Thursday, October 29, 2020

Exclusive Listing: 160 Arrowgate Drive, Randolph

3 BD, 2.1 BA, 2-Car Garage | Offered at $395,000

Not in the MLS! Call Smitha 973-953-7777 for additional info & to schedule a private showing.

New pics coming soon! This detached townhome is like living in your own house - no shared walls with your neighbors! Gracious Berkshire model features wood floors, a finished walkout basement with private deck and trees behind, a jetted tub in the master suite, and an attached 2-car garage. 1st floor features formal living & dining rooms, a family room with fireplace, updated appliances in the eat-in kitchen, and a powder room. 2nd floor includes 3 large bedrooms and 2 full baths. Need a home office? Finished basement rec room is a great flex space! Plus: all newer A/C, furnace, water heater, washer/dryer, range/oven, and refrigerator.

Scroll through the pictures below. New photos coming soon! Contact us for a private tour! Smitha 973-953-7777


160 Arrowgate Dr



With their Multi-Cultural Background, over 35 years of combined experience selling Real Estate and because they are Licensed in New Jersey, New York and California, Rahul, Smitha and their team can offer global reach. They have lots of experience representing a diverse group of clients, from Local New Jersey Buyers & Sellers to Relocation and International/Foreign Buyers, Sellers and Investors. Rahul and Smitha are exceptionally well-respected Realtors in the industry with high ethical standards and GLOWING REVIEWS. Their team offers a high level of expertise, innovative technology and cutting-edge real estate marketing and sales solutions.  They specialize in Morris, Somerset, Essex and Union counties.

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

Thursday, October 22, 2020

The Face of Luxury Real Estate: Rahul & Smitha Ramchandani

 

 We were recently featured in Morris Essex Magazine as one of their Faces of 2020! As proud locals, we couldn't have been more thrilled to be highlighted in this beautiful publication. Thank you to our clients, friends, and the communities which support and energize our spirits! We are very happy to share this with you!

 

The Face of Luxury Real Estate: Rahul & Smitha Ramchandani

Morris Essex Magazine, Faces of 2020

Original article here.
Rahul & Smitha Ramchandani and their team’s mission is to help their clients achieve their real estate and wealth building goals. Focusing on genuine, close customer relationships has been the most important and exciting face of their work since they arrived in the United States and began their careers in real estate over twenty years ago. 

“When people think about their home," Smitha says, “they envision all the milestones, memories, as well as their families growing and changing. We love getting to be a part of that story.” 

Their dedication to their clients’ success has helped them close $485 Million in Sales and marked them as one The Wall Street Journal’s Top 1000 Real Estate Professionals in the nation and Real Trends has ranked them as one of the Best Real Estate Teams in New Jersey

Their experience living internationally and affinity for exploring world cultures has helped continually expand their knowledge of global markets. As decades long area residents, they have also honed an unparalleled expertise in local neighborhood and homes at all price points. They have been featured in Forbes, Business Insider, NJ.com, Real Estate Business Magazine, and more.  

   

 

With their Multi-Cultural Background, over 35 years of combined experience selling Real Estate and because they are Licensed in New Jersey, New York and California, Rahul, Smitha and their team can offer global reach. They have lots of experience representing a diverse group of clients, from Local New Jersey Buyers & Sellers to Relocation and International/Foreign Buyers, Sellers and Investors. Rahul and Smitha are exceptionally well-respected Realtors in the industry with high ethical standards and GLOWING REVIEWS. Their team offers a high level of expertise, innovative technology and cutting-edge real estate marketing and sales solutions.  They specialize in Morris, Somerset, Essex and Union counties. www.SRRealEstateGroup.com | www.Morris-Homes.com | www.TheTownhouseExpert.com

Wednesday, October 21, 2020

Why Today’s Options Will Save Homeowners from Foreclosure

 

 
Many housing experts originally voiced concern that the mortgage forbearance program (which allows families impacted financially by COVID to delay mortgage payments to a later date) could lead to an increase in foreclosures when forbearances end.

