Adele Tamburo Hoboken Real Estate
Adele Tamburo



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EXPANDING INTO MONMOUTH AND OCEAN COUNTIES FOR ALL OF YOUR REAL ESTATE NEEDS FROM CITY TO SHORE! IF YOU ARE LOOKING FOR A SECOND HOME, INVESTMENT OR A RENTAL AT THE SHORE, OR IF YOU ARE THINKING OF MAKING A LIFESTYLE CHANGE AND MOVING SOUTH PLEASE DON'T HESITATE TO CALL,

 

 
 

According to Fannie Mae’s most recent monthly survey, the upward trend in housing market sentiment has continued. Respondents in its January survey believe home prices will rise by 1 percent over the next year, an improvement over the 0.8 percent gain predicted in December. Additionally, 44 percent of those responding to Fannie Mae’s survey expect their personal financial situation to improve over the next year, up from 40 percent who felt that way the month prior.

Other recent reports support an improving housing industry and economic outlook:

  • The National Association of Realtors said total existing-home sales rose 5.9 percent in the fourth quarter of 2011, and were 9.2 percent above the fourth quarter of 2010. 
  • Homebuilder optimism was up in February for the fifth straight month, according to the NAHB/Wells Fargo Housing Market Index.
  • The Mortgage Bankers Association said that mortgage delinquencies dropped to the lowest level in three years during the fourth quarter.
  • New applications for unemployment benefits dropped to the lowest level since March 2008, a sign that the labor market is on the mend.
  •  Earlier this month, Weichert set a new record for the number of customer inquiries received via its Weichert.com website in one day.

 

 

 

 

  The Latest Mortgage News
Photo: © Catherine Yeulet - iStockphoto


The average rate for a conventional 30-year fixed rate mortgage (FRM) reached a record low, according to Freddie Mac's Primary Mortgage Market Survey. For the first time in history, the 30-year FRM dropped below four percent, averaging 3.94 percent for the week ending October 6, 2011. That's a 0.33 percent difference from last year's average of 4.27 for the same week in October. The 15-year fixed-rate mortgage—one of the most popular options for refinancing—fell to 3.26 percent, the lowest level on record.
 

 

  All numbers are taken from the Hudson MLS 2-19-2012 and do not include new construction. As you can see we are in a normal market and inventory is low. If you are thinking of selling and price properly it can be a very good time.
  If you are considering buying 30 year fixed interest rates hit at an all time low.  Any questions, please don't hesitate to call or email.

2/19/2012
Hoboken: Lowest in the last couple of years
1 Family= 12 Active and 5 Under Contract last 30 days= 2.4 months absorption rate
Multi Fam= 9 Active and 2 Under Contract lst 30 days= 4.5 month absorption rate
Condo/Coop= 211 Active and 64 Under Contract lst 30 dys= 3.29

        Total Town 232 Active properties and 71 Under Contract last 30 days= 3.26 months absorption rate.

 

 

As of 1-29-2012

Downtown Jersey City: Does not Include New Construction
 1 Family= 15 Active and 1 Under Contract last 30 days= 15 months absorp rate
 Multi Fam= 29 Active and 1 Under Contract last 30 days= 29 month absorp rate
 Condo/Coop= 253 Active and 34 Under Contract last 30 days= 7.4 month absorp rate
    Total Section: 297 Active properties and 45 Under Contractlast 30 days= 6.6 month absorption rate.


Weehawken:
  1 Family= 16 Active and 1 Under Contract last 30 days= 16 month absorp rate
  Mulfti Fam= 17 Active and 1 Under Contract last 30 Days= 17 month absorp rate
  Condo/Coop= 34 Active  and 3 Under Contract last 30 days= 11.33 absorp rate
        Total Town: 67 Active properties and 5 Under Contract last 30 days= 13.4 month absorption rate. 



 

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Higher Interest Rates for Jumbo Loans
Homeowners looking to buy or refinance in the country's most expensive real estate markets will need every break on mortgage rates they can find. Fannie Mae and Freddie Mac recently dropped the jumbo loan mortgage limit from $729,750 to $625,500. This change will lead to slightly higher interest rates for jumbo loans; fortunately, historically low interest rates for 30-year FRMs will help offset the increase.

Changes to the Federal Housing Administration program might also have an effect on some of these buyers. The same ceiling drop to $625,500 also applies to FHA-insured mortgages in many counties. Jumbo-loan borrowers who previously qualified for special lower down payments with the FHA program may no longer qualify, a situation that could price some buyers out of the market. A year ago, a jumbo-loan borrower could buy a home in a high-cost market with as little as 3.5 percent down; today, they might need a down payment as high as 20 to 30 percent, and they'll need an excellent credit rating.

Reap the Benefits of Low Mortgage Rates
What can home buyers take away from this latest news from Fannie Mae, Freddie Mac, and the Federal Housing Administration? Anyone looking to buy or refinance a home in the next few years can rest assured that they are receiving one of the best mortgage rates on record. Buyers need to prepare for their first home purchase by saving for a down payment and repairing their credit score, since the best interest rates require an excellent credit score.

 

 

 


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Welcome to Weichert, Realtors


 

Welcome to Weichert, Realtors , your source for Hoboken real   estate.

In today's competitive real estate market, timing is everything. Many good homes are sold before they are ever advertised. Beat other homebuyers to the hottest new homes for sale in Hoboken with my New Listings Notification

 If you own real estate that you're thinking of selling, I would be happy to provide you with a FREE Home Evaluation.

Whether you are buying or selling a home, hire someone like me, who wants to earn your business. I invite you to contact me as I'd be happy to assist you with this important transaction.

In addition, if you have any general questions about buying or selling real estate in New Jersey, please contact me as I'm more than willing to help.

Please browse my website for listings, reports and important local real estate information.

Sincerely,

Adele Tamburo, e-Pro
Weichert, Realtors


 

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