Home Selling & Buying in Fall | NOV 2017

NOVEMBER 2017

Fall

HOME SELLING & BUYING IN THE

 Autumn Offers Certain Benefits to Home Buyers

 How’s the Jersey Shore Market?  Why Sell Now Instead of Later?  10 Fall Home Maintenance Tips  Title Insurance Equals A Peace of Mind Featured 56Glemary.com

CONTENTS 4-5 6-25

Benefits to Buying a Home in the Fall How’s the Market? Jersey Shore Market Update

26-27

Why Do I Need Title Insurance When Purchasing a Home?

28-29

Why Sell Now Instead of Later?

30-31

10 Fall Home Maintenance Tips

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BUYING A HOME IN THE FALL Autumn Offers Certain Benefits to Home Buyers The real estate market is open 365 days a year - yes, even on holidays - but there are cyclical trends to the marketplace. Some of those ups and downs are based on mortgage interest rates and housing availability, but some are based on season.

Next to spring, fall is the busiest season for home buying and selling. Autumn offers certain benefits to home buyers, including year-end tax breaks, pleasant weather conditions for moving and a wide selection of homes for sale. Read on to learn the advantages of buying in the fall.

YEAR-END TAX BREAKS Come September and October, people start to think about what year-end tax breaks they might be eligible for. Fortunately for home buyers, owning a home can yield great dividends in tax returns. For 4

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example, both mortgage interest and property taxes are deductible from gross income. Furthermore, if you have prepaid some interest before the due date of your first payment, and if you close your loan before the year’s end, that interest can also be deducted.

GETTING AHEAD OF MOTHER NATURE Buying a house before the deep freeze of winter sets in is very appealing to most home buyers. No one wants to worry about icy roads, snowstorms or blackout conditions on moving day, nor is it fun to move in sweltering summer heat.

SCHOOL YEAR AND HOLIDAYS By wintertime, kids have settled into school, established friendships and become involved in extracurricular activities. Moving in summer would

be least disruptive to your children’s schooling or social calendar, but autumn is next best. Also, by moving in fall, you’ll be settled snugly into your new home before Thanksgiving and the winter holidays.

MORE HOME CHOICES While home demand is not as keen in fall as it is in spring, it’s still high, so competition can be high, too. Fall buyers and sellers tend to be motivated to move, unlike the window-shoppers who sometimes come out in spring.

You may experience pressure to buy, due to the quick turnaround of houses on the market, but you’ll also benefit from the broad selection of homes available. In fact, between September and December, you may be able to visit several open houses in a single day, and listings will be updated frequently. Therefore, to make sure you don’t miss out on your dream house, it’s a good idea to regularly check listings and check in with your Realtor.

FALL HOME-BUYING TIPS Given the home-buying competition and the short, pre-holiday timetable in autumn, you may be tempted to place a bid that is out of your price range, for fear of losing the home. Before you make an offer, know what kind of house you need and what you can realistically afford, and stick to your budget. You may want to explore prequalifying for a loan so that you’ll be ready to act when you find the home you want. And as always, whatever season you buy in, buy at the best time for you and your family, and hold out for the right house - there are always more homes to see and to choose among.

Source: Realtor.com

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ASBURY PARK AVON-BY-THE-SEA BELMAR BRADLEY BEACH BRIELLE INTERLAKEN

LAKE COMO

LONG

“How’s the Market?”

Presenting the Jersey Shore Market Update for the third quarter of 2017.

O

G BRANCH MANASQUAN NEPTUNE CITY NEPTUNE TOWNSHIP OCEAN SEA GIRT SPRING LAKE SPRING LAKE HEIGHTS WALL TOWNSHIP

Market Snapshot

Over $1M

Quarter Three $500k - $1M Below $500k

Unit Volume

by Price Category

Median Selling Price vs. Average Selling Price vs. Total Units Sold $700,000

1,600

$600,000

1,400 1,200

$500,000

1,000 $400,000 800

$300,000 600 $200,000

400

$100,000

$0

200

2014

2015

Units

8

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2016

Avg

2017

0

Median As per Monmouth/Ocean MLS Single Family 1/1/2017-9/30/2017 Closed; 11/1517 Active

Comparison

by Neighborhood

Quarter Three

Median Selling Price $2,000,000 $1,800,000 $1,600,000 $1,400,000 $1,200,000

$1,000,000 $800,000 $600,000 $400,000 $200,000

West Long Branch

Wall

Spring Lake Heights

Spring Lake

Sea Girt

Ocean

Neptune Twp

Neptune City

Manasquan

Long Branch

Lake Como

Interlaken

Brielle

Bradley Beach

Belmar

Avon-by-the-sea

Asbury Park

$0

As per Monmouth/Ocean MLS Single Family 1/1/2017-9/30/2017 Closed; 11/1517 Active

