Sunny Outlook May Motivate Nutley County Buyers, Sellers

Home Prices Rising in Nutley New Jersey

Home prices rising in Nutley NJ

Throughout the winter, analysts and industry experts said the housing market in Nutley NJ would regain its strength this spring and summer. Now, according to the most recent National Housing Survey from Fannie Mae, a combination of rising consumer confidence and an improving job market may be about to prove them right. The survey polls 1,000 Americans each month to gauge their attitudes toward homeownership, price changes, the economy, their personal financial situation, and overall consumer confidence. The most recent survey found the number of respondents who said they think now is a good time to sell a house at a record high, while the number who were concerned about losing their job hit a record low – both encouraging signs. Doug Duncan, senior vice president and chief economist at Fannie Mae, said consumer confidence is moving in a positive direction. According to Duncan, the optimistic results are in line with Fannie Mae’s forecast of increased housing activity and gradual strengthening of the housing market this spring and summer selling season. Also among the results, 69 percent of participants said they felt now is a good time to buy a home. More here.

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    With Rates & Prices on the Rise, Do You Know the True Cost of Waiting to Buy A Home in Nutley NJ?

    Waiting to buy  a home in Nutley NJ?

    Buying A Home in Nutley NJ

    We, at KCM, have often broken down the opportunity that exists now for Millennials who are willing and able to purchase a home NOW… Here are a couple other ways to look at the cost of waiting to buy a home in Nutley NJ.

    Let’s say you’re 30 and your dream house costs $250,000 today, at 4.41% your monthly Mortgage Payment with Interest would be $1,253.38.

    But you’re busy, you like your apartment, moving is such a hassle…You decide to wait till the end of next year to buy and all of a sudden, you’re 31, that same house is $270,000, at 5.7%. Your new payment per month is $1,567.08.

    The difference in payment is $313.70 PER MONTH!

    That’s like taking a $10 bill and tossing it out the window EVERY DAY!

    Or you could look at it this way:

    • That’s your morning coffee everyday on the way to work (Average $2) with $12 left for lunch!
    • There goes Friday Sushi Night! ($80 x 4)
    • Stressed Out? How about 3 deep tissue massages with tip!
    • Need a new car? You could get a brand new $22,000 car for $313.00 per month.

    Let’s look at that number annually! Over the course of your new mortgage at 5.7%, your annual additional cost would be $3,764.40!

    Had your eye on a vacation in the Caribbean? How about a 2-week trip through Europe? Or maybe your new house could really use a deck for entertaining.  We could come up with 100’s of ways to spend $3,764, and we’re sure you could too!

    Over the course of your 30 year loan, now at age 61, hopefully you are ready to retire soon, you would have spent an additional $112,932, all because when you were 30 you thought moving in 2014 was such a hassle or loved your apartment too much to leave yet.

    Or maybe there wasn’t an agent out there who educated you on the true cost of waiting a year. Maybe they thought you wouldn’t be ready, but if they showed you that you could save $112,932, you’d at least listen to what they had to say.

    They say hindsight is 20/20, we’d like to think that 30 years from now when you are 60, looking back, you would say to buy now in Nutley

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      Where to Look for Hidden Gems in Nutley Real Estate

      Pricing a home in Nutley is more art than science.

      Get beyond the standard information you can search online like square footage, bedrooms, bathrooms, year built, etc. Homebuyers in Nutley should be on the lookout for some of these hidden gems that may undervalued (or not even included) in the listing price.

      We asked the ActiveRain community to tell us what they thought were some of the hidden gems in real estate, it’s no surprise that some people thought certain features ‘a waste of money’ while others thought the exact same feature ‘worth every penny!’

      But at the end of the day, Nutley real estate professionals are in agreement, there are certain hidden gems in a home that have the potential to add long term value for a buyer and might not be actually reflected in the selling price.

      This community sourced data, which we turned into an infographic, allows a buyer to look beyond the obvious things that affect price and identify hidden gems that could add value to the next home they purchase.

      Nutley Real Estate

       

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        How To Negotiate A Great Deal On Your New Home in Nutley

        Keep your emotions in check and your eyes and a new house in Nutley is the goal, and you’ll pay less when purchasing a home.

