Categories
NJ Real Estate News Why Work with Rosy?

2021 New Jersey Real Estate Market Trends

NJ Princeton Realtor

2021 New Jersey Real Estate Maket Trends for Buyers and Sellers

Loading RSS Feed
Categories
NJ Real Estate News Buying Home Selling Home

Housing market shows signs of cooling, which is good news for home buyers

 

Credible Housing market shows signs of cooling iStock 1179026119

 

 

With stagnant home prices and lackluster sales, will the housing market cool off? Home supply may still limit buyers, but low interest rates make it a good time to buy. (iStock)

The housing market typically heats up when warm weather rolls around in spring and summer, but the past year has taught us that nothing is “typical” in real estate.

Spring 2021 is already defying seasonal trends with a slight drop in home sales and a big drop in inventory, according to a report from the real estate company RE/MAX. Between 2015 and 2019, home sales were up from April to May by 53.4% on average. In 2021, home sales actually declined by 0.2% during this time period.

Just like home sales tend to ramp up around springtime, median sale prices typically increase by 3.2%, as well. This year, though, home prices stayed the same for both months at around $320,000. The number of listed homes also decreased by 7.1% at a time when new construction usually floods the market, although the demand for housing hasn’t fallen. 

“The market still tilts mainly toward sellers, but we could be seeing the first signs of a return to more balance after the hottest stretch of sales in years,” Nick Bailey, president of RE/MAX, said in the report. “Ultimately, that would be good for both buyers and sellers.”

Homebuyers can take advantage of the more merciful real estate market while also getting a good deal on a mortgage, thanks to mortgage rates hovering around record lows. If you’re ready to begin your home search, start by shopping for a mortgage. Compare mortgage rates on Credible so you can find the lowest rate for your situation.

30-YEAR MORTGAGE RATES TRENDING BACK DOWN, OTHERS HOLDING STEADY

How to be a competitive buyer in a housing boom

Although home prices and sales are finally leveling out after months of a bullish real estate market, prospective buyers aren’t out of the woods just yet. With limited housing inventory, there will still be a fair amount of competition, so it pays to be prepared before you start shopping for a home.

Here are a few tips for setting yourself apart from other home buyers, so you can submit an offer on the house you really want.

LOW DOWN PAYMENT MORTGAGE OPTIONS FOR FIRST-TIME BUYERS

Come prepared with a preapproval letter

The very first thing that seller’s agents expect from potential homebuyers is a preapproval letter, which proves that you have the funding necessary to purchase a home. Thankfully, getting preapproved for a mortgage is simple, and you can take care of virtually the entire process online. You just need to provide proof of identity, income, and assets to see what kind of mortgage terms and rates you may be eligible for.

You can get preapproved for a mortgage on Credible’s online loan marketplace.

DOES HAVING STUDENT LOANS MAKE IT HARDER TO BUY A HOUSE?

Be flexible with your schedule (and your closing date)

The market’s showing signs of cooling off, but buyers will still face a time crunch during the home shopping process. On average, houses went under contract just 28 days after listing during the month of May, with certain metro areas seeing even shorter timelines.

This means you’ll need to free up your schedule during the home purchase process since homes will be off the market quickly after being listed. When a home that meets your criteria is put on the market, you may need to cancel your plans and schedule a tour that same day.

It also helps to be flexible with your closing date, because this may give the seller a more favorable moving timeline. Something as simple as a flexible closing date may be able to set your offers apart from the rest — without costing you anything extra.

‘NOW IS A GREAT TIME TO BUY’ DESPITE HOUSING BUBBLE FEARS, MORTGAGE BILLIONAIRE SAYS

Look at homes below your spending limit in case you need to offer above asking price

Although home prices were flat between April and May 2021, they have increased 17% since May 2020. The price jumps were even higher in some metro areas with hot housing markets, the report found:

  1. Boise, Idaho: 40.7%
  2. Augusta, Maine: 37.8%
  3. Phoenix, Ariz.: 32.9%
  4. Los Angeles, Calif: 32.0%
  5. Detroit, Mich: 30.2%

Many homes are still selling far above the list price, so it’s worthwhile to look at homes that are below your absolute maximum. You can use a mortgage payment calculator to see how slight fluctuations in loan amount can affect your monthly payments.

