Wednesday, September 30, 2015

Renters: It is About to Get A Lot Worse

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We often promote homeownership over renting when a family is ready, willing and able to purchase. There are both financial and non-financial benefits to owning a home of your own. Based on the headlines below, many news outlets agreed with us after they reviewed a recent report from the Harvard Joint Center for Housing Studies and Enterprise Community Partners. The study states that the number of households spending 50% or more of their income on rent is expected to rise by over ten percent in the next decade. They concluded:
“Overall, this white paper projects a fairly bleak picture of severe renter burdens across the US for the coming decade.”
What do other experts think of the report? You can tell by the headlines they chose to introduce their stories:
“Renters, get ready to take it on the chin” - CNBC
“The Rent Crisis Is About to Get a Lot Worse” - Bloomberg Business
“Renters Will Continue to Struggle for the Next Decade” - World Street Journal
“Why the renting crisis could be about to get a lot worse” - Fortune Magazine
“Soaring rents are a problem that will only get worse” - Business Insider
“High rents are here to stay” - The Real Deal
Bottom Line
If you are thinking about buying a home and are financially positioned to do so, now may be better than later.
National award-winners and seasoned Realtors with over many years of experience in Northern & Central New Jersey, Rahul & Smitha and their team have become New Jersey’s “Go To” agents and consistent leaders with a reputation for tenaciously protecting their clients’ interests. They specialize in Morris, Somerset, Essex, Union and Passaic counties.

Tuesday, September 29, 2015

Family Wealth Projected to Grow with Home Prices

Rent costs continue to rise and have increased over 200% since 1988. As buyers found it difficult to acquire financing after the housing collapse in the 2000s and turned to renting, many are finding that home ownership now makes more financial sense. In fact, according to the Home Price Expectation Survey (3rd quarter, 2015) which analyzed home equity price projections, potential family growth is expected to rise by $34,115 over the next four years from $250,000 in 2016 to $284,115 in 2020. Combined with low interest rates, buying now and investing in home equity could mean increased wealth over time for many buyers.
National award-winners and seasoned Realtors with over many years of experience in Northern & Central New Jersey, Rahul & Smitha and their team have become New Jersey’s “Go To” agents and consistent leaders with a reputation for tenaciously protecting their clients’ interests. They specialize in Morris, Somerset, Essex, Union and Passaic counties.

Is There A Housing Bubble in New Jersey?

Is there a housing bubble in New Jersey? Not according to the latest statistics. Existing home prices in the Northeast are up by 1.3% since September 2014, and home prices are up in New Jersey by 2.4%.
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Check out these opinions from industry experts:
Christopher Thornberg, Founder, Beacon Economics:  "The housing market is far from overheated.”
Ray Torto, ‎Harvard Lecturer, Retired Chief Economist at CBRE:
"I would not characterize the multi-housing market as in a bubble.”
Calvin Schnure, SVP of Research & Economic Analysis, NAREIT:
“Given all the demand and little supply the residential market is FAR from overheated.”
Rajeev Dhawan, Director of Economic Forecasting Center at J. Mack Robinson College of Business, Georgia State University:
“To have a bubble, you need to have construction rates higher than the perceived demand, which is what happened in 2003 to 2007. Right now, however, we have the reverse of that.”
Victor Calanog, Chief Economist, Reis:
“The housing market has yet to show evidence of systematic runaway asset price inflation characterized by home prices rising much faster than household income.”Andrew Nelson, US Chief Economist, Colliers International:
"I don't think there is a housing bubble.”
Mark Dotzour, Chief Economist, Texas A&M University:
"We are not in a housing bubble. We are in a situation where demand for houses is much higher than supply.”
George Raitu, Quantitative & Commercial Research, NAR:
“We do not consider the current market conditions to present a bubble."
Robert Bach, Director of Research – Americas, Newmark Grubb Knight Frank: 
"I don’t think the housing market is overheated based on demand and supply fundamentals.”
Furthermore, current average annual appreciation rates are more along the pre-bubble norms at 3.9% now vs. 3.6% before the bubble. As seen below, current rates are far from the 7% we saw during the bubble. We project that the housing market is still on its way to a healthy recovery.
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National award-winners and seasoned Realtors with over many years of experience in Northern & Central New Jersey, Rahul & Smitha and their team have become New Jersey’s “Go To” agents and consistent leaders with a reputation for tenaciously protecting their clients’ interests. They specialize in Morris, Somerset, Essex, Union and Passaic counties.