        Here are six tips for negotiating the best price on a home on a new home in Nutley.

        1. Get prequalified for a mortgage

        Getting prequalified for a mortgage proves to sellers that you’re serious about buying and capable of affording their home. That will push you to the head of the pack when sellers choose among offers; they’ll go with buyers who are a sure financial bet, not those whose financing could flop.

        2. Ask questions

        Ask your agent for information to help you understand the sellers’ financial position and motivation. Are they facing foreclosure or a short sale? Have they already purchased a home or relocated, which may make them eager to accept a lower price to avoid paying two mortgages? Has the home been on the market for a long time, or was it just listed? Have there been other offers? If so, why did they fall through? The more signs that sellers are eager to sell, the lower your offer can reasonably go.

        3. Work back from a final price to determine your initial offer

        Know in advance the most you’re willing to pay, and with your agent work back from that number to determine your initial offer, which can set the tone for the entire negotiation. A too-low bid may offend sellers emotionally invested in the sales price; a too-high bid may lead you to spend more than necessary to close the sale.

        Work with your agent to evaluate the sellers’ motivation and comparable home sales to arrive at an initial offer that engages the sellers yet keeps money in your wallet.

        4. Avoid contingencies

        Sellers favor offers that leave little to chance. Keep your bid free of complicated contingencies, such as making the purchase conditional on the sale of your current home. Do keep contingencies for mortgage approval, home inspection, and environmental checks typical in your area, like radon.

        5. Remain unemotional

        Buying a home in Nutley is a business transaction, and treating it that way helps you save money. Consider any movement by the sellers, however slight, a sign of interest, and keep negotiating.

        Each time you make a concession, ask for one in return. If the sellers ask you to boost your price, ask them to contribute to closing costs or pay for a home warranty. If sellers won’t budge, make it clear you’re willing to walk away; they may get nervous and accept your offer.

        6. Don’t let competition change your plan

        Great homes in Nutley  and those competitively priced can draw multiple offers in any market. Don’t let competition propel you to go beyond your predetermined price or agree to concessions—such as waiving an inspection—that aren’t in your best interest.

        More from HouseLogic

        Determine how much mortgage you can afford

        Keep your home purchase on track

        Plan for a stress-free home closing

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          A Few Reasons Why That Extra Bedroom Might Be Worth It

          Buying A home in NutleySo you are looking at buying a home in Nutley NJ, but you are wondering whether or not it is worth it to pay a little extra for a home with one more bedroom in Nutley.

          It’s a tough decision to make, especially when balancing other factors such as location and the other features of the home. However, having one more bedroom than you think you need could end up being a good thing for a number of reasons.

          Expanding Family in Nutley

          Perhaps you only planned on having two children, but a third one might come along as an unplanned surprise… will you have enough room for everyone in your new Nutley Home?

          One of your children’s friends might have a bad home situation and need a place to crash for a while. One of your elderly parents might need to live with you for a while in Nutley.

          There are many situations when the family living under your roof might expand, (even if it’s just having guests over the weekend) so make sure that you have the space to accommodate.

          A Home Office in Nutley

          If you are working from home or have your own business in Nutley, a private space in the home to work can be worth its weight in gold. It’s really difficult to be productive when you are trying to work at the kitchen table with the rest of the family buzzing around you, so turn your extra bedroom into a home office.

          Rental Income in Nutley

          An extra bedroom might be a great source of income, especially if it can be turned into a basement or attic suite. As long as you don’t mind the responsibility of being a landlord, you could rent out the room to a tenant in Nutley and let their rent help you cover the mortgage payment.

          Resale Value in Nutley

          Buying a slightly larger house in Nutley with one more bedroom means that the home will be easier to sell in the future. This is especially true if all of the other homes in the area have similar amounts of bedrooms.

          These are just a few reasons why an extra room can really come in handy. If you want to know more about home buying, you can contact me your trusted real estate professional.

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            Nutley FSBO Home Buyers Look to Agents for Safety

            Nutley For Sale By OwnersAccording to the National Association of Realtors, last year there was a 14% decline in the number of For Sale By Owner (FSBO) properties. Despite that decline, FSBO properties are still available in Nutley – and in an inventory-challenged market, you might find one of them is a pretty tempting buying opportunity.

