Monday, November 30, 2015

Existing Home Sales & Prices are Up!

Existing home sales are up 3.9% over last year while home prices are up nationwide by 5.8%. The housing market recovery continues!

existing homesales up 2015 nov


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.

www.SRRealEstateGroup.com | www.Morris-Homes.com | www.TheTownhouseExpert.com

Tuesday, November 24, 2015

Millennials: What FICO Score is Needed to Buy a Home?

young couple front of homeIn a recent article by the Wharton School of Business at the University of Pennsylvania, it was revealed that some Millennials are not looking to purchase a home simply because they don’t believe they can qualify for a mortgage. The article quoted Jessica Lautz, the National Association of Realtors’ Managing Director of Survey Research, as saying that there is a significant population that does not think they will be approved for a mortgage and doesn’t even try. The article also quoted Fannie Mae CEO, Tim Mayopoulos : “I do think that there’s a sense out there in the marketplace among borrowers that credit may not be available, especially for people with lower credit scores.”

So what credit score is necessary?

A recent survey reported that two-thirds of the respondents believe they need a very good credit score to buy a home, with 45 percent thinking a “good credit score” is over 780. In actually, the FICO score on closed loans (as reported by Ellie Mae) is much lower and has been dropping over the last several months.

FICO score reqs


Bottom Line

Millennials who are considering a home purchase should get advice from a local real estate or mortgage professional now. They may be surprised how much the requirements for a mortgage have eased.

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.

www.SRRealEstateGroup.com | www.Morris-Homes.com | www.TheTownhouseExpert.com

Monday, November 23, 2015

Numbers Don't Lie - Build Your Nest Egg with Real Estate

There are many reasons, both financial and non-financial, that homeownership remains an important part of the American Dream. One of the biggest reasons is the fact that it helps build family wealth. Recently, Freddie Mac wrote about the power of home equity. They explained:

“In the simplest terms, equity is the difference between how much your home is worth and how much you owe on your mortgage. You build equity by paying down your mortgage over time and through your home's appreciation. In a nutshell, your money is working for you and contributing toward your financial future.”

They went on to show an example where a person bought a home for $150,000 with a down payment of 10% ($15K), resulting in a loan amount of $135,000. The buyer secured a 30-year fixed-rate mortgage at 4.5% with a monthly mortgage payment of $684.03 (not including taxes and insurance). The chart below demonstrates the home equity built after 7 years of making mortgage payments and assuming the historic national average of 3% per year home appreciation:

7 yr equity

And that number continues to build as you continue to own the home.

Home equity is important to building wealth as a family. Freddie Mac explained:
“Now, if you continued to rent, and made the same payment of $684.03 per month, you'd have zero equity and no means to build it. Building equity is a critical part of homeownership and can help you create financial stability.”

Put your housing cost to work for you and your family.

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.

www.SRRealEstateGroup.com | www.Morris-Homes.com | www.TheTownhouseExpert.com

Friday, November 20, 2015

2015 Profile of Home Buyers & Sellers

Who was buying and selling homes in 2015? Check out the infographic!

2015-profile-home-buyers-info-600


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.
www.SRRealEstateGroup.com | www.Morris-Homes.com | www.TheTownhouseExpert.com

Thursday, November 19, 2015

Should I Pay a Mortgage Interest Rate over 4%?

Mortgage interest rates, as reported by Freddie Mac, have increased over the last several weeks. Along with Freddie Mac, Fannie Mae, the Mortgage Bankers Association and the National Association of Realtors are all calling for mortgage rates to continue to rise over the next four quarters. This has caused some purchasers to lament the fact they may no longer be able to get a rate less than 4%. However, we must realize that current rates are still at historic lows. Here is a chart showing the average mortgage interest rate over the last several decades.

historic mtg rates

Bottom Line

Though you may have missed getting the lowest mortgage rate ever offered, you can still get a better interest rate than your older brother or sister did ten years ago; a lower rate than your parents did twenty years ago and a better rate than your grandparents did forty years ago.

