NOVEMBER 2017
Fall
HOME SELLING & BUYING IN THE
Autumn Offers Certain Benefits to Home Buyers
How’s the Jersey Shore Market? Why Sell Now Instead of Later? 10 Fall Home Maintenance Tips Title Insurance Equals A Peace of Mind Featured 56Glemary.com
CONTENTS 4-5 6-25
Benefits to Buying a Home in the Fall How’s the Market? Jersey Shore Market Update
26-27
Why Do I Need Title Insurance When Purchasing a Home?
28-29
Why Sell Now Instead of Later?
30-31
10 Fall Home Maintenance Tips
LIVE JERSEY SHORE
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BELMAR 732.681.0027
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BUYING A HOME IN THE FALL Autumn Offers Certain Benefits to Home Buyers The real estate market is open 365 days a year - yes, even on holidays - but there are cyclical trends to the marketplace. Some of those ups and downs are based on mortgage interest rates and housing availability, but some are based on season. Next to spring, fall is the busiest season for home buying and selling. Autumn offers certain benefits to home buyers, including year-end tax breaks, pleasant weather conditions for moving and a wide selection of homes for sale. Read on to learn the advantages of buying in the fall. YEAR-END TAX BREAKS Come September and October, people start to think about what year-end tax breaks they might be eligible for. Fortunately for home buyers, owning a home can yield great dividends in tax returns. For 4
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example, both mortgage interest and property taxes are deductible from gross income. Furthermore, if you have prepaid some interest before the due date of your first payment, and if you close your loan before the year’s end, that interest can also be deducted. GETTING AHEAD OF MOTHER NATURE Buying a house before the deep freeze of winter sets in is very appealing to most home buyers. No one wants to worry about icy roads, snowstorms or blackout conditions on moving day, nor is it fun to move in sweltering summer heat. SCHOOL YEAR AND HOLIDAYS By wintertime, kids have settled into school, established friendships and become involved in extracurricular activities. Moving in summer would
be least disruptive to your children’s schooling or social calendar, but autumn is next best. Also, by moving in fall, you’ll be settled snugly into your new home before Thanksgiving and the winter holidays. MORE HOME CHOICES While home demand is not as keen in fall as it is in spring, it’s still high, so competition can be high, too. Fall buyers and sellers tend to be motivated to move, unlike the window-shoppers who sometimes come out in spring. You may experience pressure to buy, due to the quick turnaround of houses on the market, but you’ll also benefit from the broad selection of homes available. In fact, between September and December, you may be able to visit several open houses in a single day, and listings will be updated frequently. Therefore, to make sure you don’t miss out on your dream house, it’s a good idea to regularly check listings and check in with your Realtor.
FALL HOME-BUYING TIPS Given the home-buying competition and the short, pre-holiday timetable in autumn, you may be tempted to place a bid that is out of your price range, for fear of losing the home. Before you make an offer, know what kind of house you need and what you can realistically afford, and stick to your budget. You may want to explore prequalifying for a loan so that you’ll be ready to act when you find the home you want. And as always, whatever season you buy in, buy at the best time for you and your family, and hold out for the right house - there are always more homes to see and to choose among. Source: Realtor.com
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ASBURY PARK AVON-BY-THE-SEA BELMAR BRADLEY BEACH BRIELLE INTERLAKEN
LAKE COMO
LONG
“How’s the Market?” Presenting the Jersey Shore Market Update for the third quarter of 2017.
