Roberto A. Sanchez (973) 216-1945 Rsanchez@RobsRealtor.com
The REal Market Report – September 2022

The REal Market Report – September 2022

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The REal Market Report – September 2022

 

The REal Report – September 2022

Nationally, median household income has failed to keep pace with increasing mortgage payments, with the costs of buying a home about 80% more expensive now than they were just three summers ago, according to the National Association of REALTORS® (NAR).

As more and more prospective buyers find their home purchase plans delayed, many are turning to the rental market, where competition has intensified due to increased demand.

• Single Family Median Sales Price increased 11.5 percent to $630,000.

• Townhouse-Condo Median Sales Price increased 6.4 percent to $415,000.

• Adult Communities Median Sales Price increased 1.7 percent to $427,000.

At a time of year when homebuying activity is typically very strong, soaring homeownership costs have caused home sales to decline nationwide for the fifth consecutive month, with existing-home sales falling 5.4% month-to-month and 14.2% year-over-year as of the last measure, according to NAR.

The bright spot. Inventory of existing homes has continued to climb this summer, with 1.26 million homes available at the beginning of July, equivalent to a 3 months’ supply. And despite the summer slowdown, homes are still selling quickly, with the typical home staying on market an average of 14 days and NJ is not the exception so, it is still a good sellers’ market.

Just to illustrate how things have changed in the current homebuying market, check out this:

In January 2022, 30-year fixed rates were around 3.25%, a $400,000 loan had a monthly payment of $1,740.83.  September 2022 rates are closing in on 6%. The same $400,000 loan amount will now have a payment of $2,398.20, which is an increase of $657.37 monthly (over 27% higher).

North New Jersey is still a bright spot as homes are still selling at a good pace, especially if marketed effectively, priced right, and presented competently.

Remember the 3 P’s in Real Estate, if you or anybody you know and care about is looking to market or purchase real estate we’ll be happy to have a consultation, obviously with no obligation whatsoever

Homes For Sale in Clifton by Price Range

$100,000 – $200,000

$500,000 – $600,000

$200,000 – $300,000

$600,000 – $700,000

$300,000 – $400,000

$700,000 – $800,000

$400,000 – $500,000

$800,000+

Search For Any Properties in New Jersey

The REal Report – April 2022

The REal Report – April 2022

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The REal Report – April 2022

The REal Report – April 2022

 

The REal Report – April 2022, as of the U.S. real estate market remains hot ahead of the spring selling season, with existing home sales up 6.7% as of the last measure, according to the National Association of REALTORS®.

Experts attribute the growth in sales to an uptick in mortgage interest rates, as buyers rushed to lock down their home purchases before rates move higher. Mortgage rates have increased almost a full percentage point since December, with the average 30-year fixed-rate mortgage briefly exceeding 4% in February, the highest level since May 2019.

These are the median sales prices for homes according to the NJBR for the month as of last data available of February 2022.

• Single Family Median Sales Price increased 8.2 percent to $540,000.

• Townhouse-Condo Median Sales Price decreased 2.3 percent to $340,000.

• Adult Communities Median Sales Price decreased 6.5 percent to $390,000.

Available homes for sale were at an all-time low of 860,000 as February began, down 17% from a year ago and equivalent to 1.6 months supply.

According to Lawrence Yun, Chief Economist at the National Association of REALTORS®, much of the current housing supply is concentrated at the upper end of the market, where inventory is increasing, while homes priced at the lower end of the market are quickly disappearing, leaving many first-time buyers behind.

The shortage of homes is boosting demand even further, and with bidding wars common in many markets, it’s no surprise sales prices continue to soar.

 

Feel free to contact me for a personalized neighborhood value report on your property. Roberto A. Sanchez – Broker-Associate United Real Estate-North Jersey-Sanchez Realty Group 973-216-1945.

This research is completely FREE and as a value added service to the community we serve so you know at any given time, what your most valuable asset is worth which perhaps is your home and your don’t have to feel any obligation in return.

 

Homes For Sale in Clifton by Price Range

$100,000 – $200,000

$500,000 – $600,000

$200,000 – $300,000

$600,000 – $700,000

$300,000 – $400,000

$700,000 – $800,000

$400,000 – $500,000

$800,000+

Search For Any Properties in New Jersey

Market Report for August 2021 vs 2020

Market Report for August 2021 vs 2020

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Market Report for August 2021 vs 2020

Market Report for August 2021 vs 2020

August 2021 vs 2020

If your home is in a different location and you’d like your home’s accurate value for your town/neighborhood, call/text or email us.

                          Clifton Real Estate – August 2021

Single Homes SOLD (Incl, Condo/Townhomes, Active Comm Homes): 80 Homes

Media SOLD Price: $ 440,000 Median LIST Price: $425,000

Days on Market: 15

Sale to List Ratio: 103.4

Clifton Real Estate – August 2020

Single Homes SOLD (Incl, Condo/Townhomes, Active Comm Homes): 79 Homes

Median SOLD Price: $ 390,000 – Median LIST Price: $ 394,500

Days on Market: 19

Sale to List Ratio: 100.2

12% Price Increase

Market Highlights According to NAR (Nat’l Assoc of Realtors)

** The White House recently announced additional measures to help struggling homeowners avoid foreclosure as they exit forbearance, including loan modifications and payment reductions. Borrowers with federally backed mortgages can lock in lower interest rates and extend the length of their mortgages. For borrowers who can’t resume their monthly mortgage, HUD will offer lenders the ability to provide all eligible borrowers with a 25% principal and interest reduction.

• Single Family Closed Sales were up 16.1 percent to 1,481.

• Townhouse-Condo Closed Sales were up 75.7 percent to 557.

• Adult Communities Closed Sales were up 26.7 percent to 19.

• Single Family Median Sales Price increased 11.7 percent to $567,500.

• Townhouse-Condo Median Sales Price increased 12.7 percent to $390,000.

• Adult Communities Median Sales Price increased 8.8 percent to $420,000.

The National Association of REALTORS® reported inventory of homes for sale nationwide rose slightly in June as more sellers list their homes, hoping to take advantage of record-high sales prices across the country. Even with renewed home seller interest, inventory overall remains 18.8% lower than a year ago, according to NAR.

This is Still a Great Time to Sell and the Northeast is Still the Strongest Region in the Country.

Call/Text or Email Us for an Accurate, No-Guesstimates Value of your Property:

Sanchez Realty Group at United RE: 973-216-1945 or Email Us: rsanchez@robsrealtor.com.

 

Homes For Sale in Clifton by Price Range

$100,000 – $200,000

$500,000 – $600,000

$200,000 – $300,000

$600,000 – $700,000

$300,000 – $400,000

$700,000 – $800,000

$400,000 – $500,000

$800,000+

Search For Any Properties in New Jersey

Clifton Market Report – July 2021

Clifton Market Report – July 2021

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Clifton Market Report – July 2021

Clifton Market Report July 2021

 

(Clifton Market Report – July 2021 According to the GSMLS in Clifton)

f your home is in a different location and you’d like your home’s accurate value for your town/neighborhood, call/text or email us.

Clifton RE July 2021

Single Homes SOLD (Incl, Condo/Townhomes, Active Comm Homes): 63 Homes

Media SOLD Price: $ 440,000 Median LIST Price: $425,000

Days on Market: 19

Sale to List Ratio: 102.8

Clifton RE June 2021

Single Homes SOLD (Incl, Condo/Townhomes, Active Comm Homes): 61 Homes

Median SOLD Price: $ 450,000 Median LIST Price: $ 414,500

Days on Market: 20

Sale to List Ratio: 102.9

Us: rsanchez@robsrealtor.com.

Market Highlights According to NAR (Nat’l Assoc of Realtors)

** New Listings Continue to Increase Over May and June- A Welcome Sign

** Early Signs of Moderation Appear in Lightning-Fast Market

** Listing Price Growth Continues to Moderate

** Buyers Moderation (Fatigue) is in Play due to Fast Price Appreciation, Low Inventory and Record Days on the Market, Start-up Buyers unable to Compete.

This is Still a Great Time to Sell and the Northeast is Still the Strongest Region in the Country.

Call/Text or Email Us for an Accurate, No-Guesstimates Value of your Property:

Sanchez Realty Group at United RE: 973-216-1945 or Email: rsanchez@robsrealtor.com.

Homes For Sale in Clifton by Price Range

$100,000 – $200,000

$500,000 – $600,000

$200,000 – $300,000

$600,000 – $700,000

$300,000 – $400,000

$700,000 – $800,000

$400,000 – $500,000

$800,000+

Search For Any Properties in New Jersey

Clifton RE Market – May 2021

Clifton RE Market – May 2021

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Clifton RE Market – May 2021 vs May 2020

 

Clifton RE – May 2021

(According to the GSMLS in Clifton)

Clifton RE May 2021

Single Homes SOLD (Incl, Condo/Townhomes, Active Comm Homes): 59 Homes

Median SOLD Price: $ 420,000

Days on Market: 14

Sale to List Ratio: 104.2

VS

Clifton RE May 2020

Single Homes SOLD (Incl, Condo/Townhomes, Active Comm Homes): 37 Homes

Media SOLD Price: $ 380,000

Days on Market: 19

Sale to List Ratio: 100.6

INCREASE: 10%

May 2021 continues to show strength in the Real Estate market, although this report is based on the Clifton RE, most towns in North New Jersey are experiencing the same surge in prices and it does not look like the lack in available homes will ease up the buyers demand and desire to land a property under contract creating multiple offer situations and therefore moving prices higher.

  • REMEMBER: RE is about the 3 P’s; Presentation, Promotion(Exposure) and Price.

Call us for a FREE, NO OBLIGATION consultation.

Roberto A. Sanchez

973-216-1945

 

May STATS according to New Jersey Multiple Listing Service:

As the weather warms and pandemic restrictions ease across much of the
country, the U.S. housing market shows little sign of cooling. Robust buyer
demand, fueled by low mortgage rates, continues to outpace supply, which
remains near historic lows. Nationwide, inventory remains much lower than it was
at this time last year, and sales prices are surging as a result.

• Single Family Closed Sales were up 39.2 percent to 1,105.
          • Townhouse-Condo Closed Sales were up 125.1 percent to 493.
         • Adult Communities Closed Sales were up 180.0 percent to 14.
                      • Single Family Median Sales Price increased 16.5 percent to $555,000.
                              • Townhouse-Condo Median Sales Price increased 2.9 percent to $360,000.
                                • Adult Communities Median Sales Price decreased 7.9 percent to $327,000.

With such limited supply of existing homes to purchase, all eyes are on home
builders to provide a much-needed boost of inventory to the market to help meet
buyer demand. However, increasing material and labor costs, along with supply
chain challenges, have contributed to significantly higher construction costs, with
builders passing these costs on to homebuyers. And while the warmer
temperatures, rising sales prices, and the reopening of the economy may draw
more sellers to the market, historically low levels of homes for sale are likely to
continue for some time.

Homes For Sale in Clifton by Price Range

$100,000 – $200,000

$500,000 – $600,000

$200,000 – $300,000

$600,000 – $700,000

$300,000 – $400,000

$700,000 – $800,000

$400,000 – $500,000

$800,000+

Search For Any Properties in New Jersey

Clifton RE 1st Qtr 2021 vs 2020

Clifton RE 1st Qtr 2021 vs 2020

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1st Quarter 2021 vs 2020

The 1st Quarter of 2021 is Experiencing a Surge in the Real Estate Market Like Never Before.

Clifton RE 1st Qtr 2021 vs 2020

1st Quarter of 2021 median sales price for Clifton was $ 400,000 with 188 homes SOLD and 101 Sale to List Price Ratio and 23 days on the market.

Compared to 1st Quarter of 2020 with a median sales price of also $345,000, with 108 homes SOLD 99.8 Sale to List Price Ratio and 39 days on the market.

1st Quarter of 2021: Experienced 16% Increase Over Same Period of 2020

That’s Great NEWS, Whether You’re Thinking to Sell or Someone You Know Who May, Please Help Us Get a Family Their New HOME!

WHAT TO EXPECT IN 2021!?

Interest rates ticked up a bit higher but still at historical lows and lack of homes available for sale is creating multiple offer situations and therefore price increases throughout the country.

The Northern New Jersey market as well is experiencing a strong buyer traffic and homes are going under contract in record time (usually (3-10 days) with multiple offers and in some cases way over asking.

Several points to consider:

  • In Clifton as well as other towns and neighborhoods are experiencing a shortage of homes for the anxious and desirous buyers, it’s a market still good for move-up buyers and those homeowners usually enjoy substantial gains in appreciation in the last few years which help to entice sellers when purchasing another home by affording better terms and conditions.

 

  • The Federal Housing Finance Agency is extending the assistance to homeowners wih loans backed by Fannie Mae and Freddie Mac currently in forebearance to receive another 3 months extending the Covid19 assistance to 18 months.

 

  • The expected increase of buyers traffic (60.7% higher than same period last year per showingtime.com) for the foreseeable future (2021) due to buyers looking for a more suburban lifestyle, more outdoor/indoor space, more room to breath in the outskirts of bigger cities, especially now that working remotely has and is becoming the new norm.

 

  • REMEMBER: RE is about the 3 P’s; Presentation, Promotion(Exposure) and Price.

Call us for a FREE, NO OBLIGATION consultation.

973-216-1945

Homes For Sale in Clifton by Price Range

$100,000 – $200,000

$500,000 – $600,000

$200,000 – $300,000

$600,000 – $700,000

$300,000 – $400,000

$700,000 – $800,000

$400,000 – $500,000

$800,000+

Search For Any Properties in New Jersey

RE REport for March 2021

RE REport for March 2021

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RE REport for March 2021

The 2021 Real Estate Market is Already Sizzling Hot

February 2021 median sales price for Clifton was $ 410,000 with 53 homes SOLD and 101.2 Sale to List Price Ratio and 23 days on the market.

Compared to February 2020 with a median sales price of also $338,750, with 34 homes SOLD  99.7 Sale to List Price Ratio and 56 days on the market.

 

If You or Anybody You Know is Thinking to Move on, NOW is the TIME!

RE REport for March 2021 and Compare February 2021 vs February 2020

     

FEB-2021                            FEB-2020

Median Price: $410,000                                      Median Price: $338,750

Days on Market: 23                                             Days on Market: 56

List-to-Sold Ratio: 101.2%                         List-to-Sold Ratio: 99.7

                          #of Units:  53                                                                     #of Units: 34

February 2021: OVER 20% Increase Over Same Period of 2020

That’s Great NEWS, Whether You’re Thinking    to Sell or Someone You Know Who May, Please Help Us Get a Family Their New HOME!

WHAT TO EXPECT IN 2021!? 

The continued rock bottom, historically low-interest rates in spite of the slight increases last couple of weeks and strong buyer traffic with better weather conditions which seems will hold through the end of the Winter and start of Spring, which is traditionally the start of the busiest home shopping season in the Northeast.

Several points to consider:

    • In Clifton as well as other towns and neighborhoods we’re experiencing a shortage of homes for the anxious and desirous buyers, it’s a market still good for move-up buyers and those homeowners usually enjoy substantial gains in appreciation in the last few years which help to entice sellers when purchasing another home by affording better terms and conditions.
    • The Mortgage bankers association estimate 2.7 million homeowners are still in forbearance and might come up in the market later on mostly as traditional sellers given the strong appreciation in the last few years, however, it would not be surprising to see some short sales and even foreclosures later in the year.
    • The expected increase of buyers traffic (60.7% higher than same period last year per showingtime.com) for the foreseeable future (2021) due to buyers looking for a more suburban lifestyle, more outdoor/indoor space, more room to breath in the outskirts of bigger cities, especially now that working remotely has and is becoming the new norm.

 

  • REMEMBER: Real Estate is about the 3 P’s; Presentation, Promotion(Exposure) and Price.

Call us for a FREE, NO OBLIGATION consultation.

Roberto A. Sanchez

973-216-1945

 

 

Do You Know What's Your Home Value?