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.
www.SRRealEstateGroup.com | www.Morris-Homes.com | www.TheTownhouseExpert.com

Tuesday, November 17, 2015

Oscar-Winning Home Staging Tips: Stage to Sell


Why Home Staging Sells


wp1

Real estate agents and sellers know how important it is to show a home that is presented in its finest form. Statistics show that staged homes sell faster and for more money. Interestingly, it is estimated that only 10 percent of prospective buyers can visualize a home looking any different than the way it looks when they walk in the door. They need help and you can help them!

Staged homes give the perception that a home is well-maintained and stylish. Working with the flow of a home, eliminating personal effects and clutter, and arranging furniture can make all the difference a home needs be best presented.

The Two Types of Staging


Occupied Home

In an occupied home, furniture can rearranged to showcase each room’s functionality and flow. Removing an abundance of personal effects allows the buyer to envision themselves in the home, rather than feel like an outside guest visiting. If the budget permits, upgrading floors, replacing countertops and adding a fresh coat of paint go a long way to spruce up a home.

Vacant Home

As is often the case with a vacant home, the buyer is focused on the things that need fixing, the cracks in the walls, the worn carpets, the dated countertops, etc. Buyers can also have difficulty envisioning what to do with the space. Staging offers suggestions they can build on.

Here Are a Few Pro Staging Tips to Help Your Sellers


1. Scent

Candles, freshly baked cookies or room fragrances may seem to evoke pleasant associations, however, they can also bring about negative associations. While one person may love the smell of a particular scent, another may hate it.

Over masking with scent is also a red flags for buyers that there is an odor issue in the home. If there is an odor issue in a home, it is best to address the cause, rather than mask it.

GuideInterior13

2. Accents

Area rugs, pillows, bedding and lighting are a great ways to introduce color and newness to rooms. A family of color throughout the home weaves warmth and cohesiveness together. Well-lit rooms evoke space and openness.

3. Declutter and Depersonalize

The first thing a stager will likely do is remove many of your personal effects and decorations – do not take it personally. It is important to take a step back and realize that buyers want to envision your home, as their own. Creating a neutral environment will help buyers connect with a house and see themselves living in it.

4. Show Off Your Storage

Remove excess furniture, clothes and items in storage areas of the home such as closets. Buyers want to see the size of closets and storage area.

5. Don’t Forget the Outside!

Curb appeal is your homes first impression. Spruce up its curb appeal by:
  • Mowing the lawn and trimming any necessary trees/shrubs
  • Power washing your driveway, deck, walkway and any other outside area
  • Add a fresh potted plant and a new doormat to welcome buyers to your home.
The benefits of a well-staged home are plentiful. A staged home suggests that the home has been well maintained and may even shift attention away from imperfections and otherwise negative selling points.

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, November 16, 2015

Where Are Mortgage Rates Headed? This Winter? Next Year?



The interest rate you pay on your home mortgage has a direct impact on your monthly payment. The higher the rate the greater the payment will be. That is why it is important to look at where rates are headed when deciding to buy now or wait until next year. Below is a chart created using Freddie Mac’s October 2015 U.S. Economic & Housing Marketing Outlook. As you can see interest rates are projected to increase steadily over the course of the next 12 months.

mortgage rates 2016


How Will This Impact Your Mortgage Payment?

Depending on the amount of the loan that you secure, a half of a percent (.5%) increase in interest rate can increase your monthly mortgage payment significantly. According to CoreLogic’s latest Home Price Index, national home prices have appreciated 6.4% from this time last year and are predicted to be 4.7% higher next year. If both the predictions of home price and interest rate increases become reality, families would wind up paying considerably more for their next home.


Bottom Line

Even a small increase in interest rate can impact your family’s wealth. Meet with a local real estate professional to evaluate your ability to purchase your dream home.

