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Why Pricing Your Home Right Matters This Fall [INFOGRAPHIC]

Why Pricing Your Home Right Matters This Fall [INFOGRAPHIC]


As a seller today, you may think pricing your home on the high end will result in a higher final sale price, but the opposite is actually true.

To sell your home quickly and for the best possible price, you should eliminate buyer concerns by pricing your home competitively right from the start.

Let’s connect today to make sure you have the guidance you need to price your home right this fall.

Presented as a public service by:

Joe Peters of Coldwell Banker September 27, 2020


You can receive my one-minute real estate update each week

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Joe Peters of Coldwell Banker September 27, 2020


Free Downloads:

Joe Peters Home Buying Guide September 27, 2020Joe Peters Millennial Home Buying Guide September 27, 2020Joe Peters Selling Buying Guide September 27, 2020

 

Hunterdon County Real Estate Market Update September 27, 2020Joe Peters of Coldwell Banker September 27, 2020 Somerset County Real Estate Market Update September 27, 2020

Bridgewater ranked 31st best place to live in US in Money magazine’s annual report

Bridgewater ranked 31st best place to live in US in Money magazine’s annual report


We always knew that Bridgewater was a great place to live.

But, this is truly an honor.

Presented as a public service by:

Joe Peters of Coldwell Banker September 25, 2020


BRIDGEWATER – It must have been the bison burgers at the Top O’Th’ Hill Tavern that put Bridgewater over the top.

Money magazine has ranked Bridgewater as No. 31 in its annual “Best Places to Live in America” list for 2020.

Bridgewater and Mt. Laurel, No. 16, were the only New Jersey towns to make the list. Hillsborough, which has long touted being named on the list several times, did not make this year’s list.

TD Bank Ballpark in Bridgewater.

To explain why Bridgewater made the list, Money wrote, “If you’re on the hunt for a great place to raise a family near New York City, this New Jersey suburb might be it.”

Money wrote that homes in Bridgewater “go for around $390,000 – well below New Jersey’s $554,000 median.” Money also touts Bridgewater-Raritan schools because students “perform 18% better than state averages on math testing and 20% better on reading tests.”

 

 

You can receive my one-minute real estate update each week

by subscribing below:

Joe Peters of Coldwell Banker September 25, 2020


Free Downloads:

Joe Peters Home Buying Guide September 25, 2020Joe Peters Millennial Home Buying Guide September 25, 2020Joe Peters Selling Buying Guide September 25, 2020

 

Hunterdon County Real Estate Market Update September 25, 2020Joe Peters of Coldwell Banker September 25, 2020 Somerset County Real Estate Market Update September 25, 2020

Home Equity Give Sellers Options in Today’s Market

Home Equity Give Sellers Options in Today’s Market


Home equity is a form of forced savings that can work to your advantage as the value of your home appreciates.

The chart below reflects what is happening by state.

If you’re thinking of selling, let’s connect so you can take advantage of what the current market has to offer today.

Presented as a public service by:

Joe Peters of Coldwell Banker September 24, 2020


Homeownership is one of the best ways to invest in your financial future, especially as your home equity grows. Home equity is a form of forced savings that can work to your advantage as the value of your home appreciates. Across the country, home equity was increasing before the health crisis swept our nation, and it continues to grow throughout the year, giving sellers powerful options in this market.

According to the just-released Q2 Homeowner Equity Insights Report by CoreLogic:

“U.S. homeowners with mortgages (roughly 63% of all properties) have seen their equity increase by a total of nearly $620 billion since the second quarter of 2019, an increase of 6.6%, year over year.”

Dr. Frank Nothaft, Chief Economist for CoreLogic, attributes much of the equity growth to rising home prices:

“The CoreLogic Home Price Index registered a 4.3% annual rise in prices through June, which supported an increase in home equity.”

As the map below shows, CoreLogic also indicates that home equity is increasing in every state:

“In the second quarter of 2020, the average homeowner gained approximately $9,800 in equity during the past year.”

Home Equity Give Sellers Options in Today’s Market | MyKCM

What Does This Mean for Sellers?

When equity is rising, as it is today, you may have more invested in your home than you realize. Mark Fleming, Chief Economist at First American, notes:

“As homeowners gain equity in their homes, they are more likely to consider using that equity to purchase a larger or more attractive home – the wealth effect of rising equity. In today’s housing market, fast rising demand against the limited supply of homes for sale has resulted in continued house price appreciation.”

If you’ve been considering making a move – whether that’s to get into a bigger home or to downsize to a smaller one – it’s a great time to reach out to a real estate professional to learn how to put your equity to work for you. You may be in a position to pay that equity forward toward your next home purchase and afford it sooner rather than later.

Bottom Line

If you’re thinking of selling, let’s connect so you can take advantage of what the current market has to offer today.