Some originally forecasted that up to 30% of homeowners would choose to enter forbearance. Less than 10% actually did, and that percentage has been dropping steadily. Black Knight recently reported that the national forbearance rate has decreased to 5.6%, with active forbearances falling below 3 million for the first time since mid-April.

Many of those still in forbearance are actually making timely payments. Christopher Maloney of Bloomberg Wealth recently explained:

 
“Almost one quarter of all homeowners who have demanded forbearance are still current on their mortgages…according to the latest MBA data.”

However, since over two million homeowners are still in forbearance, some experts are concerned that this might lead to another wave of foreclosures like we saw a little over a decade ago during the Great Recession. Here is why this time is different.

 

There Will Be Very Few Strategic Defaults


During the housing crash twelve years ago, many homeowners owned a house that was worth less than the mortgage they had on that home (called negative equity or being underwater). Many decided they would just stop making their payments and walk away from the house, which then resulted in the bank foreclosing on the property. These foreclosures were known as strategic defaults. Today, the vast majority of homeowners have significant equity in their homes. This dramatically decreases the possibility of strategic defaults. 

  Aspen Grove Solutions, a business consulting firm, recently addressed the issue in a study titled Creating Positive Forbearance Outcomes:

 
“Unlike in 2008, strategic defaults have not emerged as a serious problem and seems unlikely to emerge given stronger expectations for property price increases, a record low inventory of homes, and stable residential underwriting standards leading up to the crisis which has reduced the number of owners who are underwater.”

There Are Other Options That Were Not Available the Last Time


A decade ago, there wasn’t a forbearance option, and most banks did not put in other programs, like modifications and short sales, until very late in the crisis. Today, homeowners have several options because banks understand the three fundamental differences in today’s real estate market as compared to 2008:
  • Most homeowners have substantial equity in their homes.
  • The real estate market has a shortage of listings for sale. In 2008, homes for sale flooded the market.
  • Prices are appreciating. In 2008, prices were depreciating dramatically.
These differences allow banks to feel comfortable giving options to homeowners when exiting forbearance. Aspen Grove broke down some of these options in the study mentioned above: 

Refinance Repay: Capitalize forbearance amount – For borrowers who have strong credit, have good or improved equity in their homes, possibly had a higher interest rate on their original loan, have steady employment/no significant wage loss, and income. 

Repayment Plan: Pay it back in higher monthly payments – For people who cannot reinstate using savings, but have increased monthly income, and do not want to use a deferral program. 

Deferral Program: Shift payments to the end of the loan term – For borrowers who lost income temporarily and regained most or all of their income but are not in a position to refinance due to credit score, home equity, low total loan value relative to closing costs, or simple apathy. 

Modification: Flex modification or other mod – For households that permanently lost 20% to 30% of their income, but not all of their income, and want to remain in their home. Each one of these programs enables the homeowner to remain in the home.

What about Those Who Don’t Qualify for These Programs?

Homeowners who can’t catch up on past payments and don’t qualify for the programs mentioned have two options: sell the house or let it go to foreclosure. Some experts think most will be forced to take the foreclosure route. However, an examination of the data shows that probably won’t be the case. 

A decade ago, homeowners had very little equity in their homes. Therefore, selling was not an option unless they were willing to tap into limited savings to cover the cost of selling, like real estate commission, closing costs, and attorney fees. Without any other option, many just decided to stay in the house until they were served a foreclosure notice. 

As mentioned above, today is different. Most homeowners now have a large amount of equity in their homes. They will most likely decide to sell their home and take that equity rather than wait for the bank to foreclose. 

In a separate report, Black Knight highlighted this issue: 

“In total, an estimated 172K loans are in forbearance, have missed three or more payments under their plans and have less than 10% equity in their homes.” 

In other words, of the millions currently in a forbearance plan, there are few that likely will become a foreclosure.

 

Bottom Line


Some analysts are talking about future foreclosures reaching 500,000 to over 1 million. With the options today’s homeowners have, that doesn’t seem likely.  

 

With their Multi-Cultural Background, over 35 years of combined experience selling Real Estate and because they are Licensed in New Jersey, New York and California, Rahul, Smitha and their team can offer global reach. They have lots of experience representing a diverse group of clients, from Local New Jersey Buyers & Sellers to Relocation and International/Foreign Buyers, Sellers and Investors. Rahul and Smitha are exceptionally well-respected Realtors in the industry with high ethical standards and GLOWING REVIEWS. Their team offers a high level of expertise, innovative technology and cutting-edge real estate marketing and sales solutions.  They specialize in Morris, Somerset, Essex and Union counties. www.SRRealEstateGroup.com | www.Morris-Homes.com | www.TheTownhouseExpert.com

Monday, October 5, 2020

Is it Time to Move into a Single-Story Home?

 

 
Once the kids have left the nest, you may be wondering what to do with all of the extra space in your home. Chances are, you don’t need four bedrooms anymore, and it may be a great time to sell your house and downsize, maybe even into a single-story home. You’ve likely gained significant equity if you’ve lived in your home for a while, so making a move while demand for your current house is high could be your best step forward toward the retirement goals you set out to achieve several years ago. 

The dilemma, though, is where to go next. A big concern for many homeowners who are ready to sell is finding a home to move into, given today’s lack of houses available for sale. There is, however, some good news: the number of single-family 1-story homes being built today is on the rise, improving your odds of finding the right home for your changing needs. In a recent article, The National Association of Home Builders (NAHB) explains: 

 “Nationwide, the share of new homes with two or more stories fell from 53% in 2018 to 52% in 2019, while the share of new homes with one story grew from 47% to 48%.” 

 Here’s a map showing the breakdown of newly constructed homes being built by region, and the percentage of 1-story and 2-story homes in that mix:
 


What are the benefits of buying a one-story home?

Still not sure about buying a single-story home? An article from Home Talk covers several advantages of switching from two floors to one:

 

1. Energy Efficient

“It is easier to heat and cool a single-story house [than] it would be to regulate the temperatures of a multi-story house.” Most single-story homes only need one heating or cooling unit, and they typically stay cooler than a two-story home, both of which can lead to significant savings.

 

2. Easier to Maintain

“Doing a general cleaning in a single story requires less effort and you will be able to see all areas that need cleaning and the areas are easily accessible.” Cleaning and maintenance of a single-story home can take less time and effort, and better upkeep helps improve the overall value of the home.

 

3. Accessible for Everyone

“A single-story house can be accessed by anyone, whether they are young children or the senior citizens.” If you’re looking for a house that provides a safe and easily accessible environment at any age, a single-story home may be optimal.

 

4. Good Resell Potential

“When buying a single-story house, you should consider the resale value should you think of reselling it in case of a circumstance that can happen. Look at the growth rate of that area. Due to the high demand of these types of houses it is [easy] to resell them and depending on the growth rate of an area, it increases in value significantly.” Single-story homes have a lot of benefits and are often in higher demand. This bodes well for future resale opportunities.

 

Bottom Line

There are many benefits to downsizing into a one-story home. Doing so while demand for your current house is high might make it easier than ever to make a move. Talk to your local real estate professional if you’re ready to purchase the single-story home you need while homes are so affordable today.

 

With their Multi-Cultural Background, over 35 years of combined experience selling Real Estate and because they are Licensed in New Jersey, New York and California, Rahul, Smitha and their team can offer global reach. They have lots of experience representing a diverse group of clients, from Local New Jersey Buyers & Sellers to Relocation and International/Foreign Buyers, Sellers and Investors. Rahul and Smitha are exceptionally well-respected Realtors in the industry with high ethical standards and GLOWING REVIEWS. Their team offers a high level of expertise, innovative technology and cutting-edge real estate marketing and sales solutions.  They specialize in Morris, Somerset, Essex and Union counties.