 2018 was a great year for New Jersey’s housing market and economy, but what’s in store for 2019 is still anyone’s guess. If you want to keep a pulse on what's happening with NJ homes values, especially in Union & Essex Counties, pay attention to these 5 areas in 2019: INTEREST RATES: In 2018 interest rates rose 4 times to finish just north of 5% in December, but then dipped back down to 4.7% around Jan 2nd. As far as the rest of 2019, The Mortgage Bankers Association thinks rates will hold at 5.1%, while Realtor.com predicts the average 30-year loan rate will reach 5.5% by the end of year. LOCAL DEVELOPMENT: Now more than ever, it’s important to stay in touch with what’s new on a local level. Use Tapinto.net, Patch.com, or your town's official website to check on nearby developments or construction projects and think about they effect home values your neighborhood. NEW TAX LAW: This year there will be 2 big changes to the federal tax law that will effect many NJ residents. #1 is standard deductions have increased from $6,350 to $12,000 (and up to $24,000 for married couples), and #2 is the new $10,000 cap on property tax deductions. I recommend speaking with a qualified accountant ASAP to see how the new tax law will effect you. MINIMUM WAGE: NJ lawmakers announced they have reached an agreement to raise New Jersey’s minimum wage. The new law will increase the minimum wage by $1 every year until it hits $15/hr by 2024. The increased minimum wage, along with changes to tax and healthcare policies, will no doubt have a deep effect on small businesses in NJ STOCK MARKET: Last year was exciting for the stock market, it was like watching your favorite sports team! Now, many experts are predicting a crash is just around the corner. Considering we’ve been riding a bull market for the last 10 years, a correction does seem inevitable. The point is this - GET YOUR CASH READY - great buying opportunities are going to become available soon! What do you think? Is there something I left off the list that we should be looking at? -Silvio / Realty 33 973.506.9866
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65 9TH AVE, EAST ORANGE NJ 65 9TH AVE, EAST ORANGE
4 BR 2 BATHS / HUGE KITCHEN + BONUS ROOM TOTALLY RENOVATED / BIG BASEMENT & YARD We just improved the price dramatically on this property, Now asking $199,000 Low taxes at only: $7,330! That's a total monthly payment of less than $2,000! WHY THE PRICE DROP? Because the seller is EXTREMELY motivated. She lives out-of-state, and wants to move on this sale FAST. She said "Silvio, I just want this house SOLD!" This home as been fully renovated. Nothing to do but move in. Take a look at some other great interior pics here Get in touch with me directly at 973-506-9866. MAPLEWOOD WAS THE HOTTEST MARKET Here's a quick 2018 Maplewood real estate market recap:
Median sales price for single family homes went up another 5.5% from $599,000 in 2017 to $632,000 in 2018. Average Days-on-Market is down from 36 to 31 ( ⬇ 14%) which is also a big drop, showing that homes were selling to well qualified buyers. LATEST NEWS: Maplewood Announces Affordable Housing Plan New Parking Kiosks at Maplewood Train Station ANOTHER GOOD YEAR FOR HOME VALUES Here's a quick 2018 Irvington market recap:
Median sales price for Single family homes went up an amazing 74%! from $80,500 in 2017 to $140,000 in 2018. One major reason is that there were less foreclosure sales and more renovated home sales in 2018, which drove up the average. Average Days-on-Market is down from 95 to 69 days ( ⬇ 27.4%) Which is also a crazy drop in the amount of time it takes to sell a home. LATEST NEWS: Irvington Director of Health Joins Task Force Focused on Lead in State's Drinking Water Huge Irvington Development Launches First Phase in 2018 NEWARK REAL ESTATE STILL STRONG Here's a quick 2018 Newark market recap:
Median sales price for single family homes went up an amazing 28%! from $129,000 in 2017 to $165,000 in 2018. The major reason for this big increase is that there were less foreclosures and more renovated home sales in 2018, which drove up the average. Average Days-on-Market is down from 86 to 74 ( ⬇ 14%) which is also a big drop, showing the homes were selling super quick last year. LATEST NEWS: Newark Issues 'CODE BLUE' during Cold Weather Forecast Crime is Dropping Big Time in Newark, Officials Say More Downtown Development coming in 2019 UNION HOME PRICES CONTINUE TO CLIMB Hi! I hope all is well with you in the New Year so far.
Here's a quick 2018 Union market recap: Median sales price for Single family homes went up 7.6%, from $302,000 in 2017 to $325,000 in 2018. Average Days-on-Market is down from 66 to 55 ( ⬇ 16.7%) Overall the 2018 market in Union was 🔥 I hope 2019 is even better for all of us. LATEST NEWS: Plans Move Forward to Redevelop Garden State Motor Lodge Mayer Warns Union Movie Theatre to Clean Up Eyesore |
At Realty 33, We tap into 25+ years of experience and market know-how to help our clients make streetwise real estate decisions.
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