Market Trends Archives

Sussex County New Jersey Real Estate Market Trends - March 2024

Real Estate Market Trends Report for Sussex County, NJ – March 2024

Advice, Buyer, Market Trends, Real Estate, Seller, Sussex County / By Keith LaBrunda - RE/MAX Select

Current Market Overview The real estate market in Sussex County, New Jersey, as of March 2024, displays strong growth signals, making it a dynamic environment for both buyers and sellers. Analyzing the comprehensive data from the Realtors Property Resource, we observe key trends that can help prospective buyers, sellers, and investors make informed decisions. Market Dynamics Median Estimated Property Value: The median estimated property value for properties in Sussex County (including single-family homes, condos, townhomes, and apartments) has shown a significant increase of 11.5% over the past 12 months, reaching $420,730. This suggests a strong upward trend in property values, […]

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Morris County New Jersey Real Estate Market Trends - March 2024

Real Estate Market Trends Report for Morris County, NJ – March 2024

Advice, Buyer, Market Trends, Morris County, Real Estate, Seller / By Keith LaBrunda - RE/MAX Select

Current Market Overview As of March 2024, Morris County’s residential real estate market is experiencing significant upward trends in prices and demand, categorizing it as a Seller’s market. The data indicates robust activity with rapid sales and increasing property values, suggesting a favorable environment for sellers. Key Data Points Median Sold Price: The median sold price for properties (SF + Condo/TH/Apt) in March 2024 was $650,000, marking an 11.11% increase from the previous month. Median Estimated Property Value: The median estimated value of properties slightly decreased by 0.3% from the previous month to $629,700, but has grown by 7.9% over

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How BuyingNew Construction Homes Can Help During the Affordability Crisis

Advice, Buyer, Construction, Market Trends, Real Estate / By Keith LaBrunda - RE/MAX Select

Are you on the hunt for a new home this spring? If so, you might be feeling the pinch of current affordability issues and the frustration of a sparse housing market. But what if there was an alternative that could ease both of these concerns? For those finding it difficult to locate the perfect home, or for whom mortgage rates are a significant financial strain, considering newly constructed homes could be a wise move. Here’s the rationale. A Glimmer of Hope in New Home Inventory In the quest for a new home, buyers typically weigh the pros and cons of

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The Coming Silver Tsunami Could be More Like a Gradual Wave

Advice, Buyer, Market Trends, Real Estate, Seller, Senior Housing / By Keith LaBrunda - RE/MAX Select

The term “Silver Tsunami” has been making rounds, suggesting a massive shift of baby boomers downsizing or relocating simultaneously. This scenario raises concerns about a potential flood of properties hitting the market, intensifying competition for smaller homes, and disrupting the supply-demand equilibrium, potentially affecting property values. However, this perspective overlooks several key points. Let’s address these misconceptions and provide some reassurance. Not Every Baby Boomer Intends to Relocate Firstly, a significant number of baby boomers have no intention of moving. According to a study by AARP, over half of individuals aged 65 and older prefer to remain in their current

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It May be Getting Easier for Buyers to Find a Home

Advice, Buyer, Market Trends, Real Estate / By Keith LaBrunda - RE/MAX Select

A significant challenge for homebuyers in recent years has been the scarcity of available properties. However, this trend is beginning to shift. Recent data from Realtor.com, illustrated in the graph below, indicates an increase in the housing market inventory in 2024, surpassing the figures from the previous years (2021-2023): Is Buying a Home Now More Feasible? The situation is mixed. According to Realtor.com: “There were nearly 15% more homes for sale in February than a year earlier . . . That alone could jolt the housing market a bit if more “For Sale” signs continue to appear. However, the nation

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Third Week of April is the Ideal Time to List Your House for Sale

Advice, Market Trends, Real Estate, Seller / By Keith LaBrunda - RE/MAX Select

Considering a change of scenery? Now might be the prime time to embark on that journey. According to industry insiders, the optimal period to list your home is just around the bend. A study by Realtor.com, analyzing housing market patterns over recent years (excluding the anomaly of 2020), pinpointed the prime week for placing your home on the market in 2024 as April 14-20: “Every year, one week stands out from the rest as that perfect stretch of time when it’s great to be a home seller. This year, the week of April 14–20 is the best time to sell—that

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Why a Housing Market Crash Isn’t on the Horizon

Advice, Buyer, Market Trends, Real Estate, Seller / By Keith LaBrunda - RE/MAX Select

Home buyers waiting for the housing market to collapse, driving home prices lower, might need to adjust their expectations. Contrary to hopes for a downturn, current data indicates a continued rise in home prices. The landscape of today’s housing market bears little resemblance to the pre-2008 crash conditions. Here are the key reasons why an impending crash is unlikely: Stricter Loan Requirements Enhance Market Stability Obtaining a mortgage is significantly more challenging now than in the period leading up to the 2008 crisis. Previously, lenient lending standards allowed almost anyone to secure a home loan or refinance, contributing to the

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Home Price Headlines Can Be Confusing

Advice, Buyer, Market Trends, Real Estate, Seller / By Keith LaBrunda - RE/MAX Select

Amidst the buzz around falling home prices you might catch in the news, it’s crucial to look beyond the headlines. The reality is, the broader narrative doesn’t align with the snippets you’re hearing. A closer examination of the national figures for 2023 reveals an overall positive trajectory in home prices throughout the year. Despite some regional variations and occasional national dips, these instances were outliers rather than a prevailing trend. The real story of the past year is one of growth, not decline. Let’s delve deeper into the facts to clarify the situation. 2023: A Year of Stabilized Home Price

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Foreclosure Rates Remain Below Historical Norms

Market Trends, Real Estate / By Keith LaBrunda - RE/MAX Select

Noticed headlines recently about rising foreclosures in the current housing market? These reports might stir some concern about the future market conditions. However, it’s crucial to look beyond the sensationalist titles for the complete picture. Understanding the Reality Behind the Headlines The narrative around an increase in foreclosures often lacks context. Media reports tend to compare recent figures against periods of historically low foreclosure rates, painting a more dramatic picture than warranted. During 2020 and 2021, foreclosure moratoriums and forbearance programs significantly aided homeowners, helping them navigate through tough times without losing their homes. The cessation of these programs naturally

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Two Key Factors Influencing Mortgage Rates

Advice, Buyer, Market Trends, Mortgage Rates, Real Estate, Seller / By Keith LaBrunda - RE/MAX Select

As a potential homebuyer, monitoring mortgage rates is likely a priority for you. Recently, these rates have seen significant fluctuations – from historic lows to dramatic increases, and now a slight decrease. But what drives these changes? The factors influencing mortgage rates are diverse and complex. Let’s explore a couple of the most significant ones. Inflation and the Role of the Federal Reserve Although the Federal Reserve (commonly known as the Fed) does not set mortgage rates directly, its actions significantly influence them. The Fed adjusts the Federal Funds Rate in response to inflation, economic conditions, and employment rates, among

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