Short Sale -Nutley NJ Homes For Sale | Cambridge Heights | Nutley Real Estate

Just Sold in Nutley – 179 Centre St.

February 8, 2018 by Matthew DeFede

179 Centre St, Nutley, NJ

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

THIS CLASSIC 3 BEDROOM COLONIAL LOCATED IN THE HEART OF NUTLEY NEW JERSEY IS A GREAT HOME FOR SOMEONE THAT DESIRES MORE SPACE AND LOW TAXES, BUILT IN POOL AND SO MUCH MORE TO OFFER.

BUILT DURING THE EARLY PART OF THE 20TH CENTURY THIS HOME IN NUTLEY WAS BUILT BY MR FREEMAN HIMSELF (THE NAME ON THE STREET SIGN) IT HAS A LARGE CORNER LOT WITH ALL THE ORIGINAL WOOD IN TACT AND OPEN AIRY ROOMS, DECK, JACUZZI AND SO MUCH MORE.

THE TAXES ARE LOW ON THIS SIZE HOME UNDER 10K PER YEAR AS WELL.

Schedule a Showing/Request Info

Presented By:

Matthew DeFede

Broker/Owner
Realty Executives Elite Homes
862-228-0554
Licensed In: NJ

REALTY EXECUTIVES ELITE HOMES

653 Franklin Ave.

Nutley NJ 07110

Filed Under: Baby Boomers, bad credit, Belleville Homes For Sale, Bergen County Homes For Sale, Bloomfield Homes For Sale, Buying A Home in Nutley, Buying Myths, Cambridge Heights in Nutley, Clifton Homes ForSale, Demographics, Distressed Properties, Down Payments, First Time Home Buyers, For Buyers, For Sellers, Foreclosures, Franklin Lakes, Frist Time Home Buyers, FSBO's, Housing Market Updates, Infographics, Interest Rates, Luxury Market, Millennials, Money, Mountain Lakes NJ, Move-Up Buyers, New Construction, Nutley Real Estate, Nutley Township, Open House, Open House Nutley, Pricing, Real Estate Agent, Real Estate Forecast, Rent vs. Buy, Ridgewood NJ Homes For Sale, Riverside Court in Secaucus New Jersey - Luxury Condo Townhouses, Selling Myths, Senior Market, Short Sale, Short Sales, The coolest places in New Jersey for New Yorkers, The Nutley Real Estate Show, The Nutley Real Estate Show - Episode #5 - Dressing For Success, Uncategorized, West Milford Lakefront Homes, Wyckoff Tagged With: 179 Centre St Nutley Nj

2 Major Myths Holding Back Home Buyers

January 30, 2018 by Matthew DeFede

Urban Institute recently released a report entitled, “Barriers to Accessing Homeownership,” which revealed that “eighty percent of consumers either are unaware of how much lenders require for a down payment or believe all lenders require a down payment above 5 percent.”

Myth #1: “I Need a 20% Down Payment”

Buyers often overestimate the down payment funds needed to qualify for a home loan. According to the same report:

“Consumers are often unaware of the option to take out low-down-payment mortgages. Only 19% of consumers believe lenders would make loans with a down payment of 5% or less… While 15% believe lenders require a 20% down payment, and 30% believe lenders expect a 20% down payment.”

These numbers do not differ much between non-owners and homeowners; 39% of non-owners believe they need more than 20% for a down payment and 30% of homeowners believe they need more than 20% for a down payment.

While many believe that they need at least 20% down to buy their dream home, they do not realize that programs are available that allow them to put down as little as 3%. Many renters may actually be able to enter the housing market sooner than they ever imagined with programs that have emerged allowing less cash out of pocket.

Myth #2: “I Need a 780 FICO® Score or Higher to Buy”

Similar to the down payment, many either don’t know or are misinformed about what FICO^® score is necessary to qualify.

Many Americans believe a ‘good’ credit score is 780 or higher.

To help debunk this myth, let’s take a look at Ellie Mae’s latest Origination Insight Report, which focuses on recently closed (approved) loans.

As you can see in the chart above, 53.5% of approved mortgages had a credit score of 600-749.

Bottom Line

Whether buying your first home or moving up to your dream home, knowing your options will make the mortgage process easier. Your dream home may already be within your reach.

Filed Under: Buying Myths, Down Payments, First Time Home Buyers, For Buyers, Move-Up Buyers

61% of First-Time Buyers Put Down Less than 6%

January 17, 2018 by Matthew DeFede

According to the National Association of Realtors’ latest Realtors Confidence Index, 61% of first-time homebuyers purchased their homes with down payments below 6% from October 2016 through November 2017.

