FEATURED LISTING
514 WHITEWOOD RD, UNION ASKING: $375,000!!
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514 Whitewood Rd, Union 07083
Single Family / 3 Br / 2 Bth We are really excited about this one. and why wouldn't we be? It has one of the biggest kitchens we've seen in a while, it's the PERFECT Union location near Washington School, and the price is super competitive at only $375,000. Taxes are less than 9k! Text 973.506.9866 of more info |
EP3: HOW TO CHOOSE THE RIGHT OFFER:
The NJ real estate market has been hot in 2018, and some home sellers are getting between 5-10 offers for their homes!
When selling a home in this market, it's important to choose the right offer. How do you know which offer is best in a multiple offer situation?
Hint: It's not just about price!
In this video I give a few tips for home sellers on how to evaluate and pick the best offer in a multiple offer situation
And I also give some advice for home buyers on how to make their offer stand out from the crowd and lock down that dream house.
For more tips and real estate market info for Union & Essex County NJ, check out my blog at Realty33.com/blog
Questions? Text me: 973.506.9866
-Silvio
Realty 33
When selling a home in this market, it's important to choose the right offer. How do you know which offer is best in a multiple offer situation?
Hint: It's not just about price!
In this video I give a few tips for home sellers on how to evaluate and pick the best offer in a multiple offer situation
And I also give some advice for home buyers on how to make their offer stand out from the crowd and lock down that dream house.
For more tips and real estate market info for Union & Essex County NJ, check out my blog at Realty33.com/blog
Questions? Text me: 973.506.9866
-Silvio
Realty 33
NJ REAL ESTATE MARKET FALL 2018 UPDATE
Since the crash in 2008, home prices have risen once again by 51%. The average home prices is now 1% higher than its 2006 level, indicating the housing market has recovered in many parts of the U.S. including New Jersey.
Fall 2018, in Northern NJ, the market it still strong. However, A few recent slip ups in the stock market, and interest rates rising over 5% have raised some concerns that a correction could be coming.
Also, many buyers have backed out of the market, frustrated by the intense competition and lack of houses. Inventory has shot up in certain towns, like Union NJ, where there are currently about 200 homes on the market.
Based on what we're seeing now it seems like the market will stabilize over the winter, competition will die down as buyers exit the market, and supply vs. demand will hopefully come back into balance.
Fall 2018, in Northern NJ, the market it still strong. However, A few recent slip ups in the stock market, and interest rates rising over 5% have raised some concerns that a correction could be coming.
Also, many buyers have backed out of the market, frustrated by the intense competition and lack of houses. Inventory has shot up in certain towns, like Union NJ, where there are currently about 200 homes on the market.
Based on what we're seeing now it seems like the market will stabilize over the winter, competition will die down as buyers exit the market, and supply vs. demand will hopefully come back into balance.
INVENTORY STILL LOW
Right now in NJ there is a severe lack of inventory compared to previous years. This started in 2017 and has continued until now. Believe it or not, at the end of 2017 the number of homes for sale was down by 19%! To put this in perspective- there were 10,000 fewer homes for sale compared to last year.
At the same time, there is increased demand from a large pool of buyers coming from New York, who are attracted to New Jersey's "cheaper" housing market, at least compared to NY. This competition for properties is what is driving the market higher.
At the same time, there is increased demand from a large pool of buyers coming from New York, who are attracted to New Jersey's "cheaper" housing market, at least compared to NY. This competition for properties is what is driving the market higher.
FORECAST FOR 4Q 2018
Some economists have been predicting a market correction may happen soon, and a recent report from CNBC shows a slowdown in home sales in Southern California, which is commonly used as a predictor for the rest of the country.
The truth is we have no idea what is going to happen to the market, but we do know that right now in Essex county the median sales price is up 7.5% over this time last year. We also know that competition for properties is fierce, banks have loosened lending restrictions, and there are still some undervalued areas where there are good deals to be had. But everyone is definitely wondering when this mysterious correction will happen.
With all that said, we expect the Northern NJ housing market to make a strong finish in 2018 and reach heights not seen since right before the crash of 08'. Whether it's another bubble, or real economic growth, is anyone's guess. But ONE thing is for sure - 2019 will be a very interesting year for the real estate industry.
