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Teresa M DiPeso & The DiPeso Group Jersey Shore Real Estate Experts Blog

Friday, August 7, 2020   /   by Teresa Dipeso

The Jersey Shore real estate market is sizzling during coronavirus crisis. Here’s how fast houses are selling.

People aren’t just flocking to the Jersey Shore to sit by the ocean or take a stroll on a boardwalk.
They’re buying houses.
But the inventory of available homes for sale isn’t keeping up with demand, so real estate agents say buyers are on a mad dash to put in offers, knowing they will lose out if they’re not ready to act fast.
“If you’re not quick to jump on something, it’s going to be gone before you have a second to think,” said Jim Mesveskas, director of company development for RE/MAX in Lavallette, Brick, Little Silver and Red Bank.
Several real estate agents said buyers say they are looking to get out of crowded areas because of the coronavirus pandemic, and sellers want to take advantage of record low mortgage rates to get into a larger place that can accommodate work-at-home changes.
“After 9/11, the same thing happened,” said Maria Rizzo, an agent who covers Monmouth and Ocean Counties for Coldwell Banker Rivera ...

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Wednesday, July 29, 2020   /   by Teresa Dipeso

Home Ownership Rate Rises Close to Housing Boom Levels

July 29, 2020









The U.S. homeownership rate surged to its highest level in 12 years in the second quarter as low mortgage rates and the pandemic prompt more Americans to want to have a home.
The home ownership rate rose to 67.9% in the second quarter, increasing even while the nation faced record levels of unemployment, the Census Bureau reported this week. A year ago, the homeownership rate was 64.1%, for comparison.


The increase in the overall home ownership rate in the second quarter places it back to a level last seen before the housing crisis and the widespread foreclosures that followed the 2008 foreclosure crisis, Lawrence Yun, chief economist of the National Association of REALTORS®, told HousingWire.


“Usually, home ownership data moves at more of a glacier-slow pace, so to see a sudden move like this was quite surprising,” Yun says. “Some of this increase could be due to the change in data measurement.”
The Censu ...

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Wednesday, July 29, 2020   /   by Teresa Dipeso

Buyers Waiving Contingencies to Sweeten Their Offers

The pandemic and high unemployment rate haven't slowed the housing market. With home buyers facing heightened competition this summer for a limited number of homes for sale, some have decided to try to gain an edge by waiving contingencies to make their offers more competitive.


In June, nearly 20% of successful offers submitted by Redfin real estate professionals in select major U.S. markets reportedly waived the inspection contingency, compared to 13.2% during the same month in 2019. Further, 20.6% of winning offers waived the appraisal contingency, up from 17.4% a year ago.


Home buyers are waiving the contingencies to make their offers more attractive to home sellers. The inspection contingency allows the buyer to cancel a purchase or request repairs during the inspection period. The appraisal contingency allows buyers to cancel a deal or renegotiate the price if the appraisal comes back lower than the specified amount. Both an inspection and appraisal contingen ...

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Tuesday, July 28, 2020   /   by Teresa Dipeso

Pre-Approval Letter Needed to View Homes in Person

Home buyers eager to take advantage of low interest rates are rushing to schedule home tours, just recently allowed in some places as stay-at-home restrictions are eased. To curtail potential exposure to the coronavirus, however, many sellers are trying to limit the number of people traipsing through their properties. To achieve this, real estate agents are suggesting that sellers only admit buyers who have been pre-approved for a mortgage.
A pre-approval letter is a written offer from a lender stating that a potential buyer has been tentatively approved for a mortgage and how much they would be permitted to borrow.
While it is common—and wise—for buyers to speak with lenders before starting a serious home search, many people procrastinate getting pre-approved, since the process involves a lot of paperwork and the approval is typically only good for 60 to 90 days (though it can be renewed, assuming the buyer’s finances and employment status haven&rsquo ...

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Tuesday, July 28, 2020   /   by Teresa Dipeso

June Sales Soar to Record Levels

According to the National Association of REALTORS® (NAR), existing home sales increased at a record pace in June, a significant turnaround after three consecutive months of sales declines due to the pandemic. Completed transactions for all property types increased 20.7 percent to a seasonally adjusted rate of 4.72 million. Year-over-year, however, existing-home sales are still down 11.3 percent.


The median sales price for existing homes was $295,300 in June, up 3.5 percent YoY, and prices increased across every region. Unsold inventory is currently at 4.0-months supply, down from 4.8 in May and 4.3 in June 2019. Days on market was at 24 for June, down from 26 days in May and 27 days in June 2019.


For single-family properties, the seasonally adjusted annual rate for sales was 4.28 million in June, up 19.9 percent in May and down 9.9 percent YoY. The median price was $289,600—a 3.5 percent increase YoY. For condos and co-ops, sales recorded at a seasonally ...

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Teresa M DiPeso & The DiPeso Group Jersey Shore Real Estate Experts
Teresa M. DiPeso
Long & Foster
Avalon/Stone Harbor/Cape May/Sea Isle/Wildwoods, NJ 08202
609-780-1434

The data relating to real estate for sale on this web site comes in part from the Broker Reciprocity program of the Cape May County Multiple Listing Service. Real estate listings held by brokerage are marked with the Broker Reciprocity logo or the Broker Reciprocity thumbnail logo (a little black house) and detailed information about them includes the name of the listing brokers.
The data relating to real estate for sale on this web site comes in part from the Broker Reciprocity program of the South Jersey Shore Regional MLS. Real estate listings held by brokerage are marked with the Broker Reciprocity logo or the Broker Reciprocity thumbnail logo (a little black house) and detailed information about them includes the name of the listing brokers.
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