Category: Buying Home

Buying a home typically involves finding a property that meets your needs and budget, securing financing, making an offer, and closing the deal. The process can be complex and involves several steps, including:

  1. Determine your budget and get pre-approved for a mortgage.
  2. Find a real estate agent to help you search for homes.
  3. Search for homes that meet your needs and preferences, considering factors such as location, size, and amenities.
  4. Tour potential homes and assess their condition and suitability.
  5. Make an offer on a home, negotiate the terms, and finalize the contract.
  6. Get a home inspection and address any issues that arise.
  7. Obtain homeowners insurance and finalize the financing.
  8. Close the deal by signing the necessary paperwork and transferring ownership.

Buying a home is a major investment and requires careful consideration and planning. It’s important to work with experienced professionals, such as a real estate agent, a home inspector, and a mortgage lender, to ensure a smooth and successful transaction.

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Selling Home Buying Home

Some Real Estate Agents Report Surge Of New Yorkers Moving From Manhattan To The Bronx

Some Real Estate Agents Report Surge Of New Yorkers Moving From Manhattan To The Bronx
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NEW YORK (CBSNewYork) — Some real estate agents say they’re seeing a shift in recent months with New Yorkers moving from Manhattan to the Bronx.

The O’Shaughnessy family is still getting settled in their new Bronx home.

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“I like the basement because we can stomp in it and play in it,” James O’Shaughnessy said.

They lived in Manhattan for ten years, but when COVID kept them inside, their two-bedroom apartment began feeling smaller than ever.

“We needed more space. We were both working at home. The kids were doing school at home,” Daniel O’Shaughnessy told CBS2’s Ali Bauman.

“Mentally, we were, like, out of apartment living,” Sophia O’Shaughnessy said.

They had heard COVID made New York City a buyer’s market, but found the so-called “pandemic deals” in Manhattan were short-lived.

“For a three-bedroom apartment, which we sort of desperately needed, I mean, it was $800,000, $900,000, a million and just out of reach,” Daniel O’Shaughnessy said.

“What hasn’t caught up and what a lot of folks don’t realize is the Bronx hasn’t quite got there yet, so there’s still tremendous value in the Bronx,” said real estate broker Matthew Bizzarro, CEO of the Bizzarro Agency.

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As of July, the median home sale price in Manhattan was $1.2 million compared to $386,000 in the Bronx.

There are no hard numbers on how many people, but Bizzarro says he is seeing a Bronx shift.

“Right now, we’re getting tons of clients coming to us directly saying, ‘Hey, I love this area. I wanna move to the Bronx,’” he said. “That’s one of the largest trends we started seeing in 2021 like we’ve never seen before.”

More than 90% of Bronx residents are minority residents, a higher share than any other borough. Changes in the real estate market bring concerns of gentrification.

“As people of a higher income move into a community, you have housing developments that go up and the working class can’t afford it,” Bronx native Emerita Torres said.

Torres is vice president of policy at the Community Service Society of New York.

“We need universal tenant protections. For example, good cause eviction protection,” she said. “We need to protect those who aren’t protected under rent stabilization laws.”

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Torres says families who are moving in can be good neighbors by advocating for those who already live there.

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Buying Home NJ Real Estate News Selling Home

New Jersey Home Prices See Sharp Yearly Increase

New Jersey Home Prices See Sharp Yearly Increase
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NEW JERSEY — Shopping for a new house on a budget? Finding the right home at the right price may prove challenging in New Jersey as home prices continue to rise here and in other parts of the United States, according to a new report by online real estate company Redfin.

The report released Thursday analyzed the conditions of the U.S. housing market in July 2021 compared with July 2020. To compile the report, Redfin looked at median home prices by metro region, the number of homes sold, new listings and more.

In New Jersey communities including Camden, New Brunswick and Newark, the median price of homes sold in July increased 15.3 percent in Camden, 16.4 percent in New Brunswick and 20.2 percent in Newark from a year earlier. The median home price in Camden was $265,000, in New Brunswick it was $425,000 and in Newark, $493,000.

Despite a rise in home prices, the number of houses sold in Camden dropped compared with this time last year, though they rose in New Brunswick and Newark. According to the report, 2,032 homes in Camden were sold in July, an 8.3 percent decrease from July 2020 and an 8.6 percent decrease from the prior month. In New Brunswick, 3,790 homes sold, which was a 2.2 percent increase from this time last year, but a 4 percent decrease from the previous month. Newark showed a similar trend, with 2,821 houses sold in July, for an 8 percent increase and 7.6 percent decrease from the last month.

July marked the 12th consecutive month of increasing home prices nationwide, according to Redfin’s data. By month’s end, the median price of homes sold across the country reached a new all-time high of $385,600, up nearly 20 percent from a year earlier.

July 2021 also marked the fourth month in a row in which no metros saw price declines.

