Real Estate in Nutley, Belleville, Clifton & West Milford New Jersey

Cambridge Crossings in Clifton NJ

2008-08-12T10:08:00Z

Are you looking for a great townhome in the clifton area? I have several units available at the beautiful Cliftons Cambridge Crossings Complex. If you would like more information about current available units and are interested please contact me here.

If you are looking to sell your current Cambridge Crossing Unit please click here for an online market evaluation.

For more information about Cambridge Crossings and available units

why is today a good time to buy a home?

2008-08-11T09:52:00Z

Even though many economists are predicting further drops in home values in most areas, today is still an excellent time for most of us to buy a home. The direction of area home values won't make much difference to homeowners who will both buy and sell in the same area, and other important factors very much favor buying a home now.

Most move up buyers buy their next home in the same area. Whether overall home values in that area are going down, up, or holding their own, other homes in the area will be similarly impacted. Current local home values and any future changes in those home values, whether negative or positive, will therefore have the same effect on a home they might buy as they will have on their current home when they sell it. For that reason the direction of housing values in any given area is of small consequence relative to other factors for those homeowners, who should not let declining values get in the way of buying their next home.

If you are a prospective first time buyer in one of the few appreciating markets, buying sooner rather than later certainly makes sense. Similarly, if you live in an area where home values are falling and plan to relocate to another area where prices are rising, that is a good reason to buy and sell (or sell and buy) as soon as you can, before the gap widens further.

Holding off on a home purchase due to current market conditions may make sense in some cases only for a much smaller group - prospective first time buyers who live in an area where further home price declines are likely. The same is true for those living in the relatively few areas where homes are appreciating and who plan to relocate to other parts of the country where home prices are still falling. Unfortunately some homeowners now owe more money on their mortgage than their home is worth because of dropping home values. They may be unable to afford to sell at this time regardless of local market conditions unless they have sufficient savings to make up the difference.

There are several reasons that today is a particularly good time to buy a home for most of us. The selection is as great as it will ever be, mortgage rates are still relatively low by historical standards, and costs of any desired remodeling/upgrades are a lot less because of the downturn in new home construction and the resulting glut of building supplies.

With inventories of homes for sale at all time highs in many places, there's a much greater chance that you'll be able to find a home that's ideally suited for your needs. That's a very big plus because homeowners spend an average of nearly a decade in their home before they sell it. The shortage of inventory and high home prices that existed up until 2005 forced many buyers to make many compromises on home features at that time. No doubt many of them wish that some of the nicer homes for sale in their neighborhood today had been available at that time. Today's home buyers will have to make far fewer, if any compromises, and many will be able to pay less for a home that's much better suited to their needs.

If today's home buyers decide to make some upgrades and improvements to their next home they can usually do it for substantially less than it would have cost several years ago. The rate of new home construction has dropped precipitously, and prices of many building materials have dropped substantially as a result. Prices for oriented strand board, which is used for exterior wall sheathing, roof sheathing and subfloors, is down 40% from late 2005, according to the National Association of Home Builders. Lumber used for framing floor and roof joints retreated 24%, in cost according to NAHB. Drywall prices are down 35% from late last year, according to United States Gypsum Company.

Construction labor costs are down as well, as many home builders have decided to become remodeling contractors until the market for new homes improves. The remodeling market has also slowed down somewhat. With many home builders recently reinventing themselves as remodeling contractors, price competition in that market is very intense today. Only a few years ago you were lucky if half the contractors returned your call, and a few actually showed up and subsequently gave you a proposal. That has changed dramatically.

"When we remodeled our kitchen and bathrooms several months ago every contractor we called showed up, and their bids were very competitive," said American Homeowners Foundation President Bruce Hahn. "Many of them were ready to start immediately, and none of them balked when we told them we wanted them to sign a comprehensive contract specifying all of the details of the project," he added. (Note: Judging from the continuing number of complaints regarding remodeling contractors, the competition has yet to drive incompetent and/or dishonest contractors out of the business.

Lastly, mortgage rates are still competitive by historical standards. Although lenders have become more particular about who they will lend to, and the gap between mortgage interest rates for those with excellent credit and those with marginal credit histories has widened, mortgages with 30 year fixed rates are still affordable for a majority of home buyers. If you are looking down the reset barrel of an adjustable rate mortgage on your current home, you will also be able to resolve that problem and avoid the higher mortgage reset interest rate with a fixed rate loan on your next home.

The bottom line: Trying to employ market timing in real estate entails many of the same risks as attempting market timing in the stock market, as many real estate flippers who flocked to the market in the middle of this decade learned the hard way. Despite all the current doom and gloom in the housing market, it's still a great time for most of us to buy a home!

For Real Estate in Nutley and Belleville New Jersey

Real Estate Prices Rise for Four Straight Months - Is Anyone Noticing?

