Bridgewater NJ Area Real Estate Blog

Claudia Marrone

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2018 Real Estate Market Forecast

by Matt LoBrace
Below are 3 expectations for the real estate market of 2018. Keep in mind this is a national forecast. Local markets such as Somerville, Bridgewater, Raritan, Branchburg, Hillsborough, Warren and others can differ from these forecasts.  
 
The first expectation of 2018 is for inventory to remain low, although pick up slightly compared to 2017. The biggest reason for this modest optimism is that the current situation is unsustainable. Prices cannot rise faster than wages forever. Plus, life events will eventually force reluctant sellers off the sidelines. Home search site Trulia found that 31% of Americans believe 2018 will be a better year then 2017 to sell a home, far more than the 14% who this it will be worse. (Though only 6% of homeowners say they plan to sell.). 

Prices are expected  to increases at a slower rate compared to 2017. National home prices have climbed for 23 consecutive months. From January through October 2017 the Case-Shiller U.S. National Home Price Index increased 5.92%, on track for the biggest gains since 2013 when the market was finally recovering from the bust. However, this is expected to eventually slow in 2018.

Experts tend to agree mortgage rates will finish the year between 4% and 4.5%. That’s a touch higher than the rates for most of 2017 but still historically low.

To learn more about the real estate market forecast please contact Claudia Marrone and Matt LoBrace. 

 

Why You Should List Your Home During The Holidays

by Matt LoBrace

Many people assume that the Spring and Summer are the best months to sell a home. Some even say that the holiday season from November through January is often considered the worst time to put a home on the market. While selling a home during the holidays can have some flaws associated with it the season does have its advantages that may make you think twice on holding off on listing your home. Buyers who search for homes during the holiday season tend to me more serious compared to buyers who search during the  spring and summer months who many tend to be more casually looking. Potential holiday sellers will also feel merry to know that competition tends to be less fierce with fewer homes being actively marketed. 

According to the Garden State MLS statistics, you may find it interesting to learn that the average home price in Bridgewater that went under contract during last year's peak holiday season (December '16) increased a whopping 11% compared to the peak spring season of that same year (May '16) from $476,921 to $531,497. Branchburg and Hillsborogh, NJ also saw prices increase during last year's holiday season (although not as much compared to Bridgewater). So in summary, thanks to reduced competition, motivatied buyers and a warm and chery holiday home, you can actually sell your home for more money this holiday season. So contact the top realtors in Somerset County Claudia Marrone and Matt LoBrace today! 

Bridgewater Market Analysis Report

by Matt LoBrace

The following Bridgewater, NJ stats are as of 12/7/17 for the past 6 months (June 2017-November 2017)

There were 574 active homes on the market that averaged $523,781

262 homes went under contract that averaged $477,224

336 homes have sold within the last 6 months that averaged $486,044

98% list to sell price

What does this all mean? Well, in order for us to get a better idea lets compare last years- 6 months stats (June 2016- November 2016) with these stats. 

There were 594 active homes on the market that averaged $534,849

279 homes went under contract that averaged $469,177

316 homes have sold within the last 6 months that averaged $479,734

100% list to sell price

 

SUMMARY OF COMPARISON:

Active homes on the market decreased 3.4% while the price of these active homes increased by 2%

Homes that received contracts have increased by 6%

The key statistic here is the data that reflects the sold home: The number of homes that have sold during these past 6 months have increased by over 6% compared to the same time last year. Although inventory is down in most areas compared to last years numbers Bridgewater stats indicates that there has been more home sales during this time. Now is a great time to buy or sell!

If you are looking to buy or sell or know someone looking to buy or sell in Somerville, Raritan, Hillsbourgh and Branchburg or anywhere in Somerset, union, Middlesex or Hunterdon County let Claudia or Matt know and they will be glad to help!!! 

 

 

 

2018 Vision For Downtown Somerville

by Matt LoBrace

By the end of next year Downtown Somerville will be recognized as Somerset County’s downtown where residents and visitors find a thriving commercial district with more than 100 independent and brand name shops, restaurants and entertainment options.

Five years from now new entertainment options will exist all around Somerville. All genres of music are available most nights at our cafes, small performance spaces, coffee houses, pubs and restaurants. Public art displays rotate. All of the arts in downtown, whether found in galleries or theaters, enliven our streets, promote foot traffic and enhance the economic success of the district. Luxury apartments are in motion to be developed which will attract many young professionals looking for a nice downtown and easy train access to NYC. Now is an exciting time to move to Somerville!

This blog was taken from the SomervilleNJ.org website. and talks about the goals and vision of Somerville for 2018.

New Jersey Real Estate Market Forecast Through 2018

by Matt LoBrace

Many of us, whether in the real estate business or not, like talking about real estate. It has almost become apart of our normal everyday conversation. Just like discussing how the weather is outside people like discussing about how their neighbor down the block in Bridgewater just listed their cute ranch on the market that would be perfect for their parents to live in or how their town approved new condos to be built at the other end of town. There is always a topic of discussion with regards to real estate.

With the year coming to a quick close many people are beginning to ask what will the real estate market be like next year? Are home prices expected to continue rising? Is now a good time to buy a house, or should I wait a while? To give you a bit more insight, we've rounded up some interesting statistics, trends and forecasts for the New Jersey housing market stretching through the summer of 2018.

