Mortgage Markets Guide- Loan limits for NJ

Here is a link for more details :-

http://www.mortgagemarketguide.com/download/2009loanlimits.pdf

A snippet from the report for New Jersey, based on County:-

Metropolitan Statistical Areas, Micropolitan Statistical Areas and Rural Counties where Loan Limits are Set Based on High-Cost Area Provisions of HERA

(Areas where one-unit loan limit exceeds $417,000 in continental U.S. or is above $625,500 for locations in Alaska, Hawaii, Guam, and U.S. Virgin Islands)

Fannie Mae and Freddie Mac conforming loan limits for the high cost areas below may not exceed the corresponding levels listed. These loan limits apply to loans purchased between January 1, 2009 and December 31, 2009. For a one-unit property, the maximum loan limit is calculated as 1.15 times the median house price for the highest priced county in the property’s metropolitan or micropolitan area or the median house price for the property’s county if it is in a rural county. Regardless of the area median home price, the loan limit cannot, in general, exceed $625,500 (1.50 times the 2009 conforming loan limit). The exceptions are properties in Alaska, Hawaii, Guam, and the Virgin Islands, where that range is 50 percent higher ($625,500 to $938,250). The 2009 conforming loan limit of $417,000 is in place everywhere else. Loan limits for 2-4 unit properties are proportional to the 1-unit limits.

NJ New York-Northern New Jersey-Long Island, NY-NJ-PA (Metropolitan Area)

Component Counties (NJ):

 Bergen, Essex, Hudson, Hunterdon, Middlesex, Monmouth, Morris, Ocean, Passaic, Somerset, Sussex, Union

$625,500 *

*Limit  1- Unit property

Source ;-http://www.ofheo.gov/media/cll/HighCostLoanLimits2009.pdf

 

Search for homes on the internet

Searching for homes on the internet can be daunting ……..even misleading.

Let me explain.

You go to google. Type in west Windsor Plainsboro homes for sale or West Windsor Plainsboro real estate.

Something like that.

You’re presented with many site links….some are highlighted  , others are not.

The ones that are highlighted are sponsored links ie. the owner of the site is paying for placement.

These are not the most revlvant results for your search…….the ones which come up as a list provide more relevant information to your query…..mostly.

Sifting through these can also be a maze…..many don’t have updaed information, listings that are expired or unavailable.

While this is a challenging task; as listings that may be under contract can remain’active’; I have tried to address this by having a ‘Search for Homes’ option on my website www.SoldByShalu.com tht allows REGISTERED USERS to set up a customized real estate search via a live MLS search.

Thus buyers & sellers can search the multiple listing system for homes in Mercer county NJ, Middlesex county NJ, Monmouth county or Somerset county.

Or narrow it down further to townships in the Central NJ areas of West Windsor, Plainsboro, South Brunswick, Princeton etc.

There is also a ‘Featured Homes’ search option that allows viewing details of listed properties for sale & rent with many  photos.

This does require signing a guest book & entering your name, phone # email etc.; but this input is not used for any other purpose except to sign you into the MLS system, in order to receive listings that are most updated.

For questions regarding a specific property or questions regarding communities in the Central NJ area, please contact this Local Plainsboro, Windsor, Princeton, Montgomery, South Brunswick area Realtor.

Recent Market Activity- West Windsor Real Estate NJ

Here is a breakdown of real estate activity regarding townhomes :

3 bedroom townhomes in West Windsor $400000-$500000

Available:- Windsor Ponds (2)  , Canal Pointe, Windsor Haven ( 2) , Princeton Greens( 2) , Estates at Princeton Junction (1)

Avg days on market :- less than 30 days for Windsor Ponds & Princeton Greens . 70+ days for the others.

Recently Sold ( within last 3 months) :-

 Windsor Ponds – 3 properties settled with average days on market under 30 days.

Princeton Greens- 1 property settled at 41 days

Estates at Princeton Junction-

17 Wedgewood ( very close to train tracks) – settled at $490000 after 130 days. ListPrice- $499,900

While specifics are important …..and relevant…..for buyers currently in the market…..the purpose is to bring to attention the following:-

That the market is active because of current affordability.

This price range is providing an opportunity to get a loan approval from a lender without going into a nonconforming loan scenario ( provided a buyer can make a minimum required down payment)

That contrary to the media reports of this “Nation hurtling into the worst economic recession of historical proportions” ( To quote, unquote) …….that the world is NOT coming to an end.

Most are going about their daily business….albiet being conservative ….and rightly so…………….selectively purchasing a home vs continuing to rent one…….taking advantage of low interest rates & any buyer incentives that are available for the time being……..replacing fear with the measured ability to recognize a financial & Lifestyle amending opportunity when they see one.

I will continue to post for other areas / communities.