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.
www.SRRealEstateGroup.com | www.Morris-Homes.com | www.TheTownhouseExpert.com

Tuesday, November 10, 2015

House Hasn’t Sold Yet? Take Another Look at the Price

The residential housing market has been hot. Home sales have bounced back solidly and are now at their second highest pace since February 2007. Demand remains strong going into the winter. Many real estate professionals are reporting that multiple offers are occurring regularly and listings are actually selling above listing price. What about your house?

If your house hasn’t sold, it is probably the price.

If your home is on the market and you are not receiving any offers, look at your price. Pricing your home just 10% above market value dramatically cuts the number of prospective buyers that will even see your house. (See Chart)

The housing market is hot. If you are not seeing results you want, sit down with your agent and revisit the pricing conversation.

Proper-Pricing-KCM

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.
www.SRRealEstateGroup.com | www.Morris-Homes.com | www.TheTownhouseExpert.com

Monday, November 9, 2015

6 Reasons You Should List Your Home Before the Holidays

holiday home buying

Every year at this time, many homeowners decide to wait until after the holidays to put their home on the market for the first time. Others who already have their home on the market decide to take it off the market until after the holidays. Here are six great reasons not to wait:

1. Relocation buyers are out there. Companies are not concerned with holiday time and if the buyers have kids, they want them to get into school after the holidays.

2. Purchasers that are looking for a home during the holidays are serious buyers and are ready to buy.

3. You can restrict the showings on your home to the times you want it shown. You will remain in control.

4. Homes show better when decorated for the holidays.

5. There is less competition for you as a seller right now. Let’s take a look at listing inventory as compared to the same time last year:

2015 home supply avg


6. The supply of listings increases substantially after the holidays. Also, in many parts of the country, new construction will make a comeback in 2016. This will lessen the demand for your house.

Waiting until after the holidays to sell your home probably doesn't make sense.

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.
www.SRRealEstateGroup.com | www.Morris-Homes.com | www.TheTownhouseExpert.com

Friday, November 6, 2015

Community Video Tour of Liberty Greens Townhome Community in Morris Township, NJ

The Liberty Greens Townhome Community is that unusual combination of a Suburban Lifestyle with In-Town Convenience. Tucked away, yet conveniently located in Convent Station section of Historic Morris Township, Liberty Greens lies just 25 miles west of New York City and is only a 5-10 minute walk to the Midtown Direct train to NYC. The community amenities are perfectly maintained and offer tennis courts, and a lovely clubhouse and a Jogging/Biking Path. Each home includes an attached garage, and some feature basements too.



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.
www.SRRealEstateGroup.com | www.Morris-Homes.com | www.TheTownhouseExpert.com

Thursday, November 5, 2015

Community Video Tour of The Meadows at Montville Townhome Community in Montville, NJ

Welcome to The Meadows at Montville Townhome Community! Montville Twp., recently ranked No. 1 in NJ for small towns by Money Magazine, offers a Top Rated School System and a short ride to all that the Metropolitan Area has to offer. The community offers great amenities including a clubhouse, pool, exercise room, and playground. Each home offers an attached 2-car garage, and some include 1st floor master suites and basements.





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.

www.SRRealEstateGroup.com | www.Morris-Homes.com | www.TheTownhouseExpert.com

Community Video Tour of Jade Mountain Townhome Community in Montville, NJ

With its handsome exteriors, bright & open interiors, and convenient location, the Jade Mountain Townhome Community is a great place to call home. Montville Twp., recently ranked No. 1 in NJ for small towns by Money Magazine, offers a Top Rated School System and a short ride to all that the Metropolitan Area has to offer. The Community is Beautiful yet conveniently located right off Route 202/Main Road and is less than 1 mile to the train to NYC!





