What Impact Will the New Tax Code Have on Home Values?

new tax code benefits
What impact will the new tax code have on real estate values


Every month, CoreLogic releases its Home Price Insights Report. In that report, they forecast where they believe residential real estate prices will be in twelve months.

Below is a map, broken down by state, reflecting how home values are forecasted to change by the end of 2018 using data from the most recent report.

New Tax Code Property Values
New Tax code home values

As we can see, CoreLogic projects an increase in home values in 49 of 50 states, and Washington, DC (there was insufficient data for HI). Nationwide, they see home prices increasing by 4.2%.

How might the new tax code impact these numbers?

Recently, the National Association of Realtors (NAR) conducted their own analysis to determine the impact the new tax code may have on home values. NAR’s analysis:

“…estimated how home prices will change in the upcoming year for each state, considering the impact of the new tax law and the momentum of jobs and housing inventory.”

Benefits of the new tax code real estate
Benefits of the New Tax Code

Bottom Line

According to NAR, the Tax Code will have an impact on home values across the country. However, the effect will be much less significant than what some originally thought.

Source: NAR

Blog by: John McLain  McLain Realty Team  908-878-9356  McLainHomeSellingTeam@gmail.com

The real estate industry is always changing and selling homes takes more work than ever before.  Do not get sucked into the “old school” way of selling real estate, just hiring one agent.  Hire a team of specialists dedicated and highly trained to help you find or sell your home!  Firstly, the McLain Realty Team has specific award winning systems and programs to ensure homes are sold for the most amount of money and in the least amount of time.  Therefore John McLain has several guarantees.  Secondly, if we don’t sell your home in 66 days, John McLain will personally buy your home himself!  This is also marketed as out “Trade Up” program.  For Instance, when you buy one of our listings, we will buy yours!  Ultimately, our guaranteed home sale programs are revolutionizing the NJ Real Estate Market.  Finally our 24 month love it or leave it program puts our buyers minds at ease.  For instance when you buy a home through us and don’t love it for any reason within 24 months after closing, we will buy it back or sell it for free!

Thinking of Selling? Now is the Perfect Time to Sell Your Home!

Spring Market… Perfect Time to Sell Your Home!

It is common knowledge that a great number of homes sell during the spring-buying season. For that reason, many homeowners hold off on putting their homes on the market until then. The question is whether or not that will be a good strategy this year.

The other listings that do come out in the spring will represent increased competition to any seller. Do a greater number of homes actually come to the market in the spring as compared to the rest of the year? The National Association of Realtors (NAR) recently revealed the months in which most people listed their homes for sale in 2017. Here is a graphic showing the results:

The three months in the second quarter of the year (represented in red) are consistently the most popular months for sellers to list their homes on the market. Last year, the number of homes available for sale in January was 1,680,000.

That number spiked to 1,970,000 by May!

Is it the Perfect Time to Sell your Home and What does this mean to you?

With the national job situation improving, and mortgage interest rates projected to rise later in the year, buyers are not waiting until the spring; they are out looking for homes right now. If you are looking to sell this year, waiting until the spring to list your home means you will have the greatest competition amongst buyers.  Although the competition and number of homes increase for the Spring Market, The Spring Market is the Best Time to Sell Your Home!

Bottom Line

It may make sense to beat the rush of housing inventory that will enter the market in the spring and list your home today.  It is the best time to sell your home in New Jersey, especially when you list your home with John McLain and the McLain Realty Team!  New Jersey’s premier real estate firm and one of the top realtors in NJ!  Not only is Spring the best time to sell your home, but the McLain Realty Team offers the guaranteed sale program and 2 year love it or leave it guarantee.  If the McLain Realty Team does not sell your home in 66 days, John McLain will buy it himself.  Call today: 908.878.9356 or visit www.SearchAllNJhomes.com

93% Believe Homeownership Is Important in Attaining the American Dream

The American Dream is in Reach!

