It's no surprise to those of us who live in New Jersey that new home sales dipped 12.6% in January. The weather was all but inviting for touring new homes under construction, or building them either.
According to estimates released by the U.S. Census Bureau and the Department of Housing and Urban Development, sales of new single-family houses in January 2011 were at a seasonally adjusted annual rate of 284,000.
This is 12.6% (±11.2%) below the revised December rate of 325,000 and 18.6% (±15.4%) below the January 2010 estimate of 349,000.
The median sales price of new houses sold in January 2011 was $230,600; the average sales price was $260,300. The seasonally adjusted estimate of new houses for sale at the end of January was 188,000.
This represents a supply of 7.9 months at the current sales rate.
Now that the weather is warming up, call or email me when you are ready to start looking at all the great homes under construction in Mercer County and surrounding areas. Take a look at one in Dogwood Meadows of Hamilton, and two in the Ridings of Robbinsville on my new home web site.
Joe Giancarli, SA
Real Estate Advisor
609-658-2612
jgiancarli@remax.net
http://www.joegiancarli.com/
http://www.njhomesource.com/
http://www.njhomesource.blogspot.com/
www.activerain.com/blogs/josephgiancarli
Find homes for sale using my new mobile app. Just text JOEG to 87778 and you will be sent download instructions. Once installed on your device, you will be able to do searches and see complete listing details including photos and prices. If your device is GPS enabled you will also see the listings on a map. (Data rates may apply.)
Thursday, February 24, 2011
Friday, February 18, 2011
January New Housing Starts
New residential construction statistics for January 2011 dipped slightly.
Privately-owned housing units authorized by building permits in January were at a seasonally adjusted annual rate of 562,000. This is 10.7% (±1.2%) below the January 2010 estimate of 629,000.
Privately-owned housing starts in January were at a seasonally adjusted annual rate of 596,000. This is 2.6% (±9.8%) below the January 2010 rate of 612,000.
Privately-owned housing completions in January were at a seasonally adjusted annual rate of 512,000. This is 22.7% (±8.3%) below the January 2010 rate of 662,000.
Joe Giancarli, SA
Real Estate Advisor
609-658-2612
jgiancarli@remax.net
http://www.joegiancarli.com/
http://www.njhomesource.com/
http://www.njhomesource.blogspot.com/
www.activerain.com/blogs/josephgiancarli
(resource: RealEstateChannel.com)
Find homes for sale using my new mobile app. Just text JOEG to 87778 and you will be sent download instructions. Once installed on your device, you will be able to do searches and see complete listing details including photos and prices. If your device is GPS enabled you will also see the listings on a map. (Data rates may apply.)
Privately-owned housing units authorized by building permits in January were at a seasonally adjusted annual rate of 562,000. This is 10.7% (±1.2%) below the January 2010 estimate of 629,000.
Privately-owned housing starts in January were at a seasonally adjusted annual rate of 596,000. This is 2.6% (±9.8%) below the January 2010 rate of 612,000.
Privately-owned housing completions in January were at a seasonally adjusted annual rate of 512,000. This is 22.7% (±8.3%) below the January 2010 rate of 662,000.
Joe Giancarli, SA
Real Estate Advisor
609-658-2612
jgiancarli@remax.net
http://www.joegiancarli.com/
http://www.njhomesource.com/
http://www.njhomesource.blogspot.com/
www.activerain.com/blogs/josephgiancarli
(resource: RealEstateChannel.com)
Find homes for sale using my new mobile app. Just text JOEG to 87778 and you will be sent download instructions. Once installed on your device, you will be able to do searches and see complete listing details including photos and prices. If your device is GPS enabled you will also see the listings on a map. (Data rates may apply.)
Builder Confience Flat in February Numbers
According to the National Association of Home Builders/Wells Fargo Housing Market Index (HMI), builder confidence in the market for newly built, single-family homes remained unchanged at 16 for a fourth consecutive month in February. "While builders are starting to see more interest among potential home buyers, we are also dealing with a multitude of challenges, including competition from foreclosure properties and inaccurate appraisals of new homes, which are limiting our ability to sell," said NAHB Chairman Bob Nielsen. "On top of that, an extremely tight lending environment continues to make it almost impossible to obtain credit for viable new and existing projects, and most do not see that situation improving anytime soon."