Many potential homebuyers believe that a 20% down payment is necessary to buy a home and have disqualified themselves without even trying. The median down payment for all buyers in 2017 was just 10% and that percentage drops to 6% for first-time buyers.

Zillow Senior Economist Aaron Terrazas’ recent comments shed light on why buyer demand has remained strong,

“Looking into 2018, rent is expected to continue gaining. More widespread rent growth could mean home buying demands stay high, as renters who can afford it move away from the unpredictability of rising rents toward the relative stability of a monthly mortgage payment instead.”

It’s no surprise that with rents rising, more and more first-time buyers are taking advantage of low-down-payment mortgage options to secure their monthly housing costs and finally attain their dream homes.

Bottom Line

If you are one of the many first-time buyers who is not sure if you would qualify for a low-down payment mortgage, let’s get together and set you on your path to homeownership!

Filed Under: Down Payments, First Time Home Buyers, For Buyers

3 Tips for Making Your Dream Home a Reality [INFOGRAPHIC]

December 8, 2017 by Matthew DeFede

Some Highlights:

Realtor.com shared their “5 Habits to Start Now If You Hope to Buy a Home.”
Setting up an automatic savings plan that saves a small amount of every check is one of the best ways to save without thinking a lot about it.
Living within a budget will not only help you save money for down payments but will help you pay down other debts that might be holding you back.

Filed Under: Down Payments, First Time Home Buyers, For Buyers, Infographics

Home Prices Up 7% from Last Year

December 6, 2017 by Matthew DeFede

According to CoreLogic’s latest Home Price Index, national home prices have appreciated by 7.0% from October 2016 to October 2017. This marks the second month in a row with a 7.0% year-over-year increase.

A lack of supply of homes for sale has led to upward pressure on home prices across the country, especially in areas where both existing and new home inventory have not kept up with buyer demand.

CoreLogic’s Chief Economist Frank Nothaft elaborated on the significance of such a large year-over-year gain,

“Single-family residential sales and prices continued to heat up in October. On a year-over-year basis, home prices grew in excess of 6 percent for four consecutive months ending in October, the longest such streak since June 2014.

This escalation in home prices reflects both the acute lack of supply and the strengthening economy.”

This is great news for homeowners who have gained over $13,000 in equity in their home over the last year! Those homeowners who had been on the fence as to whether or not to sell will be pleasantly surprised to find out that they now have an even larger profit to help cover a down payment on their dream home.

CoreLogic’s President & CEO Frank Martell had this to say,

“The acceleration in home prices is good news for both homeowners and the economy because it leads to higher home equity balances that support consumer spending and is a cushion against mortgage risk. However, for entry-level renters and first-time homebuyers, it leads to tougher affordability challenges.”

Any time the price of a home goes up there will likely be concern about the affordability of that home, but there is good news. Mortgage interest rates remain at historic lows, allowing buyers to enter the housing market and lock in a low monthly housing cost.

Rents Are Also Rising

The report went on to mention that over the same 12-month period, median rental prices for a single-family home have also risen by 4.2%.

With rents and home prices rising at the same time, first-time buyers may find the task of saving for a down payment a little daunting. Low down payment programs are available and have been a very popular option for first-time buyers. The median down payment for first-time buyers in 2017 was only 5%!

Bottom Line

If you are looking to enter the housing market, as either a buyer or a seller, let’s get together to go over exactly what’s going on in our neighborhood and discuss your options!

Filed Under: Down Payments, First Time Home Buyers, For Buyers, For Sellers, Move-Up Buyers, Pricing

Buying a Home Can Be Scary… Unless You Know the Facts [INFOGRAPHIC]

October 27, 2017 by Matthew DeFede

Some Highlights:

Many potential homebuyers believe that they need a 20% down payment and a 780 FICO® score to qualify to buy a home, which stops many of them from even trying! Here are some facts:

40% of millennials who purchased homes this year have put down less than 10%.
76.4% of loan applications were approved last month.
The average credit score of approved loans was 724 in September.

Filed Under: Buying Myths, Down Payments, First Time Home Buyers, For Buyers, Infographics, Millennials

Millennials Flock Towards Low Down Payment Programs

October 24, 2017 by Matthew DeFede

A report released by Down Payment Resource shows that 61% of first-time homebuyers purchased their homes with a down payment of 6% or less.

The trend continued among all buyers with a mortgage, as 73% made a down payment of less than 20%.

