Posts Tagged 'bloomfield'

2019 Real Estate Projections

Where is the real estate market going in 2019?

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Here are a few points I’ve boiled down and expanded upon (sourced from Realtor.com) that are likely to influence and illustrate the 2019 real estate market’s performance.

To see how this will affect you personally use the quick & complimentary home value estimator here – FIND YOUR HOME’S VALUE

  1. Home price growth will slow – perhaps down to 2%.  Many homes are still selling for a strong price, but receiving 8 or more offers as some did from 2014-2017 is becoming a much rarer occurrence.  For more info on local sales click this link – HOUSING MARKET TRENDS   for more specific HOUSING MARKET TRENDS
  2. Inventory will most likely remain moderate with only small increases, except for high-priced homes which will have significant inventory increases.  LOCAL INVENTORY INFO
  3. Millennials getting mortgages will slightly outpace GenerationX’ers and far outpace Boomers getting mortgages.
  4. The new tax law will be good for renters (keeping more income) and a mixed bag, but mostly negative for homeowners who may keep more income but will lose the SALT deductions.  The law no longer allows taxpayers the ability to deduct state and local taxes (SALT), so we’re being taxed twice on the same income. Those deductions on property taxes, along with a deduction on mortgage interest, used to provide a strong incentive for homeownership.  Maybe the new house representative class recently elected will stick up for the suburban voters who put them there and try to pass legislation to reverse or lessen the impact of the new laws, but I’m not holding my breath.
  5. Most experts are predicting that mortgage rates will most likely hit 5.5 percent by the end of the year. Some buyers will be motivated to purchase before the rates get too high and some may begin sitting on the sidelines waiting for the next dip. HOWEVER, after a recent meeting between China and the US about trade and tariffs, interest rates actually dropped. So ‘most experts’ may change their tune if the tariffs/trade wars keep putting a scare into the market.  For more about Mortgage-related questions – link instantly to expert MORTGAGE RATE, FINANCE INFO & PRE-APPROVALS  
  6. Most experts don’t see an obvious buyer’s market for awhile, because of moderate inventory and prices holding steady. Buyers will have to adapt their strategies to deal with higher rates and lower inventory.  Since higher end homes will have more inventory and more stagnant prices, there are more opportunities for buyers in the higher price ranges than in the entry level price ranges which have more buyer competition and less inventory.
  7. Despite remaining nominally a seller’s market, increasing competition from increased inventory will most likely bring down expectations for bidding wars, multiple offers  and getting whatever price a seller thinks he can get.. Sellers who price competitively should still be able to come away with a good amount of equity if they didn’t buy at the 2006 peak.
  8. The total number of home sales declined in 2018 compared to 2017 and is expected to decline further in 2019

link to full Realtor.com projections & article

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Year End Sales figures for nearby towns

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Leaf Removal schedules in a few Essex & Union county towns

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You may have already raked or blown your leaves, but mysteriously they just keep piling up anyway.

The green and less expensive thing to do is actually to use a mower to shred them and leave them on the lawn  as fertilizer.  You don’t need to mow in your garden, just leave them there as extra insulation for the  plant roots that need a bit of protection from the snow.

But if you just want them gone, here is a list and links to more detail about leaf removal schedules in a few Essex & Union Co. towns.

South Orange

all streets by December 6,  unfortunately the town map is so tiny, it’s hard to tell which streets are prior to the sixth

July Real Estate Market Conditions

The local real estate market continues the turnaround begun early in the year.  Here is the July update on Real Estate Absorption rates in the area.  The absorption rate number is how many months it would take for the current inventory of listings to sell given the current monthly rate of homes going under contract.

As buying has been brisk this spring and early summer, inventory has remained stable.  Its possible the rates will drop even further as less new listings hit the market in the fall and the remaining inventory continues to be sold.

Market Improvement

Real Estate conditions are improving!

Absorption rates are a common measure of how fast homes are selling.  Here, for example, the absorption rate for South Orange has dropped from 8 or 9 to 4.7.  This means at the rate that homes are selling now (20 in the last 30 days), it would take 4.7 months for all the listings available (94) to sell.  If these rates begin to stay under 5 we will gradually be moving from a buyer’s market toward a seller’s market.

 

Area Sales for the full year 2010

Here are the sales numbers for the year  2010 in Suburban Essex and Northern Union counties.   Buyers are returning as the number of sales (sold listings) increased over 2009 figures for the following towns: South Orange, Maplewood, Millburn, Montclair and Summit.  The towns closest to the train lines are feeling the recovery before the others (figures from Garden State MLS).

Please call me if you’ve got any questions about these figures or would like a complimentary CMA (comparative market analysis) done for your home.


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