"Builders are telling us that some pockets of optimism have begun to emerge, but many prospective purchasers are concerned about selling their existing home in the current market, or face difficulty securing credit for a home purchase -- even when they are well-qualified," said NAHB Chief Economist David Crowe. "Adding these concerns to the severe difficulty that builders continue to confront in obtaining acquisition, development and construction financing, you can understand why builder sentiment has not improved over the past four months."
On a regional basis, HMI scores were mixed in February, with gains reported in two parts of the country and declines in two others. The Northeast registered a two-point gain to 22, the South posted a one-point gain to 18, the Midwest posted a one-point decline to 12 and the West posted a two-point decline to 13.
(resource: RealEstateChannel.com)
Joe Giancarli, SA
Real Estate Advisor
609-658-2612
jgiancarli@remax.net
http://www.joegiancarli.com/
http://www.njhomesource.com/
http://www.njhomesource.blogspot.com/
www.activerain.com/blogs/josephgiancarli
Find homes for sale using my new mobile app. Just text JOEG to 87778 and you will be sent download instructions. Once installed on your device, you will be able to do searches and see complete listing details including photos and prices. If your device is GPS enabled you will also see the listings on a map. (Data rates may apply.)
"Builders are telling us that some pockets of optimism have begun to emerge, but many prospective purchasers are concerned about selling their existing home in the current market, or face difficulty securing credit for a home purchase -- even when they are well-qualified," said NAHB Chief Economist David Crowe. "Adding these concerns to the severe difficulty that builders continue to confront in obtaining acquisition, development and construction financing, you can understand why builder sentiment has not improved over the past four months."
On a regional basis, HMI scores were mixed in February, with gains reported in two parts of the country and declines in two others. The Northeast registered a two-point gain to 22, the South posted a one-point gain to 18, the Midwest posted a one-point decline to 12 and the West posted a two-point decline to 13.
(resource: RealEstateChannel.com)
Joe Giancarli, SA
Real Estate Advisor
609-658-2612
jgiancarli@remax.net
http://www.joegiancarli.com/
http://www.njhomesource.com/
http://www.njhomesource.blogspot.com/
www.activerain.com/blogs/josephgiancarli
Find homes for sale using my new mobile app. Just text JOEG to 87778 and you will be sent download instructions. Once installed on your device, you will be able to do searches and see complete listing details including photos and prices. If your device is GPS enabled you will also see the listings on a map. (Data rates may apply.)
Friday, February 11, 2011
Thinking of Selling your NJ home and Trading up to New? Here are 5 Mistakes to Avoid
When you want to sell and trade up, there are specific considerations not present with a home purchase alone. Not only is there the issue of financing, but you also have to sell your present home at exactly the right time in order to avoid either the financial burden of owning two homes. Just as problematic is the dilemma of having no place to live during the gap between closings.
Knowledge of possible mistakes you might make, and the strategies to overcome them, will help you make informed choices before you put your existing home on the market.
1. Rose-colored glasses
Most of us dream of improving our lifestyle and moving to a larger home. The problem is that there's sometimes a discrepancy between our hearts and our bank accounts. You drive by a home that you fall in love with only to find that it's already sold or that it’s more than what you are willing to pay. Most homeowners get caught in this hit or miss strategy of house hunting when there's a much easier way of going about the process.
For example, find out if your Realtor (me) offers a Buyer Profile System or House-hunting Service (I do), which takes the guesswork away and helps to put you in the home of your dreams. This type of program will cross match your criteria with all available homes on the market, including new construction, and supply you with emailed information on an ongoing basis. A program like this helps homeowners take off their rose-colored glasses and, affordably, move into the home of their dreams.
2. Failing to make necessary improvements
If you want to get the best price for the home you're selling, there will certainly be things you can do to enhance the house in a prospective buyer's eyes. These fix ups don't necessarily have to be expensive. But even if you do have to make a minor investment, it will often come back to you ten fold in the price you are able to get when you sell. It's very important that these improvements be made before you put your home on the market. If cash is tight, investigate an equity loan that you can repay on closing. Check with your Realtor (me) about which repairs should be completed before putting your home on the NJ real estate market.
3. Not selling first
You should plan to sell before you buy. This way you will not find yourself at a disadvantage at the negotiating table, feeling pressured to accept an offer that is below market value because you have to meet a purchase deadline. If you've already sold your home, you can buy your next one with no strings attached. If you do get a tempting offer on your home but haven't made significant headway on finding your next home, you might want to put in a contingency clause in the sale contract which gives you a reasonable time to find a home to buy. But because this is a buyer's market, not just in New Jersey but nationwide, try to find another option. You might want to rent your home and putt it on the market later, particularly if you are selling a smaller, starter home. Investigate the tax rules if you choose to become a landlord.
4. Failing to get a pre-approved mortgage
While it doesn't cost or obligate you to anything, pre-approval gives you a significant advantage when you put an offer on the home you want to purchase because you know exactly how much house you can afford, and you already have the green light from your lending institution. With a pre-approved mortgage, your offer will be viewed far more favorably by a seller, sometimes even if it's a little lower than another offer that's contingent on financing. Don't fail to take this important step. And don't get just a pre-qualification letter, get pre-approved.
5. Failing to coordinate closings
With two major transactions to coordinate together with all the people involved such as mortgage experts, appraisers, lawyers, loan officers, title company representatives, home inspectors or pest inspectors the chances of mix ups and miscommunication go up dramatically. The professional help of a Realtor is invaluable in this timing.
There are many new homes under construction in Mercer County NJ and surrounding areas. Builders are anxious to sell. Seriously consider selling your current home and taking advantage of the ability to buy a new home at low prices and low rates. Call or email me to discuss your needs and plans.
Joe Giancarli, SA
Real Estate Advisor
609-658-2612
jgiancarli@remax.net
http://www.joegiancarli.com/
http://www.njhomesource.com/
http://www.njhomesource.blogspot.com/
www.activerain.com/blogs/josephgiancarli
Find homes for sale using my new mobile app. Just text JOEG to 87778 and you will be sent download instructions. Once installed on your device, you will be able to do searches and see complete listing details including photos and prices. If your device is GPS enabled you will also see the listings on a map. (Data rates may apply.)
Knowledge of possible mistakes you might make, and the strategies to overcome them, will help you make informed choices before you put your existing home on the market.
1. Rose-colored glasses
Most of us dream of improving our lifestyle and moving to a larger home. The problem is that there's sometimes a discrepancy between our hearts and our bank accounts. You drive by a home that you fall in love with only to find that it's already sold or that it’s more than what you are willing to pay. Most homeowners get caught in this hit or miss strategy of house hunting when there's a much easier way of going about the process.
For example, find out if your Realtor (me) offers a Buyer Profile System or House-hunting Service (I do), which takes the guesswork away and helps to put you in the home of your dreams. This type of program will cross match your criteria with all available homes on the market, including new construction, and supply you with emailed information on an ongoing basis. A program like this helps homeowners take off their rose-colored glasses and, affordably, move into the home of their dreams.
2. Failing to make necessary improvements
If you want to get the best price for the home you're selling, there will certainly be things you can do to enhance the house in a prospective buyer's eyes. These fix ups don't necessarily have to be expensive. But even if you do have to make a minor investment, it will often come back to you ten fold in the price you are able to get when you sell. It's very important that these improvements be made before you put your home on the market. If cash is tight, investigate an equity loan that you can repay on closing. Check with your Realtor (me) about which repairs should be completed before putting your home on the NJ real estate market.
