What is going on in Real Estate now, Nationally, Regionally & Locally?

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201-800-2119

Wow, what a year its been. Nationally, we began 2022 with mortgage rates averaging 3.25- 3.5% for a 30 yr. Fixed. Now, as of today’s date, 12/19/22 we are exactly at double, 6.3%. In my opinion, that is attention grabbing but in light of the current economic landscape, ever-rising costs of all goods & services, supply chain shortages, overall, general inflationary conditions, it seems logical that the Federal Reserve would counter that trajectory with raising the interest rates.

How has this impacted the national real estate landscape?
We are now seeing prospective buyers being squeezed out of the market at their price point & desired location. Higher interest rates effect everyone.

Regionally, this has effected higher income demographs the most. Whereas in the past 10 yrs, since the mortgage crisis of 2007-2010, prices of real estate everywhere typically ascended. Financing was cheap, the all time low that I last recorded was in 2021- for those with perfect credit, a 30 yr. Fixed could be had at a historic 2.49%. This caused a frenzy in most markets & bidding wars & multiple offers became the norm. Days on market were fewer & fewer, as the easy money fueled an accelerated increase in home prices.

Now come to December 2022. Here we are in the aftermath of a post-Covid apocalypse. Many people are still recovering from job change/loss, illness & national economic impacts that have now caused most to re-envision priorities, tighten purse strings & change financial habits. A significant rise in the interest rate obviously gives pause to a large sector of the potential home-buying popualtion.
However, this is not always a shared perspective of home-seller’s.

Many home-seller’s are still riding high off of the frenzied crescendo of the ever increasing housing prices. Local Real Estate statistics, per the MLS’s in 2022, showed some markets final sale prices going over the list price from $50,000 to $150,000. However, despite what some choose to still see, even at the word of their real estate agent, or prospective agent, who wants the listing- the market is cooling.

The National Association of Realtors is reporting a 5.9% decrease in sales from September 2022- October 2022. Further, the country saw a 28.7% decrease yr to date in sales. Early distant warning.

A look at my local MLS shows more homes on the market than previous years in the last quarter of 2022.

NAR is also reporting that the impact is seen greater on the more expensive parts of the country & that most certainly includes Bergen County.

What does this mean? Hang on to your seats & wait it out. If the rise in rates doesn’t effect you personally, the increased inventory & cooling of the market (the absorption rate) could see prices come down, as buyer pool most certainly is & will continue to decrease. This will work to your advantage, as more buyers are edged out, the market will have a correction and temper down existing prices.

For more intelligent information visit, http://www.sellingbergen.com

To get More Bang for your Buck

Historic Low Interest Rates-
As of today, 8/14/21 the interest rate on a 30 yr fixed mortgage for well qualified buyers is 2.49% according to Bankrate.com.

There is no time like now, to make your money go further than by buying a home. Call me to find that dream abode to call yours, upsize, downsize or find something in the middle.

I will make it happen & turn your dream into a reality!

Beverly Knapp 201-800-2119

Sellingbergen.com

*Reviews from former clients on Zillow & beverlyknapp.com

The weather in New Jersey, like other parts of the country has been odd. Sunny & warm, reaching 70 degrees on March 1st, 2017 & then quick bursts of snow in between. Oddly enough, we have a blizzard forecasted for this Tuesday March 14th. |

What does this do for the housing market? Well for one, although inventory has been remarkably low, now, due to inclement weather, open houses won’t be as fully attended as they are in milder weather. This will most likely delay offers & sales from proceeding as they usually do at this time of year, causing a stagnation in the absorption rate (the time it takes for a property to sell in a particular town).
The result will be more inventory on the market going forward, than typical numbers we commonly see during the months ahead.

While more homes on the market fairs well for buyers, it can make competition for the seller more robust. What can the savvy seller do, you ask?
Well for starters, get your home listed sooner, rather than later & secondly…

Spruce up the yard!

Take this time to make exterior repairs, upgrades, embellishments, fortify the flora & fauna of your landscape. Add shrubs, mulch, lighting, prune, trim, hedge.
This is the time to get your home’s exterior in order, give it that curb appeal or make jaws drop, before they even reach the front door.

If you are thinking about selling & want an out of the ordinary realtor, who puts you first & sees to it that your real estate plans are attained, call Beverly Knapp.

201-800-2119
bevknapp1@gmail.com

A great piece of advice for those ready to sell this year is…don’t wait for everyone else to.
Its all too common for many to take their cues from others, in real estate, this is not wise. Leverage your sale advantageously by going against the herd & list before everyone’s home is on the market. Listing before the traditional high season, positions you to maximize profits by having less competition due to low inventory=Seller’s Market.

The Federal Reserve predicts at least 2 increases in the interest rate in 2017, which will make money more expensive to borrow & consequently reduce the buyer pool in your sale’s price range. Also, the weather has been unseasonable warm & sale’s volume & open house attendance reiterates the active market already in swing.

So, go ahead, call Beverly Knapp, Bergen County Realtor, to schedule an appointment to list your home & get on with your plans for a new 2017!

Beverly Knapp 201-800-2119

Fall back to school

Many of Bergen County Schools rank highly among national averages. The factors considered for rank include: teacher to pupil ratio, standardized test scores, graduation rates & college entrance. Districts like Ridgewood, Northern Highlands Regional, Franklin Lakes & Glen Rock rate high amongst the best in the country. Many Bergen Schools encourage active participation in sports & extra-curricular activities to give a broad & rich experience, complete with technology enriched environments.

There are some highly regarded private schools in the county such as Saddle River Day School & Dwight Englewood that boast small student to teacher ratios, competitive sports programs & cutting edge media & technology programs.

Bergen has Catholic Schools in several towns including St. Joe’s in Montvale, Don Bosco Prep in Ramsey & Immaculate Heart Academy in Washington Township.

The county also boasts of impressive colleges such as Ramapo County College in Mahwah, that is set on idyllic manicured & natural land, in front of the Ramapo Mountains. Bergen Community College in Paramus is a rich academic environment that is a good start for many county residents, who are beginning their entree into higher education & want to stay local. Fairleigh Dickenson University is a highly regarded institution in Teaneck, NJ, with many world-class departments that are nationally recognized in their respective fields of science, medicine & business.

Talk to any Bergen County resident & you will most likely hear the praises of their children’s school district, as high standards are adhered to by educators and a comprehensive array of programs & experiences are delivered to students.