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at a glance ASBURY PARK | Q3

22

ON THE MARKET

20

$327,000

as of 11/15/2017

as of 11/15/2017

UNDER CONTRACT

as of 11/15/2017

MEDIAN LIST PRICE

Median Selling Price vs. Total Units Sold $350,000

80

$300,000

70 60

$250,000

50 $200,000 40

$150,000 30 $100,000

20

$50,000

$0

10

2014

2015

Median Selling Price

10

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2016

2017

0

Total Units Sold As per Monmouth/Ocean MLS Single Family 1/1/2017-9/30/2017 Closed; 11/1517 Active

at a glance AVON-BY-THE-SEA | Q3

6

ON THE MARKET

5

$1,974,500

as of 11/15/2017

as of 11/15/2017

UNDER CONTRACT

as of 11/15/2017

MEDIAN LIST PRICE

Median Selling Price vs. Total Units Sold $1,000,000

20

$900,000 16

$800,000 $700,000

$600,000

12

$500,000 $400,000

8

$300,000 $200,000

4

$100,000 $0

2014

2015

Total Units Sold As per Monmouth/Ocean MLS Single Family 1/1/2017-9/30/2017 Closed; 11/1517 Active

2016

2017

0

Median Selling Price

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at a glance BELMAR | Q3

28

ON THE MARKET

14

$977,000

as of 11/15/2017

as of 11/15/2017

UNDER CONTRACT

as of 11/15/2017

MEDIAN LIST PRICE

Median Selling Price vs. Total Units Sold $700,000

60

$600,000

50

$500,000

40 $400,000 30

$300,000 20 $200,000 10

$100,000

$0

2014

2015

Total Units Sold

12

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2016

2017

0

Median Selling Price As per Monmouth/Ocean MLS Single Family 1/1/2017-9/30/2017 Closed; 11/1517 Active

at a glance BRADLEY BEACH | Q3

12

ON THE MARKET

6

$575,450

as of 11/15/2017

as of 11/15/2017

UNDER CONTRACT

as of 11/15/2017

MEDIAN LIST PRICE

Median Selling Price vs. Total Units Sold $700,000

45 40

$600,000

35 $500,000

30 $400,000

25

$300,000

20 15

$200,000 10 $100,000

$0

5

2014

2015

Total Units Sold As per Monmouth/Ocean MLS Single Family 1/1/2017-9/30/2017 Closed; 11/1517 Active

2016

2017

0

Median Selling Price

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at a glance BRIELLE | Q3

29

ON THE MARKET

15

$739,900

as of 11/15/2017

as of 11/15/2017

UNDER CONTRACT

as of 11/15/2017

MEDIAN LIST PRICE

Median Selling Price vs. Total Units Sold $700,000

60

$600,000

50

$500,000 40

$400,000 30 $300,000 20 $200,000 10

$100,000

$0

2014

2015 Total Units Sold

14

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2016

2017

0

Median Selling Price As per Monmouth/Ocean MLS Single Family 1/1/2017-9/30/2017 Closed; 11/1517 Active

at a glance INTERLAKEN | Q3

6

ON THE MARKET

2

$610,000

as of 11/15/2017

as of 11/15/2017

UNDER CONTRACT

as of 11/15/2017

MEDIAN LIST PRICE

Median Selling Price vs. Total Units Sold $800,000

16

$700,000

14

$600,000

12

$500,000

10

$400,000

8

$300,000

6

$200,000

4

$100,000

2

$0

2014

2015 Total Units Sold

As per Monmouth/Ocean MLS Single Family 1/1/2017-9/30/2017 Closed; 11/1517 Active

2016

2017

0

Median Selling Price

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at a glance LAKE COMO | Q3

23

ON THE MARKET

5

$469,900

as of 11/15/2017

as of 11/15/2017

UNDER CONTRACT

as of 11/15/2017

MEDIAN LIST PRICE

Median Selling Price vs. Total Units Sold 35

$500,000 $450,000

30 $400,000

25

$350,000 $300,000

20

$250,000 15

$200,000 $150,000

10

$100,000 5 $50,000 $0

2014

2015 Total Units Sold

16

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2016

2017

0

Median Selling Price As per Monmouth/Ocean MLS Single Family 1/1/2017-9/30/2017 Closed; 11/1517 Active

at a glance LONG BRANCH| Q3

68

ON THE MARKET

36

$487,000

as of 11/15/2017

as of 11/15/2017

UNDER CONTRACT

as of 11/15/2017

MEDIAN LIST PRICE

Median Selling Price vs. Total Units Sold $350,000

160

$300,000

140 120

$250,000 100

$200,000 80 $150,000 60 $100,000

40 $50,000

$0

20

2014

2015 Total Units Sold

As per Monmouth/Ocean MLS Single Family 1/1/2017-9/30/2017 Closed; 11/1517 Active