3. Not selling first
You should plan to sell before you buy. This way you will not find yourself at a disadvantage at the negotiating table, feeling pressured to accept an offer that is below market value because you have to meet a purchase deadline. If you've already sold your home, you can buy your next one with no strings attached. If you do get a tempting offer on your home but haven't made significant headway on finding your next home, you might want to put in a contingency clause in the sale contract which gives you a reasonable time to find a home to buy. But because this is a buyer's market, not just in New Jersey but nationwide, try to find another option. You might want to rent your home and putt it on the market later, particularly if you are selling a smaller, starter home. Investigate the tax rules if you choose to become a landlord.
4. Failing to get a pre-approved mortgage
While it doesn't cost or obligate you to anything, pre-approval gives you a significant advantage when you put an offer on the home you want to purchase because you know exactly how much house you can afford, and you already have the green light from your lending institution. With a pre-approved mortgage, your offer will be viewed far more favorably by a seller, sometimes even if it's a little lower than another offer that's contingent on financing. Don't fail to take this important step. And don't get just a pre-qualification letter, get pre-approved.
5. Failing to coordinate closings
With two major transactions to coordinate together with all the people involved such as mortgage experts, appraisers, lawyers, loan officers, title company representatives, home inspectors or pest inspectors the chances of mix ups and miscommunication go up dramatically. The professional help of a Realtor is invaluable in this timing.
There are many new homes under construction in Mercer County NJ and surrounding areas. Builders are anxious to sell. Seriously consider selling your current home and taking advantage of the ability to buy a new home at low prices and low rates. Call or email me to discuss your needs and plans.
Joe Giancarli, SA
Real Estate Advisor
609-658-2612
jgiancarli@remax.net
http://www.joegiancarli.com/
http://www.njhomesource.com/
http://www.njhomesource.blogspot.com/
www.activerain.com/blogs/josephgiancarli
Find homes for sale using my new mobile app. Just text JOEG to 87778 and you will be sent download instructions. Once installed on your device, you will be able to do searches and see complete listing details including photos and prices. If your device is GPS enabled you will also see the listings on a map. (Data rates may apply.)
Thursday, February 3, 2011
If You Want to Remodel your New Jersey Home, try Deconstruction instead of Demoliton
Deconstruction—the careful removal of salvageable hardwood flooring, light fixtures, cabinetry, doors and nearly everything that makes a house a house—is gaining momentum. As a result, more than three-fourths of the house can be re-used and recycled, instead of ending up in the dump. More than 30% of waste that goes into landfills consists of building and construction materials, much that can still be used.
Besides being easier on the Earth, deconstruction—if you donate your home’s salvageable materials to a nonprofit like Habitat for Humanity ReStore—can be lighter on the pocketbook than demolition. However, initial costs don’t reflect that. The average one-week demolition is $10,000 to $20,000. Deconstruction, which can take a month or two, is typically $20,000 to $35,000. Deconstruction takes someone who isn’t afraid of waiting until taxes are filed to get the money back. To recoup costs, you have to hire an appraiser who specializes in deconstruction.
“Deconstruction means taking it apart by hand instead of by machine,” says Lance Houston, owner of Houston Excavating and Demolition in Liberty, Mo. “Habitat ReStore takes out what can be salvaged—sinks, cabinets, so forth. We’ll de-nail it, cut off bad ends, band it and wrap it to go to Habitat ReStore. All metals, like copper piping, can be salvaged at the scrap yard.”
On average, more than 75% of a home can be reused and recycled. Items that typically can’t be repurposed, explained Mark Bullock, deconstruction manager for Habitat ReStore in Kansas City, Mo, are insulation, PVC pipes, roofing, old carpet, brittle sheathing and fragile tile.
If you would like to consider this environmentally-friendly way to remodel your New Jersey home, contact me for names of appraisers who understand the process and your financial commitments.
Joe Giancarli, SA
Real Estate Advisor
609-658-2612
jgiancarli@remax.net
http://www.joegiancarli.com/
http://www.njhomesource.com/
http://www.njhomesource.blogspot.com/
www.activerain.com/blogs/josephgiancarli
Find homes for sale using my new mobile app. Just text JOEG to 87778 and you will be sent download instructions. Once installed on your device, you will be able to do searches and see complete listing details including photos and prices. If your device is GPS enabled you will also see the listings on a map. (Data rates may apply.)