O
G BRANCH MANASQUAN NEPTUNE CITY NEPTUNE TOWNSHIP OCEAN SEA GIRT SPRING LAKE SPRING LAKE HEIGHTS WALL TOWNSHIP
Market Snapshot
Over $1M
Quarter Three $500k - $1M Below $500k
Unit Volume by Price Category
Median Selling Price vs. Average Selling Price vs. Total Units Sold $700,000
1,600
$600,000
1,400 1,200
$500,000
1,000 $400,000 800
$300,000 600 $200,000
400
$100,000
$0
200
2014
2015
Units
8
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2016
Avg
2017
0
Median As per Monmouth/Ocean MLS Single Family 1/1/2017-9/30/2017 Closed; 11/1517 Active
Comparison by Neighborhood
Quarter Three
Median Selling Price $2,000,000 $1,800,000 $1,600,000 $1,400,000 $1,200,000
$1,000,000 $800,000 $600,000 $400,000 $200,000
West Long Branch
Wall
Spring Lake Heights
Spring Lake
Sea Girt
Ocean
Neptune Twp
Neptune City
Manasquan
Long Branch
Lake Como
Interlaken
Brielle
Bradley Beach
Belmar
Avon-by-the-sea
Asbury Park
$0
As per Monmouth/Ocean MLS Single Family 1/1/2017-9/30/2017 Closed; 11/1517 Active
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at a glance ASBURY PARK | Q3
22
ON THE MARKET
20
$327,000
as of 11/15/2017
as of 11/15/2017
UNDER CONTRACT
as of 11/15/2017
MEDIAN LIST PRICE
Median Selling Price vs. Total Units Sold $350,000
80
$300,000
70 60
$250,000
50 $200,000 40
$150,000 30 $100,000
20
$50,000
$0
10
2014
2015
Median Selling Price
10
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2016
2017
0
Total Units Sold As per Monmouth/Ocean MLS Single Family 1/1/2017-9/30/2017 Closed; 11/1517 Active
at a glance AVON-BY-THE-SEA | Q3
6
ON THE MARKET
5
$1,974,500
as of 11/15/2017
as of 11/15/2017
UNDER CONTRACT
as of 11/15/2017
MEDIAN LIST PRICE
Median Selling Price vs. Total Units Sold $1,000,000
20
$900,000 16
$800,000 $700,000
$600,000
12
$500,000 $400,000
8
$300,000 $200,000
4
$100,000 $0
2014
2015
Total Units Sold As per Monmouth/Ocean MLS Single Family 1/1/2017-9/30/2017 Closed; 11/1517 Active
2016
2017
0
Median Selling Price
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at a glance BELMAR | Q3
28
ON THE MARKET
14
$977,000
as of 11/15/2017
as of 11/15/2017
UNDER CONTRACT
as of 11/15/2017
MEDIAN LIST PRICE
Median Selling Price vs. Total Units Sold $700,000
60
$600,000
50
$500,000
40 $400,000 30
$300,000 20 $200,000 10
$100,000
$0
2014
2015
Total Units Sold
12
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2016
2017
0
Median Selling Price As per Monmouth/Ocean MLS Single Family 1/1/2017-9/30/2017 Closed; 11/1517 Active
at a glance BRADLEY BEACH | Q3
12
ON THE MARKET
6
$575,450
as of 11/15/2017
as of 11/15/2017
UNDER CONTRACT
as of 11/15/2017
MEDIAN LIST PRICE
Median Selling Price vs. Total Units Sold $700,000
45 40
$600,000
35 $500,000
30 $400,000
25
$300,000
20 15
$200,000 10 $100,000
$0
5
2014
2015
Total Units Sold As per Monmouth/Ocean MLS Single Family 1/1/2017-9/30/2017 Closed; 11/1517 Active
2016
2017
0
Median Selling Price
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at a glance BRIELLE | Q3
29
ON THE MARKET
15
$739,900
as of 11/15/2017
as of 11/15/2017
UNDER CONTRACT
as of 11/15/2017
MEDIAN LIST PRICE
Median Selling Price vs. Total Units Sold $700,000
60
$600,000
50
$500,000 40
$400,000 30 $300,000 20 $200,000 10
$100,000
$0
2014
2015 Total Units Sold
14
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2016
2017
0
Median Selling Price As per Monmouth/Ocean MLS Single Family 1/1/2017-9/30/2017 Closed; 11/1517 Active
at a glance INTERLAKEN | Q3
6
ON THE MARKET
2
$610,000
as of 11/15/2017
as of 11/15/2017
UNDER CONTRACT
as of 11/15/2017
MEDIAN LIST PRICE
Median Selling Price vs. Total Units Sold $800,000
16
$700,000
14
$600,000
12
$500,000
10
$400,000
8
$300,000
6
$200,000
4
$100,000
2
$0
2014
2015 Total Units Sold
As per Monmouth/Ocean MLS Single Family 1/1/2017-9/30/2017 Closed; 11/1517 Active
2016
2017
0
Median Selling Price
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at a glance LAKE COMO | Q3
23
ON THE MARKET
5
$469,900
as of 11/15/2017
as of 11/15/2017
UNDER CONTRACT
as of 11/15/2017
MEDIAN LIST PRICE
Median Selling Price vs. Total Units Sold 35
$500,000 $450,000
30 $400,000
25
$350,000 $300,000
20
$250,000 15
$200,000 $150,000
10
$100,000 5 $50,000 $0
2014
2015 Total Units Sold
16
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2016
2017
0
Median Selling Price As per Monmouth/Ocean MLS Single Family 1/1/2017-9/30/2017 Closed; 11/1517 Active
at a glance LONG BRANCH| Q3
68
ON THE MARKET
36
$487,000
as of 11/15/2017
as of 11/15/2017
UNDER CONTRACT
