Realty 33, Inc
REAL ESTATE BLOG
TIPS FOF BUYING & SELLING REAL ESTATE IN UNION & ESSEX COUNTY NJ
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
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.
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.
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.
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.
Plans Move Forward to Redevelop Garden State Motor Lodge
Mayer Warns Union Movie Theatre to Clean Up Eyesore
#1 WAY TO AVOID OVERPAYING FOR REPAIRS & RENOVATIONS
When I'm renovating a home, no matter how hard I try to control costs, I always end up paying more than what was on the contractors' original estimates.
I realized that it's because contractors love to use this sneaky technique of adding extra to the job. This is how it goes:
Contractor gives quote based on minimal amount of work required for job.
In fine print it will say that the price can be adjusted if the work turns out to be more involved than originally estimated.
Well, guess what, the work ALWAY turns out to be more than originally excepted.
So, how do we avoid paying extras?
1. Make sure you go over all the details of the job up front. If you forget something, it will become an extra
2. Make sure contractor gives your a best case, and worst case scenario of the scope of work.
3. Make sure you are clear with the contractor that you will not pay ANY extras unless they are discussed
and approved in writing FIRST, because the work is completed.
Use these 3 tips to make sure your next home improvement project doesn't cost you an arm AND a leg!
RE Questions? Text me: 973.506.9866
5 things to do today to protect your home
Is your home ready for Winter?
It’s almost end of November so you know winter is coming soon. It starts to get cold early around here, and before you know it you got freezing temperatures.
When I first bought my house I didn’t take very good care of it, and I had no idea what to do maintenance-wise, especially for winter.
So I did some research and I started doing these 4 basic things every year around this time to help keep my home in top shape for the brutal months ahead.
#1. I winterize all the exterior faucets and hoses. I’ve had to replace a few of these over the years because I would forget to drain the water from the lines. Once it freezes it could burst
#2. I get my gutters cleaned. I’ve been guilty of not doing this in the past but now it is mandatory due to the amount of foliage in this area.
#3. I get my boiler serviced: If you have radiator steam or baseboard heat, get your boiler serviced once a year. You don’t need to get it drained and refilled, just have the plumber clean up the parts that usually get clogged up.
#4. I check for drafts. Check for drafts throughout your home. This is where you get to see how good your windows are. Calk around window or door frames where necessary.
#5. I cover and tie up all the furniture. True story - powerful winds have sent my stuff flying into my neighbor’s yard, destroying her furniture. Now everything is covered and tied down.
I know this might all seem like common sense
but for me it took years to figure out!
So if you haven’t done these 5 things already this year, it’s probably a good time to start!
514 WHITEWOOD RD, UNION 07083
We are so pumped to present this new listing in Union. And why wouldn't we be?
We're talking about tasteful updated colonial an excellent location, near Washington school.
We love showing off this one to potential buyers. The asking price is only $375,000!!
Here is just some of what this home offers:
- Center Hall colonial with open floor plan
- Designer kitchen w/ tons of cabinet space
- Hardwood floors throughout
- Large master bedroom.
- Large private, fenced in yard
- Back deck for entertaining
- Central A/C & Forced hot air heat!
ALL THIS FOR UNDER 400K!!
TAXES UNDER 10K! WOW!
UPDATE: Open House this Sunday, Oct 28th 2-4PM.
For more information about this home Call/text: 973.506.9866
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:
1. Ask for highest & best
2. Write down and organize all offers
3. Evaluate & calculate bottom line for each offer
4. Vet each potential buyer to see who's most qualified to buy your home*
*This is the step that most realtors and "for sale by owners" miss!
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.
1. Bring your highest and best offer
2. Use conventional financing instead of FHA loan
3. Don't ask for any seller's concessions or credits
4. Make sure your realtor follows up and gets your offer to the top of the pile
It's a great market right now but even a great market has it's challenges. Use these tips to help make the best decision when buying or selling real estate.
Questions? Text me: 973.506.9866
ABOUT THE AUTHOR
Experience is the chief author of the Realty 33 blog, as we continue to learn new things everyday. This blog is intended to educate and help those that wish to know more about the world of real estate.