Redfin Chief Economist Daryl Fairweather said home prices are soaring at an “astonishing rate,” making it even harder for potential buyers to afford homeownership.

For those who can afford to buy a home, the market is slowly becoming less competitive, Fairweather said in the report. This means potential homebuyers will have more options, but it might be worth waiting to find the right home at the right price.

“Demand has softened enough that homes aren’t flying off the market quite as fast or for as much above list price as they were in the spring,” Fairweather said. “Mortgage rates are remaining about as low as they’ve ever been, so buyers who lose out in a bidding war don’t have to fear that they’ve missed their window to buy.”

Explaining the jump in home prices is proving more difficult.

“Now that we’re a year out from the post-lockdown rebound, we can no longer explain away the enormous price growth by pointing to the pandemic’s earliest impacts on the housing market,” Fairweather said.

Here are a couple of additional numbers that illustrate how the Camden, New Brunswick and Newark housing markets have changed amid the coronavirus pandemic:

New home listings (Camden)

  • July 2021 listings: 1,930
  • Month-over-month change: 15.1 Percent Drop
  • Yearly change: 15.7 Percent Decline

All homes for sale (Camden)

  • July 2021 listings: 4,093
  • Month-over-month change: 8.4 Percent Drop
  • Yearly change: 11.5 Percent Decline
  • New home listings (New Brunswick)
  • July 2021 listings: 4,384
  • Month-over-month change: 9.2 Percent Decline
  • Yearly change: 16.2 Percent Drop
  • All homes for sale (New Brunswick)
  • July 2021 listings: 10,540
  • Month-over-month change: 0.2 Percent Increase
  • Yearly change: 24 Percent Drop
  • New home listings (Newark)
  • July 2021 listings: 3,027
  • Month-over-month change: 14.7 Percent Drop
  • Yearly change: 14.7 Percent Drop
  • All homes for sale (Newark)
  • July 2021 listings: 8,892
  • Month-over-month change: 1.1 Percent Increase
  • Yearly change: 13.2 Percent Decline

When it comes to home prices, Austin, Texas, had the nation’s highest price growth. Home prices there increased 38.6 percent since last year to $485,000. Phoenix had the second highest year-over-year growth at 28.1 percent, followed by Salt Lake City at 26.1 percent.

Meanwhile, New York led the nation in year-over-year sales growth, up 79 percent. Richmond, Virginia, saw the largest decline in sales, falling 52.3 percent.

As for options, Milwaukee had the highest increase in the number of homes for sale, up 3.1 percent from last year, followed by Columbus, Ohio, and Virginia Beach, Virginia.

See the full report on Redfin’s website.

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Market still hot, but NJ single-family home sales down in August

Princeton NJ Realtor News
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Sales of single-family homes in the Garden State declined by more than 10% in August over one year ago, according to the latest data from New Jersey Realtors, but prices remain high for all properties, and single-family closed sales to date are still up more than 13% compared to this point in 2020.

Interest is still strong, although it has shifted somewhat from the flight to the suburbs and Jersey Shore that characterized the housing market at the height of the COVID-19 pandemic, said Robert White, NJ Realtors president-elect.

Inventory has been trending in an upward trickle quarter after quarter in 2021, White said, but remains lacking overall.

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“Now, I think, we’re still seeing properties move, but because of the lack of inventory, there’s just not enough out there,” he said. “Because again, there are also a lot more buyers in the market these days.”

While that may be true, White said some buyers may be feeling a bit of fatigue by now at being outbid time and again, and could be stepping back from their searches.

And not only are they being outbid, but they also continue to overbid; NJ Realtors reported median sales prices are up 19% year-to-date across all markets.

“They’ve lost out on so many opportunities, presenting or writing offer after offer only to be rejected, that they get that sense like, ‘well, let me just wait,'” White said, citing sales still clocking in at anywhere from 7 to 12% above asking price, on average. “While we’re still seeing multiple offers, we’re not seeing 20, 25 like we used to, but we’re still seeing 12 to 15.”

Following long pandemic delays, White said new home starts have finally picked up again and are catching up with early 2020 levels, as pricing for certain materials drops back down and wait times decrease.

But the difficulties in securing single-family properties have seemingly pushed many toward townhouses and condo units, for which NJ Realtors reported sales were up almost 11% in August versus the same month in 2020.

“When they couldn’t get an offer accepted after numerous attempts, they went to the townhouse/condo market, the alternative, because again, remember a lot of these buyers are first-time homebuyers,” White said.

Looking ahead, White sees continued growth across the board in the fourth quarter and well into 2022.

He said there is no “bubble” to burst, unlike the mid-2000s housing boom, and while interest rates could increase, they are still historically low — for now.

Patrick Lavery is New Jersey 101.5’s afternoon news anchor. Follow him on Twitter @plavery1015 or email patrick.lavery@townsquaremedia.com.

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