Bergen County homes in high demand

As a result of the pandemic, most of us have more cash on hand than we used to. Money typically spent on trips, restaurants and other activities outside the home went into our bank accounts.

Many are now flush with cash. “Americans in the aggregate have roughly $2.7 trillion in “excess savings” accumulated since the pandemic began”, according to the New York Times.

That’s especially obvious when it comes to buying investment properties.

Last week I submitted an offer on behalf of a real estate investor for a two family home in Secaucus. It needed quite a bit of updating.

How was the competition? There were 80 offers for the property. Was it underpriced? No. This was not an anomaly. Rental properties, even in rough shape, are routinely getting more than 10 offers and selling in a matter of a few days.

Buyers looking for their primary home also have fierce competition. Inventory remains near record lows. And there are more buyers age 30-35 than ever before. In February, one Ridgewood home received 40 offers and another home 25. The sale price for both is expected to be significantly over list price.

The post Crazy Spring Market (2023) appeared first on Michael Shetler's Buying In Bergen.

The post Is Real Estate In Lockdown? appeared first on Michael Shetler's Buying In Bergen.

Real estate stats for Ridgewood, NJ

 

 

The data for the 3rd quarter is in. The Ridgewood, NJ real estate market is stable – as it’s been for the last few years.

Here are a few of the major data points:

• Homes are selling very close to asking price (98.5% of the last list price.)
• The median sales price jumped 3.8% year over year.
• The inventory of homes on the market still favors sellers.

The only bear-ish figure in the report is the number of expired listings. In third quarter of 2018 the number of expired was 65, and in the same period last year it was 45.

That may suggest sellers have a higher opinion of  the market than buyers do. While inventory of homes is indeed low, 3.4% price appreciation over 5 years is a very modest increase.

Check out the latest Ridgewood, NJ homes for sale right here on BuyingInBergen.com.

Ridgewood, NJ homes under $500,000

Ridgewood, NJ homes under $750,000

Ridgewood, NJ homes under $1,000,000

Ridgewood, NJ homes over $1,000,000

Ridgewood, NJ homes over $2,000,000

Ridgewood, NJ Condos and Townhouses 

The post The Ridgewood Real Estate Market – Fall 2018 appeared first on Michael Shetler's Buying In Bergen.

The local real estate market is strong according to this Glen Rock Real Estate Report. Home values are up 10% in the last year and 17% over the last five years. The supply of homes is low. And the sale price to list price ratio is nearly 100%.

So if you’re looking to buy or sell, you need a real estate agent who knows the local market like the back of his hand. Michael Shetler has been a Glen Rock resident since 2004 and a real estate agent since 2005. He’s been named one of Bergen’s Top Real Estate Agents and has earned the NJ REALTORS® Circle of Excellence Award from 2013 through 2017.

Glen Rock continues to attract home buyers in great numbers in part because its school system is so strong. Glen Rock High School is the highest ranking public non-magnet high school in Bergen County.

The borough is also very convenient for commuters, offering two train stations, bus service and easy highway access.

Glen Rock homes start around $500,000 for a move-in ready home. On the luxury end of the market, there are new construction homes available up to approximately $2 million.

For home buyers searching for a small town atmosphere and a strong sense of community, call Michael Shetler to discuss buying real estate in Glen Rock at 201-421-0506 cell.

See all Glen Rock homes for sale.

Or see only Glen Rock homes under $500,000 or Glen Rock homes over $1 million.

The post Glen Rock Real Estate Report March 2018 appeared first on Michael Shetler's Buying In Bergen.

Home Prices Rose 4% Last Year In Bergen County

The year end statistics are in – median home prices for residential properties in Bergen County rose 4% from 2016 to 2017, according to the New Jersey MLS*.

After a few years of stagnant prices – just one to two percent annually – home prices finally jumped ahead.

June in particular was a strong month for prices, with a 10% price increase over June of 2016. June closings represent contracts written in April – the middle of the spring market. July also showed a large increase at 9%.

The peak for dollar volume of homes sold in Bergen County was June as well.

Dollar volume for the year was up 4% in 2017, while the number of homes sold was flat. If the inventory of homrs for sale had been higher, we may have seen a jump in the activity. Inventory across the county is relatively low.

Of course, Bergen County real estate statistics vary widely from one area to another, so be sure to ask for statistics for the boroughs that interest you. Home prices in Garfield were up 29%, for example. Prices in Saddle River were up 14%. While prices in Wallington were down 4%.

Median home prices in 2018 are very difficult to predict. Interest rates are rising, there are new tax laws on the books and there is much political uncertainty. Yet the over-riding factor is that the economy is very strong, which should dampen any downside from these market risks.

If you’re interested in receiving market data for specific parts of Bergen County, please call or email me and I’d be happy to send you the information.

