New Jersey Realty Transfer TAX
If you are selling your house you have the usual closing costs including the commission you will pay for your real estate agent, who will split their commission with the buyer’s agent and the brokers for both sides. But if you have not sold a house in a while you may not be aware that in New Jersey we must pay tax to sell our homes. This tax is called the Realty Transfer Tax. It would be nice if the government would have made this an “easy to calculate” tax, but they have not. But never fear, you can figure the amount of your expected tax over at Vested Title.
New Jersey Realty Transfer Fee Calculator
Monmouth Real Estate Midyear
We can now look back and see what the the first half of 2008 was in terms of the real estate market. This post covers all of Monmouth County. To get the stats for your specific town, please contact me by visiting my agent website: NorthernMonmouthHomes.com.
First the good news: The number of home sales in Monmouth County has been steadily rising throughout the first half of 2008, but sales still lag behind those for the previous 6 months. Even so, this is still good news. We need sales to increase to reduce supply.
In addition, the Days on Market of houses that are selling has gone down slightly. This could be related to a number of factors including: more realistic pricing, and/or more buyers who are motivated to buy.
The bad news is that prices are still declining and inventory is still rising so the competition is increasing rapidly. Only the homes with the best value are selling. Buyers want more for their money (more features, more space, better condition). If you are a seller you need to price your house so it is giving the buyer more than the comparable houses, for the same money, or if both houses are equal, your price needs to be lower to get the buyer to see value and choose your home.
Current inventory is the highest since August 2006, a staggering 4900 single family homes on the market in Monmouth County as of June 30, 2008.
Buyers are in a market of opportunity, but it won’t last forever. With interest rates low and prices down, now is the time to buy. When rates go up, the window of opportunity will close for many buyers.
Remember, if you want a copy of my market report for your town or would like a printable copy of these charts contact me through my agent website (link above.)
Data is complied from the Monmouth Ocean MLS.
DONE: Opportunity to Support Mission Trip
News Flash – Rachel has raised all the support she needs to go on this mission trip from family and friends. Thanks!!! You can still give for the kids who have not raised their support yet.
My daughter Rachel, age 18, is going on a mission trip to Northern Ireland to Minister to other teenagers there. She will be there from late June to Early July. If needs to raise another $1000 to go. If you would like to contribute either send a check with “N Ireland – Rachel Gibson” in the memo and made out to Lincroft Bible Church. Mail your check to Lincroft Bible Church, 790 Newman Springs Road, Lincroft, New Jersey 07738 or use this ChipIn Widget to make your donation. Even if you can’t give, please remember Rachel, all the teens, and the leaders going on this trip in prayer.
Video Real Estate Questions and Answers
I am inviting you to post your real estate questions in this thread and I will answer them. You can post your question in text or you can post it as a video. click the Comments link below to post your question. Then if you want to post it as a video, click the “Add Video comment with” link near the seesmic icon: 
Photography is Number One
If you look at homes online you will quickly see that there is a bit of a crisis amoung real estate agents. A crisis of ommission and of commission. Many listings either do not have any or enough photos for an online buyer to get a feel for the home or the photos are so bad that they repel, instead of attract, buyers.
When choosing a real estate agent, you need to ask them about photography and ask to see the photos from previous listings.
On almost all of my listings, I use a professional photographer and a great virtual tour viewer. You can see a sample at http://170ElyHarmony.com.
Here is a Mineapolis agent talking about the need for good photos on a listing:
Loving Monmouth County
Why I love living in Monmouth County:
- The Ocean –
When I was a little girl we went “down the shore” for vacation every year for a week. We went Seaside Heights, which is in Ocean County, but that is still not far away from my home in Matawan.
All through my childhood, I have great memories of those yearly stays “down the shore.” The beach, the ocean, the boardwalk, the pizza, the Kohr’s Ice Cream (Custard), the rides, the shopping, Lunch at Sinns and much more.
Every time I visit the Ocean (about a 20 min drive from my house), I re-live many of those memories. Unfortunately, I don’t visit as often as I should. But it is still there, never changing. Whether I visit Sandy Hook, Long Branch, or Ocean Grove, it is a wonderful feeling. My dream is to own a beach house someday.
- Shopping –
Wow where do I start. You can shop at Monmouth Mall, Freehold Raceway Mall, or Seaview Square Mall. In the mood for small town shopping there is Red Bank, Matawan, Freehold, Spring Lake, and more.
- Eats –
Here is a good place to start, the Asbury Park Press Best of the Shore Awards. Here are the 2007 winners for Best Eating and Drinking. Say no more.
Put Some Humor in My Virtual Tours?
For those of you that don’t know, there is a blogging community site where agents network REALTOR® to REALTOR®. Recently they had a video contest and I was roaring with laughter when I watched the winning video by Mike Lefebrve. So here it is for you to enjoy:
Did you see it? He snuck a virtual tour in there. Love it.
Why You Need to Buy a Home Now
In Monmouth County New Jersey, the prices of homes have dropped and may drop a bit more. The media would have you think that the real estate market is BAD. Well it in not bad, it is a great time to buy. Prices have become much more affordable and interest rates are still at historic lows. The predictions are that rates will start to rise soon. So, let’s look at buying now vs. waiting a year.
Let’s say you can buy the house you want today for $400,000, you have a 20% down payment ($80,000) and you can get a loan at 6%. Your mortgage amount would be $320,000 and your payment would be $1919.
You feel that the price of the houses will go down, so you wait. Say a year from now the price goes down by 4%, which brings our example house down to $384,000. You put the same $80,000 down and your mortgage will be $304,000. But rates have risen and you get 6.5%, your payment is now $1921. You will actually be paying a higher payment for the same house that you could have moved into a year ago.
Wait another year and it is even worse. A rise in interest rate always makes a bigger difference in your payment than price.
So don’t wait, buy now. Your new home is waiting for you.
Selling Girl Scout Cookies
I was out walking the neighborhood with daughter number four, Kelly (you knew I had five girls, right? And a son-in-law.) Kelly is a Cadette Girl Scout with troop #819 in Hazlet. The girls are raising money for their troop activities including a trip to a dude ranch this year.
I am not a good cookie seller, the return on time spent is not good enough for me. It takes a long time to walk door to door selling those cookies. We were met with dogs and no answers. One dog tried to bite our feet off. That was as high as she could reach, she is a tiny pug.
I like electronic cookie selling. I send friends and relatives an email with a link to the girl scout cookie website, they email me back their order and I stay safe and dry in front of my computer.
If it is cookie time in your area, please support the Girl Scounts and enrich your pantry, too. Our council uses Little Brownie Bakers. My favorites are thin mints and samoas.
Thanks for putting up with my cookie rant, it is a great break from contracts, short sales, virtual tours, attorney’s and inspections.
Have a great weekend.
Converting to WordPress
I am in the process of converting my blog over to WordPress. Some images may not show for a bit and I have not decorated yet. Like a vacant house waiting for the occupants to fully move in.
Sorry for the inconvenience.
Tracy
