Cambridge Heights Rental in Nutley NJ

100 Cambridge Dr, Nutley, NJ

$ Click for current price
2 BEDROOMS | 3 (2 full, 1 half ) BATHROOMS |

End Townhome Unit Located in Cambridge Heights Located Close to NYC Ttransportation & New Seton Hall Medical School, Pool, Gym, Gated Community


REALTY EXECUTIVES ELITE HOMES

653 Franklin Ave.

Nutley NJ 07110

This Just In: Data Says May is the Best Month to Sell Your Home

According to a newly released study by ATTOM Data Solutions, selling your home in the month of May will net you an average of 5.9% above estimated market value for your home.

For the study, ATTOM performed an “analysis of 14.7 million home sales from 2011 to 2017” and found the average seller premium achieved for each month of the year. Below is a breakdown by month:

This Just In: Data Says May is the Best Month to Sell Your Home | Simplifying The Market

ATTOM even went a step further and broke their results down by day.

Top 5 Days to Sell:

  • June 28th – 9.1% above market
  • February 15th – 9.0% above market
  • May 31st – 8.3% above market
  • May 29th – 8.2% above market
  • June 21st – 8.1% above market

It should come as no surprise that May and June dominate as the top months to sell and that 4 of the top 5 days to sell fall in those two months. The second quarter of the year (April, May, June) is referred to as the Spring Buyers Season, when competition is fierce to find a dream home, which often leads to bidding wars.

One caveat to mention though, is that when broken down by metro, ATTOM noticed that while warmer climates share in the overall trend, it turns out that they have different top months for sales. The best month to get the highest price in Miami, FL, for instance, was January, and Phoenix, AZ came in with November leading the charge.

If you’re thinking of selling your home this year, the time to list is NOW! According to the National Association of Realtors, homes sold in an average of just 30 days last month! If you list now, you’ll have a really good chance to sell in May or June, setting yourself up for getting the best price!

Bottom Line

Let’s get together to discuss the market conditions in our area and get you the most exposure to the buyers who are ready and willing to buy!

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How Much Has Your Home Increased in Value Over the Last Year?

How Much Has Your Home Increased in Value Over the Last Year? | Simplifying The Market

Home values have risen dramatically over the last twelve months. In CoreLogic’s most recent Home Price Index Report, they revealed that national home prices have increased by 6.7% year-over-year.

CoreLogic broke down appreciation even further into four price ranges, giving us a more detailed view than if we had simply looked at the year-over-year increases in national median home price.

The chart below shows the four price ranges from the report, as well as each one’s year-over-year growth from February 2017 to February 2018 (the latest data available).

How Much Has Your Home Increased in Value Over the Last Year? | Simplifying The Market

It is important to pay attention to how prices are changing in your local market. The location of your home is not the only factor that determines how much your home has appreciated over the course of the last year.

Lower-priced homes have appreciated at greater rates than homes at the upper ends of the spectrum due to demand from first-time home buyers and baby boomers looking to downsize.

Bottom Line

If you are planning to list your home for sale in today’s market, let’s get together to go over exactly what’s going on in your area and your price range.

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Why Home Prices Are Increasing

Why Home Prices Are Increasing | Simplifying The Market

There are many unsubstantiated theories as to why home values are continuing to increase. From those who are worried that lending standards are again becoming too lenient (data shows this is untrue), to those who are concerned that prices are again approaching boom peaks because of “irrational exuberance” (this is also untrue as prices are not at peak levels when they are adjusted for inflation), there seems to be no shortage of opinion.

However, the increase in prices is easily explained by the theory of supply & demand. Whenever there is a limited supply of an item that is in high demand, prices increase.

It is that simple. In real estate, it takes a six-month supply of existing salable inventory to maintain pricing stability. In most housing markets, anything less than six months will cause home values to appreciate and anything more than seven months will cause prices to depreciate (see chart below).

Why Home Prices Are Increasing | Simplifying The Market

According to the Existing Home Sales Report from the National Association of Realtors (NAR), the monthly inventory of homes for sale has been below six months for the last five years (see chart below).

Why Home Prices Are Increasing | Simplifying The Market

Bottom Line

If buyer demand continues to outpace the current supply of existing homes for sale, prices will continue to appreciate. Nothing nefarious is taking place. It is simply the theory of supply & demand working as it should.

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Existing Home Sales Grow Despite Low Inventory [INFOGRAPHIC]

Existing Home Sales Grow Despite Low Inventory [INFOGRAPHIC] | Simplifying the Market

Existing Home Sales Grow Despite Low Inventory [INFOGRAPHIC] | Simplifying the Market

Some Highlights:

  • According to the latest Existing Home Sales Report from the National Association of Realtors, sales grew 1.1% in March to an annual pace of 5.60 million.
  • This is the strongest pace since November of 2017.
  • Inventory levels dropped year-over-year for the 34th consecutive month and are now 7.2% lower than March 2017 levels, representing a 3.6-month supply.