Americans continue to believe that homeownership is important in achieving the American Dream. A recent survey by NeighborWorks America reported that:

“Owning a home remains a core element of the American Dream.”

When asked “How important a part of the American dream is owning a home?”

  • 18% of those surveyed said it was the most important part
  • 53% of those surveyed said it was very important
  • 22% of those surveyed said it was somewhat important

Homeownership and Financial Stability

The survey also revealed that 81% of Americans believe that owning a home leads to a family being more financially stable. This feeling was reiterated by Zillow Senior Economist Aaron Terrazas who, in a recent press release, explained:

“After about a two-year slowdown, rent growth is starting to pick back up across the nation…Looking into 2018, rent is expected to continue gaining.

More widespread rent growth could mean home buying demands stay high, as renters who can afford it move away from the unpredictability of rising rents toward the relative stability of a monthly mortgage payment instead.” (emphasis added)

Bottom Line

Owning a home always has been, and always will be, a crucial part of attaining the American Dream.


Blog by: John McLain

Our Award Winning Marketing Systems and Innovative Consumer Programs Guarantee the Results you Expect and Deserve!

You Home Sold in 66 Days, Guaranteed, or I will Personally But It Myself!  www.GuaranteedSaleNewJersey.com  This is EXCLUSIVE to the McLain Realty Team and give you complete peace of mind,  We eliminate the biggest Catch-22 in Real Estate!

When you buy a home through myself, or anyone on my team and are not 100% in love with it for ANY reason within 24 months after closing, I will personally buy it back or sell it for free!  It is the Exclusive 2 Year Love It or Leave It Program! www.2YearLoveItorLeaveIt.com

McLain Realty Team – Broker  908-878-9356  mclainhomesellingteam@gmail.com  www.SearchAllNJhomes.com

FICO® Scores on Approved Home Loans Drop Again

According to Ellie Mae’s latest Origination Report, the average FICO® Score on all closed loans dropped to 722 which is its lowest mark since April. The average includes all approved refinance and purchase loans.

FHA and VA loans showed the most opportunity for millennials looking to enter the market with low down payments and even lower FICO® Score requirements.

Ellie Mae’s Millennial Tracker revealed that those who purchased homes in December with an FHA Loan were able to do so with an average down payment of 4% and a FICO® Score of only 684.

Joe Tyrell, EVP of Corporate Strategy at Ellie Mae commented on the opportunity this brings to buyers,

“With the average credit score dipping, lenders are extending credit to borrowers who may have had no previous access to the housing market.”

Bottom Line

More and more potential buyers are able to qualify for a mortgage loan now! If you are debating a home purchase, let’s get together and evaluate your ability to buy today!

The Impact of Tight Inventory on the Housing Market

top realtors in nj

The housing crisis is finally in the rearview mirror as the real estate market moves down the road to a complete recovery. Home values are up, home sales are up, and distressed sales (foreclosures and short sales) have fallen to their lowest points in years. It seems that the market will continue to strengthen in 2018.

However, there is one thing that may cause the industry to tap the brakes: a lack of housing inventory. While buyer demand looks like it will remain strong throughout the winter, supply is not keeping up.

Here are the thoughts of a few industry experts on the subject:


National Association of Realtors

“Total housing inventory at the end of November dropped 7.2 percent to 1.67 million existing homes available for sale, and is now 9.7 percent lower than a year ago (1.85 million) and has fallen year-over-year for 30 consecutive months. Unsold inventory is at a 3.4-month supply at the current sales pace, which is down from 4.0 months a year ago.”

Joseph Kirchner, Senior Economist for Realtor.com

“The increases in single-family permits and starts show that builders are planning and starting new construction projects, that’s a good thing because it will help to relieve the shortage of homes on the market.”

Sam Khater, Deputy Chief Economist at CoreLogic

Inventory is tighter than it appears. It’s much lower for entry-level buyers.”

