New Jersey Real Estate News & Market Trends

We Care About New Jersey Communities

You’ll find our blog to be a wealth of information, covering everything from local market statistics and home values to community happenings. That’s because we care about New Jersey communities and want to help you find your place in it. Please reach out if you have any questions at all. We’d love to talk with you!

March 8, 2019

Preparing to Spring Forward

 

Preparing to Spring Forward [INFOGRAPHIC] | MyKCM

Some Highlights:

  • In the majority of the country, this weekend marks the start of Daylight Savings Time as we set our clocks forward an hour on Sunday at 2:00 AM EST.
  • Whether you plan on buying or selling this spring, these tips could help you ‘spring ahead’ of your competition!
  • Spring brings two things: more buyers & more sellers! Get prepared now to stand out in the crowd!
March 6, 2019

4 Questions to Ask Before Selling Your House

Posted in Home Sellers
Feb. 26, 2019

The Cost of Buying a Home - A 50-Year Flashback

Feb. 26, 2019

What are the Benefits of Becoming a Homeowner?



Every family has a list of important dates. We celebrate birthdays, anniversaries, pet adoptions…and the list goes on. For 64.4 percent of households in the United States, this list includes the day they became a homeowner for the first time!

Why is this date important? Homeownership is not just a roof over your head! It represents shelter, stability, wealth, and pride! For decades, homeownership has been an important part of the American Dream!

However, many question if the next generations see the same benefits of homeownership as their predecessors.

In case we have forgotten, some of those benefits are:

Non-Financial Benefits

1) Educational Achievement: Homeownership has a positive impact on academic achievement, including reading and math performance in children 3-12 years old.

2) Civic Participation: “Owning a home means owning a part of the neighborhood.” Homeowners have a stronger connection to their neighborhood and are more committed to volunteer.

3) Health Benefits: Adjusting for a range of demographic, socioeconomic and housing-related characteristics, homeowners have a substantial health advantage over renters.

4) Public Assistance: The report shows 47% of homeowners use their home equity credit lines to help pay other debts, diminishing their need for public assistance.

5) Property Maintenance and Improvement: A well-maintained home not only generates benefits through consumption and safety, but a high-quality structure also raises mental health.

6) Pride of Ownership: This place is uniquely “yours.” You can customize it according to your likes and personality.

In addition to financial benefits, homeownership also brings significant social benefits. These not only pertain to the family, but extend to the communities, the state, and the country!

Financial Benefits

Buying a home is an investment in your future!

  1. Appreciation: On average, home prices are appreciating annually at a rate of 3.6%. This helps to create a safety net.
  2. Forced Savings: Your mortgage is like a forced savings plan! With each payment, you are reducing the principal of your loan.
  3. Home Equity: Homeownership builds equity every single month. You can later use that equity to start a business, send your children to college, etc.
  4. Net Worth: A homeowners’ net worth is 44x greater than renters! This gives you the financial freedom to invest.
  5. Stability: Rent prices increase 4% annually! A fixed mortgage payment allows you to save for future projects and guard against inflation.
  6. Tax Benefits: The government has created tax benefits to encourage customers to purchase. (Talk to your CPA to see which benefits apply to you).

Bottom Line

Homeownership is and will always be part of the American Dream! There are many financial and non-financial benefits to take advantage of when owning a home. If owning a home is part of your dream, contact a local real estate professional to help you with the process!

Feb. 15, 2019

First Comes Love... Then Comes Mortgage? Couples Lead the Way

First Comes Love… Then Comes Mortgage? Couples Lead the Way | MyKCM

According to the National Association of REALTORS most recent Profile of Home Buyers & Sellers, married couples once again dominated the first-time homebuyer statistics in 2018 at 54% of all buyers. It is no surprise that buying a home is more attainable with two incomes to save for down payments and contribute to monthly housing costs.

However, many couples are also deciding to buy a home before spending what would be a down payment on a wedding. Last year, unmarried couples accounted for 16% of all first-time buyers.

If you’re single, don’t fret! Single women made up 18% of first-time buyers in 2018, while single men accounted for 10% of buyers. One recent article pointed to a sense of responsibility and commitment that drives many single women to want to own their home, rather than rent.

Here is the breakdown of all first-time homebuyers in 2018 by percentage of all buyers, income, and age:

First Comes Love… Then Comes Mortgage? Couples Lead the Way | MyKCM

Bottom Line

You may not be that much different than those who have already purchased their first homes. Let’s get together to determine if your dream home is already within your grasp!

Jan. 24, 2019

Where Are Home Prices Headed?

Thinking about buying a home or selling your house this year? If so, you’re going to want to pay attention to where home prices are headed in 2019. The experts agree that they will continue to grow as the year goes by. Let’s get together to chat about what rising prices mean for you!

Posted in Homeownership
Jan. 24, 2019

The Importance of Homeownership to the American Dream

For centuries, people in this country have seen homeownership as part of the American Dream. Whether they were born here or immigrated from another country, they wanted to own a piece of America. With so many prominent societal changes over the last few decades, it is fair to ask if people in America still feel the same way about owning a home. The answer was made abundantly clear in two separate reports released earlier this month.

In their market trends report, As Housing Trends Shift, So Does Renter, Buyer and Seller SentimentTrulia revealed that:

“After two years of no change, the share of Americans who say that homeownership is part of their personal “American Dream” ticked up from 72 percent to 73 percent of Americans.”

At the same time, the National Association of Realtors released their Aspiring Home Buyers Profile. As the report explained:

“For both homeowners and non-homeowners alike, homeownership is strongly considered a part of the American Dream. For non-owners, roughly 75 percent reported that homeownership is part of their American Dream. For owners, nine in 10 believe it is part of their American Dream.”

Bottom Line

The belief among the vast majority of Americans, whether they rent or own, is that purchasing a home still remains a major step toward accomplishing the American Dream.

Posted in Homeownership
July 31, 2017

Curious About Local Real Estate?

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Curious about local real estate? So are we! Every month we review trends in our real estate market and consider the number of homes on the market in each price tier, the amount of time particular homes have been listed for sale, specific neighborhood trends, the median price and square footage of each home sold and so much more. We’d love to invite you to do the same!

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You can sign up here to receive your own market report, delivered as often as you like! It contains current information on pending, active and just sold properties so you can see actual homes in your neighborhood. You can review your area on a larger scale, as well, by refining your search to include properties across the city or county. As you notice price and size trends, please contact us for clarification or to have any questions answered.

We can definitely fill you in on details that are not listed on the report and help you determine the best home for you. If you are wondering if now is the time to sell, please try out our INSTANT home value tool. You’ll get an estimate on the value of your property in today’s market. Either way, we hope to hear from you soon as you get to know our neighborhoods and local real estate market better.

Posted in Market Updates