as of 11/15/2017
MEDIAN LIST PRICE
Median Selling Price vs. Total Units Sold $350,000
160
$300,000
140 120
$250,000 100
$200,000 80 $150,000 60 $100,000
40 $50,000
$0
20
2014
2015 Total Units Sold
As per Monmouth/Ocean MLS Single Family 1/1/2017-9/30/2017 Closed; 11/1517 Active
2016
2017
0
Median Selling Price
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at a glance MANASQUAN | Q3
38
ON THE MARKET
22
$837,450
as of 11/15/2017
as of 11/15/2017
UNDER CONTRACT
as of 11/15/2017
MEDIAN LIST PRICE
Median Selling Price vs. Total Units Sold $800,000
80
$700,000
70
$600,000
60
$500,000
50
$400,000
40
$300,000
30
$200,000
20
$100,000
10
$0
2014
2015 Total Units Sold
18
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2016
2017
0
Median Selling Price As per Monmouth/Ocean MLS Single Family 1/1/2017-9/30/2017 Closed; 11/1517 Active
at a glance NEPTUNE CITY | Q3
10
ON THE MARKET
7
$269,950
as of 11/15/2017
as of 11/15/2017
UNDER CONTRACT
as of 11/15/2017
MEDIAN LIST PRICE
Median Selling Price vs. Total Units Sold $300,000
50 45
$250,000
40 35
$200,000
30 25
$150,000
20 $100,000
15 10
$50,000
5 $0
2014
2015 Total Units Sold
As per Monmouth/Ocean MLS Single Family 1/1/2017-9/30/2017 Closed; 11/1517 Active
2016
2017
0
Median Selling Price
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at a glance NEPTUNE TWP | Q3
102
ON THE MARKET
79
$299,900
as of 11/15/2017
as of 11/15/2017
UNDER CONTRACT
as of 11/15/2017
MEDIAN LIST PRICE
Median Selling Price vs. Total Units Sold $300,000
300
$250,000
250
$200,000
200
$150,000
150
$100,000
100
$50,000
50
$0
2014
2015 Total Units Sold
20
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2016
2017
0
Median Selling Price As per Monmouth/Ocean MLS Single Family 1/1/2017-9/30/2017 Closed; 11/1517 Active
at a glance OCEAN TWP | Q3
73
ON THE MARKET
57
$599,000
as of 11/15/2017
as of 11/15/2017
UNDER CONTRACT
as of 11/15/2017
MEDIAN LIST PRICE
Median Selling Price vs. Total Units Sold $450,000
250
$400,000 200
$350,000 $300,000
150 $250,000 $200,000 100 $150,000 $100,000
50
$50,000 $0
2014
2015 Total Units Sold
As per Monmouth/Ocean MLS Single Family 1/1/2017-9/30/2017 Closed; 11/1517 Active
2016
2017
0
Median Selling Price
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at a glance SEA GIRT | Q3
17
ON THE MARKET
9
$2,399,000
as of 11/15/2017
as of 11/15/2017
UNDER CONTRACT
as of 11/15/2017
MEDIAN LIST PRICE
Median Selling Price vs. Total Units Sold $2,000,000
45
$1,800,000
40
$1,600,000
35
$1,400,000
30
$1,200,000 25 $1,000,000 20 $800,000 15
$600,000
10
$400,000
5
$200,000 $0
2014
2015 Total Units Sold
22
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2016
2017
0
Median Selling Price As per Monmouth/Ocean MLS Single Family 1/1/2017-9/30/2017 Closed; 11/1517 Active
at a glance SPRING LAKE | Q3
30
ON THE MARKET
13
$2,725,000
as of 11/15/2017
as of 11/15/2017
UNDER CONTRACT
as of 11/15/2017
MEDIAN LIST PRICE
Median Selling Price vs. Total Units Sold 60
$2,000,000 $1,800,000
50
$1,600,000 $1,400,000
40
$1,200,000 $1,000,000
30
$800,000 20
$600,000 $400,000
10
$200,000 $0
2014
2015 Total Units Sold
As per Monmouth/Ocean MLS Single Family 1/1/2017-9/30/2017 Closed; 11/1517 Active
2016
2017
0
Median Selling Price
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at a glance SPRING LAKE HEIGHTS | Q3
17
ON THE MARKET
5
$649,000
as of 11/15/2017
as of 11/15/2017
UNDER CONTRACT
as of 11/15/2017
MEDIAN LIST PRICE
Median Selling Price vs. Total Units Sold 40
$500,000 $450,000
35
$400,000 30 $350,000 25
$300,000
20
$250,000 $200,000
15
$150,000
10 $100,000 5
$50,000 $0
2014
2015 Total Units Sold
24
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2016
2017
0
Median Selling Price As per Monmouth/Ocean MLS Single Family 1/1/2017-9/30/2017 Closed; 11/1517 Active
at a glance WALL TWP | Q3
136
ON THE MARKET
52
$619,500
as of 11/15/2017
as of 11/15/2017
UNDER CONTRACT
as of 11/15/2017
MEDIAN LIST PRICE
Median Selling Price vs. Total Units Sold $550,000
300
$500,000
250
$450,000 $400,000
200
$350,000 $300,000
150
$250,000 $200,000
100
$150,000 $100,000
50
$50,000 $0
2014
2015 Total Units Sold
As per Monmouth/Ocean MLS Single Family 1/1/2017-9/30/2017 Closed; 11/1517 Active
2016
2017
0
Median Selling Price
