Princeton Real Estate
Looking for a home in Princeton without all the upkeep? Take a look a the the available Princeton townhouses and condos.
Here is a list of the newest homes for sale in Princeton, NJ. All of these homes were listed in the last seven days!
Tim McLaughlin VP Weichert Financial Services
It’s one thing when special interests declare “the end” of the housing debacle. But it’s another when an organization such as the Joint Center for Housing Studies at Harvard University calls the bottom.
Center Managing Director Eric Belsky says housing as entered “the early innings” of recovery, his statement rings with an air of authority. Belsky points out that rental markets have turned the corner, home sales are strengthening and that all-important “floor” is forming under home prices. “With new home inventories at record lows,” the economist says, “unless the broader economy goes into a tailspin, stronger sales should further stabilize prices and pave the way for a pickup in single-family housing over the course of 2012.” And even as sales are pick-up, so, too, is the rental sector on the mend, the Joint Center’s director adds. Thanks to sharp drops in construction and an increase of over 4.4 million renters since 2005, vacancy rates are falling, rents are increasing and multifamily construction is up “solidly.”
What the housing sector needs now is a good shot of job growth. A sustained increase in jobs would bring household growth back to its long-term pace “and spur demand,” says Chris Herbert, who directs research at the Harvard center. Belsky states the fact that, in survey after survey, respondents state that the overwhelming majority of young adults say they will eventually become home owners.
Right now, says Belsky, they’re on the sidelines, but as the markets continue to tighten as expected, he says, “these fence-sitters begin to take advantage of today’s lower home prices and unusually low mortgage rates. With rents up, home prices sharply down, and mortgage interest rates at record lows, monthly mortgage costs relative to monthly rents haven’t been this favorable since the early 1970s.” So for all those so called fence sitters out there: terrific news. Mortgage rates this weekend are at all time historical lows, with 30 year rates in the mid 3% range, and 15 year mortgages in the high 2’s. So whether you were waiting for the bottom in both housing prices and interest rates, or if you have been delaying that opportunity to refinance and reduce your payment and/or loan term, now is your chance.
Tim McLaughlin, VP Weichert Financial Services
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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Tim McLaughlin, VP Weichert Financial Services
Mortgage applications increased 23.1% from one week earlier, according to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending Jan. 13.
The data includes an adjustment for New Year’s Day. The MBA market composite index increased 23.1% on a seasonally adjusted basis from one week earlier. On an unadjusted basis, the index increased 38.1% compared with the previous week.
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Fewer Americans than forecast filed first time applications for unemployment benefits last week, easing concern that post-holiday firings were on the rise.
Claims plunged by 50,000 to 352,000 in the week ended Jan.14, the lowest level since April 2008, Labor Department figures showed today in Washington. The median forecast of 41 economists in a Bloomberg News survey projected 384,000. The four-week average, which smoothes out fluctuations, decreased to 379,000 last week from 382,500.
Companies are slowing the pace of firings and beginning to step up the pace of hiring even as a slump in Europe spurred by a default crisis may limit U.S. growth. The improvement may be a sign that companies are looking to expand their workforces as sales climb.
Oil demand is falling for the first time since the 2008-2009 global financial crisis as a result of a mild winter, high crude prices and the European economic crisis, according to fresh estimates from the International Energy Agency. The industrialized nations’ watchdog said oil demand dropped by 300,000 barrels a day in the final quarter of 2011. Such a fall is rare: over the last decade, oil demand has posted drops only in the financial crisis of mid-2008 to mid-2009. The end game on the supply/demand curve is as demand falls, so, too, should prices
Here is the presentation from today’s market seminar. Enjoy! – Josh W.
Tim McLaughlin, VP Weichert Financial Sercvices
As we enter 2012, here are some money saving tips specifically related to the housing sector to help you manage your financial budget and capitalize on savings.
Buying a home: What size is right? According to a survey by the National Association of Realtors, home construction firms expect U.S. houses to average 2,152 square feet in 2015, down 10% from last year. This means that if you’re buying with the goal of selling it in the future, trends suggest that oversized homes may be a declining trend in the future. So an astute buyer needs to decide what size home is right for them.
Selling a home: What price is right? According to Joe Magdziarz, president of the Appraisal Institute, sellers and their agents should look at comparable sales data just within the past 90 days to find the right price. You don’t want to be one of the 75% of homeowners who believe their home is worth more than it is. Your knowledgeable Weichert Realtor can help you assess what price point the market will dictate to help sell your home.
Already a home owner: Shorten your loan Refinancing your mortgage to a shorter term can save you significantly. For instance, a $250,000 mortgage, going from a 30 year at 4.25% to a 15 year at a 3.50% would save you $12,000 in interest over the life of the loan (assuming full term duration). Don’t want to do a 15 or 30 year term loan? Terms of 10, 20, and 25 years are also available. Your educated Weichert Financial Gold Services Manager can help you custom fit the term that works best for you.
