Princeton Real Estate
by Josh Wilton
Looking for a home in Princeton without all the upkeep? Take a look a the the available Princeton townhouses and condos.
by Josh Wilton
Here are Princeton’s newest listings all listed in the last seven day! Enjoy!
by Josh Wilton
Tim McLaughlin, VP Weichert Financial Services
The Federal Reserve announced Wednesday that they will expand its program to replace short term bonds with longer term debt by $267 billion through the end of the year in a bid to reduce unemployment and protect the expansion.
The continuation of Operation Twist “could help make broader financial conditions more accommodative,” the Federal Open Market Committee said in their statement at the conclusion of a two-day meeting in Washington.
“Growth in employment has slowed in recent months, and the unemployment rate remains elevated,” the FOMC said. “Household spending appears to be rising at a somewhat slower pace than earlier in the year.”
Policy makers led by Chairman Ben Bernanke are taking steps to shore up the world’s largest economy as faltering growth leaves it vulnerable to fallout from the European debt crisis and looming fiscal tightening in the U.S. Payrolls expanded at the slowest pace in a year in May, and the jobless rate has been stuck above 8 percent since February 2009.
Policy makers left unchanged their view that economic conditions will probably warrant keeping interest rates “exceptionally low” at least through late 2014. The FOMC has kept the main interest rate in a range of zero to 0.25 percent since December 2008.
The Fed said it is “prepared to take further action as appropriate to promote a stronger economic recovery and sustain improvement in labor market conditions in a context of price stability.”
The Fed said it will sell Treasury securities with remaining maturities of about three years or less. It will purchase securities with six years to 30 years remaining.
The Fed left unchanged its policy of reinvesting its portfolio of maturing housing debt into agency mortgage-backed securities.
Takeaway: While the market was anticipating a bazooka shot of infusion from the Fed, what they ended up getting was more like a slingshot. Nonetheless, rates still historically low.
Click here to search for a home in Princeton up to $600,000
Click here to search for a home in Princeton $600,000 – $900,000
Click here to search for a home in Princeton up to $900,000- $1.2 million
Click here to search for a home in Princeton up to $1.2 million+
by Josh Wilton
Tim McLaughlin VP Weichert Financial Services
There is no “perfect” house. No matter how hard you look or how many homes your Realtor shows you, there is always something you want to change, regardless of how small the change is. So before you decide to cross a house off your list because of minor flaws, here are nine things that shouldn’t deter you from buying a home:
– Unappealing paint: This is one of the easiest and cheapest fixes, especially if you do it yourself. Don’t let someone’s poor taste in paint colors convince you not to buy. Most buyers would rather pay a premium for a house that doesn’t need fixes than take the time and money to do the repairs themselves, even when they are as simple as a fresh coat of paint
– Outdated wallpaper: Grandma may have liked the red velvet wallpaper, but maybe you don’t. It will take work to remove old wallpaper, but it’s easy to do cheaply.
– Tired kitchen cabinets: Cabinet re-facing can be done inexpensively and make your old cabinets look new.
– Unfashionable wall-to-wall mirrors: They might have been hip in the 1970s or 80s, but now they are eyesores that can be removed and replaced with paint.
– Drab window treatments: They may be one of the first things you notice when you walk into a house. You can either offer them to the old owners, or easily throw them out and buy whatever you want to replace them.
– Broken air conditioners or furnaces: The caveat is if the fixes are inexpensive. A pump for a boiler, for example, may cost a mere $250, so having to fix one shouldn’t necessarily stop you from buying an otherwise good home.
– A lack of closet doors: Buyers walk away from a house because the closet doors are missing: a very easy replacement.
– Bathroom grout discoloring: Buyers who see this may mistake it as the sign of a moldy house. While mildew can lead to problems, have the home inspector check if it’s something that can be fixed with a little scrubbing.
– High mortgage payments: Given the historically low interest rates that exist in the market place today, this flaw is an impossibility!
by Josh Wilton
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.
====================
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
by Josh Wilton
Here is the presentation from today’s market seminar. Enjoy! – Josh W.
by Josh Wilton
Are you a Princeton resident? Than you know the issue of whether Princeton Borough & Princeton Township should consolidate is a HUGE question this fall. Here is a recent press release from the New Jersey Association of Realtors regarding the consolidation question. Enjoy! – Josh W.
Edison, N.J. – ‘The New Jersey Association of REALTORS® (NJAR®) Governmental Research Foundation (GRF) today released a group of three reports on methods of controlling property taxes in New Jersey. The first two studies show the benefits associated with consolidating either services such as police, fire, municipalities or school districts. The third report details how property taxes can be controlled and ultimately lowered by the new 2.0 percent property tax cap that took effect at the beginning of this year. The reports listed below were conducted for NJAR® GRF by the Ball State University Center for Business and Economic Research:
Local Government Consolidation: Potential Savings Due to Economies of Scale & Efficiency Gains, Analysis of Public School Districts
An Examination of the Economic Impact of Property Tax Levy Caps on Economic Activity in New Jersey
According to NJAR® Chief Executive Officer Jarrod Grasso, “NJAR® GRF is proud to have commissioned these studies because we believe they can provide a road map of the next steps we must take to combat soaring property taxes. These three reports were prepared because REALTORS® are an integral part of the communities we serve and we understand the tremendous hardship high property taxes have on Garden State residents. Determining ways to control the property tax burden isn’t just a means of helping more people achieve homeownership, it’s also a common sense approach to keep families in New Jersey and in their homes.”