Community Video Tour: Oak Ridge in Hanover Twp, New Jersey


Oak Ridge, a distinctive community of 2 and 3 bedroom town home residences, is conveniently located in Whippany NJ. The community is a great place to live, raise a family, relax and enjoy life!

Whippany, which is a section of Hanover Township lies about 30 miles west of New York City in Morris County, NJ and is just minutes away from all the conveniences necessary for today's lifestyles. It is also close to the convenienceculture of vibrant downtown Morristown, NJ.



For more infomation about living in this community, please visit www.OakRidgeWhippany.com

For Available Homes in Oak Ridge, please Contact Us!

National award-winners and seasoned Realtors with over many years of experience in Northern & Central New Jersey, Rahul & Smitha and their team have become New Jersey’s “Go To” agents and consistent leaders with a reputation for tenaciously protecting their clients’ interests. They specialize in Morris, Somerset, Essex, Union and Passaic counties.

Monday, September 28, 2015

Community Video Tour: Hanover Hills in Hanover, New Jersey

Conveniently located in the Cedar Knolls section of Hanover Twp. NJ, the Hanover Hills Condominium Community is a great place to live, raise a family, relax and enjoy life! Located in the eastern part of Morris County NJ, the Hanover Hills community of homes offer a Suburban Oasis for both its residents and visitors. The Condos at Hanover Hills in Hanover Twp. offer all the conveniences of Maintenance Free Townhome Living in a great town. Cedar Knolls, which is a section of Hanover Township lies about 30 miles west of New York City in Morris County, NJ and is just minutes away from all the conveniences necessary for today's lifestyles. It is also close to the convenience culture of vibrant downtown Morristown, NJ.



For more information about living in this community, please visit www.HanoverHillsLiving.com

For Available Homes in Hanover Hills, please Contact Us!

National award-winners and seasoned Realtors with over many years of experience in Northern & Central New Jersey, Rahul & Smitha and their team have become New Jersey’s “Go To” agents and consistent leaders with a reputation for tenaciously protecting their clients’ interests. They specialize in Morris, Somerset, Essex, Union and Passaic counties.

Wednesday, September 23, 2015

Twilight Broker Open House 9/24, 4-6:30 PM at 29 Windsor Dr, Pine Brook, NJ

We're hosting a twilight broker open house Thursday, 9/24, from 4-6:30 PM at this gorgeous luxury home. Agents, Realtors, & brokers please be our guests and join us for delicious sushi, drinks and dessert. Preview this bright, elegant, custom contemporary house!
6 beds, 4.2 baths, 3-car garage | Offered at $1,549,000
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National award-winners and seasoned Realtors with over many years of experience in Northern & Central New Jersey, Rahul & Smitha and their team have become New Jersey’s “Go To” agents and consistent leaders with a reputation for tenaciously protecting their clients’ interests. They specialize in Morris, Somerset, Essex, Union and Passaic counties.

Be Our Guest at 2 Open Houses Sunday, 9/27

Please be our guest this Sunday, 9/27, at TWO open houses!
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14 Daro Court, Montville, NJ (Open House 2-4 PM)
Luxurious and spacious with 5 beds, 4.1 baths, and a 3-car garage. Beautiful Colonial with hardwood floors, eat-in kitchen, marble & granite finishes, huge finished lower level, great deck and much more!
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807 Buckland Court, Denville, NJ (Open House 1-4 PM)
Bright townhome‬ in the‪ Berkshire Hills‬ community! 2 beds, 1.1 baths, 1-car garage. Open floor plan, kitchen with breakfast bar, private balcony, plush carpeting, and more. A home to build a dream on!
 