            But here is where caution is warrented — and where you may be amply rewarded by seeking a Nutley buyer’s agent to represent you. There’s more than one reason why:

            FSBO owners may, er, hide things

            It can be tempting for FSBO sellers to cover up problems that would have been picked up if a seller’s agent had been involved. By using an experienced buyer’s agent, you stand a much better chance of identifying those common problems. A qualified inspector (your agent will recommend a good one) can help you spot the more well-hidden ones.

            FSBO properties usually cost more!

            Statistics bear it out: it’s estimated that FSBO properties can cost 10 to 20% more than those listed via real estate agents. Owners in Nutley just tend to overestimate their property’s worth and selling potential. And without the counsel and guidance of a real estate professional, sellers usually establish a stronger emotional attachment to their first listing price. The presence of your buyer’s agent (with a notebook full of comps) is sure to power up your negotiating stance!

            Legal issues

            One of the main reasons to team with an agent is the plethora of legal issues that are interwoven with residential real estate sale transactions. By using an agent, you stand to identify any contractual mishaps before they are executed — and well before costly repercussions materialize. Since many owners who take the FSBO route in town are usually short when it comes to real estate transactional expertise, there may be required disclosures and important paperwork that they have missed. You don’t want to find that out too late.

            If you wind up seriously eyeing a Nutley FSBO home this summer, save future headaches by including your buyer’s agent commission in your offer. More questions? I’m available for consults this week!

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              Nutley Mortgage Rate Hikes Pose Riddle

              This is one of those multiple-choice questions: which is true – A, B, C, D, or E?

              A) If the headline reads NUTLEY MORTGAGE RATES ON THE RISE! it means it’s time to buy (quick) before they go up further!

              B) If the headline reads NUTLEY MORTGAGE RATES FALL! it means it’s time to buy (quick) to cash in on the savings!

              C) If the headline reads NUTLEY MORTGAGE RATES UNCHANGED! it means it’s time to buy (quick) while the rates are stable!

              D) All of the above.

              E) None of the above.

              My answer is below (and it’s not even upside-down), but before anyone even looks down there, I’d like to mention that there is an equally valid second question, which would read ‘sell’ instead of ‘buy.’

              This week is a good time to be pondering both questions. It looks as if the long-lived swoon in mortgage interest rates is about over. “Looks as if” is a carefully chosen phrase, because what seems inevitable in finance has a strong track record of proving wrong. One of the dangers that our current environment presents is that everyone has been correct (about mortgage rates staying in the cellar) for such a long time that they’ve grown accustomed to rates being predictable. They aren’t.

              So the answer to the question is (drum roll, please): E).

              It’s a trick question: when it comes to buying or selling a home, doing anything “quick!” just because of a one-week dip or rise in Nutley mortgage rates is a bad idea. It’s a big decision, one that should be entered into with care and forethought. But if you were to remove the “quick!” from the question, I’d personally tend a little more toward D), but only because I don’t think local mortgage rates are likely to fall right away. And rates today are still, historically, very low.

              Good time to buy, good time to sell. Thoughtfully.

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                What Makes a Great Mortgage Broker in Nutley?

                Getting a mortgage in Nutley these days can be more involved than in years past, not least because their historically low rates make them so desirable. That loan can make or break a fantastic deal — the kind of deal you don’t want to lose when you come across it! Central to the process of getting a mortgage is your mortgage broker…but how do you know when you’ve found a great one?

                These are some of the qualities I believe most often point to the answer:

                • Truly outstanding mortgage brokers get tons of referrals from previous clients and their real estate agents…while other less well-appreciated or experienced brokers must constantly solicit new business. BUT (a very important ‘but’) that is not to say that a mortgage broker who solicits isn’t perfectly well qualified; simply, if you have selected a broker through his marketing, be sure to ask for a few recent references — and speak with them!
                • Getting a mortgage often obligates as much as a third of a household’s income, so it’s vital that it fit properly into the overall financial picture. A great mortgage broker asks the right questions to find a product that best fits your long-term goals, even when they aren’t the easiest ones to ask.
                • The rules governing mortgage transactions have changed significantly in the last few years — and they were plenty complicated to begin with. Learning much of the process on the fly is part of the challenge facing brokers who are new to the field. When you are getting a mortgage in Nutley, if you suspect yours will be anything other than a straightforward process, it may be best to look past a newly licensed broker. An easy way to learn how much experience your broker has is to inquire about his work experience over the last 10 years.