In the first two reports on consolidating municipal services and school districts, researchers studied consolidations using two types of procedures, the economies of scale model and the efficiency model. The economies of scale model examines how the cost to operate local government services and/or school districts can be decreased by spreading out the cost of those services among a larger group of taxpayers. The efficiency model examines how the costs for the same services can be decreased by lowering the number of government units within a county. In the consolidation reports for both local government services and school districts, it was found that while savings to property taxpayers were present in both models, savings were minimal in the economies of scale model but the efficiency model had the potential to be substantial.
According to Dr. Michael Hicks, Director of the Center for Business and Economic Research at Ball State University, “Our study found that inefficiencies associated with the proliferation of local governments increases the costs of government in the state (the average Garden State county has 57 local governments). Consolidating one school district, for example, so that there is one less school district in a county, could lead to $7 to $10 million in savings according to our estimates.”
“The two reports on consolidation concluded that, while the potential for lower property taxes is high by reducing the number of governmental units in a county, that cost savings for taxpayers would be subject to other fiscal decisions made by local governments facilitating the consolidation. These include contract decisions for employees in the jurisdictions where the consolidation occurs,” Grasso added.
The third report on the recently enacted 2.0 percent property tax cap shows that this reform put in place by Governor Christie and the State Legislature on a bipartisan basis will in the long-term, not only lead to lower property taxes for New Jersey residents, but also will be responsible for higher household incomes, and an increase in both employment and business sales in the Garden State.
According to Dr. Dagney Faulk, Director of Research for the Center for Business and Economic Research at Ball State University, “In New Jersey, the full effect of the levy caps that were implemented this past January will be economic growth of roughly 1.5 percent, 78,500 more jobs and effective growth in income of more than $1,100 per household.”
“The study detailing the positive effects of the 2.0 percent property tax cap clearly shows that New Jersey is positioning itself to be an incredible relocation option for families and businesses. It also indicates that we are making strides in our efforts to create more affordable conditions for our current residents,” said Grasso.
“The study showing the positive impact of the 2.0 percent property tax cap is proof that bipartisan cooperation can lead to sensible and effective policy solutions. While progress has been made in the fight to control property taxes, there are issues that still need to be addressed, including the consolidation of government services. New Jersey REALTORS® encourage lawmakers to continue working with municipalities and school districts to help implement consolidations that will lower property taxes without affecting the quality of services being provided. While there is no silver bullet to fix the Garden State’s property tax crisis, the consolidation of government entities is another tool that we should consider utilizing,” Grasso concluded.’
To view the reports in full, visit www.njar.com/about_njar/grf.
# # #
The New Jersey Association of REALTORS®, with approximately 45,000 REALTOR® and REALTOR-ASSOCIATE® members, is one of the largest trade organizations in the state. NJAR®’s membership is comprised of real estate professionals who subscribe to a strict code of ethics and are members of the national and local REALTOR® organizations. As the leading advocate for the real estate industry and private property rights in New Jersey, NJAR® is committed to protecting the dream of homeownership. For more information, please visit www.njar.com.
The NJAR® Governmental Research Foundation (GRF) was formed in 1999 to research issues; to promote knowledge of, conducted research, and assist in issue research in the field of real estate and related fields; and to inform and educate the public on subjects of the public interest and general concern pertaining to real estate, land use and related topics.
by Josh Wilton
The upcoming evening real estate licensing class in Princeton starts tomorrow night!
If you are interested in getting your real estate license this is a great chance to do so.
Course Dates: 10/11 – 12/22/2011
Time: 6:30 – 10:15, Tues and Thurs evenings
Cost: Only $99 (vs the regular price of $350!)
Interested in enrolling? Click here to email direct or call the office and ask for Josh Wilton. 609-921-1900.
by Josh Wilton
Tim McLaughlin, VP Weichert Financial Services
The 30 year Fixed Rate mortgage, continuing to test new lows, dropped below 4% last week for the first time in modern history to 3.99% with .68 points during the week ending Oct. 6, according to Freddie Mac’s weekly survey. A spokesman confirmed that the 30 year’s average of 4.01% with .66 points last week was previously the lowest the weekly rate has been. Freddie has been following rates since its startup in 1970.
While the week to week drop below 4% is only a matter of two basis points, it marks a benchmark level that could have more of a psychological impact on borrowers who qualify for new loans and have a rate high enough to benefit enough from a refinance.
A year ago at this time, the average weekly 30 year rate was 4.27% and the average 15 year rate was 3.72%.