This is the Best Possible Time to Sell if Thinking to Move.

 

 

Contact Us

9 + 12 =

 

Our Address Is:

18-19 River Rd, Fair Lawn, NJ 07410

Our Telephone:

888-501-6953 Ext. 254 or Cell: 973-216-1945

E-Mail:

Rsanchez@Robsrealtor.com

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2021 RE Market Skyrocketing Up Already!

2021 RE Market Skyrocketing Up Already!

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2021 Real Estate Market Skyrocketing Already!

 

 

 

The housing market is already skyrocketing into 2021 so far. Buyers and their high demand have far outnumbered sellers and a short supply of houses. According to the latest Existing Home Sales Report from the National Association of Realtors (NAR), sales are up 23.7% from the same time last year while the inventory of homes available for sale is down 25.7%. There are 360,000 fewer single-family homes for sale today than there were at this time last year. This increase in demand coupled with such limited supply is leading to more bidding wars throughout the country.

Rose Quint, Assistant Vice President for Survey Research with the National Association of Home Builders (NAHB), recently reported:

“The number one reason long-time searchers haven’t made a home purchase is not because of their inability to find an affordably-priced home, but because they continue to get outbid by other offers.”

A survey in the NAHB report showed that 40% of buyers have been outbid for a home they wanted to purchase. This is more than twice the percentage in 2019, which was 19%.

 

What does this mean for sellers today?

It means sellers have tremendous leverage when negotiating with buyers.

In negotiations, leverage is the power that one side may have to influence the other side while moving closer to their negotiating position. A party’s leverage is based on its ability to award benefits or eliminate costs on the other side.

In today’s market, a buyer wants three things:

  1. To buy a home
  2. To buy now before prices continue to appreciate
  3. To buy now and take advantage of historically low mortgage rates while they last

These three buyer needs give the homeowner tremendous leverage when selling their house. Most realize this leverage enables the seller to sell at a good price. However, there may be another need the seller has that can be satisfied by using this leverage.

Sellers must use these benefits to buyers wisely while negotiating the best terms and conditions during a sale to ensure a smooth transition while selling their home for the highest amount possible and under the best terms and conditions.

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Thank you!

 

​

 

 

Do You Know What's Your Home Value?



This is the Best Possible Time to Sell if Thinking to Move.

 

 

Contact Us

5 + 15 =

 

Our Address Is:

18-19 River Rd, Fair Lawn, NJ 07410

Our Telephone:

888-501-6953 Ext. 254 or Cell: 973-216-1945

E-Mail:

Rsanchez@Robsrealtor.com

Signup For FREE Listing Updates

BY EMAIL

Be First At The Opportunity

 

 

Do You Know What’s Your Home Worth Today?

s Alerts

 

WHAT’S YOUR HOME WORTH?

Learn, Prepare and Win!

In your Home Shopping Journey

Northern New Jersey Real Estate Market

Northern New Jersey Real Estate Market

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Northern New Jersey Real Estate Market

Clifton RE Market Report – 2nd Half 2019 vs 2020 

 

The Northern New Jersey Real Estate Market and specifically the town of Clifton RE Market Report – 2nd Half of 2019 VS 2020

Take a Look at Your Local Housing STATS (For Stats Pertaining to your Local Neighborhood, feel free to reach out)

Median Sold Price for Homes Sold ifrom July-December 2019

Single Homes SOLD (Incl, Condo/Townhomes, Active Comm Homes): 377

Median-Price – Median Sold Price – Sale to List Ratio – DOM

$ 359,000                $ 360,000                    100                       31

VS

Median Sold Price for Homes Sold ifrom July-December 2020

Single Homes SOLD (Incl, Condo/Townhomes, Active Comm Homes): 61

Median Price  – Median Sold Price  – Sale to List Ratio – DOM

   $ 398,500                 $ 400,000                    100                        20

Over 10% Increase

ABSORTION RATE:

Extremely low, in less than 2 Months all available homes would be gone if no other homes were listed, which is a great indicator of the market activity in a particular area, typically a over 5-6 months of inventory is consider a buyers market.