2008-07-13T11:07:00Z

RISMEDIA, July 14, 2008-Amidst the gloom on Wall Street about housing someone forgot to check the stats. The National Association of Realtors® has now reported four straight months of rising housing prices, but it seems no one is listening.

According to NAR statistics, the median home price has fallen from a high of $230,200 in July 2006 to a low in February 2008 at $195,600, a drop of 15%. Since February, however, it has risen steadily every month. By May the index (which will be revised on July 24) had risen to $208,600, up $13,000 and a full 6.6%. Another indicator, the mean home price (otherwise known as the average home price), has also shown strength and has risen from a low of $242,000 also in February of this year to $253,100, a rise of $11,100 or 4.5%. It, too, has risen every month since February of this year.

“I just don’t know where Wall Street’s brains are today,” said David Michonski, CEO of Coldwell Banker Hunt Kennedy in New York City. “Everyone on the Street is wringing their hands over housing when in fact the average American has been out this spring buying homes and pushing the median price higher. This has got to go down as one of Wall Street and Main Street’s biggest disconnects in history.”

In addition, on an annualized basis the volume of home sales has also risen somewhat from a low of 4,890,000 homes in January to 4,990,000 in May.

“Rising prices on expanding volume should not a crisis make on Wall Street,” says Michonski.

So why the crisis?

“They say that there are bulls and bears on Wall Street but there are also pigs. Pigs try not just to profit from a crisis but create one to profit from. Today there are just so many people who have positioned themselves to profit from a crisis that they refuse to admit the reality of what is happening on Main Street. It might hurt their positions.”

Is this the bottom?

“No one can know for sure, but the hard data is clear. The median price has risen four straight months. The average American is out there taking advantage of bargains in their local real estate market. They are not listening to Wall Street but following their own belief that the best time to buy is when no one else is, and they are out there buying. If this keeps up, February may prove to have been the low in prices.”

“It is possible that it will not be Hank Paulson or Ben Bernanke who will pull this country out of a housing recession, but the good common sense of the average American whose affordability to buy a home is at a five year high and is acting on it.”

Open House in Mine Hill on Sunday

2008-07-12T00:03:00Z

Mine Hill, Morris County - We invite everyone to visit our open house at 32 Central Ave on July 13 from 1:00 AM to 3:00 AM.

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Buying or Selling In Nutley, New Jersey

2008-06-19T10:23:00Z

Searching for homes for sale in Nutley, Buying? Selling? Please, give me a call! I handle all of Essex County, Bergen County, Passaic County and Morris County NJ, however, my area of expertise is Nutley, Belleville, Bloomfield, Clifton, Wayne and West Milford NJ. When you are ready to buy a home, condo/town home or investment property in Nutley, Belleville or Bloomfield, Clifton, Wayne or West Milford NJ I can help.

If you are considering selling your home, please consider me! I’m eager to assist you and/or submit a comparative market analysis at no cost or obligation to you. I specialize in Nutley, Belleville, Bloomfield, Clifton, Wayne and West Milford NJ and I know the local market. My finger is always on the pulse of this ever changing Real Estate market.

Coldwell Banker Franklin Realty has been your Nutley, hometown Realtor for many years. We utilize all necessary tools to help you buy or sell in Nutley, Belleville, Clifton, Bloomfield, Wayne and West Milford NJ. We have a very heavy Internet Presence with the ability to market your home across the Internet and have your home sold at the highest price in the least amount of time.

Open House in Mine Hill on Sunday

2008-06-07T10:43:00Z

Mine Hill, Morris County - We invite everyone to visit our open house at 32 Central Ave on June 8 from 1:00 AM to 3:00 AM.

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Real Estate in Northern New Jersey

2008-06-06T10:10:00Z

If anyone would like to discuss anything about Real Estate in Northern NJ, Where it is headed, What Areas are doing well and What areas are not doing so well, please drop me a not on this blog.

Real Estate in New Jersey

2008-06-06T10:10:00Z

If anyone would like to discuss anything about Real Estate in Northern NJ, Where it is headed, What Areas are doing well and What areas are not doing so well, please drop me a not on this blog.

Single Story For Sale in Yanticaw

2008-06-04T06:00:00Z

• 2 bath, 3 bdrm single story - MLS® $368,000 USD

Yanticaw, Nutley - Great move in consition colonial in the Heart of Nutley, Close to everything!

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Single Story For Sale in Mine Hill

2008-05-28T06:00:00Z

Close to all Major highways and NJT

• 1,850 sq. ft., 3 bath, 3 bdrm single story - MLS® $349,000 USD

Mine Hill, Morris County - Well cared for colonial, close to all major roads and NJT train in to NYC, Move right in nothing needs to be done on this home at all!!

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