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

mclainhomesellingteam@gmail.com

908.878.9356

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.
DOM
# Avg. SP Med. SP Avg.
DOM
SP/LP SP/OLP
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.
DOM
# Avg. SP Med. SP Avg.
DOM
SP/LP SP/OLP
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.
DOM
# Avg. SP Med. SP Avg.
DOM
SP/LP SP/OLP
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.
DOM
# Avg. SP Med. SP Avg.
DOM
SP/LP SP/OLP
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%

Will BIG MONEY make New Jersey More Appealing for Businesses? I’m Looking at You Amazon!

 

With speculation igniting a frenzy over whether Amazon will place their 2nd headquarters in NJ, adding more than 50,000 jobs has more than the real estate market on its toes.  Chris Christie is looking to back Newark New Jersey’s Amazon bid with $7 Billion in tax Breaks.

 

This means that the $7 Billion, that with a “B” will be in the form of potential tax credits to hire Amazon.com Inc’s planned 2nd HQ to Newark, which has ultimately been struggling to stage a broad economic revival.

The proposal would offset state and city taxes, including incentiving through NJ’s Economic Development Authority that could reach $5 Billion over 10 years, the Governor’s office stated in a statement on Monday. But didn’t I say $7 Billion?  Where would the other Cool $2 Bill come from?  Well $1 Billion would come from Property Tax Abatement and the other from a wage tax Waiver for employees.

A reputation for poverty and crime has kept New Jersey’s largest city on the sidelines of this urban revival we are seeing from the millennials. I mean Newark is only 10 miles from west of Manhattan.  We have personally seen condo’s being sold simply because Prudential Financial Inc. has built a new office tower in Newark, and has backed several real estate projects.

Source: Bloomberg

“Seattle-based Amazon last month solicited proposals for the second headquarters, a project expected to cost more than $5 billion and create 50,000 jobs during the next 15 to 17 years. Politicians across the U.S. and Canada have eagerly expressed interest. Newark has competition from big cities such as Boston and Chicago and smaller markets including Tulsa, Oklahoma, and Memphis, Tennessee.”

 

For more information on Newark New Jersey and the Suburb revival, the McLain Realty Team has been selling many properties in Hoboken, Jersey City and Weehawken to name a few.

Don’t forget to ask us about our 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 are not 100% in love with the property for ANY reason within 24 months after closing, we will personally buy it back or list it for free!  www.2YearLoveItorLeaveIt.com

 

Find you next home at: www.SearchAllNJhomes.com

John McLain Broker-Associate 9088789356

mclainhomesellingteam@gmail.com

www.NewJerseyKellerWilliams.com <- Quick Video to show why we are growing by leaps and bounds!

LIST: The Hottest Real Estate Markets in New Jersey Have One Common Theme: Access to Transit

Several towns in New Jersey are seeing incredible demand, and combined with low inventories, prices have been skyrocketing in recent months. After the Recession of 2009, there has been a very slow recovery and this has meant many are still waiting for their own property values to recover to pre-recession levels.  This is not true everywhere.

The following 19 towns have all seen their median home values peak at the start of 2017. Shore towns have been excluded, because of the active 2nd home market.  Each one of the town stand way above the average New Jersey property statewide in regards to price growth during the last year.

For an easy understanding of how “HOT” an area is, the larger the circle on the map below, the hotter the area. Luckily, the McLain Realty Team handles each one of these town and understand the importance of being close to transit and especially the train.

NJ Train Towns

Several towns in New Jersey are seeing incredible demand, and combined with low inventories, prices have been skyrocketing in recent months. After the Recession of 2009, there has been a very slow recovery and this has meant many are still waiting for their own property values to recover to pre-recession levels. This is not true everywhere.

The following 19 towns have all seen their median home values peak at the start of 2017. Shore towns have been excluded, because of the active 2nd home market. Each one of the town stand way above the average New Jersey property statewide in regards to price growth during the last year.

For an easy understanding of how “HOT” an area is, the larger the circle on the map below, the hotter the area. Luckily, the McLain Realty Team handles each one of these town and understand the importance of being close to transit and especially the train.
 
 
#19. While Chatham Township gained the least amount of value by percentage of the towns on the list, it is also has the highest median value. Chatham has been a long desired destination for families that want great school and commuting.

#18. Glen Rock has been steadily increasing its population back to the peak it reached in 1970 of 13,000

#17. Carlstadt 
Jersey City and Hoboken that has seen marked gains in valuation during the past year and experts say that these towns are becoming increasingly more and more popular.

#16.  Chatham Borough also remains popular for families seeking homes. It’s median Zillow value is more than twice that of the state’s.

#15 Fair Haven
Fair Haven, located along the North Jersey Coast Line of NJ Transit, buck that trend. Fair Haven not only has easy access to transit, but is a stone’s throw from the Jersey Shore.
 
#14. Tenafly
Towns along the Hudson River, known as the state’s “Gold Coast,” have been reaping the rewards of New York City’s revival over the last two decades. Good schools and a quick commute to the city make Tenafly an attractive, and expensive, location for home buyers.
 
#13. Woodcliff Lake has some of the best schools in the state, which makes it instantly attractive to many homebuyers seeking property near New York City.

#12 Glen Ridge
Quaint downtown, easy access to public transportation and well respected school system.

#11 Palisades Park
50% of the residents claim Korean ancestry and is extremely affordable town!

#10. Montclair
New York City have made it one of the hottest markets of the last decade in the Garden State and is a large reference for all Real Estate Agents.

#9. Haddonfield
Direct path to Philadelphia and one of the most well-respected school systems.

#8. Princeton
Very low inventory and this quiet tree lined streets have sent prices up over 1 million!
 
#7.  Moonachie is one of the more affordable Bergen County towns, but perhaps not for long.

#6.  Millburn is frequently one of the best and most sought after school in the entire state!

#5.  Hoboken  The list obviously would not be complete without Hoboken. Packing in Residents and driving up prices as it is the easiest drive into the city. Expect to find 1 bedroom condos for 1 Million! The McLain Realty Team loves selling property here!

#4.  South Orange
Extremely low inventory in this Orange that it has driven prices up, more than the neighboring Oranges.

#3.  Asbury Park has made a complete 180 from the days of abandoned homes, desolate main street, and a tarnished name. Affordable and making a come-back!

#2.  Maplewood Millburn  grew so fast as-well-as the home prices. People turned to Maplewood as an alternate.

The undisputed king
#1,  Weehawken
As Hoboken became more expensive and cramped, people branched out into Weehawken which has suddenly seen explosive growth. This hilly riverside community offers spectacular views of the New York City Skyline with more space than neighboring Hoboken. If you are driving, take the Lincoln Tunnel to be in NYC in no time!

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