Morris Plains NJ Home For Rent
Looking for a Rental on Morris Plains New Jersey? For More information call me at 862-228-0554, Morris Plains NJ Home For Rent, 3 Bedroom House. Email me at: mdefede@gmail.com
Buying a Nutley Home from the Bank?
December 10, 2012 by
The difference between a ‘Foreclosure’ and a ‘Bank-Owned Home’ may be technical, but important to understand. Foreclosures are properties that are auctioned off in a court process. A bank-owned home, on the other hand, is one that has reverted to the mortgage issuer: a bank.
A foreclosure can change hands with the bang of the auctioneer’s gavel: it’s a cash-in-hand situation, carrying all of the excitement (and risk) of any auction.
With a bank-owned home, the ‘owned’ is attached by hyphen to a banking institution – a spot not exactly known for excitement. True, banks are eager to sell, since a bank-owned home represents an unprofitable financial and management burden. But banks are by definition cautious, thorough, and usually (unlike auctioneers) prone to moving like molasses in December. So, persistence and care will be needed to take advantage of the potential bargain a Nutley bank-owned home represents.
Since you will need to prove you are qualified to buy a bank-owned home, being pre-approved for a loan will come in handy. It will also be important to have a good home inspector at the ready, since most bank-owned properties are sold as-is. You will want detailed information about the condition of the house and likely cost of repairs that need to be made.
And while there are many sources for identifying a suitable bank-owned home online, when it comes to the next step — putting together a successful offer — enlisting an experienced local real estate agent is standard practice. Sometimes a bank-owned home can be priced under market, sometimes over — but if you want to write the winning offer, you need to examine and understand the latest numbers. By looking up the market comps and procuring costs faced by banks, your agent will help you present an offer that is both attractive to the bank and to you.
This winter, whether you are looking for an entry-level condo, a bargain fixer-upper, or a luxury REO, as soon as you are ready to start the search, call me — I will get you a list of Nutley bank-owned homes now accepting offers.
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Nutley Housing Picture Not Quite Complete
December 10, 2012 by
It may be a little early to start putting the champagne on ice, but looking over last week’s releases of housing reports gives us a fairly good idea of how our Nutley housing picture for the year 2012 is likely to end up.
“The housing recovery that started earlier in 2012 continues to gain momentum,” according to CoreLogic’s Chief Economist. The monthly data report covered final national numbers for October (a year-over-year rise of 6.3%) as well as a probable 7.1% increase for the month just ended.
CoreLogic was also “seeing an ongoing strengthening of the residential housing market” as well as “improving buyer demand.” Area housing watchers might have assumed that the aftermath of Superstorm Sandy would have put a big dent in the national outlook, but apparently that effect may be less than anticipated.
If CoreLogic’s take was not quite definitive enough to trigger an early break for the bubbly, there was additional news from the financial soothsayers. Seekingalpha.com stayed with its months-long view that “there are immediate long-term opportunities for homebuyers,” while Barron’s quoted RDQ Economics’ John Ryding’s pronouncement on the housing market: “the recovery is running ahead of our expectations…”
Meantime, the Wall Street Journal was blogging about the ‘Five Reasons Home Prices Have Been Rising’ – including favorable affordability, lowered levels of distressed sales, and rising rent levels. They also pointed to plunging inventories that “see more buyers chasing after fewer properties.”
Of course, the complete Nutley housing picture for the full year won’t be known until December is in the books. But considering how the year has treated us so far, it might not be too soon to stash a bottle or two of the good stuff in the fridge after all!
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The Death of Real Estate in 2013
December 8, 2012 by
The Death of Real Estate in 2013, Will Real Estate Change For Ever?
Now I am neither predicting anything about the housing market in 2013 nor am I saying its going to be better or worse in 2013 for real estate it’s jut my view and what I am seeing in what I like to call this fragile housing recovery, this is not by any means a political statement either. You see I have been a Real Estate investor since 1998 and I also am a licensed Real Estate Agent in Northern NJ with Coldwell Banker Residential.
There is no doubt that the housing market has changed in the last 10 years, we have seen very high home prices nose dive and we saw people buying homes that had no business buying homes and treating them like an ATM machine, we have seen loan professionals give mortgages to people that had no reason getting loans and we have seen investors buy homes flip them or hold them just to short sale them or lose them to the bank.
