Categories
NJ Real Estate News Buying Home Selling Home

2022 Housing Market Predictions and Forecast

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


Americans will have a better chance to find a home in 2022, but will face a competitive seller’s market as first-time buyer demand outmatches the inventory recovery.

Additionally, with listing prices, rents and mortgage rates all expected to climb while incomes rise, 2022 will present a mixed bag of housing affordability challenges and opportunities. Whether the pandemic delayed plans or created new opportunities to make a move, Americans are poised for a whirlwind year of home buying in 2022. With more sellers expected to enter the market as buyer competition remains fierce, we anticipate strong home sales growth. Affordability will increasingly be a challenge as interest rates and prices rise, but remote work may expand search areas and enable younger buyers to find their first homes sooner than they might have otherwise. Below you’ll find our forecast and housing market predictions on key trends that will shape the year ahead.

Realtor.com® 2022 Forecast for Key Housing Indicators

Housing Indicator2022 Realtor.com® Forecast2021 Realtor.com® Housing Data Expectations  
Existing Home Median Sales Price AppreciationUp 2.9%Up 12%  
Existing Home SalesUp 6.6%6.0 million  
Existing Home For-Sale InventoryUp 0.3%Down 18%  
Mortgage RatesAverage 3.3% throughout the year, 3.6% by end of yearAverage 3.0%, 3.2% by end of year  
Single-Family Home Housing StartsUp 5%Up 15%  
Homeownership Rate65.8%65.5%  
2022 Realtor.com (R) Housing Forecast Infographic

Home Sales: Hit 16-year Highs

At a national level, this means we expect to see continued home sales growth in 2022 of 6.6% which will mean 16-year highs for sales nationwide and in many metro areas. With more than 45 million millennials in the prime first-time home buying ages of 26 to 35 in 2022, demand for housing is expected to remain strong. A growing economy and declining unemployment, as discussed in our economic outlook, also propels income growth of 3.3% by the end of the year, keeping sales levels high despite climbing mortgage interest rates. In most metro markets, our model suggests that home sales will follow the national trend and increase in 2022. While some markets are expected to see home sales declines, these declines are likely to be modest. In fact, for many areas forecasted to see declines, 2022 is expected to have the 2nd highest sales level in the last 15 years, bested only by 2021.

Home Prices: Advance at a More Moderate Pace, but Continue to Set Records

Home sales prices are set to continue to increase which will mean notching a decade-long streak of year over year increases early in 2022. The rise in home prices, which began in 2012, has proceeded consistently if unevenly. Following the pick-up from post-recession lows, home prices logged more than a year of double-digit growth in 2013, but since that time the pace of increase has been a more modest 4% to 7% per year. This changed in 2020. The pandemic ignited a frenzy in the housing market. A decade’s long shortage which meant the market was already 5.2 million single-family homes short was met with an unprecedented surge in demand just as many were expecting the opposite response to the pandemic uncertainty. While builders worked to adjust, the market balanced high demand and short supply by pushing prices higher. August 2020 kicked off a year-long streak of double-digit home price growth. Looking ahead, with economic growth expected to sustain the purchasing power of eager homebuyers, we expect the median home sales price to continue to increase, rising 2.9% in 2022, a notably more moderate pace. As builders ramp up production to meet demand, home buyers will grapple with higher monthly costs due to rising prices and rising mortgage rates. Affordability challenges will keep prices from advancing at the same pace we saw in 2021 even as ongoing supply-demand dynamics mean prices continue to grow nationwide.

For-Sale Inventory: Begins to Turn Around

With homes selling and continuing to do so quickly, inventory will remain limited, but we expect to see the market rebound from 2021 lows. Inventory is expected to grow 0.3% on average in 2022. While buyers have been eager in the last 2 years, sellers have been on and off. A rising share of homeowners this fall reported planning to sell a home in the next 12 months could signal an improvement in this trend that has been a major challenge for the housing market. With 28% of homeowners choosing not to sell indicating that the reason for doing so is because they can’t find a new home to buy, a pick-up in inventory could be self-reinforcing, drawing out other potential sellers as they find homes to buy. Rising new construction will eventually feed into this positive trend as well, but first, builders’ pipelines catch up to the usual balance of already-completed vs. under construction vs. not yet started homes. Completed new homes have recently made up half their usual share of all new homes for sale while homes not yet started are twice as prevalent as usual. In other words, new homes are in many recent cases only a viable option if you can wait for the construction process to finish

Rents: Expected to Outpace Home Price Growth

Like home prices, rents grew slower than is typical in the early part of the pandemic. In larger metropolitan areas with many jobs that remained remote, below-average growth continued into 2021. At the same time, many secondary markets saw rents surge as remote workers took advantage of their flexibility to relocate and save on monthly housing costs. Nationwide, rent growth went from minimal to double-digit pace in 2021 as the U.S. made substantial progress against the pandemic. With the rental vacancy rate continuing near its historic lows during the pandemic, in which just 5.7% to 6.8% of rental housing units are vacant at any point in time compared to 7% or more, historically, renters are also contending with limited supply and excess demand that leads to upward pressure on rents. In 2022, we expect this trend will continue and fuel rent growth. At a national level, we forecast rent growth of 7.1% in the next 12 months, somewhat ahead of home price growth as rents continue to rebound from slower growth earlier in the pandemic.

Key 2022 Housing Trends & Demographics

Still Preferring the Suburbs

As we highlighted early in the pandemic, the unexpected and unprecedented demands that the pandemic placed on home shifted shopper preferences toward space and versatility and drove a boom in homebuyers and renters shifting to suburban areas and less-dense metros. Our recently updated urbanicity trends data suggest that these trends largely continue. This means that while urban areas continue to be pricier and fast-paced, the advantage of shifting to the suburbs to get a better bang for the buck and face a less competitive market has eroded.  Nevertheless with affordability likely to be even more top of mind for buyers in the face of rising home prices and rising mortgage rates, the suburbs are likely to maintain their recent cachet.

