Ocean County, NJ Real Estate News

 In a previous post I discussed the effects on Second homes and Investment property. The Preferred Stock Purchase Agreement (PSPA), recently executed and effective immediately, impacted the percentage of second homes and investment properties the GSE’s  (FNMA and FHLMC) are permitted to purchase from lenders.     By way of background,  the PSPA is an agreement between the US Treasury Department and the Federal Housing Finance Agency (FHFA), which is the governing body for FNMA & FHLMC. Also contained within that amendment is a restriction on the percentage of “high risk” loans the agencies are permitted to acquire.    A “high risk” loan is defined as a loan that has two (2) of the three (3) characteristics below: FICO score < 680. DTI greater than 45.00%. LTV greater than 90.00%.  The G... 04/22/2021

There has been entirely too much talk of a housing bubble. This is an entirely different market than we ever had before, I lived through the previous 2 bubble pops and the data just is not hinting at a pop at all and here is why: Check out this video: http://homebridgevideo.homebridge.com/watch/KCiFv2Y8yzZcWDEMJEZHfA?  some bullet points from my video: Peak Housing inventory was in 2007 with 3.7 Million units available. Average inventory in the country is 2.5 Million Current inventory 1.28 million units and we have 12 million more households in the country since 2007. Average age of a first time buyer: 33.  Look back 33yrs ago we had a baby boom that continues for YEARS to com the most recent bubble pop was 2007(ish) in the early 1970s we saw a huge drop in birth rates that lasted for y... 04/16/2021

Here is an update to my previous post Via my own talking head.  Check out this video: http://homebridgevideo.homebridge.com/watch/rqERamWxztKT5TYGSpqvJX?  in case the above link doesn't work:  http://homebridgevideo.homebridge.com/watch/rqERamWxztKT5TYGSpqvJX?    Call me for all your residential lending needs! Robert Rauf Mortgage Loan Originator NMLS# 248937http://www.homebridge.com/RobertRauf or my blog: http://activerain.com/blogs/rrauf Office: (732)908-4868  Cell (732)740-0175 RRauf@HomeBridge.com www.RobertRauf.com  Since 1987 I have been helping my clients fulfill their dream of home ownership! HomeBridge Financial Services, Formerly REMN, HomeBridge Financial Services is located at 9 Grand Ave, Building 2 Suite A Toms River, NJ 08753. NMLS #6521. New Jersey Licensed Lender and Mo... 04/07/2021

         Rates are climbing for both Investment and Vacation Home MortgagesEarlier this month both Fannie and Freddie announced new limits on loans secured by second homes (vacation properties) and Investment properties. The Treasury Department along with the Federal Housing Finance Agency (FHFA) imposed additional risk criteria to these loan types and included a 7% limit for both second home and investment mortgages. (Effectively they want to see 93+% as primary residences) The initial Mortgagee letter puts some strict requirements for automated underwriting findings.  While not specifically mentioned, I wouldn't be surprised if we see DU and LP tighten up making it harder to get automated approvals on marginal loans. The industry as a whole expects to see significant changes to pricin... 03/24/2021

Long Beach Island Home for Sale | LBI Real Estate | Jersey Shore Home for Sale | 14 E 231st St OverviewMapsPhotosFeaturesDescription $1,595,000 Single Family Home Main Features 4 Bedrooms2 Full Bathrooms1 Half BathroomInterior: 2,279 sqftLot: 4,350 sqftYear Built: 2002MLS #: 22104231 Location 14 E 31st StreetLong Beach Township, NJ 08008USA Mary Ann O'Shea RE/MAX At Barnegat Bay(609) 492-1145 x 1026listwithmaryann@lbihomevalues.comhttp://www.lbihomevalues.com        Listed by: Mary Ann O'Shea - RE/MAX at Barnegat Bay Our recent listings Long Beach Island Home for Sale | LBI Real Estate | Jersey Shore Home for Sale | 14 E 231st St | $1,595,000 | Long Beach Township, NJLong Beach Island Home for Sale | LBI Real Estate | Jersey Shore Home for Sale | 121 Clifton Rd | $895,000 | Barnegat, N... 02/23/2021

