Claridge  Realty  Number 1 in Claridge House Sales

 

In 2012 ,The Claridge Realty Agency earned the number 1 spot by outperforming its competition in both total number of transactions and listings sold at Claridge House 1 and Claridge House II ( The Claridges’)*

 

According to Barbara Amato, Broker /Owner “the success we have enjoyed is based upon two very important factors; –Number one is personal service followed closely by an effective website. I believe that clients expect me to personally represent their interests and that is why I strive to be as accessible as possible. When you telephone Claridge Realty I answer the phone and when you email Claridge Realty I respond to your email. Certainly residing at Claridge House II and the location of Claridge Realty on Claridge Drive benefits my accessibility to clients.

   Today, with the fast pace and busy lives people live, the internet is the technology of choice for buyers who want instant information which they can access at their convenience and as often as they wish. An effective website that will attract buyers who can access high-quality –digital photos and embark on virtual tours of properties is a major factor in determining  whether or not a buyer elects to follow –up with a phone call or email to schedule an appointment to see listings of interest.

 

 

* Source: Garden State Multiple Listing Service. Based on closed transactions at The Claridges in 2012.

 The competition: Century 21,Coldwell Banker, Fiore Realty, Keller Williams, Prudential New Jersey Properties, Re/ Max, Rhodes Van Note, Sotheby’s Prominent Properties, Weichert Realty.

 

LOW MORTGAGE RATES BIG REASON WHY OWNING CONTINUES TO BE MORE AFFORDABLE RELATIVE TO RENTING

 

    MORTGAGES RATEs  HAVE FALLEN SO FAR THAT THE MONTHLY COST OF OWNING A HOME IS MORE AFFORDABLE THAN AT ANY POINT IN THE PAST 15 YEARS. IN A GROWING NUMBER OF CITIES HOME OWNERSHIP IS LESS EXPANSIVE THAN RENTING.   IN 1991,A $1,700 MORTGAGE  PAYMENT  ALLOWED A BOROWER TO TAKE OUT  A $200,000 MORTGAGE .TODAY,IT GETS THE SAME BORROWER  A $350,000 MORTGAGE , A 77%  INCREASE IN BORROWING POWER. Says .Dan Green, loan officer with Waterstone Mortgage in Cincinnati. THE AVERAGE RATE FOR A CONVENTIONAL, 30 YEAR FIXED-AVERAGE RATE MORTGAGE HAS FALLEN BELOW 4 PERCENT FOR THE FIRST TIME ON RECORD, ACCORDING TO FREDDIE MAC’S RECENTLY RELEASED MARKET SURVEY WEEKLY. THE AVERAGE 15-YEAR FIXED RATE FELL BELOW 3.5%THE LOWEST LEVEL ON RECORD” THE SURVEY REPORTED. AS A RESULT ,ONE OF THE MOST STRIKING DEVELOPMENTS OF THE HOUSING TURNDOWNS ,MONTHLY MORTGAGE PAYMENTS ,ON THE AVERAGE MEDIAN PRICED HOME—INCLUDING TAXES AND ONSURANCES –ARE LOWER THAN THE AVERAGE RENT LEVELS IN 12 METRO AREAS OUT OF 28 AREAS SURVEYED ACCORDING TO THE DATA COMPILED FOR THE  WALL STREET JOURNAL .”IT’S ONE OF THE MOST STRIKING DEVELOPMENTS OF THE HOUSING DOWNTURN”, ACCORDING TO PAUL DALES, AN ECONOMIST ATCAPITAL ECONOMICS.

 

 

PRE--QUALIFIED   V.  PRE—APPROVED

 

Often times there is confusion between a buyer being pre-qualified and being pre-approved. Home loan   pre-qualification and pre-approval are different and distinct processes, so it is important to understand the difference. Pre-qualification is a preliminary process which requires the buyer to complete a mortgage application and allows loan officer or loan processor or mortgage broker  to check the buyers credit  determine how much may be borrowed on a mortgage loan prior to the buyer making a formal application. This is a good first step which enables the buyer to approximate the price range for the home purchase. But only a mortgage underwriter can pre-approve a buyer for a loan. To be pre-approved the buyer must provide the underwriter with verification of income and asset documentation ( W2’s,bank statements).The underwriter will then approve the buyer for a specific loan amount and property value. Once the buyer is pre-approved the seller should have comfort that the mortgage contingency clause in the contract of sale will not be a problem and the transaction will close in a timely manner.

 

 

FIRST-TIME HOME BUYER CREDIT

 

As part of the Presidents’ stimulus package first-time homebuyers are eligible to receive a tax credit equal to ten percent of the purchase price of their home, up to a maximum of $8,000, if they purchase after January 1, 2009, but before December 1, 2009. Unlike last year’s Congressional $7,500 tax credit, there is no payback provision.  The tax credit will phase out for those individuals with incomes over $75,000 or married couples with incomes over $150,000 who file their taxes jointly.  First- time buyer was defined in last year’s law as those individuals who have not owned their home for three years. There is a forfeit provision if the homebuyer sells the home within three years. According to the National Association of Realtors, first-time homebuyers account for approximately 41 percent of total home sales.

 

NEW FICO CREDIT SCORE DEBUTS

 

 

Fair Isaac Corp. has announced its new-improved-FICO score. The new score is touted to be more accurate in predicting borrower  defaults  and more forgiving of one-time slipups ,but will take a harder line on repeat offenders. The score will still range from 300 to 850 and is programmed to do a deeper analysis of subprime borrowers or those with “thin” or young credit   histories . According to FICO more customers with accounts in good standing should see a slight increase in their credit scores in addition to improving the accuracy of lending decisions by as much as 15%. Fico will also factor in credit-card accounts for authorized users, such as children and spouses. FICO has joined with Trans Union LLC and Equifax Inc. two of the three major credit bureaus . The Experian Group Ltd. has declined to participate.

 

 

 

FREE CREDIT SCORES MAY BE OFFERED

 

Consumers may soon be able to get “free credit scores” through their bank or credit unions.

Fair Isaac Corp., maker of the FICO credit score, has announced an agreement to approximately 200,000 members of the Pennsylvania State Employees  Credit Union. Fair Isaac said that this is an expansion of an existing program presently being offered to credit-card members at Washington Mutual, which is being acquired by J.P. Morgan Chase. Fair Isaac stated that they are in ongoing discussions with many of their customers to expand the program. In addition to getting their credit scores, consumers will also be advised as to the reasons for their score and the actions they can take to improve their scores.