Lending standards have been tightened real estate taxes have been raised and here we are, people that do qualify for mortgages have a hard time getting them now, banks are holding onto tons of shadow inventory and they don’t know what to do with them, eventually two things will need to be done, either dump them on the market cheap driving home prices down further or let Uncle Same become a landlord. In my opinion I don’t know whats worst. If the Federal Government decides to take away the mortgage tax deduction you can bet it will have a big negative impact on the housing market as well, from what I can see Real Estate investing is slowly dying unless you come into the market with an all cash deal between the Real Estate Taxes and monthly Utility Bills and finding tenants that can pay the rent on time Real Estate Investing will be dead as well!
Homeowners Insurance is the next shoe to drop in NJ as well, after hurricane Sandy the insurance companies are going to have to re-coupe all that money they paid out in claims and you know how they will do it right? right hike the insurance rates up on everyone yet another nail in the coffin for the Real Estate investor. So the future for Real Estate investing looks mighty bleak NO MORTGAGE DEDUCTION, HIGH REAL ESTATE TAXES, HIGH INSURANCE BILLS so what is the benefit in owning a couple of rental properties? Well there really is none, if I was going to purchase and investment property their would have to be a massive positive cash flow to rebuff any legislation that is coming done the pike and in my opinion its might risky right now to do this.
The one ray of hope is that we all need a roof over are head so Real Estate has now become more utilitarian than an investment vehicle and that is what I explain to all my clients, “You need a home a place to raise a family” yes that will never change but do you buy or do you rent? are we headed to a total rental market where the government owns the property and we rent it from them? we kind of do anyone even after you purchase a home you never really truly own it, you have to pay taxes on the land and improvements, you have to pull permits whenever you are doing any kind of addition to your home etc. and these regulations are getting tighter and tighter every day because local governments need money!
So you ask Matt then why am I even looking at a home? well a primary home is still a good thing, if anything you still need a place to live, raise your family and its kind of a forced savings account and what I mean by that if you buy a home today for 350k and 30 years from now it does not appreciate a penny you have paid your mortgage down and your home is till worth 35ok (hopefully) and you sell it and go on your merry way, let’s face it we all know that Real Estate is changing and will continue to change but as long as we still live in a home the job for a Realtor will always be there, just the rules will be changing, the market as is the country.
If you have any Real Estate Questions for Me please email me at matthew.defede@cbmoves.com
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Home Prices in Nutley NJ for November 2012
December 7, 2012 by
Home Prices in Nutley NJ for November 2012
Real Estate Market Data for Nutley, NJ provided by Matthew DeFede of Coldwel Banker Residential
Nutley Home Prices
We have seen a slight dip in home prices in Nutley NJ which points out some great bargains at the moment, I expect the home prices to start reversing this trend just because of the presidential election being over and also Nutley still being a very desirable area to buy a home in as well as the dwindling inventory.
Nutley Real Estate Report Summary
The median list price in November for single family homes in Nutley is $338,999. The list prices dropped by -0.29% from the previous month.
The price per square foot for listings in this area is $172.
The median sale price in December for single family homes is $225,500. The sale prices dropped by -44.32% from the previous month.
Find Homes For Sale In Nutley NJ
Visit my Website to Search for homes in Nutley NJ or to be notified when Nutley Homes come on the market.
To find out what your home is worth in the current market email me or call 973-846-0065
Matthew De Fede SFR & CNE
COLDWELL BANKER Residential Brokerage
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Selling Your Home? See What Your House May Be Worth
December 7, 2012 by
Selling Your Home? See What Your House May Be Worth
Click the map below to find out what your home may be worth in Today’ Market
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Nutley Realty Listings Not Quite Tethered to the Dow
December 3, 2012 by
Nutley Realty Listings Not Quite Tethered to the Dow
When you check into the latest realty listings in Nutley, you come away with an accurate snapshot our current market. But when you are thinking of the future, and where values might be headed, it’s also useful to think nationally.
Useful, yes: but careful! There is a tendency to mentally equate the equities market averages – Dow Jones, S&P, Nasdaq – with the real estate market. They are certainly related: one of the causes of the 2008 Dow plunge was the collapse of the subprime mortgage market, which led to the glut of foreclosed homes in realty listings. Yet, the two markets are far from identical.
According to Yale University professor Robert Shiller, the number one driver of the value of realty listings is momentum. If the prices of homes are following an upward trend, they are not likely to head into a sudden crash. The stock market is much more susceptible to rapid run-ups and downturns. When there is a great deal of volatility in the stock market, consumer confidence might experience a dip, which might in turn cause a drop in home sales – but disregarding the time differential would be a mistake.
