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Housing inventory shortages drive seller’s market in November 2021

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My name is Rosy and I am a Realtor with Coldwell Banker in Greater Princeton, New Jersey.


Do You Want to Sell your House ?


Are you looking to Buy a House ?


Interested in a Rental ?


I can be reached at –
609-915-9665

Redfin’s housing market predictions for 2022 are more positive with a higher supply of new homes causing price growth to slow down. But by then, higher mortgage rates are likely to impact housing affordability. (iStock)

If a new house is at the top of your holiday wish list, it may take a Christmas miracle to find your dream home in today’s housing market. Home supply fell 18% year-over-year in November, driving high demand and pushing housing prices up 15%, according to Redfin

“I wish I had better news for homebuyers this holiday season, but in many ways the housing market is more challenging than ever,” said Redfin Chief Economist Daryl Fairweather.

Today’s homebuyers are facing a number of unprecedented challenges, with record-low housing supply driving up median sales prices across the country. But there is a silver lining: Redfin forecasts more listings and slower home-price growth in 2022, which may make it easier to buy a home in the new year.

However, the time to lock in a record-low mortgage rate is running out. Mortgage rates are expected to rise next year as the Federal Reserve plans up to three rate hikes. If you’re considering buying a home soon or refinancing your current mortgage, act fast to secure a low mortgage rate. 

You can visit Credible to browse mortgage rates across multiple lenders at once to ensure you’ll find the lowest possible rate for your financial situation.

HERE’S HOW THE COVID-19 PANDEMIC CHANGED THE MORTGAGE PROCESS

Housing supply challenges impact the country’s hottest markets

Across the U.S., houses are selling faster and for more money than before. But select areas have even hotter housing markets, driving higher buyer demand for home sales.

Homes are pending sale within six days of hitting the market in Indianapolis and Seattle. In Denver and Grand Rapids, Mich., homes spend a median of seven days on the market. 

Buyers in Oakland, Calif., are paying more than expected for the homes they want — more than three-quarters (76.7%) of houses sold for above listing price in the Bay Area. 

Other coastal cities in California and New York are facing the same challenge: the vast majority of homes in San Jose, Calif. (75.8%), San Francisco (64.7%), Rochester, N.Y. (64.7%) and Buffalo, N.Y. (64.4%) are selling for more than they were listed for thanks to cutthroat bidding wars.

Home prices are surging inseveral markets in Southern states like Florida and Texas, but that’s consistent with the rest of the nation. None of the 85 metro areas Redfin monitors saw price declines in November. Here’s where home prices climbed the most:

  • Austin, Texas: $468,798 (+31.2%)
  • Phoenix: $430,000 (+27.4%)
  • North Port, Fla.: $403,000 (+27.1%)
  • West Palm Beach, Fla.: $400,000 (+25.0%)
  • Raleigh, N.C.: $396,000 (+24.5%)

If you’re considering buying a home in one of America’s hot real estate markets, it’s important to come prepared with a mortgage preapproval letter to show sellers that you’re a serious buyer. You can view mortgage preapproval offers on Credible in just minutes, so you can put an offer on a home while mortgage rates are still low.

WHAT YOU NEED TO KNOW BEFORE MAKING A DOWN PAYMENT ON A HOME

Low mortgage rates add to the allure of buying a home now

Despite the challenges of today’s housing market, time is running out to lock in a record-low mortgage rate. While buyers might benefit from higher housing supply and less competition by waiting until next year, they’ll likely pay more in borrowing costs thanks to rising mortgage interest rates.

The Mortgage Bankers Association (MBA) predicts that average 30-year mortgage rates will reach 4.0% in 2022, up from 3.1% in 2021. This is due in part to the Fed’s economic policy changes for next year, predicting up to three rate hikes in 2022 alone.

Mortgage rates are still relatively low, according to Freddie Mac, giving homeowners and prospective buyers the opportunity to lock in low interest rates before they inevitably rise further.