                Getting a mortgage in Nutley can be complicated, but it’s often decisive for your real estate transaction. I’ll be happy to introduce you to some of my proven local favorites. It’s one way we’ll be ready to go when we find you the perfect house!

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                  The Best Real Estate Agent in Nutley Helps First Time Buyers Find a Home

                  The Best Real Estate Agent in Nutley Helps First Time Buyers Find a Home,

                  Nutley House

                  Each day, any number of tenants see the perfect Nutley house for sale, yet fail to go ahead and investigate further. Making the move from tenant to homeowner is, after all, one of life’s major decisions — so no matter how perfect such a find might be, making the leap can seem daunting.

                  According to the Rental Protection Agency, by last week there were more than 107,000,000 renters in the US — a number that increases by 2,600 a day. In other words, if you are a little unsure about snapping up even the most perfect Nutley house for sale, you are hardly alone. Still, there is that nagging suspicion that homeownership brings substantial financial advantages to some people…

                  Fortunately, there are concrete indicators that when a Nutley house for sale looks like a good fit for your family, it will be a good fit for your financial future, too. As a rule, if you qualify for a mortgage, you stand to benefit from homeownership, too.

                  One of the main reasons people don’t take advantage of an otherwise ideal house for sale has to do with their credit history. Qualifying takes a credit rating that pencils out to merit a mortgage with beneficial terms.

                  If you have savings that are substantial enough to serve as a down payment (generally somewhere between the FHA’s 3.5% to as much as 20%), you have an important leg up.

                  Importantly, in the big picture, you need to gauge your overall financial stability. No one can see 100% into the future, but even if a Nutley house for sale is a great value and ideal for you, unless in your income has been steady for at least two years, you probably should wait (and most lenders would agree).

                  With good credit, savings for a down payment, and a steady income, you are likely to belong to the group which sees substantial long term benefits from homeownership. If you find a Nutley house for sale that seems well suited to your needs, here’s an undaunting first step: call me today to help get you pre-qualified!

                   

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                    The Eureka! Moment for Nutley Renters

                    The Eureka! Moment for Nutley Renters

                    It’s pretty common to hear from previously contented tenants who suddenly experience the Eureka! moment – one where they realize they should have bought a home a while back. Eureka! moments happen most frequently around April 15 — but they can strike anytime. To minimize the lapse between Eureka! and the moment when home ownership became the smart choice, here are some indicators current tenants should watch for:

                    Stability Shift

                    When your long-term job stability changes, your ability to predict future finances changes with it. Current renters should start surveying Nutley homes for sale when the breadwinner becomes newly established in a long-term position.

                    Credit Profile Shift

                    To qualify for one of the homes for sale in Nutley may not require perfect credit; but a better credit score means a lower interest rate (and smaller monthly payments). Keeping an eye on your credit profile will confirm that the single best way to boost it is to pay your bills on time, every time. As with the previously cited stability qualifier, lenders take it all into account, and improved credit coupled with today’s record low interest rates pencil out to mortgage eligibility.

                    DIY Profile

                    An additional sign that you are ready to investigate the homes for sale in Nutley appears when it becomes clear that you can easily handle day-to-day maintenance. Diligent upkeep of a property, inside and out, can take chunks out of your budget if it must all be handled by paid professionals. Especially if you enjoy the process, the more of it you take on, the more you (instead of a landlord) will benefit.

                    Owning a home is one commitment that should only be taken on after you have researched Nutley homes for sale, organized your finances, and are confident that your family is ready to settle down for the long haul. If you are close to such a Eureka! moment, contact me to discuss your goals.  With market conditions nearly ideal for first time buyers, I’m here to help you find a home that will turn your Eureka! moment into, ‘It’s good to be home’!

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