* info deemed reliable but not guaranteed

The post How Much Did Home Prices Go Up Last Year in Bergen County? appeared first on Michael Shetler's Buying In Bergen.

If you are considering moving up to your dream home, it may be better to do it earlier in the year than later. The two components of your monthly mortgage payment (home prices and interest rates) are both projected to increase as the year moves forward, and interest rates may increase rather dramatically. Here are some predictions on where rates will be by the end of the year:

HSH.com:

“We think that conforming 30-year fixed rates probably make it into the 4.625 percent to 4.75 percent range at some point during 2017 as a peak.”

Svenja Gudell, Zillow’s Chief Economist:

“I wouldn’t be surprised if the 30-year fixed mortgage rate hits 4.75 percent.”

Mark Fleming, the Chief Economist at First American:

“[I see] mortgage rates getting much closer to 5 percent at the end of next year.”

Lawrence Yun, NAR Chief Economist:

“By this time next year, expect the 30-year fixed rate to likely be in the 4.5 percent to 5 percent range.”

Bottom Line

If you are feeling good about your family’s economic future and are considering making a move to your dream home, doing it sooner rather than later makes the most sense.

Keeping Current Matters, Inc. © 2016

The post Is This the Year to Move Up to Your Dream Home? If So, Do it Early appeared first on Michael Shetler's Buying In Bergen.

As you may have guessed, 2015 was a solid year for local real estate. Prices went up but not so much that affordability has been significantly impacted.

In 2015, the median sale price for residential properties rose 2.5% for the year while the number of sales increased by 11.6%. The number of days it took to sell a property decreased by 3.6%.

Residential properties include single family homes and condos/townhouses/co-ops. Single family homes fared slightly better as a category, with a median sale price up 3.3%. Condo/townhouses/co-ops were up only 1.7%.

In 2016 the NJ real estate market should be even stronger based on the current inventory of homes on the market, which is quite low.

A complete report on the real estate market in northern New Jersey will be available soon. Contact me for a pdf copy.

source: NJMLS. Info deemed reliable but not guaranteed.

The post How did the NJ real estate market perform in 2015? appeared first on Michael Shetler's Buying In Bergen.

The New Jersey MLS (NJMLS) has released its market report for June, 2015. The number of homes under contract in June was up 20% over the same month last year.

Download: June Housing Market Update for Northern New Jersey (pdf)

That’s a startling number considering last year’s spring market was very healthy.

Year to date, Essex County experienced the biggest increase in sales activity across northern New Jersey, with an 18.3% increase in residential properties under contract. In Bergen County, residential sales increased by 11.3%.

Despite the increased activity, median sales prices have been fairly flat. YTD, the median sold price for residential sales in 2015 is up only 0.3% in Bergen County.  Across all areas in northern New Jersey, the increase was 1.6%. Those numbers may increase in July as the large number of June contracts begin to close.

The number of new listings increased in June by 10.9%. While that may initially be cause for concern, the absorption rate has actually decreased during the same period. The absorption rate is a measure of the inventory of homes on the market – the number of months supply of homes currently listed for sale. The absorption rate for residential properties decreased by 4.3% in June over the same period last year. For condos and townhouses, a subset of this group, the absorption rate increased by 1.4%. Still, the rate for condos/townhouses is nearly the same as that of residential properties overall.

Download: June Housing Market Update for Northern New Jersey (pdf)

Absorption rates for residential categories are in the range of 6.8 to 7.0 months, which is a healthy number. In the more desirable parts of northern New Jersey, the rates are much lower.
For housing data within a specific village, borough or city, please call Michael Shetler at 201-421-0506 cell or 201-445-4300 x231 office.

The post Homes: Sales Activity Up 20% in June appeared first on Michael Shetler's Buying In Bergen.

The Glen Rock real estate market is thirsty for new listings!  Buyers have already been out in large numbers this spring looking for a Glen Rock home. The supply of homes on the market now is only 2 months, which makes it very much a seller’s market. While inventory will certainly increase as we get into spring, it will likely continue to favor sellers. If you’re a buyer – wait for the home you want then act quickly and decisively. If you’re thinking about selling this year, spring is the best time get your home on the market.

Download the above infographic (pdf)

Since the infographic was prepared on March 6, seven new listings have come on the market. And there are five listings currently with accepted offers. So even with the warmer weather, the inventory has not changed significantly. Ready buyers are snapping up homes about as fast as they hit the market.

See homes currently on the market in Glen Rock.

For more info about selling or buying in Glen Rock, NJ, call Michael Shetler, Keller Williams Village Square Realty. 201-445-4300 x231 office or 201-421-0506 cell.

The post Glen Rock Real Estate Stats for March 2015 appeared first on Michael Shetler's Buying In Bergen.

How did New Jersey MLS home prices change last month?

The post New Jersey MLS Home Prices – The Latest Data appeared first on Michael Shetler's Buying In Bergen.