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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 Town & Valley

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 Town & Valley

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 Town & Valley

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 Town & Valley

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 Town & Valley

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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Why a Housing Market Crash Isn’t on the Horizon

Advice, Buyer, Market Trends, Real Estate, Seller / By Keith LaBrunda - RE/MAX Town & Valley

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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The Importance of a Realtor’s Advice When Planning to Move

Advice, Buyer, Real Estate, Seller / By Keith LaBrunda - RE/MAX Town & Valley

Whether you’re contemplating buying or selling a property, the decision is significant. In times of change, seeking advice from knowledgeable individuals is a natural step for guidance and support. Relocating is no different. Expert insights are crucial to navigate your decision with confidence. Freddie Mac emphasizes the importance of this approach: “As you set out to find the right home for your family, be sure to select experienced, trusted professionals who will help you make informed decisions and avoid pitfalls.” While no advice can be flawless – experts included – you can still access the highest quality guidance available. The

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Home Price Headlines Can Be Confusing

Advice, Buyer, Market Trends, Real Estate, Seller / By Keith LaBrunda - RE/MAX Town & Valley

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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Mortgage Pre-Approval is a Must Have for Buyers This Year

Advice, Buyer, Mortgage, Real Estate / By Keith LaBrunda - RE/MAX Town & Valley

Embarking on the journey to homeownership? You might have encountered the term “pre-approval” along the way. Let’s delve into its meaning and its critical role for those aiming to purchase a home in 2024. Understanding Pre-Approval In the homebuying journey, lenders assess your financial health to determine the loan amount you’re eligible for. This evaluation includes reviewing your W-2 forms, tax returns, credit score, bank statements, among other financial documents, as outlined by Investopedia. Following this assessment, lenders issue a pre-approval letter, which Freddie Mac describes as: “A pre-approval is an indication from your lender that they are willing to

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Two Key Factors Influencing Mortgage Rates

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

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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