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.

www.SRRealEstateGroup.com | www.Morris-Homes.com | www.TheTownhouseExpert.com

Wednesday, November 4, 2015

Community Video Tour of Hunting Hills Townhome/Condo Community in Montville, NJ

Conveniently located in the Towaco section of Montville Twp. NJ, the Hunting Hills Townhome and Condominium Community is a great place to live. Montville Twp., recently ranked No. 1 in NJ for small towns by Money Magazine, offers a Top Rated School System and a short ride to all that the Metropolitan Area has to offer. The Community is Beautiful yet conveniently located right off Route 202/Main Road. You can enjoy Peaceful Walks, Jogs or Bike Rides. Plus, it's only about 25 miles from New York City and less than 1 mile to the train to NYC!



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.

www.SRRealEstateGroup.com | www.Morris-Homes.com | www.TheTownhouseExpert.com

Tuesday, November 3, 2015

Community Video Tour of The Madison Common Community in Madison, NJ

The Madison Common Town House community is that unusual combination of a suburban lifestyle with in-town convenience! The community landscape is beautiful and gives each home lots of privacy. You can enjoy peaceful walks around the pond, jogs or bike rides. The amenities are perfectly maintained and offer a Heated Community Pool, Clubhouse with Sauna and Exercise Room and Tennis Courts. The community is only around 3 minutes from the train to NYC!



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.

www.SRRealEstateGroup.com | www.Morris-Homes.com | www.TheTownhouseExpert.com

Community Video Tour of Change Bridge Community in Montville, NJ

The Luxurious Townhomes and Single Family Homes at Change Bridge in Montville Twp. is a great place to live, raise a family, relax and enjoy life! Located in the eastern part of Morris County NJ, Serene Change Bridge offers a Suburban Oasis for both its residents and visitors. The Townhomes and Single Family Homes offer Maintenance-Free Townhouse and Detached Singled Family Home Living Without Sacrificing Space. Montville Twp. was recently ranked No. 1 in NJ for small towns by Money Magazine, offers a Top Rated School System, and is a short ride to all that the Metropolitan Area has to offer. It is approximately 25 miles from New York City and is just minutes away from all the conveniences necessary for today's lifestyles.




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.

Homeownership Increases Your Wealth by Forcing You to Save Money!

One great reason to own a home? It forces you to save money!
This should not surprise us as many studies have revealed the benefits enjoyed by the families who own their own home. One such study was done by the Joint Center of Housing Studies at Harvard University. The report explains:
“Since many people have trouble saving and have to make a housing payment one way or the other, owning a home can overcome people’s tendency to defer savings to another day.”
The Merrill Lynch study proves this point with the following data on home equity (a form of savings):
avg home equity by age
Bottom Line
There are many reasons that owning a home makes sense. The financial reasons are powerful. As one participant in the Merrill Lynch study put it:
“When I was younger, I always worried about that monthly mortgage payment. Now that I am retired, I have the peace of mind of knowing I own my home free and clear.”
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.

Sunday, November 1, 2015

Hispanics & Housing: Demand Over The Next Decade

hispanic buyersThe Mortgage Bankers’ Association (MBA) recently released a report: ‘Housing Demand: Demographics And The Numbers Behind The Coming Multi-Million Increase In Households’. In this study, the MBA “utilized a comprehensive analysis of data from 1976 to 2014, a period encompassing several market and housing cycles, to provide a projection of much stronger housing demand over the next decade.” According to the report: 
“by 2024, demographic and economic changes will bring what could be one of the largest expansions in the history of the U.S housing market with 13.9 million additional households.”
But, what did they said about the Impact of the Hispanic community? 
The Impact of Demographics on Housing Demand
  • Over the next decade, Hispanic household growth will increase by 5.7 million households.
  • New "minority-owned" households will be more than one-third higher than the number of new "non-Hispanic/White" households.
  • The homeownership rate among Hispanics ages 40 and over is greater than the current average rate of 46% for all Americans.
  • Millennials will be a key component of growth raising the ranks of households age 18 to 44 by 4.1 million. (21% of Millennials in the U.S. are Hispanic.)
Bottom Line
The Hispanic community will be a major driver of housing over the next decade.
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.