Real Estate Archives

Understanding the Current Mortgage Landscape in New Jersey: 2024 Outlook

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

As we step into 2024, it’s essential for homebuyers and homeowners in New Jersey to stay informed about the current mortgage interest rates, recent trends, and what to expect in the year ahead. Here’s a detailed look at the mortgage landscape in New Jersey, using up-to-date statistics and facts. Current Mortgage Interest Rates in New Jersey As of January 1, 2024, the mortgage interest rates in New Jersey are experiencing a period of fluctuation. The current interest rates listed on Bankrate.com stand at 7.00% for a 30-year fixed mortgage and 6.35% for a 15-year fixed mortgage. These rates reflect the […]

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Three Focus Points for Achieving Homeownership in 2024

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

Attention Home Buyers and Sellers: If your 2024 ambition involves purchasing or selling a property, grasping the current real estate market dynamics, identifying your core reasons, and collaborating with seasoned professionals are vital steps to crystallize your homeownership aspirations for the upcoming year. The past year witnessed significant economic influences on the real estate sector, impacting your finances as well. Understanding not only the present market conditions but also your personal objectives in buying or selling a property is crucial. Danielle Hale, Chief Economist at Realtor.com, advises: “The key to making a good decision in this challenging housing market is

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Considering Retirement? Relocating Could Be an Ideal Next Step

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

Attention Homeowners and Baby Boomers Nearing Retirement As you approach retirement or if you’ve recently retired, now is an opportune moment to evaluate whether your current residence still suits your evolving lifestyle and needs. You might be in a stronger position to relocate than you think. Here are several factors to ponder as you contemplate selling your home and moving. Duration of Residence in Your Current Home Between 1985 and 2008, homeowners typically stayed in their homes for about six years. However, recent data from the National Association of Realtors (NAR) indicates an increase in this duration, suggesting that many

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Are You Saving Towards a Home Purchase in 2024?

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

Planning to purchase a home can seem daunting, especially when it comes to budgeting and saving. However, with the right guidance, this process can be simplified. Engaging with experienced real estate professionals is a crucial step. They can assist in devising a plan, offering a detailed look at your budget, and guiding you through the initial stages of home buying. Consider these key points recommended by experts: Down Payment The down payment is often a primary focus for prospective homebuyers. It’s important to know how much you need to save. A common misconception is the necessity of a 20% down

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The Importance of Using a Real Estate Agent When Buying a Home

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

Embarking on the journey to homeownership can be daunting, especially when you’re unsure where to begin. Fortunately, you don’t have to face this journey alone. Navigating the home-buying process involves numerous complexities, particularly in the current housing market characterized by limited inventory, high property prices, and elevated mortgage rates. To successfully maneuver through these challenges, it’s crucial to have the support of a knowledgeable and trustworthy real estate agent. Real Estate Agents: A Critical Resource in Home Buying According to the National Association of Realtors (NAR)’s latest annual report, homebuyers overwhelmingly recognize real estate agents as the most valuable source

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Why the Economy is Unlikely to Cause a Housing Market Collapse

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

Concerns about a potential recession are widespread. In recent years, there’s been considerable discussion about the possibility of a recession, sparking fears that it could lead to a significant increase in unemployment. Some are even apprehensive that this could result in a foreclosure crisis reminiscent of the one experienced 15 years ago. Yet, the most recent Economic Forecasting Survey by the Wall Street Journal (WSJ) indicates a shift in perspective. For the first time in over a year, less than half of the economists surveyed (48%) predict a recession in the coming year: “Economists are turning optimistic on the U.S.

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Homeownership Remains the Top American Dream for Younger Generations

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

The concept of the American Dream varies for each individual, but a recent Bankrate survey reveals that for many, owning a home remains a fundamental aspect of this dream (refer to the accompanying graph): Owning a home, as indicated by the graph, ranks higher in importance than retiring comfortably, having a successful career, or obtaining a college degree. But does this aspiration of homeownership resonate with the younger generations? A study conducted by 1000watt focuses on the attitudes of Gen Z and millennials—often perceived as the generations more inclined towards renting—towards owning a home. The study inquires about their future

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Home Price Growth Starting to Normalize

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

Understanding the current state of home prices can be confusing, especially with mixed messages in the media. Some claim that prices are dropping, but actual data tells a different story. This discrepancy often arises from unreliable sources and media misinterpretations of the data. To clarify, here’s a straightforward explanation based on credible data. Understanding Regular Patterns in Home Prices The housing market experiences predictable fluctuations throughout the year, known as seasonality. Spring marks the peak of home buying, with high market activity, which generally remains robust through summer but starts to decline as colder months set in. Home prices are

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Is the Number of Homes for Sale Increasing?

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

When planning to move, having the most current information about the housing market is crucial. Whether you’re a buyer or a seller, the quantity of homes on the market in your area is significant. Here’s a recent update on the availability of homes for sale that answers the question of whether or not the number of homes for sale is increasing. Understanding the Current State of Housing Inventory In recent years, the narrative has been about the scarcity of homes on the market. However, recent national trends might seem confusing. According to Realtor.com, there’s a slight month-over-month increase in home

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Your Home May Be at the Top of a Buyer’s Holiday Wish List

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

Every year around this time, homeowners contemplating a move face a crucial decision: should they sell now or wait until the holidays are over? Some who already have their homes on the market might even consider withdrawing their listings until the new year. However, the reality is that numerous buyers are keen to purchase a home during the holiday season, and your property could be exactly what they’re searching for. As Fortune Builders highlights in an article: “ . . . while a majority of people take a step back from the real estate market during the holiday months, you

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