Besides being easier on the Earth, deconstruction—if you donate your home’s salvageable materials to a nonprofit like Habitat for Humanity ReStore—can be lighter on the pocketbook than demolition. However, initial costs don’t reflect that. The average one-week demolition is $10,000 to $20,000. Deconstruction, which can take a month or two, is typically $20,000 to $35,000. Deconstruction takes someone who isn’t afraid of waiting until taxes are filed to get the money back. To recoup costs, you have to hire an appraiser who specializes in deconstruction.
“Deconstruction means taking it apart by hand instead of by machine,” says Lance Houston, owner of Houston Excavating and Demolition in Liberty, Mo. “Habitat ReStore takes out what can be salvaged—sinks, cabinets, so forth. We’ll de-nail it, cut off bad ends, band it and wrap it to go to Habitat ReStore. All metals, like copper piping, can be salvaged at the scrap yard.”
On average, more than 75% of a home can be reused and recycled. Items that typically can’t be repurposed, explained Mark Bullock, deconstruction manager for Habitat ReStore in Kansas City, Mo, are insulation, PVC pipes, roofing, old carpet, brittle sheathing and fragile tile.
If you would like to consider this environmentally-friendly way to remodel your New Jersey home, contact me for names of appraisers who understand the process and your financial commitments.
Joe Giancarli, SA
Real Estate Advisor
609-658-2612
jgiancarli@remax.net
http://www.joegiancarli.com/
http://www.njhomesource.com/
http://www.njhomesource.blogspot.com/
www.activerain.com/blogs/josephgiancarli
Find homes for sale using my new mobile app. Just text JOEG to 87778 and you will be sent download instructions. Once installed on your device, you will be able to do searches and see complete listing details including photos and prices. If your device is GPS enabled you will also see the listings on a map. (Data rates may apply.)
Builders Forecast Demand Exceeding Supply of Multi-family Housing
New job creation amid a slowly recovering economy is creating increased demand by renters, but the lack of credit needed to finance the development of apartments is already causing rents to increase. This supply/demand ratio will most likely to lead to a shortage of available apartments in the next few years, as forecast by the nationwide builders' association, the National Association of Home Builders (NAHB).
“Although we are forecasting construction of 133,000 new multifamily residences in 2011,” said the NAHB chief economist, David Crowe, “that is far short of the 250,000 to 300,000 units that would be required to keep supply and demand in balance. In addition, we have yet to make up for the insufficient number of new apartments that should have been built over the last two years. The capital needed to finance that construction is just not available to apartment developers.”
Even affordable rental housing is feeling the pressure. Robert Greer is president of Michaels Development Company, Marlton, N.J., a company that develops and manages affordable rental communities throughout the country. According to Greer, “Affordable housing, which is primarily driven by the Low-Income Housing Tax Credit program, is rebounding. Investors are slowly coming back into the market, and deals are getting done…which is good news. But the bad news is that given the depth of the current recession, more people than ever need affordable housing, and the demand far outstrips the supply.”
If you are a builder who wants to develop some multi-family units in Mercer County or the surrounding areas, call or email me and lets talk about your options.
Joe Giancarli, SA
Real Estate Advisor
609-658-2612
jgiancarli@remax.net
http://www.joegiancarli.com/
http://www.njhomesource.com/
http://www.njhomesource.blogspot.com/
www.activerain.com/blogs/josephgiancarli
Find homes for sale using my new mobile app. Just text JOEG to 87778 and you will be sent download instructions. Once installed on your device, you will be able to do searches and see complete listing details including photos and prices. If your device is GPS enabled you will also see the listings on a map. (Data rates may apply.)