Thanks to low mortgage rates and a much-needed break from rising home prices, now is a good time to buy a home. 

Original Article Appeared at : Source

Are you interested to learn more about the Greater Princeton, New Jersey Market Conditions, feel free to contact me at
609-915-9665.

People also looked for:

Categories
NJ Real Estate News

2021-06 New Jersey Housing Market News

Categories
Buying Home NJ Real Estate News Selling Home

‘A seller’s market’: Here’s where home prices are soaring in NJ even as the pandemic fades – NorthJersey.com

On the hunt for a home last summer, Priscilla Gabela and her husband, Antonio Aluotto, gave up after a month. Bidding wars were everywhere, and the North Arlington couple decided to wait things out, taking a break from September through December.

When they reentered the market early this year, they were in for sticker shock. If prices were too lofty in 2020, this year they zoomed into the stratosphere.

“It’s been crazy,” Gabela said. “We’ve seen a lot of houses priced really high.”

Welcome to the post-pandemic North Jersey real estate market, where price appreciation is the brutal reality even with vaccines spreading, interest rates climbing and more homes going on sale. With demand still high, last year’s “COVID premium” isn’t fading away.

Antonio Aluotto and Prscilla Gabela-Aluotto pose for a photo by their North Arlington home on Friday June 11, 2021.

In Bergen County, the median home sale price in Tenafly jumped 16% this May compared with a year earlier. Hackensack’s rose 19%, and Teaneck saw a whopping 33%, according to data from the state realtors’ association and individual agencies.

Some axioms of North Jersey housing held true: Towns with quaint, walkable downtowns or easy access to NJ Transit fared well — Montclair prices leaped 22%.

New Jersey:Utility shut-off moratorium ends July 1. Apply for assistance by June 30

NJ real estate:How hot is NJ’s spring real estate market? Cash offers, bidding wars, forgone inspections

But some of the sharpest increases occurred farther to the west, as the trend toward hybrid and online work schedules encouraged buyers to settle farther from New York. Morris County’s median price surged by $100,000, or 23%, in April, the latest month available. Sussex County soared as well, led by Sparta’s 23% increase.

Sellers are taking advantage of escalating prices and buyers are feverishly absorbing the inventory — it’s still very much a seller’s market,” said Max Stokes, a real estate associate at Christie’s International Real Estate Northern New Jersey in Ho-Ho-Kus.

Hunting for a home

Gabela and Alutto, both 36, have been looking for a four-bedroom, two-bath Colonial under $900,000 in northern Bergen County — Upper Saddle River, Allendale and Wyckoff have been the main hunting grounds.

They’ve stood in long lines at open houses but found that even homes that need work are commanding high prices. One dated property in Allendale was selling for $900,000. While the pandemic’s decline means more houses have hit the market this year as compared with last, there are also more buyers, real estate agents said.

Gabela knows they will pay more for the same house now after putting their search on hold. But she also expects to get more for her North Arlington home, which she plans to list at $430,000 once the couple buy a property. An agent priced the home at $350,000 last year, based on an analysis of similar homes.

“It’s a wash,” Gabela said.

NJ housing guide:Everything to know if you’re looking to buy or sell a home in North Jersey

Bergen County program:How to get assistance if you’re behind on rent and utilities

Median sales prices jumped 14% in Bergen County this April, compared with a year earlier; 19% in Passaic County and 21% in Essex.

The market faces a major test in the coming months, as companies start asking employees to return to work, said Stokes, the Ho-Ho-Kus real estate agent. For now, Bergen County homes continue to sell quickly, with competition at every price point, he said.

Although the market ground to a halt when the pandemic erupted in March 2020, it recovered quickly with a momentum that has carried through into this year. Statewide, home sales were up 20% for January through April, compared with the same period in 2020. New Jersey’s median home price rose from $335,000 to $407,000, up 21.5%.

The market’s new reality is “multiple offers, shorter days on the market, more cash deals and higher prices,” said Noemi Morales Barile of Coldwell Banker Realty in Alpine and Closter. Buyers are waiving inspections; bidding wars are common.

“I’ve seen $400,000 homes sell for $75,000 over asking price; I’ve seen $3 million homes sell for almost a million over asking price,” added Greg Rice, a Coldwell Banker agent in Spring Lake, in Monmouth County.

