Homes For Sale in Wyckoff New Jersey - Bergen County HomesHomes For Sale in Wyckoff NJ – Bergen County | See all homes and real estate for sale in Wyckoff New Jersey

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21
Jun 18

Homes are More Affordable in 44 out of 50 States

With both home prices and mortgage rates increasing this year, many are concerned about a family’s ability to purchase a major part of the American Dream – its own home. However, if we compare housing affordability today to the average affordability prior to the housing boom and bust, we are in much better shape than most believe.

In Black Knight’s latest monthly Mortgage Monitor, they revealed that in the vast majority of the country, it is actually more affordable to purchase a home today than it was between 1995 to 2003 when looking at mortgage payments (determined by price and interest rate) as compared to incomes. Home prices are up compared to 1995-2003, but mortgage rates are still much lower now than at that time. Today, they stand at about 4.5%. Here are the average mortgage rates for each of the years mentioned:

1995 – 7.93%
1996 – 7.81%
1997 – 7.6%
1998 – 6.94%
1999 – 7.44%
2000 – 8.05%
2001 – 6.97%
2002 – 6.54%
2003 – 5.83%

On the other hand, wages have risen over the last twenty years.

Black Knight’s research revealed that, when comparing “the share of median income required to buy the median-priced home” today, to the average between 1995 to 2003, it is currently more affordable to purchase a home in 44 of 50 states.

Here is a state map of the percentage change in the price-to-payment ratio. Positive numbers indicate that it is less affordable to buy while negative numbers indicate that it is more affordable.

Bottom Line

Whether you are moving up to the home of your dreams or purchasing your first house, it is a great time to buy when looking at historic affordability data.

Are Ariana Grande & Pete Davidson Living In This Sleek Zaha Hadid Building?

It’s been a whirlwind romance for pop star Ariana Grande and SNL’s Pete Davidson. The young couple have only been public with their relationship since late May, and now the two are engaged and reportedly living together. Where, you ask? The luxe Chelsea high-rise designed by none other than Zaha Hadid.

21 of the Most Beautiful Bohemian Style Home Designs

You can find definitions of Bohemian style decor online. They’re described as spaces filled with lots of plants, colors, patterns, rattan, and stuff. You can even take online quizzes to see if “Bohemian” style is for you. But while all of these adjectives are technically true, boho decor has always been a “I know it when I see it” sort of style for me. While “boho” can certainly refer to a set of design elements mixed together, to me, it’s much more of a description of the energy that a space can exude.

6 Things You Should Clean on the Longest Day of the Year

On June 21 this year—aka the summer solstice—the sun travels the longest path through the sky, giving us the most daylight of any day of the year. Let’s celebrate this day of maximum sunshine by using the sun’s gift of light to clean.

Netflix Wants You To Have a Steamy Summer, Thanks To Its New Rom Coms

If warm weather just makes you want to watch Dirty Dancing and Grease instead of go outside, you’re in luck: Netflix is on a mission to bring back the rom com this summer, and we are here for it.

This Game Will Make Your Fixer-Upper Dreams Come True

If your standard reaction to watching HGTV is, “I want to do that, too,” but renovating a fixer-upper is out of your budget (and your skill set), there’s a new virtual way you can satisfy that renovation itch—without having to take out a mortgage or hire a contractor.

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20
Jun 18

Selling House On Your own in Nutley NJ?

Thinking Of Selling House On Your own in Nutley NJ?

In today’s market, with home prices rising and a lack of inventory, some homeowners may consider trying to sell their home on their own, known in the industry as a For Sale by Owner (FSBO). There are several reasons why this might not be a good idea for the vast majority of sellers.

Here are the top five reasons:

1. Exposure to Prospective Buyers

According to the 2017 Profile of Home Buyers and Sellers from NAR, last year 95% of buyers search online for a home. That is in comparison to only 15% looking at print newspaper ads. Most real estate agents have an internet strategy to promote the sale of your home. Do you?

2. Results Come from the Internet

Where did buyers find the home they actually purchased?

49% on the internet
31% from a Real Estate Agent
7% from a yard sign
1% from newspapers

The days of selling your house by just putting up a sign and putting it in the paper are long gone. Having a strong internet strategy is crucial.

3. There Are Too Many People to Negotiate With

Here is a list of some of the people with whom you must be prepared to negotiate if you decide to For Sale by Owner:

The buyer who wants the best deal possible
The buyer’s agent who solely represents the best interest of the buyer
The buyer’s attorney (in some parts of the country)
The home inspection companies, which work for the buyer and will almost always find some problems with the house
The appraiser if there is a question of value

4. FSBOing Has Become More And More Difficult

The paperwork involved in selling and buying a home has increased dramatically as industry disclosures and regulations have become mandatory. This is one of the reasons that the percentage of people FSBOing has dropped from 19% to 8% over the last 20+ years.

5. You Net More Money When Using an Agent

Many homeowners believe that they will save the real estate commission by selling on their own. Realize that the main reason buyers look at FSBOs is because they also believe they can save the real estate agent’s commission. The seller and buyer can’t both save the commission.

A study by Collateral Analytics revealed that FSBOs don’t actually save anything, and in some cases, may be costing themselves more, by not listing with an agent. One of the main reasons for the price difference at the time of sale is:

“Properties listed with a broker that is a member of the local MLS will be listed online with all other participating broker websites, marketing the home to a much larger buyer population. And those MLS properties generally offer compensation to agents who represent buyers, incentivizing them to show and sell the property and again potentially enlarging the buyer pool.”

If more buyers see a home, the greater the chances are that there could be a bidding war for the property. The study showed that the difference in price between comparable homes of size and location is currently at an average of 6% this year.

Why would you choose to list on your own and manage the entire transaction when you can hire an agent and not have to pay anything more?