Remote, In-Office, or Hybrid? The Future of Work Brings Flexibility for Workers

In addition to affordability, one of the reasons suburbs are likely to remain popular is increased workplace flexibility. Many companies shifted to remote work during the pandemic out of necessity, and this period has demonstrated that work is possible in a remote environment. Additionally, surveys show that many workers prefer working remotely, at least several days per week. Even as many companies are calling workers back to offices, others have shifted in the opposite direction, granting workers ongoing flexibility to work remotely. This may prove to be a smart recruiting move in a competitive labor market and even possibly a boon to productivity as some studies show that employees who weren’t commuting during the pandemic spent the time saved working. It may also be a retention tool. While a majority of recent homebuyers who didn’t have firm return to work plans report that they would simply return to the office or try to arrange a hybrid schedule in the event they were called back, nearly 1 in 4 report that they’d find a new job if asked to return. This has an impact on home searching and preferences. Previously, many workers focused on a home’s location relative to work as a central consideration. Sorting homes by commute-length is still a filter option available for home searchers to use on sites like Realtor.com. With average commute times growing and nearly 20% of recent homebuyers reporting one-way commute times in excess of an hour, regular remote work enables homebuyers to broaden their search parameters or in some cases pick-up and relocate to a city where homes are more affordable, as many have done in the last year.

Searchers Dream Big, but Budget Realities and For-Sale Availability Might Mean Smaller Homes Prevail

With the suburbs still popular and at least occasional remote work likely an option, homebuyers are likely to continue to prefer larger homes that provide space for working at home from time to time as well as versatility. At the same time, rising affordability challenges may cause some homebuyers to decide to sacrifice space to make a home purchase work with their budget. Notably, newly constructed single-family homes have begun to get larger after declining over the last few years. However, the typical active single-family home for sale has trended smaller in recent months. 

Hispanic Homebuyers Are A Growing Demographic

Hispanic homebuyers are already a sizable share of the housing market, comprising  more than 1 in 10 recent homebuyers, yet still under-represented relative to their roughly 1 in 5 share of the U.S. population. Despite gains in the most recent quarter of data, the Hispanic homeownership rate remains just shy of a majority. With a growing share of the population and the potential for a rising homeownership rate, this demographic group is expected to play a growing role in the homebuying market. Notably, recently successful Hispanic homebuyers were younger than the population of recent homebuyers at large and a majority were first-time homebuyers.

First-time Homebuyers Face an Uphill Journey

First-time homebuyers will need to be successful in the 2022 housing market if we are going to see the homeownership rate begin to climb again. In many respects it will be an uphill journey given the slightly better but still-limited for-sale inventory environment, high and rising prices, and rising mortgage rates all pushing monthly costs higher. A competitive labor market, however, should help offset some of these higher costs in the form of higher paychecks. Additionally, extended work-place flexibility may enable first-time buyers to explore more affordable housing markets that wouldn’t be an option if a daily commute was expected. The sheer size of the population at or near typical first-time home buyer age will mean plenty of potential from this group to impact the market in 2022

Housing Market Perspectives

What will 2022 be like for homebuyers, especially first-time homebuyers?

Homebuyers have much to look forward to in 2022. After years of declining, the inventory of homes for sale is finally expected to rebound from all-time lows. Still, the housing market will remain competitive for buyers, particularly those looking for homes in entry-level price tiers. With more than 45 million millennials in the prime first-time home buying ages of 26 to 35 in 2022, entry level buyers are likely to have a lot of company. Plenty of buyers mean rising home prices and when combined with rising mortgage rates buyers will face higher monthly payments. On top of this, homes are expected to continue to sell quickly, meaning buyers will need to make quick decisions in order to win offers.

How can homebuyers prepare?

To navigate these challenges, buyers will want to carefully consider their budget before embarking on their home search. Buyers can use online tools like the affordability calculator found in home listings on Realtor.com to get a sense of how much they can afford, and once they’ve set a price point, rate-proof that home purchase budget by running the numbers to see how higher mortgage rates could affect the monthly payment. Bottom line for buyers: no matter what the calculator says, make sure it feels comfortable to you! Additionally, honing a list of must-haves vs. nice-to-haves can help shoppers keep their search focused. And buyers can also use personalization tools so that their online search is similarly dialed-in on homes that are the best fit. Here’s a great “how-to” on personalizing-your-home search on Realtor.com.

What will 2022 be like for home sellers?

Homeowners who are ready to sell in 2022 are in a good position. Home prices are likely to notch a decade-long streak of annual gains early in the year, and the value of homes is at a record $34.9 trillion according to Fed data as of mid-2021, and likely to continue higher with next week’s release of new data. Even as for-sale inventory begins to grow, meaning some sellers will face competition, well-priced homes in good condition will continue to sell quickly in many markets. And for sellers who have owned their homes for a while, this will likely mean that they walk away from the transaction with a healthy amount of cash. While surveys show that many sellers recognize the advantage they hold in the current housing market, other data show that it’s the challenge of buying that is holding some back–more than 1 in 4 homeowners choosing not to sell reported this in our recent survey. The sellers most poised to take advantage of this market are those who don’t also need to buy immediately–those ready to sell second or vacation homes, but with some offices opening back up even as other companies shift to indefinite remote work policies, homeowners in vacation markets may find a notably cooler market than prevailed in these areas in 2021 when vacation home sales surged and surfaced unexpected vacation towns.

How Can Sellers Prepare?

The first step for sellers will be to explore their options for selling. Whether it’s a first home sale or you’ve done this before but it’s been a while, you may be surprised to find out that there are more ways to sell your home than you’d imagined. Online tools like the Realtor.com seller’s marketplace, will let you explore your options so that you can choose the one that’s right for you. For many sellers, this is going to be listing their home with a real estate agent who can showcase your home on the market to a wide range of potential buyers, getting you the highest price.

What will 2022 be like for renters?

Renters will see increasing rents in 2022. As home prices will keep rising in 2022, a great proportion of the population who cannot compete for a new home are likely to continue renting. In addition, higher home costs due to mortgage rates, which are expected to rise, could accelerate this pattern, raising demand for rental homes. Already in 2021 rising home prices and mortgage rates pushed housing costs to high-levels relative to incomes nationwide and in several large metros

On top of these trends, given the substantial improvement against the pandemic, those who moved to live with families may plan to move out and live alone again, forming what economists refer to as a new household. These new households will further boost rental demand and speed up rent growth. On the supply side, in addition to materials shortages and higher labor costs, which will hamper construction of new rental homes, the termination of various eviction protection laws may give landlords a chance to recoup losses by raising the rents. Conversely, these landlords could decide to exit the rental business altogether, recouping their losses by selling their rental home. This move could potentially benefit homebuyers, who may be able to snag these former-rentals, but this could reduce the supply of homes for renter households. Whether these houses flip to become owner-occupied or remain rental homes will depend on investor appetite for rental properties.

What will 2022 be like for investors?