Long Beach Island Home for Sale | LBI Real Estate | Jersey Shore Home for Sale | 121 Clifton Rd OverviewMapsPhotosFeaturesDescriptionMarket Stats $895,000 Single Family Home Main Features 3 Bedrooms2 Full Bathrooms1 Half BathroomInterior: 2,527 sqftYear Built: 1999MLS #: 22103990 Location 121 Clifton RdBarnegat, NJ 08005USA Mary Ann O'Shea RE/MAX At Barnegat Bay(609) 492-1145 x 1026listwithmaryann@lbihomevalues.comhttp://www.lbihomevalues.com        Listed by: Mary Ann O'Shea - RE/MAX at Barnegat Bay Our recent listings Long Beach Island Home for Sale | LBI Real Estate | Jersey Shore Home for Sale | 1504 S Beach Ave, 3 | $699,000 | Beach Haven, NJLong Beach Island Home for Sale | LBI Real Estate | Jersey Shore Home for Sale | 1504 S Beach Ave, U3 | $699,000 | Beach Haven, NJLong Beach ... 02/19/2021

Long Beach Island Home for Sale | LBI Real Estate | Jersey Shore Home for Sale | 38 W Sailboat OverviewMapsPhotosDescription $905,000 Single Family Home Main Features 3 Bedrooms2 Full BathroomsInterior: 1,708 sqftLot: 3,600 sqftYear Built: 1958MLS #: 22103825 Location 38 W Sailboat LnLong Beach Township, NJ 08008USA Mary Ann O'Shea RE/MAX At Barnegat Bay(609) 492-1145 x 1026listwithmaryann@lbihomevalues.comhttp://www.lbihomevalues.com        Listed by: Mary Ann O'Shea - RE/MAX at Barnegat Bay Our recent listings Long Beach Island Home for Sale | LBI Real Estate | Jersey Shore Home for Sale | 1504 S Beach Ave, 3 | $699,000 | Beach Haven, NJLong Beach Island Home for Sale | LBI Real Estate | Jersey Shore Home for Sale | 1504 S Beach Ave, U3 | $699,000 | Beach Haven, NJLong Beach Island H... 02/12/2021

After decades in this industry I am still surprised at what happens. Yesterday was a doozy...  Standing at my desk yesterday morning (I'm cool like that, I have a fancy standing desk....)  I get an email from an agent I know, but do not do a lot of business with.. "Fully executed contracts for you"  Awesome.. One of my buyers found a home in this crazy market..  I open the contract and I don't recognize the name at all.  I search everywhere in my computer even into archive files... confirming I never spoke to them.  Next.. Call the agent- assuming the contract came to me by mistake, and they must be working with someone else from my office.  Nope- she has a pre-approval letter from me.. At this point I am beginning to worry about my mental health.. I'm busy, but never so busy I complete... 02/10/2021

Lacey Township Sales Price Up Almost 15%We are in a “Seller’s Market.” Over the past year in Lacey Twp, median list price and median sale price is up. The total number of homes sold in 2020 is down slightly due to lack of inventory, while pending homes sold (yet to close) has increased significantly. Reminder: over 600 Lacey homes have sold in the last 12 months.See All Lacey Twp Homes for SaleLacey Real Estate Market Activity: In Comparison to Last Year: Median List Price: Up 12.14% Median Sale Price: Up 14.72% Median Days on Market: 20 (# of days on market before property sells) Sold Listings: 640, Down 4.8% Pending Sold Listings (this month): Up 83.3% Active Listings (this month): Down 43.8% New Listings (this month): Up 40.0% Here’s the breakdown for Lanoka Harbor and Forked RiverLa... 02/06/2021

Reduced inventory coupled with high demand has sent home prices up in ManahawkinManahawkin Real Estate Market Update:Median list price and median sale price are both up. The total number of homes sold over the last year is up while pending homes sold (yet to close) is unchanged in comparison to 2019. Reminder: over 550 Stafford Twp homes have sold in the last 12 months!What’s Your Manahawkin Home Worth? Get a FREE, Instant Valuation!Manahawkin Real Estate Activity: (compared to 2019) Median List Price: Up 9.40% Median Sale Price: Up 12.28% Median Days on Market: 24 (# of days on market before property sells) Sold Listings: Up 8.6% Pending Sold Listings (this month): Down 14.3% Active Listings (this month): Down 64.9% New Listings (this month): Down 11.2% Manahawkin Housing Market Summar... 02/01/2021