Already a home owner: Refinance, Refinance, Refinance Even if you don’t think you have enough equity (or any equity) in your existing property, there are new product offerings coming on the market each day, so where you may have gotten a “no” in the past, you may be able to get a “yes” today or in the near future. Additionally, there are options to do a cash-in refinance, where you bring some cash to closing. If disposable cash is an issue, there are also options to build closing costs into the structure to come to the table with little or no cash in many cases.
Looking for Open Houses to attend this weekend? Here is a list of some in the Princeton and greater Princeton markets. Just click the sign to plan your Princeton Open House Tour.
No “Starting Over”, Tim McLaughlin, VP Weichert Financial Services
In speaking with a couple of associates last night, the topic of refinancing came up. When analyzing a specific situation, the comment was made, “I would consider refinancing my home at today’s lower rates, but I am already X years into the loan, and I’m not sure I want to start all over again” (meaning they had paid down X years of their 30 year mortgage, and they didn’t want to start over again with a new 30 year mortgage).
To which I commented “then why not refinance into a 20 year or 25 year term loan so you don’t have to start over again”. In unison, two knowledgeable associates responded, “you can do that”?
Sometimes, we are so close to a situation, or an answer appears so commonplace, that we assume everyone knows the answer, but perhaps, we haven’t done as great of a job as we should have getting the news out. So with a slow news week, this gives us a great opportunity to get the message out for those who didn’t know, and reiterate the message for those that did:
on Fannie Mae and Freddie Mac loans (loans that are the vast majority of our refinance transactions), the following terms are available for Fixed Rate structures: 10 year, 15 year, 20 year, 25 year, and 30 years.
So there is no need to “start over”.
Everyone can take advantage of these historically rates and continue to maintain (or even reduce) the existing term of their loan without “starting over”. In fact, we have seen the majority of the refinance scenarios in 2011 be of the “trade-down” variety -> where an original 30 year term refinances into a new 15, 20 or 25 year term loan (at a lower price to reduce payment, a shorter term to reduce life of loan and future value interest paid, or both), or 15 year term loans refinance into 10 year term structures.
The prevailing thought is that interest rates will stay low for quite some time given the woes of the global financial markets and the economic climate, and that may be hard to debate. What is not hard to debate is with rates at this level, the downside (rates ticking back upwards) is significantly more likely than the upside (rates dropping down further), so why risk the chance of missing out on a great thing?
This is the weekend to capitalize…your trusted Weichert Financial Gold Services Manager can help you reduce your payment and/or your loan term this weekend in time for the coming holidays. We can help….ask us how!
Here is the list of homes that closed in Princeton Boro and Township in October 2011. It is organized low to high Boro than Township.
T0 search for Princeton homes for sale click here.
To search Princeton townhouse for sale click here.
| Street | Boro/ Township | Subdivision | Original Price | Sold Price | Days on Market | Beds | Baths | Half Baths |
| 232 Witherspoon St | Princeton Boro | na | 210,000 | 180,000 | 49 | 3 | 1 | 0 |
| 33 Robert Rd. | Princeton Boro | Riverside | 6250,000 | 620,000 | 3 | 3 | 2 | 1 |
| 108-110 Linden | Princeton Boro | na | 749,000 | 750,000 | 23 | 3 | 2 | 0 |
| 55 Princeton Ave. | Princeton Boro | na | 1,115,000 | 1,126,000 | 97 | 4 | 2 | 1 |
| 622 Kingston Rd. | Princeton Twp | Littlebrook | 419,000 | 275,000 | 126 | 4 | 1 | 1 |
| 624 Brickhouse | Princeton Twp | Washington Oaks | 339,000 | 310,000 | 74 | 2 | 2 | 0 |
| 40 Benjamen Rush | Princeton Twp | Washington Oaks | 478,500 | 400,000 | 104 | 3 | 2 | 1 |
| 828 Kingston Rd | Princeton Twp | Littlebrook | 575,000 | 505,000 | 104 | 3 | 2 | 1 |
| 10 Quaker Rd | Princeton Twp | na | 585,000 | 512,500 | 67 | 3 | 2 | 0 |
| 178 Herrontown Rd | Princeton Twp | Littlebrook | 666,750 | 594,370 | 132 | 4 | 3 | 0 |
| 33 Trewbridge | Princeton Twp | Fieldwood Manors | 625,000 | 605,000 | 10 | 3 | 3 | 1 |
| 80 Dodds Lane | Princeton Twp | Littlebrook | 1,799,990 | 1,500,000 | 459 | 4 | 4 | 1 |