In 2022, investors will continue to see solid returns from their investments in the housing market. With home prices expected to rise, existing owners are in a good position, and rising rents are likely to entice investor buyers to continue to purchase homes even as rising mortgage rates challenge potential returns. After an unusual 2020, in which more investors were sellers than buyers, 2021 saw investors buying homes at a greater rate than selling them in the spring, and this investor surge continued into the summer. If these homes are held for rent, 2022 will be an excellent opportunity to receive high yields given the solid demand and projected rising rental prices. Most pandemic-related eviction protections have expired and the few remaining areas with limits in place have expiration dates in 2021 or early 2022. With protections expiring, and many renters still behind on rent payments, an increasing share of landlords report considering eviction. Whether these landlords continue to hold and rent these homes or decide instead to get out of the investment business by selling their investment home remains to be seen. We’re watching New York, Los Angeles, and Chicago metro areas, in particular, where the share of landlords who are missing rent is 15%, 12%, and 18%  according to recent data from our Realtor.com network partner, Avail.


Housing Market Predictions 2022 – Metro Area Breakdown

Metro2022 Sales Growth % y/y2022 Price Growth % y/y  
Akron, Ohio11.4%4.5%  
Albany-Schenectady-Troy, N.Y.-0.9%4.0%  
Albuquerque, N.M.3.9%4.4%  
Allentown-Bethlehem-Easton, Pa.-N.J.4.0%4.3%  
Atlanta-Sandy Springs-Roswell, Ga.10.0%3.5%  
Augusta-Richmond County, Ga.-S.C.3.5%4.1%  
Austin-Round Rock, Texas4.7%3.0%  
Bakersfield, Calif.-4.2%6.1%  
Baltimore-Columbia-Towson, Md.-2.4%3.2%  
Baton Rouge, La.-1.8%1.5%  
Birmingham-Hoover, Ala.8.1%5.6%  
Boise, Idaho12.9%7.9%  
Boston-Cambridge-Newton, Mass.-N.H.3.9%7.5%  
Bridgeport-Stamford-Norwalk, Conn.0.7%2.5%  
Buffalo-Cheektowaga-Niagara Falls, N.Y.4.3%4.5%  
Cape Coral-Fort Myers, Fla.-5.6%2.7%  
Charleston-North Charleston, S.C.2.7%4.6%  
Charlotte-Concord-Gastonia, N.C.-S.C.9.9%5.6%  
Chattanooga, Tenn.-Ga.3.7%6.9%  
Chicago-Naperville-Elgin, Ill.-Ind.-Wis.-2.6%1.9%  
Cincinnati, Ohio-Ky.-Ind.7.9%5.4%  
Cleveland-Elyria, Ohio7.8%4.2%  
Colorado Springs, Colo.10.3%5.2%  
Columbia, S.C.6.4%5.1%  
Columbus, Ohio13.7%6.3%  
Dallas-Fort Worth-Arlington, Texas8.3%4.0%  
Dayton, Ohio10.7%4.3%  
Deltona-Daytona Beach-Ormond Beach, Fla.0.6%6.1%  
Denver-Aurora-Lakewood, Colo.6.0%5.0%  
Des Moines-West Des Moines, Iowa5.9%3.9%  
Detroit-Warren-Dearborn, Mich6.3%5.6%  
Durham-Chapel Hill, N.C.8.9%4.2%  
El Paso, Texas10.6%5.1%  
Fresno, Calif.3.7%5.9%  
Grand Rapids-Wyoming, Mich6.6%7.1%  
Greensboro-High Point, N.C.6.6%5.3%  
Greenville-Anderson-Mauldin, S.C.11.4%5.7%  
Harrisburg-Carlisle, Pa.4.4%3.5%  
Hartford-West Hartford-East Hartford, Conn.-2.9%0.7%  
Houston-The Woodlands-Sugar Land, Texas2.6%2.4%  
Indianapolis-Carmel-Anderson, Ind.14.8%5.5%  
Jackson, Miss.4.7%3.5%  
Jacksonville, Fla.6.2%6.5%  
Kansas City, Mo.-Kan.11.0%4.7%  
Knoxville, Tenn.3.3%5.9%  
Lakeland-Winter Haven, Fla.6.5%7.0%  
Las Vegas-Henderson-Paradise, Nev.0.1%5.9%  
Little Rock-North Little Rock-Conway, Ark.6.7%3.4%  
Los Angeles-Long Beach-Anaheim, Calif.-1.6%4.8%  
Louisville/Jefferson County, Ky.-Ind.7.3%4.5%  
Madison, Wis.6.2%3.9%  
McAllen-Edinburg-Mission, Texas5.9%5.1%  
Memphis, Tenn.-Miss.-Ark.7.4%6.6%  
Miami-Fort Lauderdale-West Palm Beach, Fla.3.6%5.8%  
Milwaukee-Waukesha-West Allis, Wis.10.5%2.4%  
Minneapolis-St. Paul-Bloomington, Minn.-Wis.4.1%6.0%  
Nashville-Davidson–Murfreesboro–Franklin, Tenn.5.5%5.6%  
New Haven-Milford, Conn.-1.8%1.0%  
New Orleans-Metairie, La.0.7%5.0%  
New York-Newark-Jersey City, N.Y.-N.J.-Pa.-3.0%2.3%  
North Port-Sarasota-Bradenton, Fla.0.8%1.7%  
Oklahoma City, Okla.3.7%2.6%  
Omaha-Council Bluffs, Neb.-Iowa8.2%4.9%  
Orlando-Kissimmee-Sanford, Fla.8.8%5.4%  
Oxnard-Thousand Oaks-Ventura, Calif.-2.2%4.4%  
Palm Bay-Melbourne-Titusville, Fla.7.4%7.9%  
Philadelphia-Camden-Wilmington, Pa.-N.J.-Del.-Md.4.7%2.9%  
Phoenix-Mesa-Scottsdale, Ariz.7.5%6.8%  
Pittsburgh, Pa.8.3%3.5%  
Portland-South Portland, Maine-0.2%10.0%  
Portland-Vancouver-Hillsboro, Ore.-Wash.6.1%4.3%  
Providence-Warwick, R.I.-Mass.8.1%9.5%  
Raleigh, N.C.9.6%4.3%  
Richmond, Va.5.0%4.9%  
Riverside-San Bernardino-Ontario, Calif.-1.4%5.5%  
Rochester, N.Y.8.3%4.0%  
Sacramento–Roseville–Arden-Arcade, Calif.6.0%5.0%  
St. Louis, Mo.-Ill.6.8%1.7%  
Salt Lake City, Utah15.2%8.5%  
San Antonio-New Braunfels, Texas5.1%3.5%  
San Diego-Carlsbad, Calif.0.2%4.8%  
San Francisco-Oakland-Hayward, Calif.-5.2%5.5%  
San Jose-Sunnyvale-Santa Clara, Calif.-4.0%4.2%  
Scranton–Wilkes-Barre–Hazleton, Pa.3.6%1.1%  
Seattle-Tacoma-Bellevue, Wash.9.6%7.5%  
Spokane-Spokane Valley, Wash.12.8%7.7%  
Springfield, Mass.6.1%6.6%  
Stockton-Lodi, Calif.1.0%7.8%  
Syracuse, N.Y.5.7%4.4%  
Tampa-St. Petersburg-Clearwater, Fla.9.6%6.8%  
Toledo, Ohio11.0%2.4%  
Tucson, Ariz.8.0%6.2%  
Tulsa, Okla.0.8%1.8%  
Urban Honolulu, Hawaii-3.9%0.2%  
Virginia Beach-Norfolk-Newport News, Va.-N.C.11.8%2.7%  
Washington-Arlington-Alexandria, DC-Va.-Md.-W. Va.5.6%3.8%  
Wichita, Kan.7.4%6.3%  
Winston-Salem, N.C.5.9%5.8%  
Worcester, Mass.-Conn.8.4%8.2%  
Youngstown-Warren-Boardman, Ohio-Pa.7.3%6.9%  