National award-winners and seasoned Realtors with over many years of experience in Northern & Central New Jersey, Rahul & Smitha and their team have become New Jersey’s “Go To” agents and consistent leaders with a reputation for tenaciously protecting their clients’ interests. They specialize in Morris, Somerset, Essex, Union and Passaic counties.

Monday, September 21, 2015

7 Tips for Staging Your Home

Make your home warm and inviting to boost your home’s value and speed up the sale process.
The first step to getting buyers to make an offer on your home is to impress them with its appearance so they begin to envision themselves living there. Here are seven tips for making your home look bigger, brighter, and more desirable.
1. Start with a Clean Slate
Before you can worry about where to place furniture and which wall hanging should go where, each room in your home must be spotless. Do a thorough cleaning right down to the nitpicky details like wiping down light switch covers. Deep clean and deodorize carpets and window coverings.
GuideInterior122. Stow Away Your Clutter
It’s harder for buyers to picture themselves in your home when they’re looking at your family photos, collectibles, and knickknacks. Pack up all your personal decorations. However, don’t make spaces like mantles and coffee and end tables barren. Leave three items of varying heights on each surface, suggests Barb Schwarz of Staged Homes in Concord, Pa. For example, place a lamp, a small plant, and a book on an end table.
3. Scale Back on Your Furniture
When a room is packed with furniture, it looks smaller, which will make buyers think your home is less valuable than it is. Make sure buyers appreciate the size of each room by removing one or two pieces of furniture. If you have an eat-in dining area, using a small table and chair set makes the area seem bigger.
4. Rethink Your Furniture Placement
Highlight the flow of your rooms by arranging the furniture to guide buyers from one room to another. In each room, create a focal point on the farthest wall from the doorway and arrange the other pieces of furniture in a triangle around the focal point, advises Schwarz. In the bedroom, the bed should be the focal point. In the living room, it may be the fireplace, and your couch and sofa can form the triangle in front of it.
GuideInterior135. Add Color to Brighten Your Rooms
Brush on a fresh coat of warm, neutral-color paint in each room. Ask your real estate agent for help choosing the right shade. Then accessorize. Adding a vibrant afghan, throw, or accent pillows for the couch will jazz up a muted living room, as will a healthy plant or a bright vase on your mantle. High-wattage bulbs in your light fixtures will also brighten up rooms and basements.
6. Set the Scene
Lay logs in the fireplace, and set your dining room table with dishes and a centerpiece of fresh fruit or flowers. Create other vignettes throughout the home — such as a chess game in progress — to help buyers envision living there. Replace heavy curtains with sheer ones that let in more light.
Make your bathrooms feel luxurious by adding a new shower curtain, towels, and fancy guest soaps (after you put all your personal toiletry items are out of sight). Judiciously add subtle potpourri, scented candles, or boil water with a bit of vanilla mixed in. If you have pets, clean bedding frequently and spray an odor remover before each showing.
7. Make the Entrance Grand
Mow your lawn and trim your hedges, and turn on the sprinklers for 30 minutes before showings to make your lawn sparkle. If flowers or plants don’t surround your home’s entrance, add a pot of bright flowers. Top it all off by buying a new doormat and adding a seasonal wreath to your front door.


National award-winners and seasoned Realtors with over many years of experience in Northern & Central New Jersey, Rahul & Smitha and their team have become New Jersey’s “Go To” agents and consistent leaders with a reputation for tenaciously protecting their clients’ interests. They specialize in Morris, Somerset, Essex, Union and Passaic counties.

Friday, September 11, 2015

Market Insights: September 2015



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National award-winners and seasoned Realtors with over many years of experience in Northern & Central New Jersey, Rahul & Smitha and their team have become New Jersey’s “Go To” agents and consistent leaders with a reputation for tenaciously protecting their clients’ interests. They specialize in Morris, Somerset, Essex, Union and Passaic counties.