Posts Tagged ‘new jersey’

New Jersey realtors are now more accessible to clients – thanks to their turning more than never before to the Internet and like devices. This is on the basis of a survey started by National Association of Realtors, on behalf of New Jersey Association of Realtors (NJAR). The Survey reveals the activities and demographic leanings of the realtor group.

As elsewhere, the real estate industry too is constantly changing. Change means a shift in needs and expectations of clients. Realtors are swiftly adapting to the change by turning to the Internet and mobile phones. Users of web sites increased from 49% in 2005 to 84% in 2006. The use of the website of NAR, REALTOR.com has shot up from 52% in 2005 to 89% in 2006. 91% use e-mail showing an increase of 81% from 2005.
Cell phone usage has also increased and is up by 10%.
Realtors are going for advertising in newspapers in a big way. The numbers rose from 9% in 2005 to 28% in 2006.

About 93% of real estate firms (56% in New Jersey) have their own web sites. Most of them use the sites to host hot news on the community, its demographics, reports on schools, mortgages, and financial weather – making it a virtual tour. Most of the sites have links to state and local governments, lenders, mortgage and other real estate service providers.

New Jersey realtors work for about 40 hours per week and earn $41,200 on an average. This can be compared with the national number of $47,700. The typical New Jersey realtor has been at his job for nine years – this being two more than the national average. Most (about 95%) are confident that they will hold on with vigour for another two years.
According to the survey the realtors are very well educated. The NAR and its sister institutions award professional designation. To earn it the realtors are expected to complete courses, which will groom them to serve clients in a particular field of the real estate business in an improved manner.

These findings are on the base of a questionnaire, which NAR circulated via the mail on January 2007 to 70,000 realtors, picking at random. The same set was distributed to another 70,000 through the Internet. 10, 774 replies were received of which 147 were rejected. Thus the response rate was 4.9%.

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Mortgage defaulters who are facing foreclosures are waiting for help from Washington. The authorities however have taken a wait and watch stand to the fallout resulting in years of lending practice without being backed by sufficient credibility.

The market is showing signs of self-recovery and the overall economy seems to remain untouched. At this point overreaction is uncalled for. Also encouraging are the indices showing solid consumer spending and low unemployment rates. The stocks too have hit records buoyed by corporate profits.

The Chairman of Federal Reserve opines that while on the one hand the authorities are obligated to end fraudulent lending, they have to be cautious about suppressing responsible lending

On the other hand the advocates for the affected consumers point out that this has come has a rare chance for the law to strengthen its lending rules. To substantiate their argument they point to foreclosure statistics.

The National Association of Realtors expects sales of present houses to fall by 4.6%. The home price median is anticipated to drop by 1.3%. The foreclosure rate is rising at a double rate annually all over the country.

The President of the National Community Reinvestment Coalition, John Taylor, representing the interests low-income people and minority groups, is skeptical of the outcome if the government fails to intervene.

The Mortgage Bankers Association however predicts that foreclosures among risky borrowers will amount to 0.25% of the country’s mortgages.

Democrat Senator Dodd is spearheading a movement to assist affected homeowners, with the help of big lenders – big names in the financial world like HSBC Holdings, Citigroup etc. They suggested modification of loan terms before hiking interest rates. Analyst Adeson, citing Dodd’s endeavours, warns that the housing market will suffer more if over enthusiastic banks arrange for loan workouts. He commented that lending money is not about being nice but it is all about business. He has cited the instance of Hedge Funds to prove his point.

Lawmakers are trying to work out a balancing trick between relief to borrowers and reining in of bad lending practices. Nobody wants to choke to death the sub-prime market. Senator Miller, a North Carolina Democrat has long been fighting predatory lending. He is confident of passing quickly a Bill in the House modeled after consumer protection laws in states like North Carolina and New Jersey, where reforms has not led to end of credit.

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New Yorkers are not notably genial neighbors, but the boom in condos loaded with amenities has created opportunities for neighbors to make friends.

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The city has no shortage of sign lettering, and one expert, Paul Shaw, has amassed 5,000 photographs of lettering in New York. He thinks he has only scratched the surface.

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A new $1 billion complex here will have more than 800 condominiums, a first-class hotel and conference center and extensive new retail and office space.

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One Look Will Do! Serenity Abounds in this immaculately maintained expanded ranch. A Master Suite Addition features cathedral ceilings, skylights, full bath, and walk-in closet. The Main Level has new carpet, updated kitchen, formal living room, and formal dining room with sliding glass doors to a spacious deck. Lower Level is great for entertaining or extended family with summer kitchen, bright and sunny den, office (or possible 4th bedroom), rec room, and walk-out to lovely patio. Lots of Storage! Move-In by Summer and enjoy the large deck and 24-foot above ground pool. Truly County Living At Its Best!

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A study suggests that in order to reverse the flow of younger people leaving Staten Island, the borough should entice developers to build more affordable apartments close to the ferry.

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The American Can Company factory building is undergoing conversion into more than 500 condominium lofts that will retain a distinct industrial flavor.

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