February 26, 2010
Regional Real Estate Trends versus National Trends

Single-Family Homes and Condos

Single-family home sales fell 6.9 percent to a seasonally adjusted annual rate of 4.43 million in January 2010 from a level of 4.76 million in December, but are 8.6 percent above the 4.08 million pace in January 2009. The median existing single-family home price was $163,600 in January, down 0.4 percent from a year ago.

Existing condominium and co-op sales dropped 8.1 percent to a seasonally adjusted annual rate of 620,000 in January from 675,000 in December, but are 38.1 percent above the 449,000-unit level a year ago. The median existing condo price was $172,400 in January, which is 1.4 percent higher than January 2009.

Regional Performance

Existing-home sales in the Northeast fell 10.9 percent to an annual pace of 820,000 in January 2010 but are 22.4 percent above a year ago. The median price in the Northeast was $245,300, a gain of 8.8 percent from January 2009.

Posted by: Bruce

January 05, 2010
Updated Neighborhood Information

Sales data for the last two years has just been incorporated into the data supplied for each of Hamilton's neighborhoods. The number of sales have remained fairly constant, and as you would expect sales prices have generally declined, but various neighborhoods have increased sales prices. Location, Location, Location.

Posted by: Bruce

December 29, 2009
End of Year Market Conditions

In the process of collecting statistics for year end reporting and, preliminarily at least, the 2009 Hamilton Township home market will look a lot like 2008 as the number of homes sold has held consistent in the 775 range. The number of homes on the market this year dropped from 1807 last year to 1684 in 2009. For comparison, in 2004 there were 1777 homes marketed, and 1309 of them sold.

With the current conditions, the stabilized rate of home sales combined with fewer homes on the market, will help reduce the inventory and continue to stabilize the East Windsor home sales market.

Posted by: Bruce

December 07, 2009
December 2009 Market Conditions

Hamilton Township currently has 631 homes for sale. Through today, there have been 754 homes sold so far this year. At this rate of home sales, it would take 10 months to exhaust the supply, making this a buyer's market. The average sales price has been $231,576 for homes were asking an average price of $253,420.

Information from TREND MLS - Information Deemed Reliable but Not Guaranteed.

Posted by: Bruce

November 07, 2009
First-Time Homebuyer Tax Credit Extended and Expanded

It’s now official, Congress has extended and expanded the existing $8,000 homebuyers tax credit and the President signed it into law on Friday, Nov. 6th.

The new law extends the existing tax credit for Hamilton area buyers who have not owned a home that was their principal residence in the past three years and adds some new criteria and qualifying homebuyers.

The $8,000 credit was scheduled to lapse on December 1st, 2009 but will now be in effect through the end of June. Homebuyers must sign a contract before April 30, 2010 and close by June 30, 2010.

The income limits have been raised: Single buyers can now earn up to $125,000 and still get the full credit while a married couple can earn $225,000.

The bill also made more Hamilton, NJ homeowners eligible to claim the credit on their taxes. First-time buyers — those who have not owned a home in the past three years — still qualify for an $8,000 rebate. But now people who want to trade up can also qualify. Those who have owned and occupied a residence for at least five years out of the past eight can claim a $6,500 tax credit if they close on a purchase by the end of June.

Posted by: Bruce

October 27, 2009
Hamilton Unveils Plan for Future Arts and Cultural District

Extending from the Hamilton Train Station to Isles, Inc.’s Mill One project in Hamilton’s Bromley neighborhood, the Arts and Cultural District will encompass various commercial and industrial (non-residential) zones of community, some of which have struggled or been underutilized over the years. At the center of the district sits the nationally renowned Grounds for Sculpture, which features an outdoor sculpture garden, galleries, studios, education and entertainment facilities. Township officials and planners believe the Grounds for Sculpture is an ideal, existing attraction around which to build a district that will promote the arts and culture.

To enhance transportation options for visitors with the district, the Township will consider the possibility of trolleys running from the Train Station to the Grounds for `Sculpture and other Hamilton historic, cultural and recreational sites. To also provide easier access for local residents, Hamilton Township will look toward pedestrian and bicycle trails.

Posted by: Bruce

October 13, 2009
Buy A Home for Under $100,000

This link will take you to information on homes priced up to $100,000 in Hamilton Township.

It is possible to find homes priced under $100,000...an amount that would still qualify you for the $8,000 tax credit. That would earn you at least 8% on your investment in the first year. But you have to be a first time home buyer and would have to take possession of the property by November 30th this year.

Posted by: Bruce

October 02, 2009
Home Sales in Hamilton in September

Hamilton Township monthly sales statistics derived from our local Multiple Listing Service known as TReND, show that 82 homes sold in Hamilton Township this last month. With an average number of homes sold per month over the last year at 56 and with 685 homes currently on the market, it will take about 12 months for all the inventory to sell.

These eighty-two homes sold for an average price of $222,268. The average sale price for the past year has been $231,300 for a home in the township of Hamilton, New Jersey.

Posted by: Bruce

September 29, 2009
No Township Tax Increase in Hamilton this Year

With revenue figures now in, Hamilton Township’s prediction of no municipal government tax increase looks to be “right on the money.”

At a press conference today, Hamilton Mayor John Bencivengo provided the revenue side that completes the Township’s proposed fiscal year 2010 budget, which will once again not increase municipal taxes this year. The budget will now be considered by the Township Council, who must adopt a budget this September.

More...

Posted by: Bruce

September 22, 2009
Budgeting Your Monthly Rental Costs

Trying to figure out how much you can spend on rent each month is a common dilemna. Most of the generally accepted advice is not to spend more than 25-33% of your take-home pay on housing, whether it be purchasing or renting.

For example, if your monthly take-home pay is $4000 you probably should not be spending more than $1,333 on your housing. You don't want to scrimp on other things, like bill paying, and damage your credit score. That could keep you from purchasing that dream piece of real estate in the future. More....

Posted by: Bruce