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Now is the time to secure a low mortgage rate on your home purchase or refinancing loan. If you’re shopping around for a mortgage or want to refinance your current home loan, be sure to compare rates across multiple lenders to ensure you’re getting the best offer possible for your financial situation. 

You can compare rates on Credible for free without impacting your credit score. Then, use a mortgage payment calculator to estimate the cost of homeownership.

35% OF MILLENNIALS SAY STUDENT LOAN DEBT IS PREVENTING THEM FROM BUYING A HOME

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More NJ schools return to remote learning for 2022

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Ask me about Princeton area Schools !

Despite Gov. Phil Murphy’s determination to keep kids in the classroom when they return from winter break, more districts are making plans to return to remote learning after winter break.

Some of New Jersey’s largest school districts have already told parents their kids will not be returning to the classrooms.

Paterson and Irvington join the South Orange-Maplewood district in returning to on-line instruction as new COVID caseloads increase in the school population and the community at large.

School officials in Newark and Trenton say they are monitoring COVID levels, and may make the decision to close classrooms in the New Year.

Still others are pro-actively telling parents they have no plans for remote instruction. Toms River, Freehold and Jackson school officials sent letters to parents this week saying current protocols were working to keep kids safe, and to plan on a return to the classrooms after the holidays.

Colleges and universities are also grappling with what to do when classes resume. Many have already moved the remainder of this semester to remote instruction, but plans for the Spring semester are largely unsettled.

Rutgers says they do plan to begin the new semester in-person, but cautioned that could change based on the “science” and the number of new COVID cases.

Uncertainty is serving to frustrate parents, many of whom are already struggling with child care issues. It’s a blow to businesses as well, as they struggle to find enough workers and were just starting to see an increase in hiring.

This latest COVID wave in New Jersey is being fueled by the the new omicron variant. The CDC says omicron now accounts for 90% of all new cases in New Jersey and the Northeast.

On Wednesday, New Jersey health officials announced the highest number of new positive COVID tests since the start of the pandemic, approaching 10,000. For seven days in a row the number of new cases has topped 6,000 and hospitalizations are now 2,100.

It’s unlikely Gov. Murphy will announce any new mandates until at least the end of the month. He and his family left Wednesday for an eight day vacation in Costa Rica.

Light Up New Jersey 2021: Your best holiday lights

Favorite holiday movies from your childhood that will never get old

LOOK: The top holiday toys from the year you were born

With the holiday spirit in the air, it’s the perfect time to dive into the history of iconic holiday gifts. Using national toy archives and data curated by The Strong from 1920 to today, Stacker searched for products that caught hold of the public zeitgeist through novelty, innovation, kitsch, quirk, or simply great timing, and then rocketed to success.


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My name is Rosy and I am a Realtor with Coldwell Banker in Greater Princeton, New Jersey.


Do You Want to Sell your House ?


Are you looking to Buy a House ?


Interested in a Rental ?


I can be reached at –
609-915-9665

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November 2021 Real Estate Market in Princeton, NJ

November 2021 Real Estate Market in Greater Princeton, NJ

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Ask Rosy Princeton Realtor at –
609-915-9665


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Summary of the Real Estate Market in Greater Princeton / Central New Jersey


Home values in Belle Mead, NJ

Belle Mead is a city in New Jersey. There are 12 homes for sale, ranging from $200K to $2M.

  • $729.9K Median Listing Home Price
  • $246 Median Listing Home Price/Sq Ft
  • $835K Median Sold Home Price

Home values in Cranbury, NJ

Cranbury is a city in New Jersey. There are 29 homes for sale, ranging from $35K to $1.6M.

  • $725K Median Listing Home Price
  • $276 Median Listing Home Price/Sq Ft
  • $870K Median Sold Home Price

Home values in Ewing, NJ

Ewing is a city in New Jersey and consists of 8 neighborhoods. There are 190 homes for sale, ranging from $25K to $1.1M.

