Nutley Home Owners Dont Miss This Wave of Nutley Home Buyers!

Nutley Real Estate

Great new for home buyers in Nutley NJ!

WASHINGTON –Average U.S. rates on fixed mortgages eased slightly this week, remaining near historic lows.

Mortgage buyer Freddie Mac said Thursday the average rate for a 30-year loan declined to 4.17 percent from 4.20 percent last week. The average for the 15-year mortgage fell to 3.30 percent from 3.31 percent.

Rising prices and higher interest rates beginning in mid-2013 have made homes less affordable for would-be buyers. At the same time, a limited supply of homes is available to buy. Sales of new homes are running about half the rate of a healthy housing market.

Reflecting the struggle for many Americans to afford new houses, data issued Tuesday by the Commerce Department showed that the pace of U.S. home construction slipped in May. Builders started work at a seasonally adjusted yearly rate on 1.01 million homes, down 6.5 percent from 1.07 million in April.

And U.S. home builders are feeling more confident about the housing market but don’t think it is healthy yet, the National Association of Home Builders/Wells Fargo builder sentiment index for June showed Monday.

Mortgage rates are about a quarter of a percentage point higher than they were at the same time last year. The increase in rates over the past year or so was driven in part by speculation that the Federal Reserve would reduce its bond purchases, which have helped keep long-term interest rates low. Indeed, the Fed has announced five declines in its monthly bond purchases since December because the economy appears to be steadily healing. But the Fed has no plans to raise its benchmark short-term rate from record lows.

After the central bank ended a two-day policy meeting, Fed Chair Janet Yellen sent the message Wednesday that the economy still isn’t healthy enough to grow at a consistently strong pace without the Fed’s help. Yellen made clear that despite a steadily improving job market and signs of creeping inflation, the Fed sees no need to raise short-term interest rates from record lows anytime soon.

To calculate average mortgage rates, Freddie Mac surveys lenders across the country between Monday and Wednesday each week. The average doesn’t include extra fees, known as points, which most borrowers must pay to get the lowest rates. One point equals 1 percent of the loan amount.

  • The average fee for a 30-year mortgage was unchanged from a week earlier at 0.6 point. The fee for a 15-year loan also was steady, at 0.5 point.
  • The average rate on a one-year adjustable-rate loan ticked up to 2.41 percent from 2.40 percent. The average fee remained at 0.4 point.
  • The average rate on a five-year adjustable mortgage fell to 3.00 percent from 3.05 percent. The fee was stable at 0.4 point.

So now is a great time to buy your dream home in Nutley New Jersey, if your a first time home buyer in Nutley or looking to sell your home in Nutley call me at 862-228-0054

to read more go here.

Related Blogs

    Home Upgrades in Nutley with the Lowest Return On Investment

    File these six upgrades under wish fulfillment, not value investment.

    Of course, home owning in Nutley  isn’t just about building wealth; it’s also about living well and making memories — even if that means outclassing your neighborhood or turning off future buyers. So if any of these six upgrades is something you can’t be dissuaded from, enjoy! We won’t judge. But go in with your eyes wide open. Here’s why: 

    Homes Upgraded in Nutley NJ

    1.  Outdoor Kitchen

    The fantasy: You’re the man — grilling steaks, blending margaritas, and washing highball glasses without ever leaving your pimped-out patio kitchen.

    The reality: For what it costs — on average $12,000-$15,000 — are you really gonna use it? Despite our penchant for eating alfresco, families spend most leisure time in front of some screen and almost no leisure time outdoors, no matter how much they spend on amenities, according to UCLA’s Life At Home study. And the National Association of Home Builders’ 2013 What Home Buyers Really Want report says 35% of mid-range buyers don’t want an outdoor kitchen.

    The bottom-line: Instead, buy a tricked out gas grill, which will do just fine when you need to char something. If you’re dying for an outdoor upgrade, install exterior lighting — only 1% of buyers don’t want that.

    Related: How to Buy a Gas Grill

     

    2.  In-Ground Swimming Pool

    The fantasy: Floating aimlessly, sipping umbrella drinks, staying cool in the dog days of summer in your Nutley Home.

    The reality: Pools are money pits that you’ll spend $17,000-$45,000-plus to install (concrete), and thousands more to insure, secure, and maintain. Plus, you won’t use them as much as you think, and when you’re ready to sell, buyers will call your pool a maintenance pain.

    The bottom-line: If your idea of making it includes a backyard swimming pool, go for it. But, get real about:

    • How many days per year you’ll actually swim.
    • How much your energy bills will climb to heat the water ($760-$1,845 depending on location and temperature).
    • What you’ll pay to clean and chemically treat the pool ($20-$100/month in-season if you do it yourself; $75-$165/month for a pool service).
    • The fact that you’ll likely need to invest in a pool fence. In fact, some insurance carriers require it.