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What is Title Insurance & How Does it Benefit Me? So what exactly is “title insurance?” Well, when a property is financed, bought or sold, a record of that transaction is generally filed in public archives. Likewise, records of other events that may affect the ownership of a property, like liens or levies, are also archived. When you buy title insurance for your property, a title company searches these records to find - and remedy, if possible - several types of ownership issues. First, the title company searches public records to determine the property’s ownership status. After this search, the underwriter will determine the insurability of the title. Even the most skilled title professionals may not find all problems associated with a property, though. Some risks, such as title issues due to filing errors, forgeries, or undisclosed heirs, are difficult to identify. So after the title company finishes its searching, it also provides a title insurance policy 26
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that will help protect you from a variety of issues that might be uncovered later. If you take out a mortgage loan when you buy your property, your lender will require a loan policy of title insurance. This protects the lender’s interest in your property until your loan is paid off or refinanced. On the other hand, an owner’s policy of title insurance insures your ownership rights to the property. Even though you’ll pay for this policy only once, your coverage will last as long as you own your home. A real estate purchase may be the largest financial investment you ever make. So, when you buy an owner’s policy of title insurance, just think of it as buying some peace of mind! Source: First American
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Featured 616Oceanview.com
WHY SELL NOW INSTEAD OF LATER The Buyers Are Out Now Each year, most homeowners wait until the spring to sell their houses because they believe that they can get a better deal during the normal spring buyer’s market. However, recently released data suggests that a seller’s best deal may be available right now. The concept of ‘supply & demand’ reveals that the best price for an item will be realized when the supply of that item is low and the demand for that item is high. Let’s see how this applies to the current residential real estate market. It is no secret that the supply of homes for sale has been far below the number needed for over a year. A normal market requires six months of housing inventory to meet the demand. The latest report from the National Association of Realtors (NAR) revealed that there is currently only a 4.2-month supply. Supply is currently very low! A report that was just released tells us that demand is very strong. The most recent Foot Traffic Report (which sheds light on the number of buyers out looking at homes) disclosed that there are more 28
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buyers right now than at any other time in the last twelve months. This includes more buyers looking at homes right now than at any time during last year’s spring market Demand is currently very high! Waiting until the spring to list your house for sale made sense in the past. This year is different. The best deal is probably available right now. Source: Keeping Current Matters
“
...there are more buyers right now than at any other time in the last twelve months. - National Association of Realtors
�
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FALL HOME MAINTENANCE When the last of summer’s heat is a faint memory, and you’re pulling out your hoodies more than your shorts, it’s time to tackle a few simple chores that’ll make winter more pleasant and prevent some nasty surprises next spring.
10
Things To Do in Fall to Skip Costly Winter Fails
#1 #2 #3 #4 #5 #6 #7 #8 #9 #10
Clean and Stow Your Mower Remove Garden Hoses from Faucets
Drain Your Sprinkler System
Seal Air Leaks
De-Gunk Your Gutters
Eyeball Your Roof
Direct Your Drainage
Check Your Furnace
Prune Plants
Give Your Fireplace a Once-Over Source: Houselogic
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The ultimate real estate search experience. Managing a strong online presence is a top priority for our marketing initiatives, we provide our visitors with the ultimate real estate search experience. Fast navigation and robust content that encompasses living at the Jersey Shore, we encourage visitors to invest time on our website.
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BELMAR 732.681.0027
MANASQUAN 732.223.2266
SEA GIRT 732.449.5959
SPRING LAKE 732.449.3322
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