Posts Tagged 'springfield'

2019 Real Estate Projections

Where is the real estate market going in 2019?

newengland

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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New Trails in Watchung Reservation

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The Union Co. Dept. of Parks & Recreation hosted a meeting and presented a Trails Master Plan that has been developed for the Watchung Reservation.  This plan will create new trails and open the Watchung Reservation to mountain biking. The meeting was held on Tuesday, March 7 at 7:00 p.m. at the Trailside Nature & Science Center. The map above shows proposed biking trails in light blue, hiking trails in light green and horse/hiking trails in purple.

Reps of the Parks Department and its trails planning consultant explained the plan and answered questions.  Those attending had an opportunity to offer their input on the plan. A similar meeting was held last October, primarily for mountain biking enthusiasts.

The Trails Master Plan includes the construction of 13 1/2 miles of new trails which will be restricted to mountain biking only.  The new trails will be spread throughout most areas of the park.  Portions of the Sierra Trail and other existing hiking or equestrian trails will be shared by all users, including mountain bikers.  Some sections of existing hiking trails will be closed.  Debate is still ongoing regarding possible effects on wildlife and neighboring property.

Real Estate conditions in local area

 

The Market in our area looks pretty strong.  Absorption rate is how many months it would take for the entire inventory of that town to sell given current conditions.  Inventory levels remain low and buyers are very active.

Local Market Absorption_08.21.2016

 

Rahway River flooding update

 

DSCN1486Looks like a possible win-win situation in the ‘Dam Saga’. There are a number of smaller steps being taken to remediate flooding of the Rahway River in Millburn, Springfield, Cranford and further downstream.  The ‘Dam’ was defeated and now the The Mayors Council Rahway River Watershed Flood Control is endorsing ‘Rain Gardens’ in addition to other solutions.

There is state money to help with the solution as a result of our NJ Senators Booker & Menendez.

1) There will be more ‘storage’ upstream in the Orange Reservoir to lessen peak storm waters flowing to affected areas.

2) Channel widening and deepening downstream

3) Correcting bridge obstructions

4) Constructing Rain Gardens which divert runoff from buildings from going to the river and instead direct the water to a growing number of public gardens in several towns

For more info and a list of the ‘rain gardens’ see the link below.

http://www.nj.com/suburbannews/index.ssf/2015/03/mayors_council_rahway_river_wa_7.html

Year End Sales figures for nearby towns

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Leaf Removal schedules in a few Essex & Union county towns

DSCN3224

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

Spring Market Heats Up

Please look at what’s going on in New Jersey’s bedroom communities 🙂   Homes going under contract in the month of March for South Orange have doubled from 2011 to 2013.  The vast majority of the other towns listed below have also shown significant gains.

underc13

More confidence in the economy, low prices and low interest rates have finally pushed buyers back into the market.  A lack of inventory is making for bidding wars on the best homes and shorter selling times for other homes.  Its April and if you’re thinking of selling, now’s a great time to do so.


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