Barnegat Median Sold Prices Increase by Over 11%With home buyers finding Ocean County a viable alternative to living in more urban areas, Barnegat offer's what people are looking for as either a primary residence or secondary/vacation home, not to mention the myriad of retirement communities. With the continuing trend of working from home, the desire for more space, both interior and exterior, we can expect a strong housing market for 2021.For the start of 2021, median list price and median sale price is up. The total number of homes sold over the last year is up while pending homes sold (yet to close) has increased in comparison to 2019. Reminder: over 600 Barnegat homes have sold in the last 12 months.Search All Homes in Ocean CountyBarnegat Real Estate Market Activity: Year to Date i... 01/25/2021

Long Beach Island Home for Sale | LBI Real Estate | Jersey Shore Home for Sale | 1001 Ocean Ave, U1021 OverviewMapsPhotosDescription $799,000 Condominium Main Features 2 Bedrooms2 Full BathroomsInterior: 1,319 sqftYear Built: 1987MLS #: 22041808 Location 1001 Ocean Avenue1021Ship Bottom, NJ 08008USA Mary Ann O'Shea RE/MAX At Barnegat Bay(609) 492-1145 x 1026listwithmaryann@lbihomevalues.comhttp://www.lbihomevalues.com        Listed by: Mary Ann O'Shea - RE/MAX at Barnegat Bay Our recent listings Long Beach Island Home for Sale | LBI Real Estate | Jersey Shore Home for Sale | 1001 Ocean Ave, U1021 | $799,000 | Ship Bottom, NJLong Beach Island Home for Sale | LBI Real Estate | Jersey Shore Home for Sale | 346 W 5th Street | $800,000 | Ship Bottom, NJLong Beach Island Home for Sale | LBI ... 12/31/2020

Yesterday afternoon my Homebridge family received some horrible news.  One of our region's closers had a horrific fire in her home yesterday and she lost her 25yr old son, which I cannot even imagine how that would feel and hope I never have to.I just logged out of the go fund me page and was moved by the outpouring of support - In just hours our Homebridge family helped to push the donations to over 150% of the goal to help the family get back on their feet.For anyone reading this.  PLEASE, Check your fire alarms, if they are old- REPLACE THEM. If they are not CO/Smoke combo's REPLACE THEM, If you cant remember when you replaced the batteries, REPLACE THEM.Fire Extinguishers- if you don't have one on each level, BUY THEM, if they are old REPLACE THEM.If you have a fire- GET OUT and cal... 12/29/2020

 Did you know we have seen some of the HIGHEST mortgage rates in YEARS at the onset of the pandemic?  Rates were moving so fast that they would change as we were on the phone with our clients  and we briefly had rates well into the 5's this spring as the market struggled to gain it's footing. Thankfully the Fed stepped in to help.Since the dust has settled we have spent the majority of the time with rates at or near record lows.   We anticipate to see rates stay low into 2021 with strong potential for rates to climb in the second half of the year, but likely will stay in the 3's depending on the strength of the economy as we put some distance between us from Covid worries.Yesterday alone The Federal Reserve purchased $5.4 Billion in Mortgage Backed Securities bringing the total purchase... 12/11/2020

A few months back I wrote this Blog about Qualifying Self Employed Borrowers in the world of the Corona Virus.  This is an update to that blog, and Thankfully the guidelines are a little more simplified nowFirst a little history.  Fannie and Freddie never asked for a P&L (but lenders often did). The vast majority of P&Ls are unaudited, and an unaudited P&L goes against Fannie and Freddie's charters that say they will not do stated income loans.But Guess what? We need P&Ls now for all Self employed conventional buyers but they must be backed up by business bank statements.While this is not entirely different than my earlier blog on the the subject, the focus has changed because the original method did not work.  Now the focus is on Gross Revenue on the bank statements, no longer worrying... 12/04/2020