2016

2017

0

Median Selling Price

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at a glance MANASQUAN | Q3

38

ON THE MARKET

22

$837,450

as of 11/15/2017

as of 11/15/2017

UNDER CONTRACT

as of 11/15/2017

MEDIAN LIST PRICE

Median Selling Price vs. Total Units Sold $800,000

80

$700,000

70

$600,000

60

$500,000

50

$400,000

40

$300,000

30

$200,000

20

$100,000

10

$0

2014

2015 Total Units Sold

18

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2016

2017

0

Median Selling Price As per Monmouth/Ocean MLS Single Family 1/1/2017-9/30/2017 Closed; 11/1517 Active

at a glance NEPTUNE CITY | Q3

10

ON THE MARKET

7

$269,950

as of 11/15/2017

as of 11/15/2017

UNDER CONTRACT

as of 11/15/2017

MEDIAN LIST PRICE

Median Selling Price vs. Total Units Sold $300,000

50 45

$250,000

40 35

$200,000

30 25

$150,000

20 $100,000

15 10

$50,000

5 $0

2014

2015 Total Units Sold

As per Monmouth/Ocean MLS Single Family 1/1/2017-9/30/2017 Closed; 11/1517 Active

2016

2017

0

Median Selling Price

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at a glance NEPTUNE TWP | Q3

102

ON THE MARKET

79

$299,900

as of 11/15/2017

as of 11/15/2017

UNDER CONTRACT

as of 11/15/2017

MEDIAN LIST PRICE

Median Selling Price vs. Total Units Sold $300,000

300

$250,000

250

$200,000

200

$150,000

150

$100,000

100

$50,000

50

$0

2014

2015 Total Units Sold

20

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2016

2017

0

Median Selling Price As per Monmouth/Ocean MLS Single Family 1/1/2017-9/30/2017 Closed; 11/1517 Active

at a glance OCEAN TWP | Q3

73

ON THE MARKET

57

$599,000

as of 11/15/2017

as of 11/15/2017

UNDER CONTRACT

as of 11/15/2017

MEDIAN LIST PRICE

Median Selling Price vs. Total Units Sold $450,000

250

$400,000 200

$350,000 $300,000

150 $250,000 $200,000 100 $150,000 $100,000

50

$50,000 $0

2014

2015 Total Units Sold

As per Monmouth/Ocean MLS Single Family 1/1/2017-9/30/2017 Closed; 11/1517 Active

2016

2017

0

Median Selling Price

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at a glance SEA GIRT | Q3

17

ON THE MARKET

9

$2,399,000

as of 11/15/2017

as of 11/15/2017

UNDER CONTRACT

as of 11/15/2017

MEDIAN LIST PRICE

Median Selling Price vs. Total Units Sold $2,000,000

45

$1,800,000

40

$1,600,000

35

$1,400,000

30

$1,200,000 25 $1,000,000 20 $800,000 15

$600,000

10

$400,000

5

$200,000 $0

2014

2015 Total Units Sold

22

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2016

2017

0

Median Selling Price As per Monmouth/Ocean MLS Single Family 1/1/2017-9/30/2017 Closed; 11/1517 Active

at a glance SPRING LAKE | Q3

30

ON THE MARKET

13

$2,725,000

as of 11/15/2017

as of 11/15/2017

UNDER CONTRACT

as of 11/15/2017

MEDIAN LIST PRICE

Median Selling Price vs. Total Units Sold 60

$2,000,000 $1,800,000

50

$1,600,000 $1,400,000

40

$1,200,000 $1,000,000

30

$800,000 20

$600,000 $400,000

10

$200,000 $0

2014

2015 Total Units Sold

As per Monmouth/Ocean MLS Single Family 1/1/2017-9/30/2017 Closed; 11/1517 Active

2016

2017

0

Median Selling Price

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at a glance SPRING LAKE HEIGHTS | Q3

