Tribune Print Share Text

Title

Timing couldn't be better

Housing market’s strong performance a plus for sellers

Created date

September 28th, 2015
house for sale
house for sale

In June, home purchase contracts hit the highest amount since April 2006. Nearly 10,000 contracts reflected a 24% increase compared to April 2014. 

According to real estate experts the Otteau Valuation Group, several factors have contributed to the housing market’s uptick: pent-up demand, rising rental rates, low interest rates, loosening credit standards, and recent improvements in job creation.

Strong fall market

Historically, home sales slow through the end of summer but peak again in October. 

“We’re expecting a strong fall market this year,” says Personal Moving Consultant Anne Connor, of , an Erickson Living community in Pompton Plains, N.J. 

Connor provides complimentary coordination of all realty and moving needs, including downsizing, home staging, packing, and selection of a real estate professional. 

“Fall is a great time to move. Not only is the market hot, you can move before cold weather and the holidays settle in,” she says.

Good news for sellers

While some experts project interest rates to rise, they most likely won’t spike just yet. The rumors may, in fact, cause buyers to flood the fall market in hopes of securing a lower rate. Due to a gentle loosening of mortgage underwriting standards, a slight rise in interest rates should not deter homebuyers.

“Rents have become so high, which is pushing buyers into the market,” Connor says. “Mortgage money is easier to get, and buyers can often purchase a home with 10% down or less. This is good news for sellers.”

Even areas with traditionally low volume of home sales and lower home prices are experiencing a stronger market than they have in years. 

Hudson, Essex, Somerset, Union, Middlesex, Passaic, Bergen, and Morris Counties have the strongest markets in the state. 

And the increased pace of home sales along with low inventory have been pushing home prices higher across the state. “So if you’ve been waiting to put your house on the market, now is the time,” Connor says. 

_______________________________________________________________________

Outsmart Mother Nature

Most people prefer to move before winter weather settles in to avoid slush and snow during the moving process. But people moving to Cedar Crest have another incentive: weatherproof living.

Cedar Crest’s weatherproof design makes wintering in New Jersey a walk in the park—literally. Residents don’t have to disrupt their daily walking routine for a few flurries. Glass-enclosed walkways connect every building, so residents never have to head outside. “Many of our residents are more active now than ever simply because of Cedar Crest’s design,” says Resident Life Manager Erica Zayat.

With restaurants, a fitness and aquatics center, classrooms, a performing arts center, a medical center, and libraries all under one roof, residents don’t have to risk slipping on an icy sidewalk or driving on slushy roads. 

“We have a few residents who used to winter in Florida but sold their condo and live here full-time because they no longer have to worry about cold winter weather,” says Sales Director Ray Guarino.

And for those who do want to travel, Cedar Crest’s 24/7 security and home maintenance means they can simply lock their door and go. 

Frequent travelers Leo and Elaine Thomas leave their worries at home. Leo says he doesn’t have to worry about the hot water heater or furnace breaking because those costs are covered, sparing the couple from surprise costs. 

“Expenses are more predictable. It gives us an opportunity to plan for potential trips we like to take,” he adds.

 

Comments