FHA has published the  mortgage limits for the calendar year 2021.  Limits are based upon CASE NUMBER ASSIGNMENT date and are effective beginning with case numbers assigned on and after January 1, 2021. Unlike Conventional loans: Pipeline cannot take advantage of these changes,  if the case number has been issued. It is against FHA policy to cancel an existing case for the sole benefit of using the higher limits. Many Counties had SIGNIFICANT increases.    As an example in high cost areas the single family “ceiling” was increased from $765,600 to $822,375!  Every County is different but here are the “floor/ceiling” limits: Low-cost area limit 1 unit:   $356,362 2 unit:   $456,275 3 unit:   $551,500 4 unit:   $685,400 High-cost limit (most of NJ falls here) 1 unit:   $  822,375 2 unit:  ... 12/03/2020

 Last week The Federal Housing Finance Agency announced the new conforming limits for 2021. (insert drum roll here) Single Family limits have increased from $510,400 to $548,250..  roughly a 7.4% jump in just one year.  This is a clear sign of the current pandemic boom we have seen this year and also an indicator of why the market has been so crazy.In line with the aforementioned limit- High balance conforming is now allowed up to $822,375. What does this mean?  All the Benefits of low rates, down payments and guidelines allowed with conventional guidelines can now be applied to higher priced homes making it easier for home buyers to finance their next home. After 11yrs straight with the limit holding at $417,000 this will be the 5th increase in a row, and the LARGEST single increase si... 12/01/2020

Long Beach Island Home for Sale | LBI Real Estate | Jersey Shore Home for Sale | 346 W 5th St Overview Maps Photos Description $800,000 Single Family Home Main Features 5 Bedrooms2 Full BathroomsInterior: 2,112 sqftLot: 6,000 sqftYear Built: 1969MLS #: 22039855 Location 346 W 5th StreetShip Bottom, NJ 08008USA Mary Ann O'Shea RE/MAX At Barnegat Bay(609) 492-1145 x 1026listwithmaryann@lbihomevalues.comhttp://www.lbihomevalues.com        Listed by: Mary Ann O'Shea - RE/MAX at Barnegat Bay Our recent listings Long Beach Island Home for Sale | LBI Real Estate | Jersey Shore Home for Sale | 102 E South Carolina Avenue | $2,849,000 | Long Beach Township, NJLong Beach Island Home for Sale | LBI Real Estate | Jersey Shore Home for Sale | 102 E South Carolina Ave | $2,849,000 | Long Beach Towns... 11/18/2020

 In a previous post I mentioned how much fun I was having shopping for a home.  Unfortunately that hunt continues since the inventory for my perfect house is pretty much non existent right now and we are officially homeless albeit with a very large bank account.The purpose of this blog, (other than some free therapy for me to vent), is to provide a few tips, suggestions etc for anyone about to move or sell their home. A little back ground- I just sold my home of 26+ years.  It was a fairly large home we raised our kids in and it was time to down size.  For my wife and I, that downsizing is not an easy step to take.  Our Master in the old house with closets, sitting area bath etc... was about 700 square feet alone....  While we do want less, neither of us wants to settle for something an... 11/04/2020

Long Beach Island Home for Sale | LBI Real Estate | Jersey Shore Home for Sale | 102 E South Carolina Ave Overview Maps Photos Description $2,849,000 Single Family Home Main Features 5 Bedrooms3 Full Bathrooms2 Half BathroomsInterior: 3,987 sqftLot: 6,750 sqftYear Built: 2021MLS #: 22037847 Location 102 E South Carolina AveLong Beach Township, NJ 08008USA Mary Ann O'Shea RE/MAX At Barnegat Bay(609) 492-1145 x 1026listwithmaryann@lbihomevalues.comhttp://www.lbihomevalues.com        Listed by: Mary Ann O'Shea - RE/MAX at Barnegat Bay Our recent listings Long Beach Island Home for Sale | LBI Real Estate | Jersey Shore Home for Sale | 1504 S Beach Ave, 3 | $725,000 | Beach Haven, NJLong Beach Island Home for Sale | LBI Real Estate | Jersey Shore Home for Sale | 1504 S Beach Ave, U3 | $725,... 10/24/2020