This is still an outstanding increase of value in just a year, in spite of the health crisis and the tremendous share of uncertainty in many areas of our lives, real estate still shows strength and resiliency in the face of continued concerns about the resurge of Covid-19 cases and virus strains.

WHAT TO EXPECT IN 2021!? 

The continued rock bottom, historically low interest rates, strong buyer traffic in spite of the past Holidays and now severe Winter season in the Northeast tells us its a great time to be a seller, these conditions have contributed to the continued rise of prices, which have been offset the increases in mortgage payments.

Several points to consider:

  • New construction permits by builder is much higher however, it will take some time for these homes to become available.
  • There might be an increase in listings due to homeowners in hardship looking to sell to avoid foreclosure.
  • Expected increase of buyers traffic (60.7% higher than same period last year per showingtime.com) for the foreseeable future (2021) due to buyers looking for a more suburban lifestyle, more outdoor/indoor space, more room to breath in the outskirts of bigger cities, especially now that working remotely has and is becoming the new norm.
  • After a period of continued uncertainty it might be the best time to sell higher in a high demand-less inventory market, attaining higher price with possible multiple offers and better terms/conditions.
  • REMEMBER: RE is about the 3 P’s; Presentation, Promotion(Exposure) and Price.

Call us for a FREE consulation.

 Have a great week and Prosperou, Peaceful and Healthy 2021

BE SAFE!

Homes For Sale in Clifton by Price Range

$100,000 – $200,000

$500,000 – $600,000

$200,000 – $300,000

$600,000 – $700,000

$300,000 – $400,000

$700,000 – $800,000

$400,000 – $500,000

$800,000+

Search For Any Properties in New Jersey

Clifton RE Report – DECEMBER 2020

Clifton RE Report – DECEMBER 2020

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Clifton RE Market Report – DECEMBER 2020.

Take a Look at Your Local Housing STATS (For Stats Pertaining to your Local Neighborhood, feel free to reach out)

Median Sold Price for Homes Sold in DECEMBER 2020

Single Homes SOLD (Incl, Condo/Townhomes, Active Comm Homes): 74

Median-Price – Median Sold Price – Sale to List Ratio – DOM

$ 395,000              $ 400,000                 100.2                    22

VS

Median Sold Price for Homes Sold in DECEMBER 2019

Single Homes SOLD (Incl, Condo/Townhomes, Active Comm Homes): 61

Median Price  – Median Sold Price  – Sale to List Ratio – DOM

$ 369,000             $ 360,000                 100                33

That’s an Increased of 10.5%

Over 2019

ABSORTION RATE: 2 Months of Inventory of homes,

This is still an outstanding increase of value in just a year, in spite of the health crisis and the tremendous share of uncertainty in many areas of our lives, real estate still shows strength and resiliency.

The further reduction in interest rates have contributed to the price rises as it helps offset the increases in mortgage payments.

 

 

Several points to consider:

  • There might never be a better time to sell than now
  • Interest rates continue at an all-time low, making it a great time to Buy or REFINANCE your higher rate mortgage and meet your financial needs whatever they might be.
  • Expected increase of buyers traffic (60.7% higher than same period last year per showingtime.com) for the foreseeable future (2021) due to buyers looking for a more suburban lifestyle, more outdoor/indoor space, more room to breath in the outskirts of bigger cities, especially now that working remotely has and is becoming the new norm.
  • After a period of continued uncertainty it might be the best time to sell higher in a high demand-less inventory market, attaining higher price with possible multiple offers and better terms/conditions.
  • REMEMBER: RE is about the 3 P’s; Presentation, Promotion(Exposure) and Price.

Call us for a FREE consulation.

 Have a great week and Prosperou, Peaceful and Healthy 2021

BE SAFE!

 

 

 

 

 

 

 

 

 

 

 

See Recently SOLD Homes in your Neighborhood

See Recently SOLD Homes in your Neighborhood

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Clifton Real Estate Report for November 2020

Clifton Real Estate Report for November 2020

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Clifton RE Report – NOVEMBER 2020.

Take a Look at Your Local Housing STATS and the Clifton Report – November 2020 (For Stats Pertaining to your Local Neighborhood, feel free to reach out)

 

Median Sold Price for Homes Sold in NOVEMBER 2020

Single Homes SOLD (Incl, Condo/Townhomes, Active Comm Homes): 75

Median-Price – Median Sold Price – Sale to List Ratio – DOM

$399,000 –  $ 415,000  –  101.3%  –  20

VS

Median Sold Price for Homes Sold in NOVEMBER 2019

Single Homes SOLD (Incl, Condo/Townhomes, Active Comm Homes): 42

Median Price Median Sold Price Sale to List Ratio DOM

$ 349,999   –   $ 350,000  –  98.7 —  24

That’s an Increased of 17%

Over 2019

 

This is still an outstanding increase of value in just a year, in spite of the health crisis and the tremendous share of uncertainty in many areas of our lives, real estate still shows strength and resiliency.

The further reduction in interest rates has contributed to the price rises as it helps offset the increases in mortgage payments.

Several points to consider:

  • There might never be a better time to sell than now
  • Interest rates continue at an all-time low, making it a great time to Buy or REFINANCE your higher rate mortgage and meet your financial needs whatever they might be.
  • The expected increase of buyers traffic (60.7% higher than the same period last year per showingtime.com)
  • Due to buyers looking for a more suburban lifestyle, more outdoor/indoor space, more room to breathe in the outskirts of bigger cities, especially now that working remotely has and is becoming the new norm.
  • After a period of continued uncertainty, it might be the best time to sell higher in a high demand-less inventory market, attaining higher price with possible multiple offers and better terms/conditions.

                                                           REMEMBER: Real Estate is about the 3 P’s; Presentation, Promotion(Exposure), and Price.

                                  Call us for a FREE, No Obligation Consultation.

                                    Have a great week and be SAFE!

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Do You Know your New Home Value After the Pandemia Lockdown?

Find Out your Home Value Today! FREE, No Obligation

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Serious Mortgage Delinquencies in New Jersey?

Serious Mortgage Delinquencies in New Jersey?

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Serious Mortgage Delinquencies in New Jersey?

 

 

A lots of people have asked me,  can we expect a new wave of foreclosures coming into the marketplace in the next six months to maybe even 24 months from now due to the fact that there’s a lot of people that are a little behind on their mortgage?

The question is if there are serious mortgage delinquencies in New Jersey?.  According to Black Knight, technology company that tracks mortgage data, they came up with some numbers:

The amount of borrowers delinquent that are actually applying for some kind of modification or loan worker with their lenders fell by 340,000 people in the month of July, that’s a 9% decrease from the month previous month of June.  That is good news.

However, homeowners that are 60 to 90 days, or even over 90 days behind in the mortgage payments or our serious delinquent that went up by 376,000 In the month of July, that’s a 20% increase from June which is concerning a bit.

There’s over 2 million people that are actually in some kind of modification or workout plan  with their  lender, aAnd that’s the highest level since 2010,  we know what happened back then.

85% of these people are in some kind of forbearance or workout plan and obviously in some kind of economic distress, we know that the economy haven’t  fully recovered and especially people that work in the hospitality, leisure and the food industry,

That situation is similar in many other industries where, the economy for them to have not fully recovered, we also know that in some cases households with two income earners where one of them haven’t been fully employed yet, or maybe had to stay home to school and take care of their kids.

Also, according to Black Knight, among the top five States with the most delinquencies are;

Mississippi, Louisiana, New York, Hawaii, and New Jersey, but they also have the top five States with the most serious delinquencies which are  also Mississippi and Louisiana, Nevada, Alaska, and again New Jersey.

There’s some good news as we know in the last five years or so values in homes have skyrocketed and lots of homeowners have a lots of equity in their homes, among other factors that can help them steer clear of foreclosure.

(Check this video to see the difference between now and the last great recession) So there might be a way out of this situation, even when the lender cannot offer a suitable solution.

If you or anyone you know and care about need to be pointed the right direction and/or need any kind of advice, or a referral to a professional that can be of assistance,  feel free to reach out to us at (973) 216-1945.

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