Bottom Line 

If you are thinking of selling, now may be the time. Demand for your house will be strong at a time when there is very little competition. That could lead to a quick sale for a really good price.

712,000 Homes in the US Regained Equity in the Past 12 Months!


Use the equity in your home


CoreLogic’s latest Equity Report revealed that “over the past 12 months, 712,000 borrowers moved into positive equity.” This is great news, as the share of homeowners with negative equity (those who owe more than their home is worth), has dropped more than 20% since the peak in Q4 of 2009 (26%) to 4.9% today.

The report also revealed:

  • The average homeowner gained approximately $14,900 in equity during the past year.
  • Compared to Q3 2016, negative equity decreased 22% from 3.2 million homes, or 6.3% of all mortgaged properties.
  • U.S. homeowners with mortgages (roughly 63% of all homeowners) have seen their equity increase by a total of $870.6 billion since Q3 2016, an increase of 11.8%, year-over-year.

The map below shows the percentage of homes by state with a mortgage and positive equity. (The states in gray have insufficient data to report.)

Significant Equity Is on The Rise

Frank Nothaft, Chief Economist at CoreLogic, believes this is great news for the “housing market.” He went on to say:

“Homeowner equity increased by almost $871 billion over the last 12 months, the largest increase in more than three years. This increase is primarily a reflection of rising home prices, which drives up home values, leading to an increase in home equity positions and supporting consumer spending.”

Of the 95.1% of homeowners with positive equity in the U.S., 82.9% have significant equity (defined as more than 20%). This means that more than three out of four homeowners with a mortgage could use the equity in their current home to purchase a new home now.

The map below shows the percentage of homes by state with a mortgage and significant equity.

Bottom Line

If you are one of the many homeowners who are unsure of how much equity you have in your home and are curious about your ability to move, let’s meet up to evaluate your situation.

4 Reasons to Sell Your Home This Winter

winter is a great time to sell your home

Some Highlights:

  • Buyer demand continues to outpace the supply of homes for sale which means that buyers are often competing with one another for the few listings that are available!
  • Housing inventory is still under the 6-month supply needed to sustain a normal housing market.
  • Perhaps the time has come for you and your family to move on and start living the life you desire.

Top 4 Reasons We Buy A Home

The Top Reasons We Buy a Home

We often talk about the financial reasons why buying a home makes sense. But, more often than not, the emotional reasons are the more powerful or compelling reasons.

No matter what shape or size your living space is, the concept and feeling of home can mean different things to different people. Whether it’s a certain scent or a favorite chair, the emotional reasons why we choose to buy our own homes are typically more important to us than the financial ones.

1. Owning your home offers stability to start and raise a family

From the best neighborhoods to the best school districts, even those without children at the time of purchase may have this in the back of their minds as a major reason for choosing the location of the home that they purchase.

2. There’s no place like home

Owning your own home offers you not only safety and security, but also a comfortable place that allows you to relax after a long day!

3. You have more space for you and your family

Whether your family is expanding, an older family member is moving in, or you need to have a large backyard for your pets, you can take this all into consideration when buying your dream home!

4. You have control over renovations, updates, and style

Looking to actually try one of those complicated wall treatments that you saw on Pinterest? Tired of paying an additional pet deposit for your apartment building? Or maybe you want to finally adopt that puppy or kitten you’ve seen online 100 times? Who’s to say that you can’t in your own home?

Bottom Line

Whether you are a first-time homebuyer or a move-up buyer who wants to start a new chapter in your life, now is a great time to reflect on the intangible factors that make a house a home.

4 Reasons to Buy a Home This Winter


Here are four great reasons to consider buying a home today instead of waiting.

1. Prices Will Continue to Rise

CoreLogic’s latest Home Price Index reports that home prices have appreciated by 7.0% over the last 12 months. The same report predicts that prices will continue to increase at a rate of 4.7% over the next year.