An article by Chase points to a new wave of millennial homebuyers:

“We teamed up with Google to help us better understand what customers are searching for and how the home buying landscape is evolving. We found that millennials and first-time homebuyers are making a big splash in the market, and affordability remains top of mind.”

Among millennials who purchased homes, David Norris, Loan Depot’s Head of Retail Lending, said:

“It’s clear from the survey results that Millennials have a lot of anxiety built up about the home buying process.

There is good news, however, as there’s more flexibility than most Millennials think regarding how to qualify for a loan and what’s needed for a down payment.”

Bottom Line

If you are one of the many millennials who is debating a home purchase this year, let’s get together to help you understand your options and set you on the path to preapproval.

Filed Under: Buying Myths, Down Payments, First Time Home Buyers, For Buyers, Millennials, Move-Up Buyers

No… You Do Not Need 20% Down to Buy NOW!

October 9, 2017 by Matthew DeFede

The Aspiring Home Buyers Profile from the National Association of Realtors (NAR) found that the American public is still somewhat confused about what is required to qualify for a home mortgage loan in today’s housing market. The results of the survey show that non-homeowners cite the main reason for not currently owning a home, as not being able to afford one.

This brings us to two major misconceptions that we want to address today.

1. Down Payment

NAR’s survey revealed that consumers overestimate the down payment funds needed to qualify for a home loan. According to the report, 39% of non-homeowners say they believe they need more than 20% for a down payment on a home purchase. In actuality, there are many loans written with a down payment of 3% or less.

Many renters may actually be able to enter the housing market sooner than they ever imagined with new programs that have emerged allowing less cash out of pocket.

2. FICO^®Scores

An Ipson survey revealed that 62% of respondents believe they need excellent credit to buy a home, with 43% thinking a “good credit score” is over 780. In actuality, the average FICO^® scores of approved conventional and FHA mortgages are much lower.

The average conventional loan closed in August had a credit score of 752, while FHA mortgages closed with a score of 683. The average across all loans closed in August was 724. The chart below shows the distribution of FICO^® Scores for all loans approved in August.

Bottom Line

If you are a prospective buyer who is ‘ready’ and ‘willing’ to act now, but are not sure if you are ‘able’ to, let’s sit down to help you understand your true options.

Filed Under: Down Payments, First Time Home Buyers, For Buyers, Move-Up Buyers

Number of Buyers Putting Down Less Than 10% Hits 7-Year High

August 30, 2017 by Matthew DeFede

According to Black Knight Financial Service’s Mortgage Monitor Report, 1.5 million Americans have purchased a home with down payments under than 10% over the last 12 months. This is great news for buyers as this marks a 7-year high.

Many mortgage programs offered by agencies like Freddie Mac and Fannie Mae allow buyers to put down as low as 3% to purchase their dream homes. The strength of the housing market has aided buyers who used low-down-payment programs to buy. As a recent CNBC article points out,

“Defaults on recent low down payment loans, so far, are slow, but that is as much a factor of the good credit quality as it is the strength of the housing market. Home prices are rising incredibly fast, meaning those borrowers are gaining equity in their homes quickly.”

Low down payments aren’t just great for first-time homebuyers. These programs have allowed homeowners who want to capitalize on the equity they have in their homes to use the profit from their sale to pay off high-interest credit cards, fund education or even start a business.

According to a new Census Report, the Annual Survey of Entrepreneurs, home equity was used to start 7.3% of all businesses in the United States, which equates to over 284,000! The industries that saw the most growth from home equity are accommodation & food services, manufacturing and, retail trade.

Bottom Line

Gone are the days of ‘20% down or no mortgage.’ What could you build with the equity in your house? Let’s get together today to evaluate your ability to achieve your dreams today!

Filed Under: Down Payments, For Buyers, For Sellers, Move-Up Buyers

Home Buying Myths Slayed [INFOGRAPHIC]

July 14, 2017 by Matthew DeFede

Some Highlights:

Interest rates are still below historic numbers.
88% of property managers raised their rent in the last 12 months!
The credit score requirements for mortgage approval continue to fall.

Filed Under: Down Payments, First Time Home Buyers, For Buyers, Infographics, Interest Rates, Move-Up Buyers

179 Centre St, Nutley, NJ

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

Presented By:

Matthew DeFede

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Myth #1: “I Need a 20% Down Payment”

Myth #2: “I Need a 780 FICO® Score or Higher to Buy”

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Rents Are Also Rising

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1. Down Payment

2. FICO® Scores

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Realty Executives Elite Homes

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

2. FICO^®Scores