Click the image to take a look at her new site!

Well look no further! Camille Lee, an Associate here at the Weichert Princeton office just launched a new website dedidated to bringing you the inside news on the Princeton real estate market.

Market news, price trends, new inventory and a fantastic home search funcion will allow you to get the news you need and the Princeton Homes you want to see quickly and easily.

Housing affordability conditions for all buyers reached a milestone in the first quarter, according to the National Association of Realtors. NAR’s composite quarterly Housing Affordability Index rose to a record high of 205.9 in the first quarter, based on the relationship between median home price, median family income and average mortgage interest rate. This is the first time the quarterly index broke the 200 mark since NAR began record keeping in 1970.

Furthermore, NAR’s index shows the median income family, earning just under $61,000, could afford a home costing $325,500 in the first quarter, which is more than double the national median existing single-family home price of $158,100. The median monthly mortgage principal and interest payment for a median-priced home would take only 13.5% of gross income, given the level of where historically low interest rates are.

A companion NAR index measuring the ability of first-time buyers to purchase a home also set a record, with the first-time buyer index reaching 135.8 in the first quarter. “For those with good credit, we’ve never seen better housing affordability conditions or market opportunities than we see at present,” says NAR President Moe Veissi. “ 

The US mortgage delinquency rate declined in the first quarter to the lowest level since 2008 as an improving job market and low interest rates aided borrowers.

The share of home loans at least 30 days late dropped to 7.40 percent from 7.58 percent in the previous three months, according to a report from the Mortgage Bankers Association. The rate peaked at 10.10 percent in the first quarter of 2010 and was last lower in the third quarter of 2008, when it was 6.99 percent.

“Delinquencies are clearly continuing to improve,” Michael Fratantoni, the group’s vice president of research and economics, said in a statement. “Newer delinquencies, loans one payment past due as of March 31, are down to the lowest level since the middle of 2007, indicating fewer new problems we will need to deal with in the future.”

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According to the results of Fannie Mae’s April 2012 National Housing Survey, Americans’ attitudes about homeownership, the economy and personal finances “continue to move incrementally in a positive direction.”

“This month’s survey shows a continued gradual improvement in consumer sentiment and outlook for home prices,” says Doug Duncan, vice president and chief economist of Fannie Mae. “

After flat-lining at depressed levels for over a year, a growing share of consumers indicate that it is a good time to sell, suggesting rising optimism for the housing market and for prospective purchasers.” On average, Americans expect home prices to increase 1.3% over the next year, and the percentage of Americans who say it is a good time to sell their home continued to rise to 15% in April (up from low, flat levels during 2011).

In turn, confidence in the economy’s direction rose to a survey all-time high in April, hitting 37%.  Another positive trend, according to Fannie Mae, is the increased share of those who reported their income as “significantly higher” from 12 months ago, which is now at the highest level recorded over the past year and seven percentage points higher than those who reported income as “significantly lower.” 

WFIF Economic team suggest that early reports show that the critical spring home buying season has gotten off to its best start in five years. “Sales of new single-family homes totaled 83,000 units during the first quarter, up 16 percent from a year ago, while sales of existing single-family homes rose 7.2 percent, marking the best combined pace for first quarter home sales since 2007. The rise in existing home sales has generated a little excitement, as news is spreading that homes sold outside the foreclosure process are often receiving multiple bids and selling above the asking price.”

“The first quarter is typically the slowest quarter of the year, with March being the only busy month. Inventories of existing homes have fallen to just a 6.3-months’ supply, and the inventory of unsold vacant homes has fallen by 353,000 units over the past year. Inventories of new homes continue to decline and are now at a paltry 144,000 units nationwide. Only about one-third of those homes are actually completed. With inventories dwindling, home prices have improved a bit.”

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The Princeton Real Estate Market continues to be brisk with opportunities for both buyers and sellers.

Princeton Real Estate Activity the week of 5/6/12:

9 New Listings on the Market this week. A rare 5 bedroom home came on the market for less than $1 million this week!

8 Princeton homes went pending.

8 Princeton homes reduced their price this week.

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The Princeton NJ Rental market is red hot! Here is a snapshot of some closed rentals in Princeton. 

All of them closed above the asking price! Bidding wars for rentals are common and the norm. If you are a tenant be prepared for competition. Click here to find out some tips that will help you as a tenant in a competitive market.

Click here to search all the available Princeton rentals.

You now have a great chance to take the licensing course right in Princeton starting in June…for only $99!

 There are two courses that start in June at our Princeton training location:

Day Course: 6/18 – 6/29.  Hours are 9am-4:30pm, Monday – Friday.

Evening Course: 6/19 – 8/23.  Hours are 6:30 – 10:15 pm, Tuesday & Thursday evenings.

Click here to contact us to save your seat in one of the classes.

Want to learn more about Real Estate as a career? Click here for videos and more information.

3 beds, 2.5 baths, 3 level home.  $3300 per month.

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Click here for more information on 34 Mountain Ave, Princeton!

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6 Berrien Ave. Rental.  3 bed, 1 Bath Colonial in Berrien City, West Windsor.  Walking Distance to Princeton Junction Trains.

Showing starts May 15, 2012.

 Price $2300

Click here to request a showing.

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• There were 8 new listings in Princeton that came to the market this past week. The cheapest was listed at $549,000 and the most expensive was listed at $2.850 million.

• Two homes had price reductions this past week.

• 7 Princeton homes settled this week, the cheapest at $480,000 & the most expensive at $1.650 million.

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