The bottom in home prices has come and gone. Home values will continue to appreciate for years. Waiting no longer makes sense.

2. Mortgage Interest Rates Are Projected to Increase 

Freddie Mac’s Primary Mortgage Market Survey shows that interest rates for a 30-year mortgage have hovered around 4%. Most experts predict that rates will rise over the next 12 months. The Mortgage Bankers Association, Fannie Mae, Freddie Mac and the National Association of Realtors are in unison, projecting that rates will increase by this time next year.

An increase in rates will impact YOUR monthly mortgage payment. A year from now, your housing expense will increase if a mortgage is necessary to buy your next home.

3. Either Way, you are Paying a Mortgage

There are some renters who have not yet purchased a home because they are uncomfortable taking on the obligation of a mortgage. Everyone should realize that unless you are living with your parents rent-free, you are paying a mortgageeither yours or your landlord’s.

As an owner, your mortgage payment is a form of ‘forced savings’ that allows you to have equity in your home that you can tap into later in life. As a renter, you guarantee your landlord is the person with that equity.

Are you ready to put your housing cost to work for you?

4. It’s Time to Move on with Your Life

The ‘cost’ of a home is determined by two major components: the price of the home and the current mortgage rate. It appears that both are on the rise.

But what if they weren’t? Would you wait?

Look at the actual reason you are buying and decide if it is worth waiting. Whether you want to have a great place for your children to grow up, you want your family to be safer, or you just want to have control over renovations, maybe now is the time to buy.

If the right thing for you and your family is to purchase a home this year, buying sooner rather than later could lead to substantial savings.


Ask me about the McLain Realty Team’s Exclusive 2 Year Love IT or Leave It Program!  When you buy a home through John McLain or anyone on the McLain Realty Team and you are not 100% in love with the home for any reason within 24 months after closing, we will personally buy it back or sell it for free! www.2yearloveitorleaveit.com


Source: http://www.simplifyingthemarket.com/en/2017/12/18/4-reasons-to-buy-a-home-this-winter/?a=385400-f014a7e31b0d83731334c99e34b1ace9


John  McLain  Broker-Salesperson  McLain Realty Team



If Bergen County Can Do It… Can Other Towns in NJ Work Together with Non-Profits?

bergen county real estate for sale


Bergen County is one of the wealthiest counties in the entire country. Municipalities and towns in this county helped secure this elite status by implementing exclusionary zoning practices, driving hard working families out. Thankfully, we are on the verge of seeing the actions taken by these 14 towns and reverse decades’ worth of illegal zoning practices.

The communities reached settlement agreements with advocates that will make affordable housing attainable for families and individuals that have previously been priced out through gentrification. These agreements will result in the construction of hundreds of new homes for seniors, people with disabilities and hard working families. They are joining more than 145 towns across the state who have signed fair-housing agreements to transition into an inclusive style of zoning and planning. There are still a few settlement talks with additional Bergen County municipalities and should be announced in the coming months.

A great example of how municipalities working and partnering with a nonprofit are Cresskill and Hillsdale. Numerous other municipalities, including Rochelle Park, Ho-Ho-Kus and Midland Park are working towards a significant amount of downtown redevelopment and growth. Once common goal is looking to be accomplished and that is amending their zoning to allow residences over retail shops in downtown areas and encouraging redevelopment. These changes will ultimately revitalize these communities, expand the fair housing and encourage business.

For example, a developed site can be transitioned into housing without affecting the community’s green spaces. Areas such as former office buildings, warehouses and business sites are filled with opportunity with potential profits, tax breaks for investors and tax rolls for the town.


