Why The Future of Housing is Positive

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The future of housing is positive because of several fundamental reasons.  While the US economy is officially in a recession, this recession is very different. This Recession is Different How do you define a recession?  When you have 2 consecutive quarters of negative economic growth you’re in a recession. This one, however, is different. Begin with the fact that it’s man made.  There was no structural economic reason for this;…

Bergen County Real Estate is Soaring

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It’s May 15th at 10 pm and I just took a look at the New Jersey MLS figures.  What I found is that Bergen County real estate is soaring. Bergen County Real Estate Right now there are 2,993 single family homes for sale and 1,531 under contract in the entire NJMLS.  That’s an astounding 2 to 1 ratio.  Let’s do the absorption rate for this. Divide 2,993 active listings by…

Bergen County Real Estate – A First Quarter Report

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Bergen County real estate is important.  This is the largest county in New Jersey with 948,000+ people and we are one of the most affluent counties in the US.  What happens here influences everyone in the NYC metropolitan area.  The Bergen County housing market reflects the Tri-State economy and outlook.  So let’s take a look at our first quarter real estate market. Home Prices Are Moderately Higher Comparing the 1st…

Real Estate is Changing

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Real estate is changing.  It’s been happening for a while but most people haven’t noticed it.  We are in the very early stages of a transition and that’s good. The housing market is cyclical.  There are times when prices go up and times when prices go down.  The long term trajectory is always up but moderately.  We’ve been up for nearly 10 years now. We’re still in very positive territory. …

Real Estate Market Update

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Here is a real estate market update report for you now that we’re through July: Fewer sales are happening in 2014 but not because demand is weakening.  Far from it.  Demand is strong but supply is down.  This is reflected in fewer days on the market.  Less supply – increased and/or equal demand = pressure on pricing.  This is good news for sellers but it’s still not a full tilt in the…

Don’t Be Outsourced By Your Real Estate Attorney

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Beware legal and title outsourcing – it’s here in Bergen County and in my opinion it’s getting worse. Some real estate attorneys are outsourcing their work to title companies. This is a huge problem in my view. They don’t tell you they’re doing this but they do quote lower fees.  As a result, you hire that attorney.  He or she outsources work to a title company.  It gets worse.  That title…

Bergen County Homes – Through March 15th

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The real estate market for Bergen County homes continues to improve.  Comparing 2012 to 2013 through March 15th, sales are up 9.6% (707 to 775) and homes under contract are up 16.5% (1,118 to 1,302).  Multiple offers are now commonplace and prices are rising in many towns.  Where prices are not rising, they are staying pretty even for the most part. The New Jersey MLS Market Trend Report clearly shows what’s happening when you…

Bergen County Real Estate Has Stabilized

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Bergen County real estate has stabilized.  This was my projection last year and I am very happy to say that I was right on target.  What I’d said and written was that by the end of 2009 the market would stabilize.  It has done exactly that. Our housing market is improving.  New Jersey MLS data, bank appraisers and housing reports all say the same thing:  We have clearly bottomed out and…