FEATURED LISTING
65 9th Ave, East Orange - Asking $229,900!
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65 9th Ave, East Orange
Single Family Asking $229,900 4 BR / 2 Bath / + bonus room Totally renovated, HUGE eat-in kitchen This home is a lot bigger than it looks! On the 1st flr you have a formal living room, half bath, and a huge kitchen/dining area with center island. This space can accommodate large gatherings and is perfect for entertaining. |
MONTHLY REAL ESTATE RANT - EP2
In this month's episode or his video blog series, Silvio shares some tips on how to deal with those underground oil tanks. As you probably know, abandoned underground oil tanks are a common problem in New Jersey. What should you do if you find an oil tank on your property?
In this video Silvio discusses the risks of underground oil tanks, why they are the #1 deal killer in today's market, and tips on what to do when an abanonded oil tank is discovered when buying or selling a home.
In this video Silvio discusses the risks of underground oil tanks, why they are the #1 deal killer in today's market, and tips on what to do when an abanonded oil tank is discovered when buying or selling a home.
SUMMER 2018 - NJ REAL ESTATE ON THE RISE
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.
In Union & Essex county, sales have continued to increased since 2016. According to data from the NJ Realtor Association, sales are up from last year by 5%.
In Union & Essex county, sales have continued to increased since 2016. According to data from the NJ Realtor Association, sales are up from last year by 5%.
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.
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
UnionUnion 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. |
MaplewoodMaplewood 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. |
IrvingtonSince mayor Tony Vauss took over in 2010, Irvington has been on the rise. Recently, Irvington has experience a 15% increase in home values for single family homes, and has seen new development increase with the construction happening on Chancellor and Madison Avenue. |
NewarkIf there is one City that's undergoing a renaissance, it's Newark. Home values in Newark shot up in 2017, attracting attention from both small local buyers and larger international investment institutions. 2017 saw the opening of 2 new hotels, over 30 new restaurants, and over a dozen apartment buildings. |
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