The truth is we have no idea what is going to happen to the market, but we do know that right now in Essex county the median sales price is up 7.5% over this time last year. We also know that competition for properties is fierce, banks have loosened lending restrictions, and there are still some undervalued areas where there are good deals to be had. But everyone is definitely wondering when this mysterious correction will happen.
With all that said, we expect the Northern NJ housing market to make a strong finish in 2018 and reach heights not seen since right before the crash of 08'. Whether it's another bubble, or real economic growth, is anyone's guess. But ONE thing is for sure - 2019 will be a very interesting year for the real estate industry.
WHAT'S HAPPENING IN OUR MARKET
Union3Q18 MARKET UPDATE: Union real estate has experienced continued growth in 2018. The average sale price in Union rose to $319,216, up 5% from last year! Average days-on-market is down 17%. UNION NEWS: LIDL, a global supermarket chain based in Germany, has just opened a store on Rt 22 in Union. Union is often sought after because of it's location near most major NJ highways. It also boasts an impressive list of shopping, with big name stores like WholeFoods, Costco, & Home depot in town. Union also has a major University, a golf course, an up-and-coming downtown, and plenty of parks. |
Maplewood3Q MARKET UPDATE: Maplewood real estate has had a strong 9 months so far in 2018. Average sales price is at $630,000, up 2% for the year. Average days on market is also down to an incredibly low 30 days. Maplewood is one of the hottest markets in New Jersey right now. Known as 'Brooklyn West', Maplewood features quaint and vibrant village downtown, mid town direct train system, mix of housing stock including old victorians and historical homes, and a booming arts district. |
Irvington3Q18 MARKET UPDATE: The average sale price for a single family home right now in Irvington is $135,000, up 30% from last year. Homes have been selling fast too, average of only 76 days on market. IRVINGTON NEWS: Hilltop Partners recently completed the construction of a 114-Unit apartment complex at the former Irvington Hospital Site on Chancellor Ave. This is just one piece of a larger residential development project intended to revitalized the once blighted neighborhood. Irvington contines to be very attractive to New Yorkers looking for affordable homes within driving stance of Manhattan. |
Newark3Q18 MARKET UPDATE: The average sales price in Newark right now is $271,000, up from $235,000 last year. NEWARK NEWS: Development has begun on Carrino Plaza Apartments, a four-story apartment building on Broadway in the North Ward, which will provide 60 affordable housing units when completed. 2 NY based development firms are planning on spending as much as 1 Billion on a project that includes offices, stores, a hotel, homes and a large public plaza to be developed next to the Broad Street station. Home values in Newark continued to increase in 2018, attracting attention from both small local buyers and larger international investment institutions. |
Current Trends in Real Estate
What the market is telling us about buying and selling real estate TODAY
Tech Changes How we Buy HomesThe one major difference to buying home now vs 30 years go is that today's generation has internet as a resource for streamlining the home buying and selling process. Companies like Zillow, Trulia, and Facebook have revolutionized how homes are marketed and sold. Today's technology allows us to create video walkthroughs or stream live on youtube, create hi-def property brochures and slideshows, reach thousands of people instantly by posting on facebook groups and internet forums, and even sign documents using a digital signatures on mobile.
When selling or buying a home, it's important to use all the available media and online resources to get the maximum exposure possible. |
Homes Moving FastToday, homes are selling faster than ever before. How fast is fast? Consider this: in 2001, active listings spent about 4 weeks on the market before going under contract. After the crash in 08-09, the market slowed down, with 11 weeks being the average in 2011. But in 2013 homes sales sped up again, this time even faster, to only 3 weeks on the market in 2017. Home are selling, and they are selling fast!
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Low Inventory = High PricesIt is not secret that the shortage of housing stock across the US is contributing to an increase in home values. Inventory has fallen 28 consecutive months, and nationwide prices have increased for 67 months straight. So why the low inventory? It could be that many homeowners are still waiting for their home values to rise above Pre-08 crash levels. Also, many homeowners say they won't sell because it is too expensive to move and upgrade to a new home.
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REALTY 33
1837 Springfield Ave
Maplewood, NJ 07040
(973)-762-9000
Realty33@comcast.net