  • $256.5K Median Listing Home Price
  • $171 Median Listing Home Price/Sq Ft
  • $260K Median Sold Home Price

Home values in Hopewell, NJ

Hopewell is a city in New Jersey. There are 26 homes for sale, ranging from $180K to $5M.

  • $525K Median Listing Home Price
  • $261 Median Listing Home Price/Sq Ft
  • $344.5K Median Sold Home Price

Home values in Lawrence, NJ

Lawrence is a city in New Jersey and consists of 4 neighborhoods. There are 114 homes for sale, ranging from $35K to $4.5M.

  • $369.5K Median Listing Home Price
  • $203 Median Listing Home Price/Sq Ft
  • $293K Median Sold Home Price

Home values in Pennington, NJ

Pennington is a city in New Jersey. There are 77 homes for sale, ranging from $89K to $3M.

  • $499K Median Listing Home Price
  • $238 Median Listing Home Price/Sq Ft
  • $490K Median Sold Home Price

Home values in Plainsboro, NJ

Plainsboro is a city in New Jersey. There are 82 homes for sale, ranging from $97.4K to $1.3M.

  • $477K Median Listing Home Price
  • $266 Median Listing Home Price/Sq Ft
  • $437K Median Sold Home Price

Home values in Princeton, NJ

Princeton is a city in New Jersey. There are 250 homes for sale, ranging from $65K to $12M.

  • $638K Median Listing Home Price
  • $283 Median Listing Home Price/Sq Ft
  • $619K Median Sold Home Price

Home values in West Windsor, NJ

West Windsor is a city in New Jersey. There are 100 homes for sale, ranging from $85.8K to $1.9M.

  • $619.5K Median Listing Home Price
  • $260 Median Listing Home Price/Sq Ft
  • $720.5K Median Sold Home Price

Source: Realtor com


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My name is Rosy and I am a Realtor with Coldwell Banker in Greater Princeton, New Jersey.


Do You Want to Sell your House ?


Are you looking to Buy a House ?


Interested in a Rental ?


I can be reached at –
609-915-9665

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NJ Suburbs Growing & Labor Shortage

Hiring struggles are a sign that the labor shortage wasn’t temporary.

It could last for as long as a decade as employers scramble to fill jobs left vacant by retiring baby boomers.

And it leaves younger workers squarely in the driver’s seat.

New Jersey continued its strong job growth in September 2021, adding 21,500 jobs  — 11,900 in the private sector and 9,600 in the public sector, the state Department of Labor and Workforce Development reported Thursday.

New Jersey has recovered 68% of the jobs it lost when the pandemic first hit in March and April of 2020.

The unemployment rate ticked down to 7.1% from 7.2% as more workers reported they were actively searching for jobs, the report found.

These days, workers can be choosy.

Are you thinking of moving in Greater Princeton NJ area or planning to move out ?

Want to buy a house or sell one?

Call me today at 609-915-9665 and I will be glad to discuss your real estate needs.

I am a Realtor with Coldwell Banker and assist buyers and sellers in Princeton, NJ.

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Mortgage rates may spike 30% next year

Mortgage rates may spike 30% next year, according to a new forecast

As if the housing market weren’t complicated enough these days, the Mortgage Bankers Association says higher rates are on the way—and homebuyers at the end of 2022 could be paying nearly 30% more for a 30-year fixed-rate mortgage.

A new survey from the MBA predicts 30-year rates, which hit record lows last July, will average 4% by the fourth quarter of next year. (That compares with 3.1% now.) It doesn’t look to be a short-term increase, either. Heading into 2023, rates could potentially go as high as 4.3%—a 39% jump from where they are today.

Source: https://finance.yahoo.com/news/mortgage-rates-may-spike-30-160021820.html

Are you looking to buy or sell a home in Greater Princeton New Jersey ?

Call me today to discuss your plans. I am a Realtor in Princeton, NJ and I am here to help you.

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2020 New Jersey Market Trends

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2021-01 New Jersey Housing Market News