Pew Research Center out of Washington conducted a survey of over 2,100 adults, of which 57% were current homeowners, 30% were renters, and 13% were prospective buyers, with some interesting results:
Fact & Fiction Regarding Your Credit Score…Did you know?
Fiction: Credit scores can change only once per month or every 30 days.
Fact: On the contrary; each creditor reports information to each credit bureau at different times of the month. This will cause the information and potentially the credit scores to change on a daily basis. For example, American Express may report to Experian on the 1st of the month, Equifax on the 15th and Transunion on the 25th. Thorough review of the credit report is needed to determine what caused the score to change from report to report
Secondary Market Takeaways:
On the heels of potential solutions for the European financial crisis and surprisingly positive employment data this morning (Nonfarm payrolls up 103K vs. projected up 60K, and last month revised to up 57K from an initially reported number of 0K), we have seen mortgage rates slowly increase this week from the historically low levels reported last week in the upper right hand column. If the positive economic and employment news is sustainable, we could continue to see rates increase in October vs. where interest rates are now pegged.
by Josh Wilton
Princeton Boro Sold Homes, September 2011
| Street Address | Town | List Price | Sold Price | Days on Market | Subdivision | Taxes | Beds/ Baths/ 1/2 Baths |
| 232 Witherspoon St. | Princeton Boro | 210000 | 210000 | 49 | None Avail | 7425 | 3/1/0 |
| 9 Palmer Square | Princeton Boro | 249000 | 220000 | 21 | Palmer Square | 4060 | 0/1/0 |
| 2 Park Place | Princeton Boro | 449000 | 250000 | 143 | None Avail | 8724 | 3/2/0 |
| 12 Green St. | Princeton Boro | 300000 | 325000 | 14 | None Avail | 7158 | 3/2/0 |
| 64 Pine St. | Princeton Boro | 499000 | 484000 | 444 | Tree Streets | 12450 | 2/1/1 |
| 16 Lafayette Rd. W | Princeton Boro | 950000 | 650000 | 85 | Western | 20673 | 5/3/1 |
| 33 Richard Ct | Princeton Boro | 650000 | 650000 | 11 | None Avail | 12063 | 3/2/1 |
Princeton Township Sold Homes
| Street Address | Town | :List Price | Sold Price | Days on Market | Subdivision | Taxes | Beds/Full Baths/ 1/2 Baths |
| 129 Birch Ave | Princeton Twp | 390000 | 390000 | 16 | Tree Streets | 6408 | 2/1/0 |
| 56 Leigh Ave | Princeton Twp | 460000 | 415000 | 88 | None Avail | 6700 | 3/1/0 |
| 424 Harrison St | Princeton Twp | 610,000 | 525,000 | 135 | None Avail | 9625 | 4/2/1 |
| 41 Maidenhaed | Princeton Twp | 625,000 | 610,000 | 10 | Fieldwood Manors | 10599 | 3/3/1 |
| 246 Jefferson | Princeton Twp | 725.000 | 730,000 | 21 | None Avail | 13621 | 4/2/1 |
| 156 Laurel Rd. | Princeton Twp | 780,000 | 750,000 | 34 | None Avail | 12,259 | 4/2/2 |
| 41 Pardoe Rd. | Princeton Twp | 775,000 | 765,000 | 18 | Western | 14,198 | 4/2/1 |
| 1 Governors Ln | Princeton Twp | 899,000 | 840,000 | 237 | Governors | 15,934 | 4/3/1 |
| 15 Journeys End Ln. | Princeton Twp | 1,100,000 | 875,000 | 57 | Littlebrook | 17,848 | 5/3/0 |
| 65 Rollingmead | Princeton Twp | 975,000 | 942,000 | 79 | Littlebrook | 19,335 | 5/3/0 |
| 120 Winant Rd. | Princeton Twp | 1,595,000 | 1,186,300 | 80 | None Avail | 34,680 | 5/5/1 |
| 48 Sycamore | Princeton Twp | 1,595,000 | 1,295,000 | 260 | Riverside | 18,888 | 4/5/0 |
| 532 Lake Drive | Princeton Twp | 1,500,000 | 1,307,500 | 110 | Riverside | 33,438 | 4/3/1 |
| 551 Lake Drive | Princeton Twp | 1,995,000 | 1,650,000 | 120 | Riverside | 44,526 | 4/3/1 |
| 48 Pheasant Hill | Princeton Twp | 1,995,000 | 1,850,000 | 36 | Littlebrook | 37,967 | 6/5/1 |
| 164 Clover Ln | Princeton Twp | 1,995,000 | 1,861,000 | 212 | Littlebrook | 11,080 | 5/5/2 |
| 331 Gallup Rd. | Princeton Twp | 2,100,000 | 1,895,000 | 64 | Stony Brook | 34,405 | 5/6/2 |
| 121 Winfield Rd. | Princeton Twp | 2,200,000 | 1,999,900 | 64 | None | 30,498 | 4/5/1 |