“Although we are forecasting construction of 133,000 new multifamily residences in 2011,” said the NAHB chief economist, David Crowe, “that is far short of the 250,000 to 300,000 units that would be required to keep supply and demand in balance. In addition, we have yet to make up for the insufficient number of new apartments that should have been built over the last two years. The capital needed to finance that construction is just not available to apartment developers.”
Even affordable rental housing is feeling the pressure. Robert Greer is president of Michaels Development Company, Marlton, N.J., a company that develops and manages affordable rental communities throughout the country. According to Greer, “Affordable housing, which is primarily driven by the Low-Income Housing Tax Credit program, is rebounding. Investors are slowly coming back into the market, and deals are getting done…which is good news. But the bad news is that given the depth of the current recession, more people than ever need affordable housing, and the demand far outstrips the supply.”
If you are a builder who wants to develop some multi-family units in Mercer County or the surrounding areas, call or email me and lets talk about your options.
Joe Giancarli, SA
Real Estate Advisor
609-658-2612
jgiancarli@remax.net
http://www.joegiancarli.com/
http://www.njhomesource.com/
http://www.njhomesource.blogspot.com/
www.activerain.com/blogs/josephgiancarli
Find homes for sale using my new mobile app. Just text JOEG to 87778 and you will be sent download instructions. Once installed on your device, you will be able to do searches and see complete listing details including photos and prices. If your device is GPS enabled you will also see the listings on a map. (Data rates may apply.)
Robbinsville, NJ - The Ridings - New Homes for Sale - 329 Gordon Rd
329 Gordon Road is a custom 3,000 SF home, 4 bedrooms/2.5 baths, to be built on a 4-acre estate lot in Robbinsville, in the prestigious neighborhood of The Ridings. This is the best new home construction, value opportunity, in Robbinsville, by the highly respected local builder, JRM Construction. Standard features of the Washington Model include a 2.5-car side entry garage; brick front; 9’ ceilings throughout the first floor; hardwood floors in foyer, kitchen and breakfast room; wall-to-wall carpeting; wood-burning fireplace; 1st floor office/study; separate laundry room; 2-zoned natural gas heating & AC; full basement; and Energy Star certification. The cook’s gourmet kitchen will offer custom 42-inch cabinets, granite tops, and built-in dishwasher, gas range, and microwave. A master bedroom suite has 2 walk-in closets, master bath with soaking tub, separate stall shower, double vanities, and ceramic tile floor and surrounds. Options are a full bath on the 1st floor, and a 5th bedroom. The builder will grade and seed the acreage, which will create a private estate atmosphere. You will have room for a garden, sports, play sets, pool, and to enjoy the natural surroundings and beauty of rural New Jersey
Contact Joe Giancarli, 609-658-2612, for details.
Contact Joe Giancarli, 609-658-2612, for details.
Robbinsville, NJ - The Ridings - New Homes on Gordon Rd
331 Gordon Road is a custom 3,000 SF home, 4 bedrooms/2.5 baths, to be built on a 2-acre estate lot in Robbinsville, in the prestigious neighborhood of The Ridings. This is the best new home construction, value opportunity, in Robbinsville, by the highly respected local builder, JRM Construction. Standard features of the Presidential Model include a 3-car side entry garage; brick front; 9’ ceilings throughout the first floor; hardwood floors in foyer, kitchen and breakfast room; wall-to-wall carpeting; wood-burning fireplace; 1st floor office/study; separate laundry room; 2-zoned natural gas heating & AC; full basement; and Energy Star certification. The cook’s gourmet kitchen will offer custom 42-inch cabinets, granite tops, and built-in dishwasher, gas range, and microwave. You have the option of a full bath on the 1st floor. A master bedroom suite has a sitting room (optional), 2 walk-in closets, master bath with soaking tub, separate stall shower, double vanities, and ceramic tile floor and surrounds. The builder will grade and seed the acreage, which will create a private estate atmosphere. You will have room for a garden, sports, play sets, pool, and to enjoy the natural surroundings and beauty of rural New Jersey
Contact Joe Giancarli, 609-658-2612, for details.
Contact Joe Giancarli, 609-658-2612, for details.
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