The Covid Effect on Real Estate This January

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The covid effect on real estate this January is slowing things down.  While this is bad news for home buyers, it’s an exceptional opportunity for homeowners. We are bombarded with Omicron news every day.  Covid is everywhere.  Hospitals have record number of admissions.  Omicron is so contagious that you must have a 95 level mask and pray you don’t get it.  Numbers are rising.  You can’t find enough workers because…

Low Rates Now But Not For Long

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The Fed Move Today We have low rates now but not for long.  This is because the Fed is going to begin an aggressive tapering next year.  So while they’ve kept rates low today, rates will surely rise next year.  Chairman Powell said that he expects 3 rate hikes next year.  Inflation is now seen as persistent and as a serious threat to the economy.  This is why the Fed…

What Do Higher Rates Mean For You

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What do higher rates mean for you?  Does it even make sense to talk about this now?  After all, while rates sometimes rise, they reduce a few days later. However, change is coming.  Because the future will be different,  I believe the time is now to discuss this. Expect mortgage rates to be higher next year.  Let’s talk about why this will happen and what’s best for you. The Fed,…

Bergen County Homes from Covid to Today

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From Covid to today, Bergen County homes have been in high demand.  At the same time, I can report that a change is happening.  To understand the real estate market today, we need to go back to 2020. Everyone knows that we are living in a very different time.  Covid, social unrest and the mortgage market are all uniquely different in their own way.  All of them have had a…

How Do You Know If You’ve Found The Right House?

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How do you know if you’ve found the right house?  This isn’t a rhetorical question.  It’s also not a simple one either.  Because so many home buyers wonder about this, I thought we should discuss it. Let’s start with it’s normal.  My first time buyers usually ask me about this early on.  I hear this less frequently from trade up buyers.  While they might not voice it directly, it’s still…

Why Are There So Many Buyers?

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Why are there so many buyers?  Every time you find a house, it seems so do others.  While I know this is frustrating, it’s not going to end soon.  Because it won’t, waiting is not a good idea.  Let me explain it all for you. We’ll start with traditional reasons why people buy a Bergen County home.  Then I’ll tell you how current market conditions made things worse. Why People…

Home Buyers Should Demand More

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Home buyers should demand more.  Why do buyers accept so little?  I see buyers accepting less than they should so often. Absent Agents I5 groups came to my open house Sunday on my new listing.  When I asked if they were working with an agent, 12 said yes.  However 9  didn’t know “their agent’s” name.  They had to fumble through their phones to find it. Some said the agent told them…

How 1st Time Buyers Lose A House

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How 1st time buyers lose a house is a topic that can fill volumes. I see these mistakes so often.  Buying a house is challenging enough these days with so few homes available. The inventory has picked up a bit; 1,425 homes are for sale in the NJMLS today in Bergen County.  While this is better than the 1,070 in January, it’s still not the 3,200 I’d expect at this…

What You Need To Know About Title Insurance

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What you need to know about title insurance is a lot.  What is title insurance anyway?  To put it in one word, it’s safety.  I believe that title insurance is one of the most misunderstood aspects of home buying. Let me ask you this. How many of you hear about title insurance while you’re looking for a home?  I doubt you do.  Because agents are not really taught about it,…

Bidding Wars Require A Strategic Approach

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Let’s face it.  Bidding wars are no fun.  Multiple offers on the same house mean nearly everyone loses.  This is why bidding wars require a strategic approach. Because the inventory is so extremely low, expect to face competition.  It doesn’t matter what the house is like, where it’s located or the price range.  Competition runs throughout the marketplace.  As a result, you need to do everything you can to beat…