Original Article Appeared at : Source


People also looked for:

  • listing agent and selling agent
  • buyers agent
  • listing agent
  • princeton nj real estate agent

Table of Contents


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

Categories
NJ Real Estate News Buying Home Selling Home

Will Real Estate Ever Be Normal Again?

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

14mag Austin image cover facebookJumbo v3

Then there was a 35-year-old tech worker in Long Beach, Calif., who bought a house in Round Rock for $300,000 last October. By January 2021, it was worth roughly $400,000; in February, he bought two more. His winning bids were two of dozens that his real estate agent, a former equities trader who now works primarily with individual investors, made sight unseen, all of them for at least $40,000 over the asking price. “I’m part of the problem,” the buyer acknowledged to me, though he was not your stereotypical speculator: Despite earning six figures, he drives a 2005 Honda Civic and, when I spoke to him, was renting a room for $900 a month, preferring to save and invest. (Scarred by graduating into the Great Recession, he aligns with the Financial Independence, Retire Early movement popular on Reddit.) He marveled at how FaceTime, DocuSign and electronic transfers made everything seamless, but because real estate money can now move so easily, it meant what he had liked about real estate investing in the first place — its stability and relative slowness — no longer held true. “We’re gamifying real estate investment to the point that it’s almost like throwing money at the stock market,” he told me.

Some Austin real estate agents have positioned themselves to capitalize on all this out-of-town money. On a steamy 95-degree day in late June, Matt Holm lifted the winged door of his Tesla Model X so that I could hop in the back seat behind his client, Jon, a man who worked in commercial real estate financing in Santa Monica. (Jon asked that I withhold his last name because he hasn’t shared his relocation plans with his friends and family.) During the pandemic, Jon, originally from Madison, Wis., began to rethink what was keeping him in California. “I’m getting a little anxiety about making a longer-term commitment to L.A., just given the political climate, the tax climate, the homelessness problem,” he told me.

Jon had traveled to Austin three times in as many months and was getting a handle on the “resi” market. He was looking for a home where he could declare residency to take advantage of Texas’ lack of income tax — but he also wanted to live elsewhere half the year, and so he was looking for a place he could easily rent out and make money on. And he wanted guaranteed appreciation. “I mean everything’s an investment, right?” he told me. A friend of his who had just relocated to Austin introduced him to Holm, whose dirty-blond hair was pulled into a sleek ponytail. He founded the Tesla Owners Club of Austin in 2013 and proudly referred to himself as the “Tesla realtor” in town. When Jon slipped in to look at a short-term rental, Matt told me that Jon would like to spend $500,000 to $700,000, “but he’s going to spend 1.3 to 1.5 by the time he’s done.”

“There’s nine million square feet of office being built,” Holm said, as we drove through downtown, cranes and glass skyscrapers glinting above stalky yellow-limestone and red-granite buildings. (The Austin Chamber of Commerce gave a lower but still shocking figure, 6.2 million square feet.) “And it’s being built, like, it’s not occupied. So those jobs are coming. People are telling me, like, Oh, you know, we peaked. … As far as the metrics, the Texodus is not slowing down. We’re about to get a tidal wave.”

“People haven’t even factored in the Elon effect,” he continued, “I can’t tell you the number of people that are saying, Oh, Elon’s building a factory. Like, no, Elon’s not building a factory — this is headquarters for everything Elon. He hasn’t officially announced it, and I don’t know anything behind the scenes, but I can see very clearly the people that are moving here, and they’re not factory workers.” (Indeed, in October, Musk made it official.)

Holm and Jon spoke the same language. They analyzed every parcel for how to maximize profits and shared tips for minimizing taxes. Walking through a cavernous tiled-and-carpeted two-story in Travis Heights, Holm suggested that with its many bedrooms, it would make an excellent Airbnb. Although Austin and the state stipulated that owners could rent only their homestead and only for a maximum of six months a year, “that could be every weekend,” Holm said.

“The investor I know that’s killing it right now is a systems guy,” he continued. “And I told him for four years that he had to get into the Airbnb business and he thought I was B.S.ing him on the numbers. And finally, he believed me, and now he has 13 Airbnbs.”

Original Article Appeared at : Source

People also looked for:


Table of Contents


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

Categories
NJ Real Estate News Buying Home Selling Home

October 2021 Housing Market Trends Report

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

  • The national inventory of active listings declined by 21.9% over last year, while the total inventory of unsold homes, including pending listings, declined by 14.8%. The inventory of active listings is down 51.9% compared to 2019.
  • Newly listed homes are down 2.3% nationally compared to a year ago, and down 4.8% for large metros over the past year. Sellers are still listing at rates 11.6% lower than typical 2017 to 2019 levels. 
  • The October national median listing price for active listings was $380,000, up 8.6% compared to last year and up 21.8% compared to 2019. In large metros, median listing prices grew by 5.2% compared to last year, on average. 
  • Nationally, the typical home spent 45 days on the market in October, down 8 days from the same time last year and down 21 days from 2019.

Realtor.com®’s October housing data release reveals that the housing market is settling into a pattern of steady, high single-digit price growth, fast-moving inventory, and a consistently shrinking inventory of homes for sale. While almost 3 in 4 consumers- as indicated by Fannie Mae’s National Housing Survey– believe it is a good time to sell, this sentiment has yet to translate to increased selling activity. As many sellers are also homebuyer hopefuls, the low supply of homes for sale to move into also makes the decision to list a home more difficult. It can be challenging for the housing market to lift itself out of this holding pattern, and we look to increased construction to help supply meet demand in the next year. 

