Archive for August 2011
This Month in Real Estate Ocean County, August, 2011
This Month in Real Estate is a monthly video news series, provided by Keller Williams, that offers an inside look at the national real estate market. Each edition provides a snapshot of the numbers and trends that drive the real estate market, as well as expert opinion and analysis. For information on your local real estate conditions, please contact Karl Hess.
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–Information deemed reliable but not guaranteed– Prepared by Karl Hess of Keller Williams Realty Monmouth/Ocean on Wednesday, August 31, 2011 12:13 PM. |
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Open House Point Pleasant August 21, 2011
Open House in Point Pleasant and Point Pleasant Beach with photos and maps for Sunday Aug 21, 2011. Point Pleasant Open House information including school reports, neighborhood data and Point Pleasant housing market trends
Here is the list of Open Houses in Point Pleasant on Aug 21, 2011 with easy to access maps and numerous photos.
Plan Your Day with Point Pleasant Open House Maps: The link to the left provides an interactive map for all open houses in Point Pleasant Beach and Point Pleasant Boro or click on the address’ below.
Most Open Houses will take place between 1:00 PM and 3:00 PM, so use the maps provided in the links to plan your day…or call me and I’d be happy to set up an exclusive “tour of homes” at your convenience.
Point Pleasant Home Listings Search
- Point Pleasant Homes: New Listings (22)
- Point Pleasant Single Family Homes for Sale (334)
- Point Pleasant Condos & Townhomes for Sale (70)
Today’s Market Trends for Point Pleasant
Average Listing Price: | $731,820 | -0.01% |
Average Listing Price/Sq Ft: | $344.00 | 0.01% |
Total Listings: | 348 | 0.01% |
Call or email me at your convenience, I’d be happy to help you any way I can, Karl Hess, Point Pleasant Real Estate, Keller Williams Ocean County
Open House Toms River August 21, 2011
Open House in Toms River with photos and maps for Sunday Aug 21, 2011. Toms River Open House information including school reports, neighborhood data and Toms River Market Trends.
Click here for the list of Open Houses in Toms River on Aug 21, 2011 with easy to access maps and numerous photos. These homes are located in East Dover, North Dover, Georgetown, Shelter Cove, Ortley Beach, Money Island, Green Island, Silverton, Snug Harbor, and throughout Toms River Twp.
Plan Your Day with Toms River Open House Maps: The link to the left provides Toms River Open House Maps for open houses in Toms River with property and location information.
Most Open Houses will take place between 12:00 PM and 3:00 PM, so use the maps provided in the links to plan your day…or call me and I’d be happy to set up an exclusive “tour of homes” at your convenience.
Toms River Home Listings Search
- Toms River New Listings (51)
- Toms River Single Family Homes for Sale (765)
- Toms River Condos & Townhomes for Sale (67)
Today’s Market Trends for Toms River
Average Listing Price: | $367,750 | 0.00% |
Average Listing Price/Sq Ft: | $202.00 | -0.35% |
Total Listings: | 878 | 0.01% |
Call or email me at your convenience, I’d be happy to help you any way I can, Karl Hess, Toms River Real Estate, Keller Williams Jersey Shore
Open House Lacey Twp August 21, 2011
Open House in Lacey Twp, including Lanoka Harbor and Forked River with photos and maps for August 21, 2011. Lacey Twp Open House information with school reports, neighborhood data for Lacey Twp, Lanoka Harbor and Forked River housing market trends.
Click here for the list of all Open Houses in Lacey Twp on August 21, 2011 with easy to access maps and numerous photos, including Lanoka Harbor, Forked River, Bamber, Sunrise Beach and the surrounding area.
Plan your day with Lacey Twp Open House Maps: The link to the left will give you an interactive map for all open houses in Lacey Township for Agust 21, 2011 or click on the address’ below.
Most Open Houses will take place between 12:00 PM and 3:00 PM, so use the maps provided in the links to plan your day…or call me and I’d be happy to set up an exclusive “tour of homes” at your convenience.
Lacey Township Home Listings Search
- Lacey Township New Listings (32)
- Lacey Township Single Family Homes for Sale (544)
- Lacey Township Condos & Townhomes for Sale (4)
Today’s Market Trends for Lacey Township
Average Listing Price: | $351,180 | -0.03% |
Average Listing Price/Sq Ft: | $186.00 | -0.07% |
Total Listings: | 540 | 0.03% |
Call or email me at your convenience, I’d be happy to help you any way I can: Karl Hess, Lacey Twp Real Estate, Keller Williams
Open House Jackson August 21, 2011
Open House in Jackson, NJ with photos and maps for Sunday August 21, 2011. Jackson Open House information including school reports, neighborhood data and Jackson housing market trends.
Here is the list of Open Houses in Jackson on August 21 with easy to access maps and numerous photos. These homes are located in Bennetts Mills, Cassville, Francis Mills, Jackson Mills, North Jackson, Woodmere, and throughout Jackson Township.