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How to increase your home value in Nutley

Nutley Home Value

Increase Your Home’s Value Up to 28% with These 5 Tips

Great curb appeal not only makes your home the star of the neighbourhood, it can also improve its value and help you sell it for more. Whether you’re thinking of listing your home or just want to make your home the envy of your neighbours, here are several ways to increase your home’s curb appeal.

1. Make your home’s exterior look like new.
For many potential buyers, the condition of the exterior of a home can offer clues to the condition of the interior. The first place to start when boosting curb appeal is the exterior of your house.

Paint. Paint is the best way to make your home appear newer. While you can paint your home yourself, if it’s large or more than one story, consider hiring a professional. Painting has a 55 percent return on investment.1

Maintain your siding. Over time, weather and the elements can make your home’s siding appear dull and dirty. Use a pressure washer to clean stains, spider webs and accumulated dirt and grime, or use a soft cloth and a household cleaner to get into those small nooks and spaces. Although the average life expectancy of siding ranges from 60 to 100 years, depending on the material, extreme weather may reduce this number. Replacing worn or damaged siding will boost curb appeal and may help your home sell for more.

Paint or replace garage doors. If your garage doors are in good condition, give them a new coat of paint. If they’re beginning to show their age, consider replacing them. Not only will new garage doors improve the look of your exterior, they’re also more energy efficient and better insulated than older models.

Maintain your fence. Replace rotted or worn posts and panels and freshen it up with a coat of paint. If you have a hedge that serves as your property’s border, keep it trimmed and in good shape.

2. Pay attention to the small details.
The small details tie your home’s exterior together and help it stand out from others in the neighbourhood.

Paint front door, trim and shutters. This inexpensive improvement adds brightness to a home, whether you choose a bold colour, a neutral tone or classic white.

Install new door fixtures and be sure they match in style and finish and complement the style of your home.

Update your house numbers. Make sure potential buyers and guests can find your home. If the numbers have faded or need an update, replace them. If choosing a metallic finish, make sure it matches the finish of your exterior light fixtures.

3. Tend to your driveway and lawn.
A well-designed and managed landscape may add up to 28 percent to the overall value of your home.2 Additionally, professionally done landscaping not only adds value, it may help your home sell faster as well.

Place a border along your driveway or walkway made of brick, stone, pavers or another hardscape element to add visual interest to a plain driveway.

Maintain your green space. If you have grass, a well-maintained, green lawn makes your home look inviting and picturesque. However, in many parts of the country, water conservation is becoming more important. Xeriscaped landscapes incorporate drought-tolerant, often native, vegetation with water-saving drip irrigation and mulch. Xeriscaping has a cost savings of 36 cents per square foot annually through reduced irrigation and maintenance costs.3 Additionally, these landscapes are virtually maintenance free, which makes it an attractive option for busy buyers.

Include trees and shrubs to create texture and add interest to your landscape. Planting a few types of trees and shrubs of varying heights, widths and flowering times boosts your home’s curb appeal year-round.

4. Make it feel inviting.
It’s no secret that emotions play a role in a person’s decision to purchase a home. Stage the outside of your home to evoke warm feelings.

Stage your porch. If you have a front porch, make it feel more inviting by including seating, such as a chair or loveseat, an outdoor rug and a small table. If space is an issue, incorporate small decorative touches, such as a festive wreath or potted plant.

Hang flower boxes on your front porch railings and/or below your windows. If you don’t want to affix flower boxes to your home, purchase nice planters and containers and place them around your porch or on your front steps.

Choose flowers and plants that bloom at different times of the year for year-round appeal. For example, bulbs not only bloom all spring, they also multiply and come up every year. Perennials often flower for most of the year and will prevent you from having to replant them every year.

If you don’t have a green thumb, choose low maintenance plants and flowers. Flowers such as lavender, rosemary, and zinnias are a few low-maintenance and drought-tolerant options.

5. Boost Your Online “Curb Appeal.”
For those interested in selling, it’s important to know the effect online curb appeal has on a home. The better impression your home gives online, the more likely buyers will want to see it in person. Here’s how to get your home ready for its listing debut.

Stage your home. Staging shows your home in its best light and helps potential buyers picture themselves living there.

Hire a professional to take photos. A photographer has the skills and equipment to shoot your home in the best light and make it look its best.

Include a short video tour of the home. Videos are becoming a popular way to give buyers a glimpse of the home before they step foot in it.

Before you start a home project, keep these four things in mind:
1. Why are you renovating? In other words, is your intention to update your home and get it show-ready or do you want to sell it for more money? Don’t fall into the trap of undertaking major renovations that may not pay off when you sell. If your home is in good shape, a few inexpensive updates may be enough to make your home attractive to buyers.
2. The style of the neighbourhood. Whenever you renovate your home, make sure the project fits with the style of the neighbourhood and rules of the homeowner association. For example, an HOA may limit the choice and number of trees you can plant on your property. Similarly, a tall hedge border may not fit in in a neighbourhood of low, picket fences.
3. Permits. If you’re planning an extensive exterior renovation, you may need a permit from your municipality or other authority.
4. Budget. A budget keeps your project’s costs and scope in check. Make a list of the improvements you’d like to make, set a realistic budget and stick to it. If you’d like advice on improvements you can make to boost your home’s curb appeal, give us a call.