 

 

You can receive my one-minute real estate update each week

by subscribing below:

Joe Peters of Coldwell Banker September 24, 2020


Free Downloads:

Joe Peters Home Buying Guide September 24, 2020Joe Peters Millennial Home Buying Guide September 24, 2020Joe Peters Selling Buying Guide September 24, 2020

 

Hunterdon County Real Estate Market Update September 24, 2020Joe Peters of Coldwell Banker September 24, 2020 Somerset County Real Estate Market Update September 24, 2020

Home Builder Confidence Hits All-Time Record

Home Builder Confidence Hits All-Time Record


This is good news for our area.

New homes are starting to appear as a reasonable alternative to resales.

If you’re thinking about putting your house on the market but are afraid you may not find a home to buy, let’s connect to discuss new construction opportunities in our area.

Presented as a public service by:

Joe Peters of Coldwell Banker September 23, 2020


Last week, the National Association of Home Builders (NAHB) reported their Housing Market Index (HMI) hit an all-time high in the 35-year history of the series with a score of 83. The index gauges builder perceptions of current single-family home sales and sale expectations for the next six months, as well as the traffic of prospective buyers of new homes.

As the following chart shows, confidence dropped dramatically when stay-in-place orders were originally mandated earlier this year. Since then, it has soared back.Home Builder Confidence Hits All-Time Record | MyKCMLooking at the three-month moving averages for HMI scores, confidence increased in every region of the country:

  • The Northeast increased 11 points to 76
  • The Midwest jumped 9 points to 72
  • The South rose 8 points to 79
  • The West increased 7 points to 85

Confidence Is Validated by the Numbers

This confidence is definitely warranted. According to a recent NAHB report, single-family housing starts increased 4.1% to a 1.02 million annual rate, and single-family permits increased 6% to a 1.04 million unit rate, meaning newly constructed homes are on the rise.

A separate report from the Mortgage Bankers Association (MBA) shows mortgage applications for new home purchases increased by 33.3% compared to a year ago. Joel Kan, Associate Vice President of Economic and Industry Forecasting at MBA, commented on the numbers:

“The housing market continued to exceed expectations in August, as housing demand for new homes stayed strong and the job market continued to recover…The new home market has maintained its path of recovery throughout the summer, and record-low mortgage rates and households seeking more space will likely continue to drive demand into the fall.”

Bottom Line

If you’re thinking about putting your house on the market but are afraid you may not find a home to buy, let’s connect to discuss new construction opportunities in our area.

 

 

ou can receive my one-minute real estate update each week

by subscribing below:

Joe Peters of Coldwell Banker September 23, 2020


Free Downloads:

Joe Peters Home Buying Guide September 23, 2020Joe Peters Millennial Home Buying Guide September 23, 2020Joe Peters Selling Buying Guide September 23, 2020

 

Hunterdon County Real Estate Market Update September 23, 2020Joe Peters of Coldwell Banker September 23, 2020 Somerset County Real Estate Market Update September 23, 2020

The Cost of a Home Is Far More Important than the Price

The Cost of a Home Is Far More Important than the Price


The low-interest rates make a large difference.

Even though home values have appreciated, it’s a great time to buy a home because mortgage rates are at historic lows.

Presented as a public service by:

Joe Peters of Coldwell Banker September 22, 2020


Housing inventory is at an all-time low. There are 39% fewer homes for sale today than at this time last year, and buyer demand continues to set records. Zillow recently reported:

“Newly pending sales are up 25.5% compared to the same week last year, the highest year-over-year increase in the weekly Zillow database.”

Whenever there is a shortage in supply of an item that’s in high demand, the price of that item increases. That’s exactly what’s happening in the real estate market right now. CoreLogic’s latest Home Price Index reports that values have increased by 5.5% over the last year.

This is great news if you’re planning to sell your house; on the other hand, as either a first-time or repeat buyer, this may instead seem like troubling news. However, purchasers should realize that the price of a house is not as important as the cost. Let’s break it down.

There are several factors that influence the cost of a home. The two major ones are the price of the home and the interest rate at which a buyer can borrow the funds necessary to purchase the home.

Last week, Freddie Mac announced that the average interest rate for a 30-year fixed-rate mortgage was 2.87%. At this time last year, the rate was 3.73%. Let’s use an example to see how that difference impacts the true cost of a home.

Assume you purchased a home last year and took out a $250,000 mortgage. As mentioned above, home values have increased by 5.5% over the last year. To buy that same home this year, you would need to take out a mortgage of $263,750.

How will your monthly mortgage payment change based on today’s lower mortgage rate?

This table calculates the difference in your monthly payment:The Cost of a Home Is Far More Important than the Price | MyKCMThat’s a savings of $61 monthly, which adds up to $732 annually and $21,960 over the life of the loan.

Bottom Line

Even though home values have appreciated, it’s a great time to buy a home because mortgage rates are at historic lows.

 

You can receive my one-minute real estate update each week

by subscribing below:

Joe Peters of Coldwell Banker September 22, 2020


Free Downloads:

Joe Peters Home Buying Guide September 22, 2020Joe Peters Millennial Home Buying Guide September 22, 2020Joe Peters Selling Buying Guide September 22, 2020

 

Hunterdon County Real Estate Market Update September 22, 2020Joe Peters of Coldwell Banker September 22, 2020 Somerset County Real Estate Market Update September 22, 2020