    Related:

    Less expensive option: an above-ground pool

    Lower maintenance option: natural pools

    If you do put in a pool, you can save money by installing a solar heater.

     

    3.  In-Ground Spa

    The fantasy: Soothing aching muscles and sipping chardonnay with friends while being surrounded by warm water and bubbles.

    The reality: In-ground spas are nearly as expensive ($15,000-$20,000) as pools and cost about $1 a day for electricity and chemicals. You’ll have to buy a cover ($50-$400) to keep children, pets, and leaves out. And, like in-ground pools, in-ground spas’ ROI depends solely on how much the next homeowner wants one.

    The bottom-line: Unless you have a chronic condition that requires hydrotherapy, you probably won’t use your spa as much as you imagine. A portable hot tub will give you the same benefits for as little as $1,000-$2,500, and you can take it with you when you move.

    Related: What You Need to Know About Installing a Spa

     

    4.  Elevator

    Your fantasy: No more climbing stairs for you or for your parents when they move into your home in Nutley.

    The reality: Elevators top the list of features buyers don’t want in the NAHB “What Buyers Really Want” report. They cost upwards of $25,000 to install, which requires sawing through floors, laying concrete, and crafting high-precision framing. And, at sales time, elevators can turn off some families, especially those with little kids who love to push buttons.

    The bottom-line: If you truly need help climbing stairs, you can install a chair lift on a rail system ($1,000-$5,000). Best feature: It can be removed.

    Related: 4 Easy-Living Tips for Aging in Place

     

    5.  Backup Power Generator

    Your fantasy: The power in your area goes kaput, but not for you. You were smart enough to install a backup power generator. While the neighbors eat cold hot dogs by a flashlight beam, you’re poaching salmon in your oven and pumping out Red Hot Chili Peppers tunes.

    The reality: Power outages may seem to go on forever, but they don’t. Fifty dollars worth of batteries can power portable lights, radios, and TVs; a car adaptor will charge your cell phones and iPods; and some dry ice will keep freezer food cold for at least a couple of days.

    The bottom-line: If you live in areas where power shortages are the rule, not the exception, spend the money for reliable backup power: Your still-frozen steaks, home office fax, and refrigerated medicine will thank you. But if the power goes out rarely, then installing a standby generator is overkill.

    Nationwide, homeowners recouped 52.7% on their average $11,410 investment in a backup generator — one of the lowest ROIs on the annual Cost vs. Value Report. If you need occasional emergency power, a gasoline-powered portable generator ($200-$650) probably will suffice.

    Related: What I Learned About Portable Generators One Dark and Stormy Night

    6.  New Windows

     

    The fantasy: Brand new windows that don’t stick, and slash energy bills.

    The reality: A $10,000 vinyl window replacement project will recoup about 70% of your investment at resale, and if they’re Energy Star-qualified, they can save you around $300 in energy bills per year.  So, plan to live in your house about another 10 years to recoup the cost of new windows.

    The bottom-line: We get it — new windows are sturdy, pretty energy savers. But unless old window frames are thoroughly rotten, most windows can be repaired for a fraction of replacement costs. And if you spend about $1,000 to update insulation, caulking, and weather-stripping, you’ll save 10%-20% on your energy bill.

    Related Blogs

      4 Quick Tips On Becoming A Young Real Estate Investor in Nutley

      Investing in property at a young age seems like a bit of a daunting prospect sometimes. Most young people don’t have a lot of disposable income, often have poor credit and perhaps even student loans.

      When you are in your early 20s, you are not likely thinking about investing in property in Nutley and are probably focusing on other things. However, investing in property at a young age can bring you a lot of advantages.

      It requires a different approach and style and you might be the only one of your peers who is doing so, but you will definitely reap the benefits later on in life. When you invest long-term, you will start building your financial independence.

      Some might believe that it is impossible for a young person to start investing so early in life, but investing in your 20s is completely possible.

      You are not “too busy”, in fact you will find that you have even less spare time as your responsibilities grow when you get older. You will need a little bit of money to get started, but often you can purchase your first property in Nutley with as little as 3.5% down.

      If you want to get started early, here are some tips that will help you along the way:

      1. Get into very good saving habits from a young age by putting aside your money from first jobs. When you want to take out a mortgage, you will typically need to be able to show savings of 3% of your purchase price.
      2. Maintain a clean credit history and pay all of your bills on time in order to build a great credit rating, so that you can obtain a mortgage with a good rate.
      3. Make the most of technology and social media to learn more about investing in property and to find the best opportunities. You have a wealth of information on investing, all at your fingertips.
      4. Find an older mentor – someone with successful experience who can give you tips on how to choose the right investment.