New Seller Activity Remains Below Last Year

Nationally, the inventory of homes actively for sale in October decreased by 21.9% over the past year, a similar rate of decline compared to the 22.2% drop in September. Earlier this fall we saw consistent improvements in inventory as the rate of decline compared to last year shrank. In October, this progress stalled as it became increasingly less likely that inventory would catch up to last year’s levels, let alone more typical 2017 to 2019 levels. This rate of decline amounted to 179,000 fewer homes actively for sale on a typical day in October compared to the previous year. The total number of unsold homes nationwide—a metric that includes active listings and listings in various stages of the selling process that are not yet sold—is down 14.8% percent from October 2020. 

Active Listing Count

In October, newly listed homes declined by 2.3% on a year-over-year basis and sellers are still listing at rates 11.6% lower than typical of 2017 to 2019 levels. Last month we noted a change in direction where fewer new sellers were listing homes than the previous year, and this month this trend continued.

Newly Listed Homes

The inventory of homes actively for sale in the 50 largest U.S. metros overall decreased by 20.5% over last year in October, an increase in the rate of decline compared to last month’s 18.5% decrease. Regionally, the inventory of homes in large southern metros is still showing the largest year-over-year decline (-25.8) followed by the West (-22.7%), Northeast (-17.9%) and Midwest (-10.5%).

Markets which are seeing the largest year-over-year growth in newly listed homes include Austin (+15.3%), Memphis (14.8%) and Buffalo (+10.7%). Markets which are still seeing a decline in newly listed homes compared to last year include Hartford (-30.2%),  San Diego (-21.8%), and Boston (-19.0%). 

Homes Continue to Sell 8 Days Faster Than Last Year

The typical home spent 45 days on the market this October, which is 8 days less than last year and two days more than last month as the housing market slows down into the late fall and winter off-season. Despite typical seasonal slowing, homes still sold more quickly than any other October in recent history. 

In the 50 largest U.S. metros, the typical home spent 39 days on the market, and homes spent 6 days less on the market, on average, compared to last October. Among these 50 largest metros, the time a typical property spends on the market has decreased most in large metros in the South (-10 days), followed by the West (-5 days), and Midwest and Northeast (-3 days). 

Among larger metropolitan areas, homes saw the greatest yearly decline in time spent on market in Miami (-31 days), Raleigh (-30 days), Jacksonville (-17 days) and Orlando (-17 days). Four metros saw time on market increase: New Orleans (+11 days), New York (+5 days), Cincinnati (+3 days), and Philadelphia (+1 day). However, time on market in all of these markets was still shorter than more typical levels seen in 2019. 

Days on Market

Listing Price Growth Remains Consistent

The median national home price for active listings remained the same from September through October, at $380,000. The median listing price again grew by 8.6% over last year, the same growth rate as last month. As we noted previously, while median listing price growth is now below double-digits, this trend reflects a change in the mix of inventory available for sale compared to last year, with more small homes available for sale this year. The median listing price for a typical 2,000 square-foot single family home is currently up 16.7% compared to last year. 

Median Listing Price

For the past three months, the share of homes which have had their price reduced has increased compared to the same time period last year. In October, the share of price reductions increased over last year by 0.8 percentage points, catching up to 2016 levels. However, the share of price reductions is still 4.6 percentage points lower than in 2018 and 2019.

Price Reduced Share

Active listing prices in the nation’s largest metros grew by an average of 5.2% compared to last year, slightly higher than last month’s rate of 4.1%. Price growth in the nation’s largest metros has been lower than other areas across the country, but much of this can still be attributed to new inventory bringing relatively smaller homes to the market this year.

Austin (+32.5%), Las Vegas (+27.2%), and Tampa (+21.8%), posted the highest year-over-year median list price growth in October, while Milwaukee (+5.8 percentage points), Hartford (+5.3 percentage points) and Austin (+5.0 percentage points) saw the greatest increase in their share of price reductions compared to last year. 

October 2021 Regional Statistics (50 Largest Metro Combined Average)

