What's Changing in the Mortgage World?

There are a variety of opportunities in the New Jersey Real Estate Market for both buyers and sellers. If you're a prospective buyer click here for a full home search, or if you're considering placing your home on the market, get a free home value report, right here.

Today I wanted to share with you some changes going on within the mortgage market and how they will benefit both buyers and sellers in 2015.

The first thing I want to share with you has to do with FHA loans. Recently, the FHA significantly decreased their insurance premium on low-down payment loans, which is going to save a lot of buyers a lot of money.

Another change has to do with conventional loans. There has been a substantial reduction to the required minimum down payment, from 5% to 3%. So instead of an average of $20,000 for a down payment, it's more like $12,000 now.

The last change I wanted to mention to you has to do with appraisal reform. Over the last year we have had a difficult time with appraisals, but this new process should lead to fewer appraisal problems, as well as more home closings and sales.

On top of this, we have historically low interest rates. Right now, you can get a 30-year fixed-rate mortgage at 3.75% and a 2.99% rate for a 15-year fixed. This will bring more buyers to the market and give your home a better chance at selling quickly.

If you have any questions about mortgages or about real estate, be sure to give us a call. We would be glad to answer any questions you have, and look forward to talking with you soon!
 

Perfect Conditions for an Upgrade

There are a variety of opportunities in the New Jersey real estate market for both buyers and sellers. If you're a prospective buyer click here for a full home search, or if you're considering placing your home on the market, get a free home value report, right here.

 Today we are going to talk about some opportunities that exist right now in the luxury home market. Some of these deals are unheard of, and prices are much, much lower than where they have been in the past. 

Most of these opportunities in our area exist in the towns of western Morris County. To give you a specific example,one home that sold in 2006 for $1,812,000 just came back on the market with an asking price of $975,000.

Homes just like this can be had for hundreds of thousands dollars less than in the past. If you are thinking about upgrading your home, the value you will get from a luxury home is unlike any other value you are going to get. An upgrade of $500,000 in 2006, on average, is $200,000 less today. There are also some different kinds of property tax exemptions that these properties are eligible for. 

If you'd like to take a look at these homes, or just have questions about them, please give us a call or send us an email. We would be glad to help!

Know Where to Find the Most Accurate and Up-to-Date Real Estate Information!

There are a variety of opportunities in the New Jersey real estate market for both buyers and sellers. If you're a prospective buyer click here for a full home search, or if you're considering placing your home on the market, get a free home value report, right here.

Today we're going to talk whether Trulia and Zillow are trustworthy resources for real estate information. While perhaps these sites are a good place to start, we have experienced some of their inaccuracies first hand. For instance, we recently sold a home that has a market value of $850,000 - but if you look up that same home on Zillow and Trulia, they value it at $727,834 and $735,000 respectively. That's over $100,000 lower than the market value. In another case, we sold a home in one day for $699,000, whereas Zillow and Trulia valued at $501,000 and $557,574. That estimate is close to $200,000 too low! Why is it that these websites are so misleading?

• For one, it's hard for these sites to interpret location value. Trulia and Zillow can't take into account accessibility to shopping or public transportation, among other goods that may affect the value of your home.
• The same goes for lot values. One lot could be perfectly level while another is hanging off a cliff, but Trulia and Zillow wouldn't know the difference.
• Improvement values are not taken into account. Say two colonials have nothing in common but the year they were built - one is completely upgraded while the other is falling apart. There is no way for these online resources to be able to account for the difference in value.
• Another big problem is that, since 95% of homes are listed with brokers - Zillow and Trulia upload their information from the broker sites. This generates a lag - sometimes some of the best properties are already under contract by the time they show up on these sites. Other times, homes that have been off the market for quite some time show up as active listings.

These, among other reasons, are why online home search sites probably aren't your best place to go for information. If you want to get right to the source, you should call your local real estate expert. You need someone who knows the market, can interpret the data, and account for the differences in location, lots, and improvement values. If you are looking to buy or sell a home or simply want more information about market conditions in your area, don't hesitate to give me a call. I would love to give you a hand.

New Jersey Real Estate Market Update for May 2014

There are a variety of opportunities in the New Jersey real estate market for both buyers and sellers. If you're a prospective buyer click here for a full home search, or if you're considering placing your home on the market, get a free home value report, right here.

New Jersey Real Estate Market Update

Today I'm going to provide you with a brief real estate market update for the New Jersey area. My goal is to educate you in order for you to make better decisions in regard to real estate.

I would like you to know that at this point in time we have transitioned from a buyer's market into a seller's market, and this is true in most towns and in most price ranges. In many cases this has allowed consumers to experience fewer days on market, higher sale prices, and multiple offers (on the best homes available). 

If you're selling, you can take advantage of the low inventory around New Jersey. Because you're competing against fewer properties and you have access to more buyers, it will probably mean that you can lock in a good home price. If you're on the fence about buying, I will tell you right now that you may not see a better time to sell your home for a while. You have a great opportunity right now, and I would urge you to take advantage of it if you are thinking about selling. 

Buyer activity has been great, so your home will surely be garnering a lot of attention from consumers. This translates directly into a better selling experience for you. 

If you're a buyer, don't be intimidated by the fact that the New Jersey markets are favoring sellers. You can take advantage of historically low interest rates that can save you hundreds of thousands of dollars over the course of your loan. Right now, affordability is at an all-time high. You just need to know what you want and you need to be ready to take action in order to get the home that you desire.

Please contact me if you would like to take advantage of this fabulous market in the New Jersey areas. Whether you're buying or selling I can provide you with assistance to make your transaction as smooth and pain-free as possible.

I look forward to speaking with you.