17

ON THE MARKET

5

$649,000

as of 11/15/2017

as of 11/15/2017

UNDER CONTRACT

as of 11/15/2017

MEDIAN LIST PRICE

Median Selling Price vs. Total Units Sold 40

$500,000 $450,000

35

$400,000 30 $350,000 25

$300,000

20

$250,000 $200,000

15

$150,000

10 $100,000 5

$50,000 $0

2014

2015 Total Units Sold

24

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2016

2017

0

Median Selling Price As per Monmouth/Ocean MLS Single Family 1/1/2017-9/30/2017 Closed; 11/1517 Active

at a glance WALL TWP | Q3

136

ON THE MARKET

52

$619,500

as of 11/15/2017

as of 11/15/2017

UNDER CONTRACT

as of 11/15/2017

MEDIAN LIST PRICE

Median Selling Price vs. Total Units Sold $550,000

300

$500,000

250

$450,000 $400,000

200

$350,000 $300,000

150

$250,000 $200,000

100

$150,000 $100,000

50

$50,000 $0

2014

2015 Total Units Sold

As per Monmouth/Ocean MLS Single Family 1/1/2017-9/30/2017 Closed; 11/1517 Active

2016

2017

0

Median Selling Price

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What is Title Insurance & How Does it Benefit Me? So what exactly is “title insurance?” Well, when a property is financed, bought or sold, a record of that transaction is generally filed in public archives.

Likewise, records of other events that may affect the ownership of a property, like liens or levies, are also archived.

When you buy title insurance for your property, a title company searches these records to find - and remedy, if possible - several types of ownership issues. First, the title company searches public records to determine the property’s ownership status. After this search, the underwriter will determine the insurability of the title.

Even the most skilled title professionals may not find all problems associated with a property, though. Some risks, such as title issues due to filing errors, forgeries, or undisclosed heirs, are difficult to identify. So after the title company finishes its searching, it also provides a title insurance policy 26

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that will help protect you from a variety of issues that might be uncovered later.

If you take out a mortgage loan when you buy your property, your lender will require a loan policy of title insurance. This protects the lender’s interest in your property until your loan is paid off or refinanced.

On the other hand, an owner’s policy of title insurance insures your ownership rights to the property. Even though you’ll pay for this policy only once, your coverage will last as long as you own your home.

A real estate purchase may be the largest financial investment you ever make. So, when you buy an owner’s policy of title insurance, just think of it as buying some peace of mind!

Source: First American

Home Closings Made Simple.

You deserve more at your next closing. You deserve Jersey Shore Title.

Closing on a home? Your Jersey Shore Title agent is ready to respond quickly to answer your questions and meet your needs while providing valuable guidance about the real estate transaction and closing process. Choose Jersey Shore Title, and get peace of mind that your transaction is being handled in the best way possible.

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Featured 616Oceanview.com

WHY SELL NOW INSTEAD OF LATER The Buyers Are Out Now Each year, most homeowners wait until the spring to sell their houses because they believe that they can get a better deal during the normal spring buyer’s market. However, recently released data suggests that a seller’s best deal may be available right now.

The concept of ‘supply & demand’ reveals that the best price for an item will be realized when the supply of that item is low and the demand for that item is high. Let’s see how this applies to the current residential real estate market.

It is no secret that the supply of homes for sale has been far below the number needed for over a year.

A normal market requires six months of housing inventory to meet the demand. The latest report from the National Association of Realtors (NAR) revealed that there is currently only a 4.2-month supply. Supply is currently very low!

A report that was just released tells us that demand is very strong. The most recent Foot Traffic Report (which sheds light on the number of buyers out looking at homes) disclosed that there are more 28

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buyers right now than at any other time in the last twelve months. This includes more buyers looking at homes right now than at any time during last year’s spring market Demand is currently very high!

Waiting until the spring to list your house for sale made sense in the past. This year is different. The best deal is probably available right now.

Source: Keeping Current Matters

“

...there are more buyers right now than at any other time in the last twelve months.

- National Association of Realtors

�

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FALL HOME MAINTENANCE When the last of summer’s heat is a faint memory, and you’re pulling out your hoodies more than your shorts, it’s time to tackle a few simple chores that’ll make winter more pleasant and prevent some nasty surprises next spring.

10

Things To Do in Fall to Skip Costly Winter Fails



#1 #2 #3 #4 #5 #6 #7 #8 #9 #10

Clean and Stow Your Mower Remove Garden Hoses from Faucets

Drain Your Sprinkler System

Seal Air Leaks

De-Gunk Your Gutters

Eyeball Your Roof

Direct Your Drainage

Check Your Furnace

Prune Plants

Give Your Fireplace a Once-Over Source: Houselogic

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Managing a strong online presence is a top priority for our marketing initiatives, we provide our visitors with the ultimate real estate search experience. Fast navigation and robust content that encompasses living at the Jersey Shore, we encourage visitors to invest time on our website.

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