Are you thinking of boosting your home’s curb appeal or renovating your home before you list? Do you want help making your home more appealing to potential buyers online and in-person? Give us a call and we’ll help you present your home in its best light.

Sources: 1. Certified Staging Professionals
2. Ottawa Citizen, July 17, 2015
3. REALTOR.com

Just Listed in Sleepy Hollow in Nutley New Jersey

103 River Rd, Nutley, NJ

$ Click for current price
2 BEDROOMS | 2 (2 full ) BATHROOMS |

This great 2 bedroom condo located in a desirable area of Nutley is close to NYC transportaion and also close to the new medical school in Nutley NJ


REALTY EXECUTIVES ELITE HOMES

653 Franklin Ave.

Nutley NJ 07110

This 2 Bedroom Condo in Belleville NJ Was Just Reduced!

22 -28 Belmont Ave , Belleville, NJ

$ Click for current price

Beautiful 2 bedroom condo, w hardwood floors n ceramic tile, 2 assigned parking spots A2. easy access to NYC walking distance to Silver Lake and Grove St light rail station, bus stop, GSP, supermarket and restaurants. On site laundry facility and storage space. Low HOA FEES!! which also include maintenance of the washers and dryers in the laundry facility area, gardening and exterior building insurance. Secured building w/intercom and key entry. Security cameras on premises.


REALTY EXECUTIVES ELITE HOMES

653 Franklin Ave.

Nutley NJ 07110

“Short of a war or stock market crash…”

“Short of a war or stock market crash…” | Simplifying The Market

This month, Arch Mortgage Insurance released their spring Housing and Mortgage Market Review. The report explained that an increase in mortgage rates and/or home prices would impact monthly payments this way:

  • A 5% increase in home prices increases payments by roughly 5%
  • A 1% rise in interest rates increases payments by roughly 13% or 14%

That begs the question…

What if both rates and prices increase as predicted?

The report revealed:

“If interest rates and home prices rise by year-end in the ballpark of what most analysts are forecasting, monthly mortgage payments on a new home purchase could increase another 10–15%. That would make 2018 one of the worst full-year deteriorations in affordability for the past 25 years.”

The percent increase in mortgage payments would negatively impact affordability. But, how would affordability then compare to historic norms?

Per the report:

“For the U.S. overall, even if affordability were to deteriorate as forecasted, affordability would still be reasonable by historic norms. That is because the percentage of pre-tax income needed to buy a typical home in 2019 would still be similar to the historical average during 1987–2004. Thus, nationally at least, even with higher rates and home prices, affordability will just revert to historical norms.”

What about home prices?

A decrease in affordability will cause some concern about home values. Won’t an increase in mortgage payments negatively impact the housing market? The report addressed this question:

“Even recent interest rate increases and higher taxes on some upper-income earners didn’t slow the market, as many had feared…Short of a war or stock market crash, housing markets could continue to surprise on the upside over the next few years.”

To this point, Arch Mortgage Insurance also revealed their Risk Index which estimates the probability of home prices being lower in two years. The index is based on factors such as regional unemployment rates, affordability, net migration, housing starts and the percentage of delinquent mortgages.

Below is a map depicting their projections (the darker the blue, the lower the probability of a price decrease):

“Short of a war or stock market crash…” | Simplifying The Market

Bottom Line

If interest rates and prices continue to rise as projected, the monthly mortgage payment on a home purchased a year from now will be dramatically more expensive than it would be today.

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New Study Shows ‘Best States for Millennials’

New Study Shows ‘Best States for Millennials’ | Simplifying The Market

A new study by WalletHub used “30 key metrics, ranging from share of millennials to millennial unemployment rate to millennial voter-turnout rate” to find out which states are the ‘Best States for Millennials.’

The Top 5 Best States for Millennials are:

  1. Washington, D.C. (also ranks highest in percentage of millennials already living there!)
  2. North Dakota (lowest unemployment rate)
  3. Minnesota (highest millennial homeownership rate)
  4. Massachusetts (highest percentage of millennials with health insurance coverage)
  5. Iowa (ranked #1 in lowest housing cost for millennials)

Below is a map with the rankings for each of the 50 states:

New Study Shows ‘Best States for Millennials’ | Simplifying The Market

We recently reported on a study that set out to find out “How Much You Need to Make to Buy a Home in Your State,” which may have left you wondering what the average salaries are in each of the five states listed above.

According to WalletHub’s research, the top 5 states with the Highest Average Millennial Salaries are:

  1. Washington, D.C.
  2. New York
  3. Massachusetts
  4. Washington
  5. California

Every day, more and more millennials are aging into the ‘Responsibility Zone,’ the time in their lives when their responsibilities start to dictate their behaviors. For many, this includes buying a home. The top 5 states with the Highest Millennial Homeownership Rate are:

  1. Minnesota
  2. West Virginia
  3. Indiana
  4. Utah
  5. Delaware

Bottom Line

If owning a home is next on your list, let’s get together to answer any questions you may have and set you on the path to homeownership!

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