3.2% compared to last August and are now the same year-to-date. Foreclosure sales were 20% of August's sales, up from 19% in August 2017.

The number of homes for sale during August decreased by 2.2% and is 16.0% below the 2017 level compared to a 20% shortfall throughout the region. The Months Supply of Inventory is at 4.8 months, down from 6.0 months a year ago.

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Market Trends: Mercer County, August 2018

Sales were down 4.6% compared to last August while the median sold price was down 1.9%. There were 67 foreclosure sales in Mercer this month, down from 72 in August 2017. Foreclosure sales were 14% of all sales in August.

Inventory decreased by 4.6% this month, and is just 10.1% lower than a year ago. The Months Supply of Inventory increased to 4.2 months compared to 4.6 months in August 2017.

Sales in August...

4 Ways to Slash Utility Bills With a DIY Energy Audit

Fixing a few of your home’s most likely trouble spots can improve energy efficiency and save you a bundle on utility bills. Consumer editors at ThisOldHouse.com provide a starting point for your DIY energy audit:

Drafty Windows
On a windy day, close all windows and exterior doors, as well as the chimney flue damper. Light a stick of incense, move it around the perimeter of each window and watch for air that stirs the rise of smoke. If you find a culprit, scrape out any cracked or dried caulk on the outside where the casing meets the siding. Apply a fresh bead of paintable acrylic latex, such as DAP’s Alex Plus. For doors, add new weather stripping. The work may shave off up to $20 from your annual bill for each window and door...

Homeowners: Know How to Complete These Basic Tasks

Owning a home is infinitely rewarding but issues do pop up, and there’s no need to call a handyman every time something goes haywire. The home repair experts at HGTV suggest four things every homeowner should know how to do:

Change smoke detector batteries. Do this twice a year or anytime you hear a loud chirping. Get up on a ladder and twist the body of the unit off the bracket. If it isn’t hardwired, it will completely remove. Change the battery and twist it back in place.

Find the main water shut-off valve. If you ever come home to a flooded floor, you need to be able to shut off the water to the whole house ASAP, especially if the source of the water leak is unclear. That’s why every homeowner...

5 Renovations That Net the Most When You Sell

When it comes to major home remodeling, there is more involved than money. Your home is more than your largest investment—it’s where you and your family live. If you love your neighborhood, your school district and your commute, and you plan to stay for many years, then remodeling to improve your family’s daily life makes sense.

But unless you plan to stay for the long haul, it pays to know which renovations will add the most resale value when you sell. From the 2018 Cost vs. Value Report published in Remodeling magazine, here are the five interior remodeling projects that deliver the highest return:

Garage Door Replacement
Curb appeal is important. Replacing an existing garage door with a new four-section garage door with heavy-duty galvanized steel tracks can cost up to $3,500....

The Difference Between Pre-Qualified and Pre-Approved

Many lenders pre-qualify or pre-approve mortgage applicants, which can help considerably in the buying process. While the terms are often used interchangeably, there are some important differences to note.

In general, pre-qualification is considered an initial step in which the applicant provides information on income, assets and debts. The lender may or may not require documentation.

Pre-approval is considered the next step and requires documentation and a credit check. A hard credit inquiry can affect your credit score, and several by different lenders in a short period of time can cause your score to take a significant hit. If you’re thinking about getting pre-qualified or pre-approved for a mortgage, ask if the company will perform a hard credit inquiry and decide if you are willing to risk the potential impact...

Is an Adjustable-Rate Mortgage a Good Idea?

If you’re shopping for a mortgage, you need to decide whether to choose one with a fixed or adjustable interest rate. An adjustable-rate mortgage, or ARM, might be a good idea if you’re only planning to stay in your home for a short period of time, but you need to ask questions and read the fine print first. You might be surprised by skyrocketing payments if you don’t understand the terms clearly.

How an ARM Works

With a hybrid ARM, the interest rate will change periodically based on market conditions. That means your monthly payments will also change. The interest rate will be fixed for a period of time, and then it will adjust periodically after that. The interest rate is typically low at the beginning, but it may rise dramatically once the fixed-rate period ends and the adjustment occurs. The lender decides which index to use to set...

Pros and Cons of Smart Appliances

Smart appliances can make life easier and more convenient. Since the technology is relatively new, many manufacturers are still working out problems and resolving glitches. Before you purchase a smart appliance, it’s important to understand what they have to offer and to be aware of potential pitfalls.

Popular Smart Appliances
A smart refrigerator can make grocery shopping easier. A camera allows you to peek inside the fridge even if you aren’t home, and you can keep a running list of what you need. You can also control the temperature and humidity to keep your food fresh as long as possible.

Smart refrigerators are much more expensive than traditional ones, and they are more expensive to repair. There is also the risk of viruses. If you have linked your email and social media accounts to the...