More space for your money

The virus pushed city dwellers to seek out more space in the suburbs, and buyers have been looking for more value by heading west, said Jeff Fellers, a real estate associate at KL Sotheby’s International Realty in Mendham. Towns in Morris County offer more room for the dollar, and with remote and hybrid working models an option, an extra 15 minutes for the commute doesn’t seem so bad two to three times a week, he said.

Towns with strong downtowns and direct train access to the city have been fairing well, a result of city dwellers moving out, said Rich Stanton of Stanton Company in Montclair.

Buyers also like the small-town, walkable charm of Morris County towns like Denville, said Ilene Horowitz, a real estate agent at Coldwell Banker Mountain Lakes.

Lake communities such as White Meadow Lake in Rockaway Township are also seeing more demand from transplants like Meredith and Nick Huddy, who bought into the neighborhood in April. They were moving from Arlington, Virginia, with a new baby in March and found that homes were selling as soon as they were listed.

So Meredith, 32, leaped into action when she saw a three-bedroom Colonial with a two-car garage that she liked online. The family drove to New Jersey the next day for a viewing and immediately made an offer. Competition was fierce: The Huddys had to bid $21,000 over the $439,000 price.

“It was the first house we saw, and we knew we had to make the move right now,” Meredith said. “We knew the market was hot. We didn’t know how crazy it was.”

Mary Chao 趙 慶 華 covers the Asian community and real estate for NorthJersey.com. To get unlimited access to the latest news out of North Jersey, please subscribe or activate your digital account today.

Email: mchao@northjersey.com

Original Article Appeared at : Source

Are you interested to learn more about the Greater Princeton, New Jersey Market Conditions, feel free to contact me at
609-915-9665.

People also looked for:

  • listing agent and selling agent
  • buyers agent
  • listing agent
  • princeton nj real estate agent
Categories
NJ Real Estate News Princeton NJ News

Princeton, NJ Real Estate News – June 2021

Princeton NJ Redevelopment

The Princeton Town Council on June 14, 2021 voted for two ordinances adopting redevelopment plans for affordable housing designating  the Princeton Shopping Center and adjacent parcels in need of redevelopment as the Harrison Terhune Redevelopment Area.

Are you looking to buy or sell a property in Princeton, NJ Area ?

Contact me today at
609-915-9665

Categories
Buying Home NJ Real Estate News Selling Home

2021 Princeton New Jersey Real Estate Market

Looking to Buy or Sell a Property in Princeton, New Jersey ?

According to Zillow’s 2021 housing market predictions, annual home sales growth will be the highest in 40 years in the United States at an estimated 21.9%. Home buyers flock to homes unequally, converging upon the most attractive ones, and in a thicker market that means this subset of homes draws far more buyers than before.

zillow

The 2020 real estate market in New Jersey was unlike anything seen before, according to the New Jersey REALTORS organization. The median sales price for homes rose 14% last year, and New Jersey REALTORS expects the market to continue to show strength in 2021.

NJ Realtors Association

The pandemic has had a big impact on the real estate landscape in New Jersey, upending the market as buyers eager to get out of the city look for houses with more space.

Millenials

In particular, millennials are looking for first homes or trading up in housing size due to their desire to leave the major cities and find space for growing families. (A market grows “thicker” when it has more participants on both sides, while holding their proportion fixed.) The experience of heightened competition around those homes affects perceptions.

Higher Sales Prices

And when that culminates in higher sales prices, those sales serve as “comparables,” which inform asking prices on subsequent listings , lifting housing prices more quickly. At first, the pandemic slowed the housing market, but then it took off. What started off as a bright year for the housing market and the economy was soon derailed by a global pandemic and severe economic recession.

Impact of Pandemic

A larger trend in the face of the pandemic is that people will be moving from higher density living to lower density areas, for example from Manhattan to the suburbs, and Healey expects that trend to continue for the foreseeable future. And in terms of COVID, people really want their own space.

The pool of potential homebuyers has increased, in part due to the pandemic. But perhaps the most important factor is the sheer rise in volume of buyers. Adding more buyers and sellers can generate frenzy all on its own, even without altering their balance.

And that would be a welcome development in a city where only 22 percent of households are homeowners. Home prices were soaring in the surrounding suburbs, with stories of lines around the block for open houses and bidding wars.

