Home ownership Will Always Be a Part of the American Dream

Home ownership Will Always Be a Part of the American Dream

Homeownership Will Always Be a Part of the American Dream | MyKCM

On Labor Day we celebrate the hard work that helps us achieve the American Dream.

Growing up, many of us thought about our future lives with great ambition. We drew pictures of what jobs we wanted to have and where we would live as a representation of a secure life for ourselves and our families. Today we celebrate the workers that make this country a place where those dreams can become a reality.

According to Wikipedia,

Labor Day honors the American labor movement and the contributions that workers have made to the development, growth, endurance, strength, security, prosperity, productivity, laws, sustainability, persistence, structure, and well-being of the country.”

The hard work that happens every day across this country allows so many to achieve the American Dream. The 2019 Aspiring Home Buyers Profile by the National Association of Realtors (NAR) says,

“Approximately 75% of non-homeowners believe homeownership is part of their American Dream, while 9 in 10 current homeowners said the same.”

Looking at the number of non-owners, you may wonder, ‘If they believe in homeownership, why haven’t they bought a home yet?’. Well, increasing home prices and low inventory can be part of the reason why some haven’t jumped in, but that does not mean there is a lack of interest. The same report shows the increase in the desire to buy in the last year (as shown in the graph below):Homeownership Will Always Be a Part of the American Dream | MyKCMAs we can see, there are more and more people each quarter who want to buy a home. The good news is, as more inventory comes to the market, more non-homeowners will be able to fulfill their dreams. Finally, they’ll be able to move into that home they drew when they were little kids!

Bottom Line

If you’re a homeowner considering selling, this fall might be the right time, as there are buyers in the market ready to buy. Let’s get together to determine how you can benefit from the pent-up housing demand.

Real Estate Market Months Supply by Town in Monmouth County

Monmouth County Real Estate Market
% Change  Months Supply by Price
Contract Sales Unsold Inventory Less Than $400K $400 K to $599,999 $600K to $1 Mil $1,000,001 to $2.5 Mil Greater than $2.5 Mil
6% -14% 3 3.0 6 10 15

Unsaved Project Large Web view

 

Why Are So Few Homes for Sale?

Why Are So Few Homes for Sale? | Simplifying The MarketWhy Are So Few Homes for Sale? | Simplifying The Market

Why Are So Few Homes for Sale?

There is no doubt that the largest challenge in today’s housing market is a lack of housing inventory for sale. This challenge has been defined as an “overwhelming lack of supply,” and even a “straight up inventory crisis.”

First American just released the results of a survey which sheds light on the reasons for the current lack of supply.

The survey asked title agents and real estate professionals to identify what they believe are the top reasons for this lack of inventory in their markets. Here are the results of the survey:

  • 47% – existing homeowners are worried that they will not be able to find a home to buy
  • 5% – first-time buyer demand is absorbing a large share of available homes
  • 3% – existing homeowners’ mortgage rates are lower than the current rates
  • 6% – insufficient or negative equity in the home
  • 6% – foreign buyer demand is absorbing a large share of available homes

As the survey revealed, there is a shortage of current homeowners willing to put their homes on the market for one of three reasons (see numbers 1, 3 and 4 above).

Is this an opportunity for some homeowners?

The report on the survey explains:

“The crowd has spoken, and it seems in many markets home buyers and sellers alike are ‘imprisoned’ by the lack of housing inventory.”

That leaves a tremendous opportunity for every homeowner not facing these concerns. If you can put your home on the market today, you are subject to far less competition than at any time in recent history. That will result in your home selling quickly and for the highest possible price.

Bottom Line

While many homeowners are feeling imprisoned for multiple reasons, those who are not handcuffed by these concerns have a once in a lifetime opportunity to sell their houses at a peak selling time.

State Budget Hearings Underway

State Budget Hearings Underway
In preparation for the Fiscal Year 2010 budget process, the New Jersey Senate and Assembly budget committees continue to meet while the remainder of the Legislature is on recess. The New Jersey Constitution mandates that a balanced budget be in place by July 1.
During this week’s budget hearings, the nonpartisan Office of Legislative Services (OLS) revealed that state revenue will be $605 million less than what Governor Corzine projected last month in his budget address. OLS also released estimates that indicate the realty transfer fee will produce less revenue in fiscal years 2009 and 2010 combined than it yielded in 2006; the last year the fee was increased.
Reacting to the new revenue projections, NJAR® issued a press release explaining how the downturn in realty transfer fee collections shows that high taxes on real estate have a detrimental impact on the state economy.

BREAKING NEWS: Short Sales continue into 2010

With the economy on the brink of recession, job loss at an all time high, foreclosures rising, inventory at still-high levels, and home sales sluggish, many current homeowners are asking for help. If a homeowner can no longer make mortgage payments, they are suffering some kind of hardship, and their home is now worth less than is owed, foreclosure or bankruptcy are not the only options. Call Gloria Benaroch for your options and contacts you can make.
 
A short sale, in real estate terms, is the sale of a house in which the sale price is less than what the owner still owes on the mortgage. It is a procedure sometimes agreed to by lenders, who would rather take a loss and get paid today than go through the lengthy and costly foreclosure process.
 
Without a short sale, if the property is sold, the Seller will have to to pay the difference between what was borrowed and what the property is worth today. This scenario has become very common in recent months as the real estate market adjusts and values declineand will become more prevalent as we enter into the new year 2010. Many homeowners purchased at the peak of the market, refinanced and the properties are no longer worth what was paid for them.

You are NOT ALONE!

Call and speak to Gloria Benaroch and see how she may help you or put you in contact with those that can.
 
A short sale will protect the property from being lost to foreclosure or bankruptcy and provides clients with the opportunity for a fresh start.
 
With the extended tax credit first time home buyers are out there looking. They need to be in contract by April 30, 2010.
 
stay tuned fro more information as I learn, experience and pass it on and ALWAYS consult your attorney, tax accountant etc.

 

New Jersey TRIVIA!

1.The NJ State Bug is the honey bee (apis mellifera) designated by the NJ State Legislature in 1974.
2. The NJ State Fruit is the blueberry, designated in 2004 after a campaign of fourth graders at Veteran’s memorial Elementary school in Brick new Jersey.

3. The NJ State Vegetable is the “Jersey Tomato”, designated in 2005. the tomato, although technically a fruit, is legally considered a vegetable as a result of a 1893 Supreme Court Decision.

4. New Jersey is second only to Michigan in the production of blueberries.

5. New Jersey is ranked fourth in the country in cranberry production.

6. New Jersey’s top five in 1995 agricultural commodities,(excluding horses) were greenhouse and nursery, dairy products, chicken eggs, tomatoes and blueberries.

7. Agriculture in New Jersey ranks third behind pharmaceuticals and tourism in economic benefits to the state.

8. The majority of farms in New Jersey are small, family run operations. The number of farms in the state has decreased from 26,900 in 1950 to 9,000 in 1995 however productivity per acre has increased.

9. When you see the sign “Jersey Grown” on a plant label you know that the plant was grown right here in the garden state. “Jersey Grown as green as green gets!”

 

%d bloggers like this: