Home Sales Expected to Increase Nicely in 2017

Home Sales Expected to Increase Nicely in 2017 | Simplifying The Market

The National Association of Realtors, The Mortgage Bankers’ Association, Freddie Mac and Fannie Mae are all projecting that home sales will increase in 2017. Here is a chart showing what each entity is projecting in sales for this year and the next.

Home Sales Expected to Increase Nicely in 2017 | Simplifying The Market

As we can see, each is projecting sizable increases in home sales next year. If you have considered selling your house recently, now may be the time to put it on the market.

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This Always Will Affect A Homes Worth in Nutley [2017]

what are homes worth in Nutley

Location

It stands to reason that property in a high-crime area will not appraise for as much as similar property in Nutley, but there are other, more subtle, reasons location determines the value of a home. How near your home is to shopping, schools, medical facilities and major highways all play a role in determining its value. Few people want to have any of these in their backyard, but would like to cut down on their commute time by having them near. A home in an area like Nutley with services available nearby is likely to appraise at a higher value than a comparable home in a rural area.

Comparables in Nutley

The value of your home appraisal in Nutley is directly impacted by the value of homes comparable to your home that have sold in the recent past. An appraiser will take a critical look at those properties using information available from tax records, the Multiple Listing Service and the county. He will likely do a field inspection of the exterior of the homes that have sold to check how they measure up to your place. The price for which these homes sold will be the basis for how he establishes the value of yours.

Amenities

The appraiser will compare the upgrades and amenities of your home to those in the comparable homes she locates in Nutley. Every upgrade you have made will increase the value of your property. Every upgrade the other homes have that yours does not, will decrease its value. An updated kitchen and bathrooms, energy-saving central air, and even hardwood flooring will increase the amount of your appraisal.

Condition

The overall condition of your home in Nutley is vital to the appraisal you receive. The appraiser will look at the home through the eyes of a potential buyer, seeking issues that may cause a buyer to want to pay less for it. Your home's market value can be increased simply by making sure it is clean, uncluttered, and that minor issues like outdated light fixtures and peeling paint have been addressed.

Neighborhood

The precise neighborhood you live in Nutley makes a difference. An appraiser will take into account what the homes to either side of yours look like. He will check the quality of your neighborhood schools, if there is a homeowner's association and how well they help maintain the quality of the neighborhood. A comparable home in a nearby, but better kept, neighborhood could appraise at a higher value than a home located in a neighborhood on the decline.

Why We All Need A ‘Phil Dunphy’ On Our Side

Why We All Need A ‘Phil Dunphy’ On Our Side | Simplifying The Market

Whether or not you’ve ever seen an episode of Modern Family, or know who Phil Dunphy’s character is, the concept of knowing that you have someone in your corner who is looking out for your best interests is something we all want.

When it comes to buying a home, whether you are a rookie homebuyer or have gone through the process many times, having a local real estate expert who is well versed in the neighborhood you are looking to move into, and the trends of the area, should be your goal.

For those who aren’t familiar, the character Phil Dunphy is a Realtor with a huge heart who always strives to do the best for his family and his clients.

In one recent episode, Phil even shared the oath that he created and holds himself to:

“On my honor, I promise to aid in man’s quest for shelter, to recognize I’m not just in the business of houses — I’m in the business of dreams in the shape of houses. To disclose all illegal additions, shoddy construction, murders, and ghosts. And to put my clients’ needs before my own.” 

While this might seem silly, and it was definitely written with humor in mind, the themes of helping someone achieve the American Dream and putting a clients’ needs above your own are not to be taken lightly.

Bottom Line

When you make the decision to enter the housing market, as either a buyer or a seller, make sure you look for an agent who exemplifies these values and will help you through every step of the process.

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US Housing Market Moving Further into ‘Buy Territory’

US Housing Market Moving Further into ‘Buy Territory’ | Simplifying The Market

According to the latest Beracha, Hardin & Johnson Buy vs. Rent (BH&J) Index, the U.S. housing market has continued to move deeper into buy territory, supporting the belief that housing markets across the country remain a sound investment.

The BH&J Index is a quarterly report that attempts to answer the question:

In today’s housing market, is it better to rent or buy a home?

The index examines the entire US housing market and then isolates 23 major cities for comparison. The researchers “measure the relationship between purchasing property and building wealth through a buildup in equity versus renting a comparable property and investing in a portfolio of stocks and bonds.” 

Ken Johnson, Ph.D., Real Estate Economist & Professor at Florida Atlantic University, and one of the index’s authors explains that:

“Housing prices, in general, continue to slow and when considered in light of the recent trends in the Buy vs. Rent Index signal that ownership remains an excellent investment for the majority of Americans.”

While 15 of the 23 metropolitan markets examined moved further into buy territory since last quarter, Dallas, Denver, and Houston are three of the major cities that are currently deep into rent territory. In these three markets, it is estimated that renting will top homeownership 7 out of 10 times.

Eli Beracha, Ph.D., Assistant Professor in the T&S Hollo School of Real Estate at FIU, believes that, in these three markets, the strong odds in favor of renting to create more wealth should begin to have an impact on the demand for home ownership and from that, impact property prices in these areas.”

Simply put, home prices in these areas will begin to return to more normal levels once residents realize that renting may be a better choice, therefore bringing home affordability back as well.

Bottom Line

The majority of the country is strongly in buy territory. Buying a home makes sense socially and financially. Rents are predicted to increase substantially in the next year. Protect yourself from rising rents by locking in your housing cost with a mortgage payment now.

To Find Out More About the Study: The BH&J Index and other FAU real estate activities are sponsored by Investments Limited of Boca Raton. The BH&J Index is published quarterly and is available online at http://business.fau.edu/buyvsrent.

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4 Reasons to Buy This Fall

4 Reasons to Buy This Fall | Simplifying The Market

It’s that time of year; the seasons are changing and with them come thoughts of the upcoming holidays, family get-togethers, and planning for a new year. Those who are on the fence about whether or not now is the right time to buy don’t have to look much further to find four great reasons to consider buying a home now, instead of waiting.

1. Prices Will Continue to Rise

CoreLogic’s latest Home Price Index reports that home prices have appreciated by 6% over the last 12 months. The same report predicts that prices will continue to increase at a rate of 5.4% over the next year. The Home Price Expectation Survey polls a distinguished panel of over 100 economists, investment strategists, and housing market analysts. Their most recent report projects home values to appreciate by more than 3.5% a year for the next 5 years.

The bottom in home prices has come and gone. Home values will continue to appreciate for years. Waiting no longer makes sense.

2. Mortgage Interest Rates Remain at Historic Lows

Freddie Mac’s Primary Mortgage Market Survey shows that interest rates for a 30-year mortgage have remained at or below 3.5% for 13 consecutive weeks. The Mortgage Bankers Association, Freddie Mac & the National Association of Realtors are in unison, projecting that rates will increase by this time next year.

Any increase in rates will impact YOUR monthly mortgage payment. A year from now, the percentage of your income that you spend on housing will increase substantially if you choose to wait.

3. Either Way You Are Paying a Mortgage

Everyone should realize that, unless you are living with your parents rent-free, you are paying a mortgage – either your mortgage or your landlord’s. As a paper from the Joint Center for Housing Studies at Harvard University explains:

“Households must consume housing whether they own or rent. Not even accounting for more favorable tax treatment of owning, homeowners pay debt service to pay down their own principal while households that rent pay down the principal of a landlord plus a rate of return. That’s yet another reason owning often does—as Americans intuit—end up making more financial sense than renting.”

4. It’s Time to Move on with Your Life

The ‘cost’ of a home is determined by two major components: the price of the home and the current mortgage rate. It appears that both are on the rise.

But what if they weren’t? Would you wait?

Look at the actual reason you are buying and decide whether it is worth waiting. Whether you want to have a great place for your children to grow up, you want your family to be safer or you just want to have control over renovations, maybe now is the time to buy.

If the right thing for you and your family is to purchase a home this year, buying sooner rather than later could lead to substantial savings.

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Are Terrible Things Coming To Nutley Real Estate in [2017]?

I don’t think so as a matter of fact I think things are going to get allot better soon!

roche

An exciting new venture will take over the former Hoffman-La Roche Inc. site in Nutley and Clifton; Seton Hall University and Hackensack University Medical Center recently announced plans for a private medical school, the first private medical school in decades. This economic boost for the area is particularly good news to Matt DeFede, broker/owner of Realty Executives in Nutley.

“When Hoffman-La Roche closed, many good paying jobs in this area disappeared and it created a ripple effect. This project is a welcome announcement as it will be a boon to real estate values.”

Residents have wondered what would become of the sprawling 100-acre campus, sitting empty since 2013. The new medical school will occupy approximately 14 acres of the space, and will hopefully kick off a revitalization of the empty land into something beneficial for the surrounding areas.
The Hoffmann-La Roche headquarters occupied the campus for more than 80 years, housing research and development facilities. At one time, more than 8,500 people were employed by the pharmaceutical company, although that number varied over the years. When the company closed the Nutley/Clifton location, several thousand jobs – and tax revenue – were lost.

“Losing a cornerstone business impacts all aspects of revenue, we know that. So when you see a project like this, it gets you excited because you know the positive things it will bring to the communities. From construction and services, to new homeowners,” said DeFede.
State and local leaders are praising the Seton Hall University and Hackensack University Medical Center medical school as game-changer for education, as well as the counties, which will house the project.

Seton Hall is looking for the first class to start as soon as fall 2017.

Foreclosure Rate Drops to Pre-Crisis Levels [INFOGRAPHIC]

Foreclosure Rate Drops to Pre-Crisis Levels [INFOGRAPHIC] | Simplifying The Market

Some Highlights:

  • Only 2.9% of homes are in serious delinquency, down 17.1% from July 2015.
  • This is the 57th consecutive month with a year-over-year decline.
  • The national foreclosure rate has returned to August 2007 levels, at only 0.9%.

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5 Stats that Prove the Real Estate Market is Getting Stronger

5 Stats that Prove the Real Estate Market is Getting Stronger | Simplifying The Market

Whenever there is talk about an improving housing market, some begin to show concern that we may be headed toward another housing bubble that will be followed by a crash similar to the one we saw last decade.

Here are five data points that show the housing market will continue to recover, and that a new housing crisis is not about to take shape.

1) Mortgage availability is increasing, but is nowhere near the levels we saw in 2004-2006.

A buyer’s chances of being approved for a mortgage have increased over the last three years; That’s good news for the market. This is not a precursor to another challenge, as many experts maintain that it is still too difficult for many buyers to attain house financing.

As Jonathan Smoke, the Chief Economist of realtor.com, recently explained:

“The havoc during the last cycle was the result…of speculation fueled by loose credit. That’s the exact opposite of what we have today.”

2) The Housing Affordability Index, which measures whether or not a typical family earns enough income to qualify for a mortgage loan on a typical home, based on the most recent price and income data. The current index shows that it is more affordable to buy a home today than at any other time between 1990 and 2008. With median incomes finally beginning to rise, houses should continue to remain affordable and housing demand should remain strong.

3) Home prices are well within historic norms. Prices have increased substantially over the last several years; However, those increases followed the housing crash of 2008 and national prices are still not back to 2006 levels. If there were no bubble (and subsequent bust), today’s prices would actually be lower than if they were measured by historic appreciation levels from 1987-1999.

4) Demand for housing, as measured by new household formations, is growing. The Urban Land Institute projects that 5.95 million new households will be formed over the next three years. Even if the homeownership rate drops to 60%, that would be over 3.5 million new homeowners entering the market.

5) New home starts are finally beginning to increase. This helps eliminate the number one challenge in the industry – lack of inventory. And it does so in two ways:

  1. Some first time buyers will, in fact, purchase a newly constructed home.
  2. Many current homeowners will move-up (or move-down) to a new construction and then put their current home on the market.

This means that there will be an increase in both new construction and existing home inventories.

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Beautiful Forest Hills Newark New Jersey Homes & Real Estate

Forest Hills Newark New Jersey Homes & Real Estate

Forest Hills Newark New Jersey Homes & Real Estate

Charles Cummings, the noted city historian, describes Forest Hill as an architectural and residential jewel, lying to the east of Branch Brook Park, an Essex County park and the oldest county park in the United States.  Forest Hill is one of Newark’s most attractive and elegant neighborhoods.  It was developed between 1880 and 1925 through the efforts of three great families, the Hellers, the Ballantines and the Clarks.  These families lived here, built their great homes here and served as captains of nineteenth century industrial Newark.  While the exact boundaries of the district have tended to change slightly over the years it is essentially the area bounded by Second Avenue on the south, Grafton Avenue on the north, Branch Brook Park on the west and Mt. Prospect Avenue on the east.