BY TOWN: Cresskill Boro (1108)
MMM,YYYY Active Listings New Listings Under Contract Sold Listings  
  # Avg. LP Med. LP # Avg. LP Med. LP # Avg. LP Med. LP Avg.
# Avg. SP Med. SP Avg.
Oct,2017  $0  $0  $0  $00  $0  $0  $0  $0  0%  0% 
Sep,2017  $2,159,975  $2,144,950  $3,725,000  $3,725,000  $0  $0  $0  $0  0%  0% 
Aug,2017  $1,638,300  $564,900  $2,182,450  $2,182,450  $0  $0  $450,000  $450,000  43  97%  97% 
Jul,2017  $550,000  $550,000  $0  $00  $0  $0  $0  $0  0%  0% 
Jun,2017  $507,500  $507,500  $0  $00  $465,000  $465,000  43  $0  $0  0%  0% 
May,2017  $507,500  $507,500  $465,000  $465,000  $0  $0  $0  $0  0%  0% 
Apr,2017  $550,000  $550,000  $0  $00  $0  $0  $0  $0  0%  0% 
Mar,2017  $550,000  $550,000  $550,000  $550,000  $0  $0  $0  $0  0%  0% 
Feb,2017  $0  $0  $0  $00  $0  $0  $0  $0  0%  0% 
Jan,2017  $0  $0  $0  $00  $0  $0  $0  $0  0%  0% 
Dec,2016  $0  $0  $0  $00  $0  $0  $0  $0  0%  0% 
Nov,2016  $0  $0  $0  $00  $0  $0  $0  $0  0%  0% 
Period 1:        $1,820,980    $465,000    43  $450,000    43  97%  97% 
Summary Period 1:        $1,820,980    $465,000    43  $450,000    43  97%  97% 