Plan your day by using Jackson Open House Maps: The link to the left provides an interactive map for open houses in Jackson with property and location information or click on each address below.
Details: 253 W VETERANS HWY, JACKSON, NJ – $259,900
Details: 23 BUCKINGHAM DR, JACKSON, NJ – $289,900
Details: 9 HOLLY HILL CT, JACKSON, NJ – $359,000
Details: 598 BASSO ST, JACKSON, NJ – $374,900
Most Open Houses will take place between 1:00 PM and 3:00 PM, so use the maps provided in the links to plan your day…or call me and I’d be happy to set up an exclusive “tour of homes” at your convenience.
Jackson Home Listings Search
- Jackson Homes: New Listings (22)
- Jackson Single Family Homes for Sale (453)
- Jackson Condos & Townhomes for Sale (68)
Today’s Market Trends for Jackson
Average Listing Price: | $375,510 | -0% |
Average Listing Price/Sq Ft: | $160.00 | -0.01% |
Total Listings: | 509 | -0.02% |
Call or email me at your convenience, I’d be happy to help you any way I can: Karl Hess, Jackson Real Estate, Keller Williams Realty
Open House Brick Twp August 21, 2011
Open House in Brick Township with photos and maps for Sunday Aug 21, 2011. Brick Township Open House information including school reports, neighborhood data and Brick Township housing market trends.
Here is the list of Open Houses in Brick Township on August 21 with numerous photos and maps. These homes are located in Baywood, Osbornville, Herbertsville, Cedarwood, Sandy Point, Midstreams, Lake Riviera, Metedeconk, South Hampton, Mantoloking, etc.
Plan Your Day with Brick Twp Open House Maps: The link to the left will provide you with photos and an interactive map for open houses in Brick Township for Aug 21, 2011, or click on each address below.
Details: 428 CAROLE AVE, BRICK, NJ – $227,500
Details: 529 DRISCOL DR, BRICK, NJ – $289,900
Details: 378 JAROME ST, BRICK, NJ – $299,900
Details: 933 LYNNWOOD AVE, BRICK, NJ – $319,900
Details: 637 KNOLLWOOD TER, BRICK, NJ – $337,000
Details: 420 DRUM POINT RD, BRICK, NJ – $349,450
Details: 707 REVERE DR, BRICK, NJ – $369,000
Details: 431 S LAKE CT, BRICK, NJ – $419,000
Details: 434 MARGHERITA PL, BRICK, NJ – $680,000
Details: 805 SOUTH DR, BRICK, NJ – $1,099,000
Details: 475 PRINCETON AVE, BRICK, NJ – $1,600,000
Most Open Houses will take place between 12:00 PM and 3:00 PM, so use the maps provided in the links to plan your day…or call me and I’d be happy to set up an exclusive “tour of homes” at your convenience.
Brick Township Home Listings Search
- Brick Township Homes: New Listings (23)
- Brick Township Single Family Homes for Sale (401)
- Brick Township Condos & Townhomes for Sale (24)
Today’s Market Trends for Brick Township
Average Listing Price: | $371,550 | -0.02% |
Average Listing Price/Sq Ft: | $200.00 | -0.01% |
Total Listings: | 419 | -0.01% |
Call or email me at your convenience, I’d be happy to help you any way I can. Karl Hess, Brick Township Real Estate, Keller Williams
Open House Bayville August 21, 2011
Open House in Bayville with photos and maps for Sunday Aug 21, 2011. Open House information including school reports, neighborhood data and Bayville area housing market trends.
Click here for the list of Open Houses in Bayville on Aug 21, 2011 with easy to access maps and numerous photos. These homes are located in Bayville, Holiday City, Cedar Beach, Holly Park, Kesswick, Manitou Park, Pinewald, and throughout Berkeley Twp.
Plan your day: Bayville Open House Maps: The link to the left provides Bayville Open House Maps for all open houses in Berkeley with property and location information or click on each address below.
Details: 21 CARVER ST, BERKELEY, NJ – $189,900
Details: 116 PHEASANT DR, BAYVILLE, NJ – $249,000
Details: 272 BAYVILLE AVE, BAYVILLE, NJ – $265,000
Details: 161 AMSTERDAM AVE, BAYVILLE, NJ – $265,900
Details: 41 COVE RD W, BAYVILLE, NJ – $319,995
Details: 324 WHEATON AVE, BAYVILLE, NJ – $369,000
Details: 334 ARLINGTON AVE N, BAYVILLE, NJ – $489,500
Most Open Houses will take place between 12:00 PM and 3:00 PM, so use the maps provided in the links to plan your day…or call me and I’d be happy to set up an exclusive “tour of homes” at your convenience.