RegionActive Listing Count YoYNew Listing Count YoYMedian Listing Price YoYMedian Days on Market Y-YPrice Reduced Share Y-Y
Midwest-10.5%-2.5%-3.9%-3 days0.4%
Northeast-17.9%-8.5%1.0%-3 days1.4%
South-25.8%-2.7%9.4%-10 days-0.2%
West-22.7%-8.0%9.7%-5 days-1.6%
MetroMedian Listing PriceMedian Listing Price YoYActive Listing Count YoYNew Listing Count YoYMedian Days on MarketMedian Days on Market Y-YPrice Reduced SharePrice Reduced Share Y-Y
Atlanta-Sandy Springs-Roswell, Ga.$395,00011.1%-26.6%5.7%37-918.3%-4.2%
Austin-Round Rock, Texas$550,00032.5%-8.1%15.3%32-1418.5%5.0%
Baltimore-Columbia-Towson, Md.$325,000-4.4%-5.0%-2.7%40-320.6%4.1%
Birmingham-Hoover, Ala.$280,0007.7%-28.5%-5.3%48-315.2%-0.1%
Boston-Cambridge-Newton, Mass.-N.H.$689,0003.0%-23.4%-19.0%30-319.2%-1.3%
Buffalo-Cheektowaga-Niagara Falls, N.Y.$225,0004.7%-4.7%10.7%52017.3%-2.1%
Charlotte-Concord-Gastonia, N.C.-S.C.$399,0009.3%-27.9%-5.1%32-1118.0%0.1%
Chicago-Naperville-Elgin, Ill.-Ind.-Wis.$330,000-4.4%-20.3%-8.6%41-220.6%0.2%
Cincinnati, Ohio-Ky.-Ind.$310,0000.0%-11.3%-11.0%42319.7%2.1%
Cleveland-Elyria, Ohio$190,000-5.0%-4.7%0.9%44-324.3%-1.5%
Columbus, Ohio$290,000-5.0%-3.7%8.7%30-525.3%-3.4%
Dallas-Fort Worth-Arlington, Texas$398,00011.8%-33.9%-3.5%37-1021.8%-3.9%
Denver-Aurora-Lakewood, Colo.$615,00018.3%-27.8%-8.4%28-822.0%-1.2%
Detroit-Warren-Dearborn, Mich.$245,000-8.9%-7.2%1.0%32-619.6%2.1%
Hartford-West Hartford-East Hartford, Conn.$330,00010.0%-57.1%-30.2%40-113.0%5.3%
Houston-The Woodlands-Sugar Land, Texas$360,0007.9%-20.0%-1.6%45-719.6%0.8%
Indianapolis-Carmel-Anderson, Ind.$275,0000.0%-24.9%5.1%38-530.5%-7.1%
Jacksonville, Fla.$370,00016.3%-27.8%10.3%38-1718.5%3.2%
Kansas City, Mo.-Kan.$325,000-1.5%-6.1%-11.3%46-120.2%-0.6%
Las Vegas-Henderson-Paradise, Nev.$439,00027.2%-31.5%-6.1%31-1019.2%-2.8%
Los Angeles-Long Beach-Anaheim, Calif.$975,000-2.0%-25.3%-17.9%49013.3%-2.5%
Louisville/Jefferson County, Ky.-Ind.$250,000-3.1%-3.7%3.6%31-424.2%-1.2%
Memphis, Tenn.-Miss.-Ark.$275,0004.3%-10.2%14.8%29-1617.9%-2.9%
Miami-Fort Lauderdale-West Palm Beach, Fla.$475,00015.9%-47.9%-16.7%62-3113.2%-2.0%
Milwaukee-Waukesha-West Allis, Wis.$275,000-8.3%-6.3%2.0%39-322.0%5.8%
Minneapolis-St. Paul-Bloomington, Minn.-Wis.$350,0000.6%-10.5%-14.9%36-117.8%2.8%
Nashville-Davidson–Murfreesboro–Franklin, Tenn.$450,00012.5%-37.1%-9.8%22-1017.4%-1.7%
New Orleans-Metairie, La.$340,0003.3%-16.4%-13.3%751120.1%-3.0%
New York-Newark-Jersey City, N.Y.-N.J.-Pa.$619,000-3.1%-14.9%-18.4%63514.2%-2.3%
Oklahoma City, Okla.$271,0000.4%-21.5%-2.7%44-422.0%-3.8%
Orlando-Kissimmee-Sanford, Fla.$390,00020.0%-46.5%-9.4%42-1722.8%-5.2%
Philadelphia-Camden-Wilmington, Pa.-N.J.-Del.-Md.$320,000-8.3%-1.7%-0.5%49120.9%3.0%
Phoenix-Mesa-Scottsdale, Ariz.$485,00016.7%-16.3%0.1%32-423.4%-4.2%
Pittsburgh, Pa.$226,000-7.9%-10.4%1.7%50-723.4%3.3%
Portland-Vancouver-Hillsboro, Ore.-Wash.$550,0007.8%-13.9%8.0%37-1230.7%0.5%
Providence-Warwick, R.I.-Mass.$430,0007.5%-12.7%0.2%35-713.1%2.2%
Raleigh, N.C.$425,0009.0%-50.7%-15.8%19-3014.9%-3.0%
Richmond, Va.$350,000-1.9%-21.6%-3.2%43-214.2%2.0%
Riverside-San Bernardino-Ontario, Calif.$549,00016.8%-6.3%-4.1%36-512.1%2.3%
Rochester, N.Y.$211,000-7.7%-28.5%-11.9%23-814.5%-1.4%
Sacramento–Roseville–Arden-Arcade, Calif.$595,0008.4%-1.6%-2.5%32-315.4%3.1%
San Antonio-New Braunfels, Texas$349,00016.4%-24.4%0.3%44-920.7%0.7%
San Diego-Carlsbad, Calif.$839,0005.6%-26.6%-21.8%47N/A13.5%-2.2%
San Francisco-Oakland-Hayward, Calif.$995,000-5.1%-25.2%-9.4%31-413.7%-2.8%
San Jose-Sunnyvale-Santa Clara, Calif.$1,250,0004.3%-31.9%-13.7%34013.6%-4.4%
Seattle-Tacoma-Bellevue, Wash.$680,0008.8%-43.3%-12.2%34-116.9%-3.8%
St. Louis, Mo.-Ill.$243,000-2.0%-19.3%1.0%50-620.5%-2.4%
Tampa-St. Petersburg-Clearwater, Fla.$375,00021.8%-39.9%-12.5%37-1122.8%-2.9%
Virginia Beach-Norfolk-Newport News, Va.-N.C.$314,000-3.4%-17.9%-2.7%30-910.6%4.4%
Washington-Arlington-Alexandria, DC-Va.-Md.-W. Va.$510,0001.6%8.3%-0.9%35-116.9%4.4%

Original Article Appeared at : Source

People also looked for:


Table of Contents


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

Categories
NJ Real Estate News Buying Home Selling Home

Will the Housing Market Crash in 2022?

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

Are you worried about prices going up or down ? Would you like to explore your options ?

Historically low mortgage rates and droves of people working from home due to the pandemic made the housing market red-hot this year. Demand was high and supply was low, leading to a hyper-competitive market where more than half (54%) of homes sold above list price, according to a report by RedFin.

“The speed of home sales and price appreciation was staggering, almost regardless of location, because the strong housing market fundamentals leading into the pandemic were supercharged by low mortgage rates and big savings rates,” says Skylar Olsen, principal economist at digital homebuying platform Tomo. But will the market stay hot through 2022?

Competition seems to have slowed down a bit—RedFin reported that competition on offers written by their agents hit a record low for the year in August, going from about 74% in April 2021 (a record high), to 58%. “Expect much less competition pressure, but don’t expect prices to come down anytime soon,” says Olsen.

Original Article Appeared at : Source

People also looked for:


Table of Contents


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

Categories
NJ Real Estate News Buying Home Selling Home

Fall housing market in N.J. starting to look better for buyers

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

Inside N.J.'s Real Estate Market

The red hot residential real estate market is beginning to cool slightly and is expected to continue that trend for the rest of the year.

The frenzied buying New Jersey saw in the second half of 2020 and the first half of 2021 were driven largely by low interest rates, low inventory and buyers looking to leave urban areas, like New York City, for more space in the suburbs.

Note to readers: if you purchase something through one of our affiliate links we may earn a commission.

Original Article Appeared at : Source

People also looked for:

Categories
Selling Home Buying Home

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

bronx 1

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.

READ MORE: New Jersey Nurse Dies From Injuries Suffered After Being Knocked To Ground By Alleged Mugger In Times Square

“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.

READ MORE: 18-Year-Old Charged With Fatally Shooting Mother At Staten Island Home

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.”

