Home Sales Accelerate During The “Dog Days of Summer” [INFOGRAPHIC]

Some Highlights: Existing home sales have accelerated to the highest pace since February 2007 at an annual pace of 5.57 million. Inventory of homes for sale remains below the historically normal 6-month mark at a 4.6-month supply, down 5.8% year-over-year. Median home sales prices rose to $247,700, 4.8% higher than a year ago and replaced the previous peak in May of $238,900. Powered by WPeMatico

Riverside Court in Secaucus NJ, Townhomes For Sale.

Riverside Court in Secaucus NJ, Townhomes For Sale. Riverside Court in Secaucus, Townhomes For Sale Close To NYC Riverside Court is a unique gated community of 212 three-story luxury homes in Secaucus on a bend in the Hackensack River just minutes from Midtown Manhattan. The 15.2-acre Riverside Court site is just north of Route 3, immediately off the Meadowlands Parkway exit, and within view of the turnpike overpass. The complex was contructed by Baker Residential from 2004 to 2007. It features a riverside pool and cabana, with a river walk along the Hackensack river. There is a public boat ramp Read More

Brexit 1 Month Later: The Impact on Mortgage Rates

Just over a month ago, the United Kingdom decided to withdraw from the European Union in a decision commonly known as Brexit. At that time there was a lot of speculation on how that decision would impact the U.S. residential mortgage market. Today, we want to look at the impact of the first 30 days. Most believed that the Brexit decision would drive mortgage rates down and keep them down for some time. As CoreLogic reported:  “First-time buyers can count on continued low mortgage rates to help with affordability issues. Similarly, re-setting adjustable rate loans will have less of a Read More

Baby Boomers Are On the Move

According to a Merrill Lynch study, “an estimated 4.2 million retirees moved into a new home last year alone.” Two-thirds of retirees say that they are likely to move at least once during retirement. As one participant in the study stated: “In retirement, you have the chance to live anywhere you want. Or you can just stay where you are. There hasn’t been another time in life when we’ve had that kind of freedom.” The top reason to relocate cited was “wanting to be closer to family” at 29%, a close second was “wanting to reduce home expenses” at 26%. A recent Freddie Mac study Read More

Rents Skyrocket at Highest Rate in almost a Decade

The Consumer Price Index (CPI) was released by the Labor Department last week. An analysis by Market Watch revealed the cost of rent was 3.8% higher than a year ago for the second straight month in June. That’s the strongest yearly price gain since 2007. This coincides with a report released earlier this month in which AxioMetrics announced that rents are continuing to increase in 2016. The report revealed: There was a 3.7% increase in effective rents in the second quarter of 2016 as compared to the same period last year. That the effective rent growth this quarter compared to last Read More

A Homeowner’s Net Worth is 45x Greater Than a Renter’s!

Every three years, the Federal Reserve conducts a Survey of Consumer Finances in which they collect data across all economic and social groups. The latest survey, which includes data from 2010-2013, reports that a homeowner’s net worth is 36 times greater than that of a renter ($194,500 vs. $5,400). In a Forbes article, the National Association of Realtors’ (NAR) Chief Economist Lawrence Yun predicts that in 2016 the net worth gap will widen even further to 45 times greater. The graph below demonstrates the results of the last two Federal Reserve studies and Yun’s prediction:   Put Your Housing Cost to Work for You Simply put, homeownership is a form of ‘forced savings.’ Every Read More

3 Questions Every Buyer Should Ask Themselves

If you are debating purchasing a home right now, you are probably getting a lot of advice. Though your friends and family will have your best interest at heart, they may not be fully aware of your needs and what is currently happening in the real estate market. Answering the following 3 questions will help you determine if now is actually a good time for you to buy in today’s market. 1. Why am I buying a home in the first place? This truly is the most important question to answer. Forget the finances for a minute. Why did you even begin Read More