      Another main advantage to investing when you are young is that if anything goes wrong, you will have more time to make mistakes and still recover without affecting your retirement. You have nothing to lose and everything to gain, so why not get started?

      Related Blogs

        Nutley Home Selling Production Has Just One Star

        Nutley home selling is not so different from home selling in any other desirable community: the nearly universal underpinnings haven’t changed through the years. So when a homeowner watches a “Just Sold!” sign go up on a neighborhood home he or she just knows isn’t nearly as good a buy as his or her own property, “why them/why not me?” is the normal response.

        The answer can be quite simple. If you want your own Nutley home selling campaign to proceed as smoothly as possible, veteran sellers offer some reliable advice:

        • Remove yourself from the equation. Specifically, remove the family photos off the walls and store them in an out-of-the-way place. That evocative stairwell lined with pictures of the kids and family vacations might be a trip down memory lane for you, but it’s a roadblock for potential buyers. The goal in home selling is to effectively showcase the property — don’t make the star of your production share the stage!
        • Store extra clothes. Sort through the clothes you and your family aren’t going to wear this season and remove them from the closets. Overstuffed, cluttered closets give prospective buyers the impression that there isn’t enough storage space, whereas a sparsely hung closet just feels luxurious. If needed, purchase wardrobe boxes to store in the garage.
        • Use the professional talent that’s already on deck — ask your agent for a truly forthright opinion on how your home stacks up against the other current listings in Nutley. Since you’re on the same team, you’ll get the best of both worlds: real, up-to-the-moment comparisons with competing area homes, and suggestions for how to further improve your property’s profile among them.

        Preparing to sell a home can seem daunting at first, but once you begin in earnest, with the help of your real estate professional and a few proven guidelines, the process can be fully in motion quickly and easily. The most important thing to remember is that the better you display your property, the more money it is likely to sell for. It all starts when you give me a call!

        Related Blogs

          Nutley Homeowners Should Track This One

          A few weeks ago, Bank of America initiated a pilot program allowing homeowners facing foreclosure to remain in their homes as renters. There are important reasons why Nutley homeowners should be interested in the success or failure of BoA’s approach.

          First, a note about the term “bank owned homes”. It’s not technically correct to say that there has been some huge rise in the number of them, because “bank owned homes” actually describes every home with a mortgage. The mortgage holder always technically “owns” the property, even when the homeowner retains title. However, what is true is that over the last four years, many homeowners learned the hard way just what it means to face the reality of your home being owned by someone else.

          Enter Bank of America. Their press release quotes Ron Sturzenegger, a Legacy Asset Servicing executive with the Bank: “Our priority is designing a solution that helps our customer.” Although we might be justifiably skeptical of this as BoA’s sole motive, allowing homeowners to remain as renters in bank owned homes is hardly just a PR move.

          The program certainly makes bottom-line financial sense for a whole host of parties, including Nutley homeowners who have no difficulty meeting their own mortgage payments.

          Under the program, a former homeowner who qualified would be able to continue working and contributing to the economy without the costs, loss of time, and anxiety involved in moving. For all property owners, the ultimate effect is to keep the market from being flooded with distress sales. Every neighborhood would benefit if home values stabilize.

          Under the pilot model, bank owned homes convert to investor ownership in a much smoother transition than the foreclosure/short sale model. Instead of the lender being left with an empty property generating zero revenue in the interim, former homeowners simply become renters, making it easier for them to get back on their feet financially.

          In my opinion, any move or policy that helps more people stay in homes is a policy worth discussing. BoA’s program is only in a limited test stage, but here in Nutley we can hope that it will prove to have multiple beneficiaries: banks, investors, agents, homeowners and neighbors. Everyone benefits when his or her neighborhood’s real estate market is healthy!

          Have a question about real estate in Nutley area? Feel free to contact me anytime with questions. I represent Nutley buyers and sellers, and am always available to chat about your own plans.

          Related Blogs

            See All Available Homes in Nutley, Clifton & Belleville, Nutley Real Estate For Sale

            See All Available Homes in Nutley, Clifton & Belleville NJ SEARCH NOW! See All Availabe Nutley Real Estate For Sale

            Related Blogs

              New Nutley Real Estate Web Site

              Check out my new site I just launched http://www.NutleyNJRealEstate.com

              Related Blogs

                Homes For Sale in Nutley NJ

                If your in the market for a new home that is affordable and you want to be in a town that has a great school district Nutley is the place to be!

                Show Buttons
                Share On Facebook
                Share On Twitter
                Share On Google Plus
                Share On Linkedin
                Share On Pinterest
                Share On Youtube
                Share On Reddit
                Share On Stumbleupon
                Contact us
                Hide Buttons