- Bayville New Listings (8)
- Bayville Single Family Homes for Sale (418)
- Bayville Condos & Townhomes for Sale (21)
Today’s Market Trends for Bayville
Average Listing Price: | $339,760 | -0.02% |
Average Listing Price/Sq Ft: | $182.00 | -0.89% |
Total Listings: | 424 | 0.08% |
Feel free to contact me, Karl Hess, at your convenience for an exclusive tour of homes.
What Causes House Foreclosures?
What Causes House Foreclosures?
You may have noticed a large upswing in the number of ‘for sale’ signs in your neighborhood. Many of these homes even have a foreclosure or bank-owned sign in the front yard. This year, approximately 1 in every 577 homes in the United States was issued a foreclosure notice, with worse statistics in many states such as Florida, Michigan and Nevada. This is a staggering number that has reached a new record in many metropolitan areas.
For many people, numbers such as these beg the question, what causes house foreclosures? Unfortunately, there isn’t a simple answer. The reasons leading up to a house foreclosure are as increasingly complex as the economy they dwell in. However, there are certainly a few common situations that either alone or in combination can cause house foreclosures:
- Unemployment. The current national unemployment rate is 9.1 percent, and has reached double digits in many states. Due to the declining economy and rise of overseas outsourcing, many homeowners have been laid off and are unable to afford their monthly mortgage payments. This leaves their mortgage in default status, and eventually causes the bank or lender to reclaim the property.
- Property value decline. Due to the recent mortgage crisis and economic recession, there has been a surplus of available properties and few buyers eligible to purchase them. This has caused many homeowners to lose property value in the double digits, some as much as 50 percent. In effect, many have become ôunderwaterö on their mortgage, meaning that they owe the bank more money than the property is worth. This uncontrollable situation has left many homeowners feeling helpless and resorting to selling their homes either ôshortö – for less than the amount owed – or letting the bank foreclose on the property.
- Neighborhood quality decline. Due to drastic property value declines of 20 percent or more, many underwater homeowners who need to move and choose not to short sell or foreclose on their properties have chosen to rent them out instead. This has brought in a number of young families, college students and low-income renters to neighborhoods that used to contain all middle-class homeowners, increasing the amount of gang-related activity and graffiti, and resulting in an overall neighborhood quality decline in some areas. Homeowners who remain in these areas may want to move, but are unable to sell, leading them to eventually foreclose or sell their homes for less than the owed value.
- Interest rate increase. Prior to the mortgage crisis, many homeowners took loans with adjustable rate mortgages (ARMs) that may increase over time. For some borrowers, their interest rate hike equates to hundreds of extra dollars they have to pay on their mortgage each month. Many homeowners can no longer afford their monthly payment once the higher interest rate kicks in. Some of these homeowners are able to refinance to save a home from foreclosure, but many others are not so lucky.
- Tax or HOA fee increase. In most metropolitan areas, taxes have been increasing yearly. For a homeowner who purchased 20 years ago, there may have been a double digit tax increase in the time since they bought their home. As a result, they may be unable to afford to pay their increased property tax. Likewise, homeowners with a variable or ever-changing homeowners association (HOA) fee can feel the pressure of added expenses. This scenario is very common in Florida in recent years, as vacant or foreclosed condominiums are on the rise and year-round homeowners are expected to pay a higher HOA to cover the difference in property maintenance fees.
- Poor money management. Many homeowners are simply poor at managing their money. Issues such as retail, drug/alcohol or gambling addictions can make homeowners unable to meet their monthly bill obligations and can be an underlying factor in what causes house foreclosures.
- Death or illness. In many instances, the illness or death of a family member can significantly impact the household income due to medical bills, lost wages or funeral expenses. Many of these people may be unable to afford their mortgage payment and fall into default status on their home loans.
- Divorce. If a husband and wife divorce, either party must ôbuy-outö or move from a dual-earning household to a single. In this scenario, they may no longer be able to afford their monthly mortgage payment on a single salary alone. If they are unable to sell due to a surplus in housing or underwater mortgage, they may resort to foreclose on their house.
How Can I Save My Home From Foreclosure?
Many homeowners may be wondering, how can I save my home from foreclosure? There are a few options available to homeowners at risk for default on their loans. A possible solution is to refinance to save from home foreclosure. Refinancing can provide a lower interest rate that the homeowner may be able to afford long-term. If refinancing is not a possibility, another option may be to short sell the property. Short selling, or selling for less than the amount owed to the lender, is still damaging to a homeowner’s credit but has less impact on the credit score than a foreclosure. With a short sale, a person may also have the ability to buy a house sooner in the future.
Each homeowner has a unique financial and personal situation, and the decision to foreclose on a house that was once considered a home can be a difficult decision for many people. Understanding what causes house foreclosures can help homeowners avoid these scenarios and may ultimately help save a home from foreclosure.
For more real estate tips, go to TheJerseyShoreHomefinder.com, click Market Insider, then Insider Tips.