As the pandemic has made suburban living more attractive to many city dwellers, home prices and sales volume have risen over the past year, according to the multiple listing service. A year ago, there was so much uncertainty surrounding the pandemic and politics, which made real estate somewhat of a gamble, at least in hard-hit New York City.

One of the big winners has been the housing market, which saw home sales and prices hit decade-plus highs following decade lows in the span of just a few months. Because of the activity and the rising prices, it’s a great time to sell, but where would they go,” she said. Prices jumped 10 percent over the same period, to a median of $700,000.

Do you have a house to sell in Greater Princeton NJ area?

Are you interested in buying new property in Princeton ?

Do you have questions for Princeton NJ Real Estate Agent ?

Call me today at 609-951-9665 and I will be happy to answer your questions.

Categories
NJ Real Estate News Buying Home Selling Home

NJ housing guide: Everything to know if you’re looking to buy or sell a home in North Jersey – NorthJersey.com

It’s been a wild year in the real estate market. The coronavirus changed what buyers are looking for, with many of us shifting to work from home.

The demand for space supercharged North Jersey housing sales as people flocked from cramped city apartments to the (relatively) wide-open ‘burbs. Low interest rates and low inventory – who wants strangers walking through your home in a pandemic? – added to the frenzy.

It’s a seller’s market, with open houses mobbed and bidding wars in full force. Homeowners can count on multiple offers, with cash buyers waiting in the wings.

With vaccinations in place and the world reopening, more homes are expected to come on the market for sale. Yet there is still a pent up demand, with competition fierce for properties in good condition.

To keep you up to date, here’s a compilation of our recent real estate coverage. It’ll be updated throughout the summer, as the market is ever changing.

What to know if you’re buying or selling

Where home prices are soaring: Market data shows some of the biggest increases in western areas like Morris and Sussex counties. With remote offices and hybrid work schedules more of an option, a longer commute is no longer a turnoff for some buyers.

Looking to buy a house? North Jersey may soon see more properties on the market. The lifting of pandemic restrictions means sellers are more comfortable with listing their homes. This subscriber-only story follows one couple who were finally enticed to sell – with a starting price of almost $1 million.

Tales of the spring real estate frenzy: Cash offers, bidding wars, foregone inspections. When it comes to winning a bidding war, cash is king. “There’s no room for negotiations,” one shopper told us. “You have to be willing to pull the trigger right away.”

Buyers are wooing sellers with ‘love letters.’ But are they legal? Realtors are taking a closer look at the practice, worried that the missives will convince owners to sell to people like them – and run afoul of fair housing laws.

What does $600k gets you in North Jersey’s overheated real estate market? Our reporter shopped four counties to find out. I was a buyer too! Here’s what worked for me.

Bidding $130k over asking: Why the housing market is red hot in 2021. A tiny home in Parsippany received 31 offers. Here’s a subscriber-only look at factors driving the demand.

Housing trends

This Alpine mansion at $3.7 million showcases a real estate market for the rich. Big is back in vogue. The pandemic has prompted would-be home buyers to seek luxurious details in their abodes if they have the means. This story is for subscribers.

How the pandemic could change the direction of housing development in North Jersey. A tour for subscribers though the post-pandemic condo and apartment market, where builders are offering bigger units, shared workspace, touchless entries and other perks. This story is for subscribers.

Why these 10 towns are the hottest in NJ. These were the most popular towns for home sales in New Jersey last year. The list may surprise you.

Living and renovating

In the New York suburbs, “home for the holidays” took on a new meaning for a new crop of arrivals.  As the coronavirus took hold, families asked themselves: Is it time to flee to the suburbs or somewhere even more remote? This story is for subscribers.

Want a hot tub? You’ll have to wait, say NJ retailers slammed by demand. Hot tub and pool sales soared as owners stuck at home looked for new diversions.

Why retro pink bathrooms are popular in North Jersey. More than 70 years after pink bathrooms appeared on the scene, they are in vogue again. And North Jersey has plenty of them.

Original Article Appeared at : Source

Are you interested to learn more about the Greater Princeton, New Jersey Market Conditions, feel free to contact me at
609-915-9665.

People also looked for:

Categories
NJ Real Estate News

2021-05 New Jersey Housing Market News

Categories
NJ Real Estate News

2021-04 New Jersey Housing Market News

Categories
NJ Real Estate News

2021-03 New Jersey Housing Market News