Homes For Sale in Forest Hills Newark NJ

Some of Newark’s best-known architectural landmarks are found within its boundaries. The Ballantine Gates entryway to Branch Brook Park was a gift of Robert F. Ballantine in 1899.  Across from the gates on Lake Street are two identical homes related to the Whitehead family.  The Georgian mansion of Wallace Scudder, founder of the Newark News, is located on Parker Street.  On Abington Avenue is the Victorian home of Reverend William Hayes Ward.  At 346 Mt. Prospect Avenue is the William Clark mansion, one of the state’s most important nineteenth century residences and now home of the North Ward Center.  The Former Feigenspan mansion of 1913 became the Newark Home of world famous opera soprano Maria Jeritza in the 1940s.  Ms. Jeritza lived there for the next forty years.  On Delavan Avenue you can see one of the earliest houses in the neighborhood, designed for Louis Tiffany of the family that founded Tiffany & Co. in New York.  The Sydenham House located on “The Old Road to Bloomfield” and built in 1712 is the city’s oldest private residence.  D.J. and Elizabeth Henderson restored it in the 1950s.  This unique residence is perhaps one of the oldest residential dwellings in the entire New Jersey-New York Region. Think about buying a Historic Home in Newark, then check out Homes For Sale in Forest Hills Newark.

See More Homes in The Forest Hills Section of Newark NJ Here

Ready to Make an Offer? 4 Tips for Success

Ready to Make an Offer? 4 Tips for Success | Simplifying The Market

So you’ve been searching for that perfect house to call a ‘home’ and you finally found one! The price is right, and in such a competitive market you want to make sure you make a good offer so that you can guarantee your dream of making this house yours comes true!

Freddie Mac covered 4 Tips for Making an Offer” in their latest Executive Perspective. Here are the 4 Tips they covered along with some additional information for your consideration:

1. Understand How Much You Can Afford

“While it’s not nearly as fun as house hunting, fully understanding your finances is critical in making an offer.”

This ‘tip’ or ‘step’ really should take place before you start your home search process.

As we’ve mentioned before, getting pre-approved is one of many steps that will show home sellers that you are serious about buying, and will allow you to make your offer with the confidence of knowing that you have already been approved for a mortgage for that amount. You will also need to know if you are prepared to make any repairs that may need to be made to the house (ex: new roof, new furnace).

2. Act Fast

“Even though there are fewer investors, the inventory of homes for sale is also low and competition for housing continues to heat up in many parts of the country.”

According to the latest Existing Home Sales Report, the inventory of homes for sale is currently at a 4.7-month supply. This is well below the 6-month supply that is needed for a ‘normal’ market. Buyer demand has continued to outpace the supply of homes for sale, causing buyers to compete with each other for their dream home.

Make sure that as soon as you decide that you want to make an offer, you work with your agent to present it as soon as possible.

3. Make a Solid Offer

Freddie Mac offers this advice to help make your offer the strongest it can be:

“Your strongest offer will be comparable with other sales and listings in the neighborhood. A licensed real estate agent active in the neighborhoods you are considering will be instrumental in helping you put in a solid offer based on their experience and other key considerations such as recent sales of similar homes, the condition of the house and what you can afford.” 

Consider ways of making your offer stand out! Many buyers write a personal letter to the seller letting them know how much they would love to be the new homeowners. Your agent will be able to help you figure out if there are any other ways your offer could stand above the rest.

4. Be Prepared to Negotiate

“It’s likely that you’ll get at least one counteroffer from the sellers so be prepared. The two things most likely to be negotiated are the selling price and closing date. Given that, you’ll be glad you did your homework first to understand how much you can afford.  

Your agent will also be key in the negotiation process, giving you guidance on the counteroffer and making sure that the agreed-to contract terms are met.”

If your offer is approved, Freddie Mac urges you to “always get an independent home inspection, so you know the true condition of the home. If the inspection uncovers undisclosed problems or issues, you can typically re-negotiate the terms or cancel the contract.”

Bottom Line

Whether buying your first home or your fifth, having a local real estate professional who is an expert in their market on your side is your best bet to make sure the process goes smoothly. Let’s get together and see if we can make your dreams of homeownership a reality!

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