July 24, 2024
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July 24, 2024
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Linking Northern and Central NJ, Bronx, Manhattan, Westchester and CT

Value: Beware From One Season to the Next

Hard to get back into your routine? This summer was especially monumental with the excitement of the eclipse, which happens in the US once every 37 years. Certainly for those people worried about what is transpiring around us, both on a and an environmental political level, it was a nice respite to enjoy our skies mid-summer and to partake in the natural order of the universe. And, the best part was that it was right before Rosh Chodesh Elul, the month of shofar blowing and Selichot prayers asking for repentance, augmenting our spirituality in preparation for the inspiring Yomim Noraim starting with the apples and honey marking the Rosh Hashanah holiday.

As it always happens, some people will look forward to the fall schedule while others dread leaving the warm summer months of sun and fun behind. Transitioning from laid-back summer of heat to the refreshing fall breeze is a challenge for us all, not to mention the expectation of Chagim festivities around the corner. So as a realtor, I can assure you that for me, meeting housing needs is an “ongoing” process throughout all seasons. Of course, there are peaks of interest and lulls that are typically time sensitive, but one never knows when housing needs need to be met. I have been busy over the summer, so my seasons seem to transition naturally from one to the next and I don’t have the luxury to lament about leaving the previous season behind.

Lo and behold, during the start of our Fall 2017 season, we were faced with watching and weathering the catastrophic storms and floods in Texas, the Caribbean and Florida. One wonders how life goes on! And who has the time and energy for housing options? But, as human nature has it, we endure disaster only to plow ahead in our lives to meet our on-going mundane and critical needs at home.

Before our Jewish New Year begins, it’s a propitious time to look over some real estate facts and information to help consumers formulate plans for real estate needs in the future.

It has been reported that prices of homes in the Bergen County area have gone up for the past year. In fact, predictions indicate that prices will rise further within the next year as well. The good news is that mortgage rates at this point remain reasonably low, but there are no guarantees for the future.

MLS reports that listing prices in Bergen County from September 2016 – September 2017 averaged $535,399 with the average sold price of $510,527. Sale price is approximately 95 percent of list price, indicating listing prices to be close to sold market value. In 2015-2016, the average list price was lower at $526,785 while the average sold price was lower at $498,287, with sale price at 94.6 percent of list price.

The NJMLS statistics preview since August 2017 vs. 2016 indicates that in residential areas in all categories of homes including condos and townhouse, sold homes are up +5.5 percent, median sale price is up +2.5 percent, while Under Contracts are up +0.1 percent. Active Listings are down by -23.0 percent, with Days On Market down -11.9 percent. The Single Family Homes category for Solds are up +4.3 percent while the Condo/Coop/Townhouse category solds are up +9.3 percent.

This is all good news for the real estate market depending on which side you’re on, the buying or selling.

Hope these “Fun Facts” to chew on, in addition to your apples and honey, have been helpful at this time of year…with whatever housing direction you choose to proceed in for the future. Don’t ever say, “I could have, would have, should have,” since, with Hashem’s blessing, there’s hopefully another year to “move” forward, literally.

Have a wonderful, healthy, sweet new year! And, as always, good luck with planning ahead. Now is a good time to start!

By Ruby Kaplan

 Ruby Kaplan is a realtor with V & N Group LLC, licensed in both New Jersey and New York. Her passion is to help people meet their housing needs and goals. Having bought, sold and built homes, she has acquired an expertise to represent both sellers and buyers. She is sensitive to her clients’ needs and has a driven commitment to oversee all her transactions with honesty, integrity, knowledge and dedication. Ruby can be reached at her office at 201-692-3700, at the company’s website at www.vera-nechama.com, on her cell at 917-576-4177 or at [email protected].

 

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