Shiller also points to a second key driver of the real estate market: the unemployment rate. When the UE rate is high, people are less likely to buy homes — so the prices you find in the realty listings tends to drop. A long-term bear market can itself create upward pressure on the unemployment rate, since companies hesitate to spend precious capital on hiring new employees. Yet, when that trend reverses, employment rates may improve ahead of the curve.
Another takeaway is that while the stock market does not directly correlate with housing prices on your street, consumer confidence levels can. It is most realistic to be aware of all the above factors – especially the true relationship between the equities and real estate markets — when developing a home pricing strategy.
Want to hear more about what is influencing realty listings in Nutley? Give me a call; I’m happy to share the latest knowledge about local market conditions as we head into the winter selling season!
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Discounted Real Estate Commissions in NJ
December 1, 2012 by
Discounted Real Estate Commissions in NJ = Discounted Performance for Home Sellers in NJ
Looking for Discounted Real Estate Commissons in NJ? If your thinking about selling your home in NJ in today’s market you really need to consider whether or not your going to hire a Discounted Broker of a Full Service Broker, Yes there is a difference, you may be thinking that you can save money using a broker that will take a lower commission but what you don’t realize is that Discounted fees mean discounted marketing for your home.
Think about this a full service broker would be willing to spend more money marketing and servicing your listing because they have a large budget to do so, a discounted broker is going to spend less money marketing and selling your home because they have less money it’s that simple.
In today’s economic climate you need to position your home in the best light and to outpace your competition, if your neighbors are selling their home for $300k and your selling your home for $300k and your neighbor is using a full service agency and paying a 5% commission and your paying a discounted broker a 4% commission who do you think will sell their home first? well if you understand they way commission splits work the 4% listing will only be paying out 2% to a participating buyers agent and the 5% listing will be paying 2.5% out to a buyers agent, it;s only human nature to gravitate toward the listing paying more money right?
Also the 5% listing broker will most likely so more marketing because they have that extra money to use in the marketing of your home, Direct Mail, Website, Newspaper Ads all cost money and the more Marketing you have the better. That 1% your trying to save on a $300k home ($3000) may cost you triple that in the long run when your home becomes stale on the market and that listing agent wants a price reduction of 10k to get the home some buyers.
So before you sign on the dotted line and commit yourself to a Discounted broker think twice who it will benefit, the average listing gets brokers another 2-3 listings on the average and they may be taking your home not to sell it but to help them market themselves.
If you have any more questions about selling your home feel free to call me at 973-846-0065
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Don’t Let Your Nutley Rental Property Manage You
November 26, 2012 by
Don’t Let Your Nutley Rental Property Manage You
According to the non-profit Demand Institute, this year nearly 35% of housing in the United States is now categorized as rental property. In Nutley, NJ as elsewhere, some of these properties belong to “accidental” landlords — folks who had to relocate for professional or other reasons, but didn’t (or couldn’t) sell. Many others decided to buy investment properties when the prices of homes dropped so dramatically. One way or another, this fall a good many of our local neighbors find themselves in the position of owning rental property for the first time.
What all new and long-time Nutley landlords have in common is the simple need to secure a trouble-free tenancy – which in many cases means securing professional property management. If you have a rental property yet are on the fence about the cost, some of the considerations that point to a professional for your property management solution look like these:
- A reputable local property management company knows how to find and screen qualified tenants at the same time they are complying with local and federal Fair Housing laws. It amounts to protecting you from potential lawsuits.
- Reputable property managers will take care of rental collections, protecting the cash flow that makes your investment worthwhile.
- Tenants who are handled professionally tend to stay longer – and that cuts down on costly turnover expenses.
- Experienced property management companies make sure that repair and maintenance work is completed promptly by licensed and insured professionals. This protects your asset while minimizing potential liability.
Property management may not seem to be the lowest cost solution, but for landlords who cannot spare the time to manage their property legally and carefully, finding one of the stellar property management companies in town is the best bet to protect that underlying asset and keep cash flowing. If you are one of those new ‘accidental’ landlords or are considering buying or selling an investment property, I am happy to share some of the best contacts in the industry!
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Coldwell Banker Nutley NJ -Nutley Area Map of 07110
November 25, 2012 by
Nutley New Jersey 0710 Area Map (Nutley Residential Lease, Short Sales, Schools)