BY TOWN: Hillsdale Boro (1127)
MMM,YYYY Active Listings New Listings Under Contract Sold Listings  
  # Avg. LP Med. LP # Avg. LP Med. LP # Avg. LP Med. LP Avg.
# Avg. SP Med. SP Avg.
Oct,2017  $0  $0  $0  $00  $0  $0  $0  $0  0%  0% 
Sep,2017  $533,057  $524,900  $0  $00  $494,633  $524,900  125  $446,000  $446,000  32  104%  104% 
Aug,2017  11  $488,536  $489,000  $409,750  $414,500  $419,667  $430,000  18  $475,000  $475,000  87  98%  90% 
Jul,2017  $545,411  $524,900  $511,100  $497,200  $586,900  $586,900  20  $410,000  $410,000  13  101%  101% 
Jun,2017  $558,217  $566,500  $551,325  $536,400  $485,000  $485,000  87  $657,500  $657,500  214  95%  89% 
May,2017  $572,000  $572,000  $0  $00  $0  $0  $615,000  $615,000  100%  100% 
Apr,2017  $511,300  $485,000  $485,000  $485,000  $389,900  $389,900  12  $0  $0  0%  0% 
Mar,2017  $572,946  $607,000  $502,450  $502,450  $664,592  $615,000  145  $587,000  $587,000  15  102%  102% 
Feb,2017  $601,555  $599,000  $485,000  $485,000  $575,000  $575,000  15  $438,000  $466,000  74  97%  97% 
Jan,2017  $634,419  $629,000  $0  $00  $499,900  $499,900  49  $552,500  $552,500  75  96%  96% 
Dec,2016  $542,697  $497,450  $659,000  $659,000  $450,975  $486,950  71  $519,000  $524,000  58  98%  96% 
Nov,2016  12  $526,365  $495,000  $496,300  $495,000  $529,500  $529,500  85  $762,450  $762,450  165  100%  111% 
Period 1:        21  $499,833    21  $510,627    72  20  $535,795    80  98%  98% 
BY TOWN: Hohokus Boro (1128)
MMM,YYYY Active Listings New Listings Under Contract Sold Listings  
  # Avg. LP Med. LP # Avg. LP Med. LP # Avg. LP Med. LP Avg.
# Avg. SP Med. SP Avg.
Oct,2017  $0  $0  $0  $00  $0  $0  $0  $0  0%  0% 
Sep,2017  11  $1,244,599  $1,099,000  $727,450  $727,450  $1,099,000  $1,099,000  163  $871,667  $900,000  65  101%  97% 
Aug,2017  12  $1,236,141  $1,099,500  $0  $00  $866,000  $969,000  65  $683,350  $683,350  11  99%  99% 
Jul,2017  13  $1,183,284  $1,099,000  $839,500  $839,500  $0  $0  $999,999  $999,999  861  87%  80% 
Jun,2017  13  $1,280,276  $1,099,000  $1,844,422  $1,599,450  $689,900  $689,900  11  $0  $0  0%  0% 
May,2017  12  $1,249,158  $1,087,000  $779,475  $779,000  $1,150,000  $1,150,000  861  $707,000  $707,000  33  101%  101% 
Apr,2017  $1,484,000  $1,124,500  $1,116,333  $1,099,000  $0  $0  $400,000  $400,000  202  84%  77% 
Mar,2017  $1,704,600  $1,150,000  $1,291,333  $1,075,000  $0  $0  $455,000  $455,000  18  114%  114% 
Feb,2017  $1,395,400  $1,150,000  $3,499,000  $3,499,000  $776,000  $699,000  47  $908,000  $908,000  77  97%  94% 
Jan,2017  $825,400  $699,000  $549,500  $549,500  $649,000  $649,000  64  $0  $0  0%  0% 
Dec,2016  $764,286  $649,000  $0  $00  $486,500  $486,500  112  $499,000  $499,000  22  100%  100% 
Nov,2016  $1,088,667  $849,000  $792,333  $649,000  $0  $0  $455,000  $455,000  17  93%  93% 
Period 1:        24  $1,159,479    12  $790,575    138  12  $719,196    126  98%  95% 
BY TOWN: Rochelle Park Twp. (1154)
MMM,YYYY Active Listings New Listings Under Contract Sold Listings  
  # Avg. LP Med. LP # Avg. LP Med. LP # Avg. LP Med. LP Avg.
# Avg. SP Med. SP Avg.
Oct,2017  $0  $0  $0  $00  $0  $0  $0  $0  0%  0% 
Sep,2017  17  $372,412  $379,900  $378,963  $399,450  $345,760  $339,000  27  $288,333  $280,000  58  101%  101% 
Aug,2017  10  $358,430  $344,000  $363,560  $339,000  $285,000  $285,000  24  $385,000  $385,000  27  96%  96% 
Jul,2017  $332,733  $317,000  $316,850  $272,500  $229,900  $229,900  16  $459,167  $450,000  125  97%  94% 
Jun,2017  $415,200  $399,000  $432,333  $449,000  $449,000  $449,000  22  $212,500  $212,500  177  97%  89% 
May,2017  $291,694  $300,000  $389,500  $389,500  $220,000  $220,000  177  $275,000  $275,000  10  106%  106% 
Apr,2017  $285,592  $220,000  $0  $00  $469,000  $469,000  337  $0  $0  0%  0% 
Mar,2017  $270,655  $237,500  $259,000  $259,000  $248,250  $248,250  13  $232,500  $232,500  16  98%  98% 
Feb,2017  $266,355  $237,500  $202,639  $202,639  $0  $0  $362,500  $362,500  38  99%  98% 
Jan,2017  $309,125  $273,750  $0  $00  $0  $0  $213,000  $213,000  40  96%  93% 
Dec,2016  $320,300  $310,000  $0  $00  $365,000  $365,000  38  $360,000  $360,000  127  96%  90% 
Nov,2016  $326,425  $324,950  $274,167  $237,500  $336,633  $339,900  97  $275,000  $275,000  97%  97% 
Period 1:        28  $345,703    18  $341,728    62  16  $315,375    65  98%  96% 
Summary Period 1:        52  $721,292    30  $521,267    92  28  $488,441    91  98%  96%