Forecast for NJ Real Estate Markets Through 2018

Home prices in New Jersey have risen steadily over the last couple of years but there's a chance we could see slower growth in the months ahead. New forecasts from the housing research team at Zillow suggest that home price growth could slow down in most cities and towns over the coming months.

According to New Jersey REALTORS, the median sale price for single-family homes sold across the state rose to $330,000 during the summer of 2017. The median for condos and townhouses rose to $260,000.

Zillow's forecast for the New Jersey real estate market suggests smaller gains over the next year or so. By their estimation, home prices in the state rose by around 5% over the last year (from Sept. 2016 to Sept. 2017). Looking forward, they expect the state's median home value to rise by a more modest 1.5% over the next year. This forecast was issued in September 2017 and extends into the same month of 2018.

That's the statewide outlook. When you zoom in to the individual towns, cities and metro areas, New Jersey real estate market predictions can vary quite a bit. That's because home prices and other real estate trends are driven by local economics, and these conditions vary by region.

My personal predication is that towns like Somerville, Branchburg and Bridgewater NJ will continue to outperform the market and rise higher than the average estimate of 1.5% over the next year. We continuously see multiple offer situations in and around the area especially at the first time home-buyer price range as well as for the distressed properties which many investors are hungry for. 

So does this mean now is a good time to buy or should I wait next year to purchase? It is important to note that these are just predictions. The key takeaway is that economists and analysts expect housing costs to continue rise through 2018. This means that New Jersey home buyers who postpone their purchases until later next year could have less buying power. Given these trends and expectations, a strong case could be made for buying a home sooner rather than later.

 

Disclaimer: Some data was taken from NJ Lenders Corp. These forward-looking statements were provided by third parties not associated through our company. We have presented them here as an educational service to our readers and customers. 

Looking for a cozy 2 bedroom apartment in Somerville NJ?

by Claudia Marrone

Well maintained 2 Bedroom 1 Bath 2nd floor apartment, centrally located, walking distance to Robert Wood Johnson Hospital and the Steeplechase Cancer Center. Minutes to the NYC/NJ Train Stations, Bridgewater Commons Mall, major highways (Rte 78, 287, 22, 202 and 206), shops, restaurants and the highly sought out Downtown Somerville! The apartment has an oversized Eat-In-Kitchen, Living Room and 2 Bedrooms. Private entrance in the rear of the house plus one assigned parking space also in the rear. Tenants can share the backyard. Utilities are separate for your convenience. Listing presented by Claudia Marrone of Re/Max Classic Group. 

New Listing Close To Downtown Somerville

by Claudia Marrone

Location! Location! Location! Come see this 4 bedroom, 2 full bath Colonial located just 1 block from Downtown Main Street. Special Features: Hardwood floors throughout, full walk-up attic; high ceilings on both levels; private, off-street parking; ample sized bedrooms. Single family living just one block off downtown main street is a RARE find!

Quick Glance at the Somerville NJ Real Estate Market

by Claudia Marrone

As of today, there are 29 homes listing for sale in Somerville, with an average List Price is $281,455.  There are currently 17 homes that are Under Contract! In the last 60 days, 27 homes have sold in Somerville!!!  The average sold price was $281,788.  What does all this mean for you?  Well, if you are an owner of a home in Somerville and you've been thinking about selling, do it now.  If you are a buyer looking in Somerville, put an offer the minute you see the right house. 

Claudia Marrone and Matt LoBrace are full-time real estate agent with Re/Max Classic Group, offices in Somerville NJ and Branchburg NJ.  Buying or selling, we are here to help you!

 

 

 

Colonial House Listed For Sale in Branchburg NJ

by Claudia Marrone

  NEW to the Branchburg NJ Real Estate Market!!! Beautifully maintained Colonial nestled in the Branchburg Heights Development. Centrally located, mins to major highways (Rte 78, 287, 22, 202 and 206), NY/NJ Train, restaurants, shops and parks.  Welcoming Foyer w/marble tiled floor & dual coat closets; Guest 5th Bedroom on the main level; Updated Kitchen w/Corian countertops, pantry, 42 inch cabinets & breakfast bar; Master Suite features the walk-in closet & Full Master Bath. Updated second Full bath w/dual sinks & tub shower w/tiled walls; The finished Basement is ideal for entertaining, featuring the Rec Room, Exercise Room, Game/TV Room, finished walk-in-closet & Utility Room. The slider from the Family Room leads to the Deck, Pool & yard, equipped w/electric dog fence! Central Air System (2016). Furnace (2016). Water Heater (2015). Listing presented by Claudia Marrone of Re/Max Classic Group.

New House Listing to Hit the Somerville NJ Real Estate Market!

by Claudia Marrone

Beautifully Updated 4 Bedroom 2 Bath Home, nestled in the heart of Somerville. Prime location, minutes to shops, restaurants, parks, NY/NJ Train Stations & major highways (Rte 78, 287, 22, 202 & 206). Special Updates and Features: Open floor plan with generously sized rooms; Gleaming hardwood floors throughout; Painted throughout with warm neutral colors (2015); Updated Full Baths (2015); Updated Kitchen with 42 inch cabinets; Anderson Windows (2013); Slider Door (2015); Backyard features the wood deck (2015), paver patio, shed & privacy fence; Ample storage space throughout including the full crawl space, accessible from the inside or outside of the home. Water Heater (2013) and Gas Furnace (2014). This home is in complete move-in condition. Unpack and start living!!! Listing presented by Claudia Marrone of Re/Max Classic Group.

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