MORE NEWS: NYPD: 14-Year-Old Shot In The Back Inside Rosedale, Queens Home

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

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 Buying Home Selling Home

COVID effect: Jersey Shore winter rentals a hot commodity in 2021

Contact Princeton, NJ Realtor

Rosy 609-915-9665

attachment RS34005 GettyImages 495419538 scr

Grabbing an ideal temporary place to live in the offseason is a harder task than usual along the Jersey Shore this year, according to real estate professionals in the area.

There is greater demand for winter rentals up and down the coast for a number of reasons, they say — most are directly connected to the coronavirus pandemic.

And many of the newcomers to the winter rental market appear to be less interested in a specific town or city — they just want something comfortable for a few a months, anywhere along the shore.

“They’re looking from the Toms River area all the way up to Belmar, Long Branch,” said George Coffenberg, broker/owner of Preferred Properties Real Estate.

The new clientele aren’t just folks who want to enjoy a shoreline view while being able to work remotely. Many are in the middle of a strategic process that includes cashing in on the hot housing market and eventually moving into another home.

“People have sold their homes and need short-term rentals to kind of get settled and figure out where they’re going to buy,” Coffenberg said.

Since bidding wars on available listings are still occurring, Coffenberg said, recent sellers are sitting on the sidelines, waiting for things to calm down before buying again.

Unlike summer renters, folks who rent in the winter typically have to prove a solid financial history before a deal is made, as the leases are generally handled on a monthly basis.

“Typically, you’re going to pay monthly what it would be for a week in the summer,” said Mike Loundy, broker of SeasideRealtyNJ.com.

Loundy noted there’s a yearly crowd interested in winter rentals along the shore — some folks need to find a place to stay due to local work projects, for example.

“There’s beautiful accommodations available now that did not exist in the past, so we’re seeing it draw in people that we would not normally have seen,” Loundy said.

Contact reporter Dino Flammia at dino.flammia@townsquaremedia.com.

7 reasons why you need to kill the spotted lanternflies infesting NJ

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:

Contact Princeton, NJ Realtor

Rosy 609-915-9665


Table of Contents


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

Categories
NJ Real Estate News

Logistics Real Estate Market Size 2021 And Forecast to 2022

  

MRI 15

New Jersey, USA,  – The Logistics Real Estate Market Report provides information on market size, share, trends, growth, cost structure, the competitive landscape in the global market, market drivers, challenges and opportunities, capacity, revenue and forecast 2026. This report also includes the comprehensive and comprehensive study of the Logistics Real Estate market with all its aspects that influence the market growth. This report is a comprehensive quantitative analysis of the Logistics Real Estate market and provides data to develop strategies to increase market growth and efficiency. The report covers the post-COVID-19 impact on various regions and major countries and on the future development of the industry is highlighted.

In addition, the global Logistics Real Estate Market is expected to grow at a CAGR of about XX % over the next five years, will reach XX Billion US $in 2020, XX Billion US $in 2028

Scope of the report :

The report assesses the growth rate and market value based on market dynamics, factors that drive growth. Comprehensive knowledge is based on the latest industry news, opportunities and trends.

Competitor Analysis

The report examines the marketing details of worldwide Logistics Real Estate and offers a granular analysis of the assorted factors promoting or hindering market growth. It relies on market-leading explanatory instruments to measure openings by anticipating players. It also profiles the driving companies that job there and captures information about their income. Their item offers are taken under consideration when preferring the advertising department.

The years considered to estimate the market size during this study are as follows:

History year: 2015-2018

Reference year: 2019

The forecast year 2021 to 2028

The major players covered in Logistics Real Estate Markets:

  • Prologis
  • Goodman
  • Vanke
  • Blogis Holding Ltd
  • Gazeley
  • Yupei Holdings
  • ESR
  • Mapletree
  • Boxway

Market segmentation of Logistics Real Estate market:

Logistics Real Estate market is divided by type and application. For the period 2021-2028, cross-segment growth provides accurate calculations and forecasts of sales by Type and Application in terms of volume and value. This analysis can help you grow your business by targeting qualified niche markets.

Logistics Real Estate Market breakdown by Type:

  • Sole Proprietorship
  • Cooperation

Logistics Real Estate Market breakdown by application:

  • Rental
  • Sales

Logistics Real Estate Market Report Scope 

Report AttributeDetails
Market size available for years2021 – 2028
Base year considered2021
Historical data2015 – 2019
Forecast Period2021 – 2028
Quantitative unitsRevenue in USD million and CAGR from 2021 to 2027
Segments CoveredTypes, Applications, End-Users, and more.
Report CoverageRevenue Forecast, Company Ranking, Competitive Landscape, Growth Factors, and Trends
Regional ScopeNorth America, Europe, Asia Pacific, Latin America, Middle East and Africa
Customization scopeFree report customization (equivalent up to 8 analysts working days) with purchase. Addition or alteration to country, regional & segment scope.
Pricing and purchase optionsAvail of customized purchase options to meet your exact research needs. Explore purchase options

Regional market analysis Logistics Real Estate can be represented as follows:

The report covers a good range of ranges for better global market experiences and industry trends and forecasts. The report covers market models by product types, application regions, and major suppliers. The market affecting variables like engines, controls, and business openings has been carefully detailed during this report. The review of models, review, and market figures was allotted both on an oversized scale and at the micro-level. It also gives an overall idea of the strategies received by most competitors within the corporate. Other important variables, which act regionally and globally to affect market trends, were included. These variables with an effect are the socio-political situation, environmental conditions, demographics, legal organizations, and also the competitive environment of the region.

The base of geography, the world market of Logistics Real Estate has segmented as follows:

  • North America includes the United States, Canada, and Mexico
  • Europe includes Germany, France, UK, Italy, Spain
  • South America includes Colombia, Argentina, Nigeria, and Chile
  • The Asia Pacific includes Japan, China, Korea, India, Saudi Arabia, and Southeast Asia

VM Intel desktop 1

Visualize Logistics Real Estate Market using Verified Market Intelligence:-

Verified Market Intelligence is our BI-enabled platform to tell the story of this market. VMI provides in-depth predictive trends and accurate insights into more than 20,000 emerging and niche markets to help you make key revenue impact decisions for a brilliant future. 

VMI provides a comprehensive overview and global competitive landscape of regions, countries, and segments, as well as key players in your market. Showcase your market reports and findings with built-in presentation capabilities, providing more than 70% of time and resources for investors, sales and marketing, R & D, and product development. VMI supports data delivery in Excel and interactive PDF formats and provides more than 15 key market indicators for your market.


