Luxury Homes in New Jersey With Top Broker Matthew De Fede

3 Reasons To Sell Your Home in Wyckoff NJ This Spring

Many sellers are still hesitant about putting their house up for sale in Wyckoff. Where are prices headed? Where are interest rates headed? These are all valid questions. However, there are several reasons to sell your home sooner rather than later. Here are three of those reasons.

1. Demand in Wyckoff is about to skyrocket

Most people realize that the housing market is hottest from April through June. The most serious buyers are well aware of this and, for that reason, come out in early spring in order to beat the heavy competition. We also have a pent-up demand as many buyers pushed off their home search this winter because of extreme weather. Sellers in markets where seasonal weather is never an issue must realize that buyers relocating to their region will increase dramatically this spring as these purchasers finally decide to escape the freezing temperatures of the winters in the north.

These buyers are ready, willing and able to buy…and are in the market right now!

2. There Is Less Competition in Wyckoff – For Now

Housing supply in Wyckoff always grows from the spring through the early summer. Also, there has been a growing desire for many homeowners to move as they were unable to sell over the last few years because of a negative equity situation. Homeowners have seen a return to positive equity as prices increased over the last eighteen months. Many of these homes will be coming to the market in the near future.

The choices buyers have will continue to increase over the next few months. Don’t wait until all the other potential sellers in your market put their homes up for sale.

3. There Will Never Be a Better Time to Move-Up in Wyckoff

If you are moving up to a larger, more expensive home, consider doing it now. Prices are projected to appreciate by approximately 4% this year and 8% by the end of 2015. If you are moving to a higher priced home, it will wind-up costing you more in raw dollars (both in down payment and mortgage payment) if you wait. You can also lock-in your 30 year housing expense with an interest rate at about 4.5% right now. Freddie Mac projects rates to be 5.1% by this time next year and 5.7% by the fourth quarter of 2015.

Moving up to a new home will be less expensive this spring than later this year or next year.

If you are thinking about selling your home in Wyckoff NJ please give me a call at 862-228-0554 Matthew DeFede of Coldwell Banker Residential.

During this Real Estate recovery home transactions priced over 1 million dollars has surged by almost 40 %

The news about the housing market still seems to be dominated by stories of pending disaster. Headlines report that some believe that there is a 25% chance of a ‘double-dip’ in home prices. We can understand the concern. The last Existing Home Sales Report by the National Association of Realtors (NAR) showed that sales were down 19% from the same time last year. Obviously, the real estate market is still struggling

However, there is a segment of the housing market that is rapidly gaining momentum –LUXURY REAL ESTATE! Just last week we reported that NAR’s 2nd Quarter Report on Home Sales Statistics showed a 6.1% increase in sales of homes over a million dollars.

The latest home sales report mentioned above (covering August closings) shows an 11.5% increase in sales over that million dollar mark! (It also showed a 4.6% increase in sales of homes between $750,000 and $1 million). Though overall sales fell almost 20%, sales of upper end properties are escalating.

That Also Includes the ‘Super Luxury’ Market

The ‘super luxury’ market is defined by different prices in different markets. Any market however would consider homes over $4 million in this category. The Wall Street Journal last week reported on the Manhattan real estate market:

A report by Brown Harris Stevens and Halstead found that the number of co-op sales selling for more than $7 million in Manhattan doubled in the third quarter over a year earlier.

The Luxury Portfolio Fine Property Collection is the luxury face of Leading Real Estate Companies of the World the largest global network of premier locally branded companies dominated by many of the world’s most powerful independent luxury brokerages. On their website, they reported 20 sales of homes with a final listing price of over $ 4 million dollars in the last two months, covering eight different states!

Proper pricing is essential.

The more affluent buyer is beginning to see opportunity in this real estate market. Make no mistake however. Whatever the price point, the luxury buyer must see value.

Hall F. Willkie, president of Brown Harris Steven, says that more affluent buyers “in the higher price point” were driving up the average price. “You are definitely seeing people feeling confident as long as they were getting good values,” he said…Pamela Liebman, president of Corcoran Group, said that there was a lot of strength in the market…”People are willing to spend large amounts of money for real estate because they feel they are getting more for their money,” she said.

Bottom Line

The wealthiest families in the country are re-entering the real estate market. That should tell everyone that the market is beginning its turn for the better.