The study explores in depth the profiles of the main market players and their main financial aspects. This comprehensive business analyst report is useful for all existing and new entrants as they design their business strategies. This report covers production, revenue, market share and growth rate of the Logistics Real Estate market for each key company, and covers breakdown data (production, consumption, revenue and market share) by regions, type and applications. Logistics Real Estate historical breakdown data from 2016 to 2020 and forecast to 2021-2029.

About Us: Market Research Intellect

Market Research Intellect provides syndicated and customized research reports to clients from various industries and organizations in addition to the objective of delivering customized and in-depth research studies. 

We speak to looking logical research solutions, custom consulting, and in-severity data analysis lid a range of industries including Energy, Technology, Manufacturing and Construction, Chemicals and Materials, Food and Beverages. Etc Our research studies assist our clients to make higher data-driven decisions, admit push forecasts, capitalize coarsely with opportunities and optimize efficiency by bustling as their belt in crime to adopt accurate and indispensable mention without compromise. 

Having serviced on the pinnacle of 5000+ clients, we have provided expertly-behaved assert research facilities to more than 100 Global Fortune 500 companies such as Amazon, Dell, IBM, Shell, Exxon Mobil, General Electric, Siemens, Microsoft, Sony, and Hitachi.

Contact us:

Mr. Edwyne Fernandes

US: +1 (650)-781-4080
UK: +44 (753)-715-0008
APAC: +61 (488)-85-9400
US Toll-Free: +1 (800)-782-1768

Website: – https://www.marketresearchintellect.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:

Categories
Buying Home NJ Real Estate News Selling Home

‘Forced out of the market’: In NJ, even starter homes are out of reach for more people

Scott Millard, the CEO of Paterson’s Habitat for Humanity, is in the business of providing homes for people of modest means. 

But these days, he’s seeing a lot more people who can’t afford entry-level homes. Many of them are working people who don’t qualify for affordable-housing programs. Often they are millenials boxed out of New Jersey’s pandemic real estate market, which inflated home prices and rents. 

“Some people say [millennials] don’t want to be homeowners, it’s the new rental generation,” said Millard, “But there’s other thought out there that says it has very little to do with them not wanting to be homeowners — there are no entry-level homes anymore.”

While this trend is not new, “It’s hitting a crisis point,” said Millard.

Since the pandemic began, New Jersey has steadily grown less affordable for its residents.

According to a 2021 report jointly released by the National Low Income Housing Coalition and Housing and Community Development Network of New Jersey, it became the sixth-most expensive U.S. state to rent in, up from its seventh-place ranking in 2020. In Morris, Essex and Sussex counties, renting a two-bedroom apartment will run you more than $1,600 a month. It’s over $1,700 in Bergen and Passaic counties.

At those rates, someone would have to make around $31 an hour to sustain their rental housing. But of the 30 most common New Jersey jobs, the report found that 20 of them— including teacher assistants, nursing assistants, and janitors — pay below that wage. If you’re working a minimum wage job in New Jersey, you would have to work 107 hours a week to keep up with rent in those areas.  

Realtor sign advertises that a home for sale is now under contract.

The story doesn’t look much better for buyers. “Average for-sale home prices have climbed by over $80,000 in recent months,” said Melanie R. Walter, executive director of the New Jersey Housing and Mortgage Finance Agency.

On Zillow.com, real estate agents have listed as of Sept. 10 just 37 single-family homes under $350,000 in Bergen County — and among those are many that are tear-downs or need extensive renovations. Some are short sales, a type of distressed sale that involves lots of red tape and money upfront. 

A $350,000 home in livable shape, if such a home could be found, would cost around $2,100 a month in mortgage payments and property taxes. 

What about affordable housing?

To qualify for subsidized affordable housing in New Jersey, you must earn at or below 80% of the area median income (AMI). For a family of four living in Bergen, Passaic, Essex, Morris, Sussex, Union or Warren County, that’s an income of $78,500.

But families in New Jersey who make above that income limit struggle to compete in the non-subsidized housing market

These households usually fall between 80% and 120% AMI. And as the housing market heated up over the past year, more current and prospective New Jersey residents got burned, finding their financial capabilities no longer as competitive as they once were.

While the adults unpack the moving truck, Laysha Brito Ventura, 9 runs around the backyard at her new Hamilton Ave. home in Paterson on April 9, 2021.

Consumer Credit and Budget Counseling is an agency providing housing guidance for families and individuals in need of credit and finance assistance. After April 2020, the agency saw a rise in first-time homebuyers, usually in the 80 to 120% AMI range, looking to invest in a home. 

“Those buyers were being forced out of the market,” said Executive Director Russell Graves. These buyers might be families who had been living in a high-density apartment, but are now looking for more space.

North Jersey:Gentrification or growth? Why Paterson is hot for real estate buyers and investors

But other home seekers at this income level are often millennials with student loan debt looking for a starter home. According to Graves, when it comes to starter homes, “There are none available. The ones that are available need lots of tender, love, and care” —often costy and too much to take on.

Crisis point for housing

March 11, 2021; OGDENSBURG, NY, USA; Rhonda Roethel at her real estate office in Ogdensburg. She is seeing an increased interest in Ogdensburg homes with buyers from New York City and Los Angeles. Mandatory Credit: Michael Karas/NorthJersey.com via USA TODAY NETWORK

The pandemic shares in the blame for how we got to this crisis point.

The pandemic brought on a confluence of low interest rates and the desire for suburban homes from residents of jam-packed cities, which spiked the demand for New Jersey homes.

At the same time, many suburban homeowners were not looking for a mid-pandemic residence change and stayed put. Short supply and increased demand meant that prices shot up.

For subscribers:New construction is everywhere you look in North Jersey. Here’s what’s going where

However, even as sellers have begun to come back to the market recently, Graves does not foresee the demand lightening up. “That’s not enough houses for the demand out there,” he said, “So you’re going to see continued upward pressure on prices.”

As thousands of condominiums and apartments are built across North Jersey, they are nearly all billed as luxury units, boasting rooftop lounges and expensive amenities, with just a fraction set aside for people who qualify for affordable housing. 

That puts the squeeze on people in the middle. 

“Ultimately, these trends have serious implications – not just for housing affordability, but for the affordability of maintaining and improving quality of life,” said Walter of the New Jersey Housing and Mortgage Finance Industry. 

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
Buying Home NJ Real Estate News Selling Home

Companies step up buying houses, bet on hot housing market

21352849 G

Not all real estate companies are in the business of renting houses. Many flip homes they buy. And there are so-called “iBuyers,” companies like Zillow, Redfin, and Opendoor, which buy homes, typically from sellers who want to sell their home quickly, and then put the homes back on the market.

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: