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ERA • ERA Justin • ERA Justin Realty • ERA Justin Realty agent • Pilar Castro • September 29, 2022

Pilar Castro Joins ERA Justin Realty’s Family of Real Estate Professionals

by ERA Justin

ERA Justin Realty is thrilled to announce that our exceptional community of agents is growing with the addition of new Sales Associate Pilar Castro. Pilar is a longtime resident of Bergen County who has made helping people the main pillar of her career journey from teaching to legal work and now real estate. “My philosophy is simple,” says Pilar, “Treat each client with individualized care in order to offer an exceptional real estate experience from start to finish.”

Before joining ERA Justin Realty, Pilar spent 20 years working in a Northern New Jersey law office reading and understanding real estate contracts. “I have the experience and the confidence to ensure all my clients’ needs are not only met, but exceeded,” says Pilar. “Comprehending and interpreting legal contracts is a skill that is invaluable in real estate transactions,” says Jennifer Darby Metzger, Broker/Owner of ERA Justin Realty, “We are thrilled to welcome Pilar to the team.”

“I understand that the act of purchasing or selling a home is a pivotal moment in a person’s life,” says Pilar, “I strive to empower my clients to make the best decisions through every step of the process.” Before working in the field of law, Pilar spent years in both public and private school systems teaching. Pilar says being a teacher taught her the art of patience. “Patience is equally invaluable in real estate, as we guide people through the emotional and physical stress of moving,” says Darby Metzger.

In addition to Pilar’s years of life experience in Northern New Jersey, she is also fluent in Spanish and well versed in Portuguese, a tremendous asset to our neighbors who may not have mastered the English language yet. Pilar and her husband Celso have two sons Daniel and Alexander, a daughter Cassandra and a beloved dog named Frosty.

If you are looking for an agent with deep knowledge of real estate law and contracts, contact Pilar or any of our experienced real estate professionals at ERA Justin by calling 201.939.7500.



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housing market • Jennifer Zenquis • market analysis • market update • moving • September 22, 2022

Why Are People Moving Today?

by ERA Justin

Whether it’s your first time – or what you hope will be your last – buying a home is a major life decision. Current market conditions could be weighing heavily on your decision. If you’re planning a move, here’s what today’s shifting market could mean for you.

Mortgage rates are higher than they were at the beginning of the year and home prices are still rising, but that doesn’t mean you should put your plans on hold. Instead, you need to look at your personal reasons for moving, and how important they are to you. Here are two of the biggest personal motivators driving people to buy today.

 A Need for More Space

“Maybe your family is growing, or maybe you are now working from home,” says Jennifer Zenquis, Sales Associate at ERA Justin Realty, “A need for more space is one of the biggest reasons people choose to buy a new house.”

More space inside isn’t the only factor. “For many, a large yard or greater access to the great outdoors in general is sending people searching for new homes in the suburbs,” adds Jennifer Darby Metzger, Broker/Owner of ERA Justin Realty.

 

A Desire to be Closer to Loved Ones

Moving companies often survey customers on why they’re moving when booking jobs. According to United Van Lines’ latest survey, nearly 32% of their customers moved to be closer to loved ones.

Another moving and storage company, PODS, backs this up and adds that more flexible work from home and hybrid options are now allowing workers to live closer to those they care about most, rather than closer to the office. 

“It’s a shifting of priorities,” says Zenquis, “Being nearby for caregiving or being able to attend get-togethers celebrating life milestones could be exactly what you’re looking for right now.”

 What Does it Mean for You?

Regardless of your motivation, sometimes when it’s time to move – it’s time to move! While the current state of home prices and mortgage rates will play a role in your decision, it’s equally important to make sure your home meets your needs. “Your home is your castle,” says Darby Metzger, “It’s not just about the numbers.”

No matter why you are moving, Jennifer Zenquis, or any of the experienced agents at ERA Justin Realty can help you weigh your options. Give us a call at 201-939-7500.



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housing market • Ilene Harpuder • inventory • market analysis • market update • sell your home • Selling • September 8, 2022

Millennials: Is It Time to Buy a Bigger Home?

by ERA Justin

Are you a millennial who already owns a home? If so, it may be time to trade up.

After all the home price increases of 2020, 2021, and so far in 2022, you could have more equity in your home than you think. 

 

Housing Prices

High house prices mean it’s high time to sell. But doesn’t that mean it’s a bad time to buy?

“Yes and no,” says Ilene Harpuder, sales associate at ERA Justin Realty, “If you sell high, you will have more money to put down on your next house.” Housing prices are starting to come down after the spike during the height of the pandemic, but your mortgage payment could be a little higher.

 

Mortgage Rates

Interest rates are on the rise, but Jennifer Darby Metzger, Broker/Owner of ERA Justin Realty says that should not deter people from buying. “If interest rates drop in the future, you can always refinance.”

Millennials can look to upgrade either by buying from each other or from Gen Xers. A new report by Engel & Völkers shows Millennials and Gen Xers will make up over 80% of luxury home sales this year. Nearly half of the sales will be by millennials, and it will be their first time selling a home.

 

Work From Home

“Now that so many millennials are working from home, they need extra space,” says Harpuder, “And some Gen Xers are deciding to retire early, so they are looking to downsize. It’s a win-win for both generations”.

If you’re a millennial thinking about moving this year, Ilene Harpuder or any agent at ERA Justin Realty is here to help. We can tell you how much equity you have in your current home and the opportunities it can create. Call 201-939-7500.


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autumn market • Autumn Selling • Grace Tirrito • home affordability • market analysis • market update • September 1, 2022

Is The Housing Market Correcting?

by ERA Justin

If you’re following all the news lately about inflation, housing costs and interest rates, it could leave you with more questions than answers. Is the boom over? Is the market crashing or correcting? Here is what you need to know.

“The housing market is leveling off compared to the spikes of the last two years,” says Grace Tirrito, Sales Associate at ERA Justin Realty, “But what everyone needs to remember is the past two years were unprecedented in nearly every way.”

Mortgage rates reached record-breaking lows. Millennials came of home buying age and created an influx of buyer demand. And on top of that, there were not enough homes on the market to satisfy all the buyers due to years of under-building combined with older sellers who held off listing due to the pandemic. 

“This combination led to record-high demand and record-low supply,” says Jennifer Darby Metzger, Broker/Owner of ERA Justin Realty, “Now we are starting to see a shift back to a more sustainable housing market. So, it’s not a crash nor a correction.”

The number of monthly home showings nationwide indicate buyer demand is still high, despite rising mortgage rates. Home tours skyrocketed during the height of the pandemic in 2020 and 2021. 2022 is so far lower, but still high compared to 2019. Home sales nationwide are at similar levels, not as high as 2021, but not back down to 2019 levels yet.

“It’s important to remember not to compare the market today to the abnormal circumstances of the pandemic years,” says Tirrito, “Today’s market looks a lot like 2019, which was actually a very strong year for real estate, it just doesn’t look like it in the shadow of 2020 and 2021.”

If recent headlines about the future of the housing market are creating concerns about whether it is the right time to buy or sell, an experienced real estate agent can help you put current events in context. This is not a crash nor a correction, but rather a return to more typical market conditions. If you have questions about your local market, contact Grace Tirrito or any of the professionals at ERA Justin Realty by calling 201-939-7500.



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glenn did it again • Glenn Elliot • Home selling • Homebuying FAQ • inventory • new construction • real estate investing • real estate market • August 25, 2022

Time to Buy: Existing Home or New Construction?

by ERA Justin

If you put a pause on your home search because you were not sure where you’d go if you sold, it may be time to rethink that decision. “More homes are starting to come on the market and there are fewer bidding wars,” says Glenn Elliot, Sales Associate at ERA Justin Realty, “So you have a greater chance of finding your dream home.”

So, what are you looking for? New construction or an existing home? 

Here are some things to consider.

 Existing Homes

According to the National Association of Realtors (NAR) the supply of existing homes, that’s those that were previously owned, has steadily increased since the beginning of the year.

“We are seeing more homes come on the market than this time last year,” says Jennifer Darby Metzger, Broker/Owner of ERA Justin Realty, “Plus, they’re not selling as fast. That equals more overall inventory. This is great news if you’re looking to buy.” 

There are several benefits to buying an existing home including character in historic homes, mature landscaping, and established neighborhoods and schools.

“Timing is also an important consideration,” adds Darby Metzger, “You can move into a home based on an agreed upon timeline with the sellers, instead of waiting for new construction to finish.”

 New Construction

Now that pandemic-related supply chain issues are starting to ease up, there are an increasing number of new homes available for sale. This includes homes that are already fully built, currently under construction or soon-to-be completed.

“For homes that are not yet finished, everything is brand new,” says Elliot, “And buyers can have a say in specific options like appliances.” Having the benefit of all new appliances, windows and roofing can add up to savings in energy costs. “Warranties also help cover costs of inevitable repairs,” Elliot adds.

Keep in mind, buying unfinished new construction means you are less in control of your move-in timeline. “Your timeline is an important thing to consider when making your decision and one you should discuss with a trusted real estate professional,” adds Darby Metzger.

Whether you are interested in an existing single family home or a new construction condo, Glenn Elliot or any of the agents at ERA Justin Realty can help you find the right fit. Call us at 201-939-7500.


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david jackson • first home tips • first time buyer • first time buyers • First Time Homebuyer tips • First-time buyer questions • home buyer tips • Home buying steps • home buying tips • August 18, 2022

Terms to Know When Buying a Home

by ERA Justin

The process of buying a home for the first time can sometimes feel like learning a whole new language. Contingency? Equity? Escrow? What does it all mean?

Here are some key terms to know:

 Credit Score

Mortgage lenders use your credit score to determine how likely you are to pay your future debts. “The number ranges from a low of 300 to a high of 850. The higher your number, the safer that bet that you will pay bills,” says David Jackson, Sales Associate at ERA Justin Realty.

 Pre-Approval

When you’re ready to start house hunting, your lender will arm you with a pre-approval letter that indicates how much you can afford to spend. This will give you a leg up over other buyers who are not pre-approved for a mortgage.

 Mortgage Rate

This is the interest you will pay on the money you borrow to buy your home. It varies and can be locked in ahead of your closing date.

 Appraisal

This is the estimated value of a property as evaluated by a qualified third party (so not the seller, nor the buyer’s estimation.) “Mortgage brokers rely on appraisals,” says Jennifer Darby Metzger, Broker/Owner of ERA Justin Realty, “They’re making sure they’re not lending more than the home is worth.”

 Down Payment

Down payments are typically between 3.5% and 20% of the home’s purchase price. Some 0% programs are available for certain buyers, including veterans. Ask your lender for information.

 Escrow

Escrow is the period of time between entering a purchasing agreement and closing. Buyers place your down payment into an escrow account to bind the contract. The money is held by a neutral third party until contractual conditions are met.

 Inspection Contingency

Some of those escrow contingencies are dependent on the home passing inspection by another neutral third party. An inspector gives the buyer a full report on the home’s condition and potential repairs.

 Closing Costs

There are fees required to complete the real estate transaction on closing day. They include taxes, title insurance and more. Some are paid by the buyer, some by the seller. Your lender can give you a full list to expect.

 Equity

Now that you’re a homeowner, you can enjoy watching the equity in your home grow. That’s how much your house is worth over what you owe. It grows not only every time you pay your mortgage, but as home prices go up year after year.

If you are ready to buy or sell, David or any of the professionals at ERA Justin Realty can help make sure you understand the real estate lingo. Give us a call at 201-939-7500.



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Fara Espandi • housing market • inventory • mortgage • August 11, 2022

Housing Market at a Turning Point

by ERA Justin

The housing market appears to be at a turning point for the first time since the start of the coronavirus pandemic in 2020.

Mortgage rates are higher. Home prices are still increasing, but much more slowly than they have been the past two years. This could have you wondering: Is it still a good time to sell my home? Or, if you’re looking to move, is this a better time to buy?

 

Mortgage Rates

“Mortgage rates are nearly double than they were at the height of the pandemic,” says Fara Espandi, Sales Associate at ERA Justin Realty, “But the important thing to remember is those record low mortgage rates were outliers, and not the norm.”

Mortgage rates have climbed in response to rising inflation. “If inflation continues to rise, chances are mortgage rates will continue to climb too,” says Jennifer Darby Metzger, Broker/Owner at ERA Justin Realty, “People interested in buying may want to act fast before rates go up again. If they drop again in the future, you can always refinance your loan.”

“Until inflation peaks, mortgage rates won’t either,” says Greg McBride, Chief Financial Analyst at Bankrate, “Without improvement on the inflation front we won’t know where the interest rate ceiling will be.”

Whether you’re buying your first home or selling your current house to make a move, the mortgage rate is an important factor. When rates rise, they affect how much you can spend on a home. That’s why it is crucial to work with a professional real estate agent who can make sure you make informed decisions as the housing market fluctuates.

 

Inventory

Mortgage rates also impact how many houses are on the market. 

“This spring and summer there are more houses on the market than last spring and summer,” says Espandi, “That’s because higher mortgage rates have helped ease buyer demand. If you were hoping to avoid the bidding wars of last year, consider buying now.”

As the market cools off, inventory rises. And it’s expected to continue. “This is good news for buyers,” says Darby Metzger, “If you were craving more options in your search for a dream home, it should not be as hard to find as it has been the past two years.”

Whether you are buying or selling, an experienced real estate professional can guide you on your way to new homeownership. Call Fara Espandi or any of the agents at ERA Justin Realty at 201-939-7500.



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ERA Justin Announces Q2 Leaders Winners

by ERA Justin

ERA Justin Realty Co is proud to announce its 2022 Leaders Award winners for the second quarter of the year. The winners are: Fara Espandi, Julia Dagistanli, Lee Schilare, Rosemarie Zembryski, Danielle Sette and Jessica Davidson.

“The real estate market is constantly changing,” said Jennifer Darby Metzger, Broker/Owner of ERA Justin Realty Company. “These agents consistently keep up with those changes and deliver in both hot and cool markets.”

The ERA Justin Leaders Award recognizes agents who meet and exceed their goals and the company’s goals on a monthly basis. 

“The market is starting to show signs of cooling off after being hot, hot, hot ever since the pandemic. These agents stand out despite things that are out of their control, like rising mortgage rates,” says Darby Metzger. “Whether you’re buying or selling, know you will get your transaction done with any of these agents by your side.” adds Darby Metzger. 

ERA Justin is a leader in Southern Bergen County residential real estate. With more than 30 trained and experienced real estate professionals going beyond expectations to meet their clients’ needs, ERA Justin is the ideal spot to begin a location transition. 

To reach Fara, Julia, Lee, Rosemarie, Danielle, Jessica or any of ERA Justin’s real estate professionals, call 201-939-7500 or visit their 118 Jackson Avenue or 57 Park Avenue locations, both in Rutherford, New Jersey. Visit www.erajustin.com to see current listings.



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Why You Need an Agent to Price Your House

by ERA Justin

Are you watching neighbors sell their houses for tens of thousands of dollars over asking and wondering if it’s time for you to cash-in too? “Don’t just slap a price on your house and try to sell it yourself,” says Danielle Sette and Jessica “Jessi” Davidson of ERA Justin Realty’s Team Sette Davidson, “Enlist a professional real estate agent to price your house.”

 Here’s why: Doing it yourself could cost you time and money in the long run. Like Goldilocks and the Three Bears, your price can’t be too high or too low. It has to be just right. “There are several factors to consider when pricing your house to sell,” says Jennifer Darby Metzger, Broker/Owner of ERA Justin Realty, “Weighing these factors will ensure that you’re not overpricing or underpricing your home.”

Here are the top four factors to consider when settling on a listing price.

Value of Homes in the Area

You will need to take a hard look at the recent sales in your neighborhood. “A knowledgeable real estate agent will provide you with a list of recent sales that are comparable to yours in terms of the number of bedrooms, bathrooms, location and more,” says Sette.

Condition

Just because your house has the same number of bedrooms and bathrooms as the house down the street doesn’t mean it’s worth the same. “Updated kitchens and bathrooms factor heavily. If yours are not updated, you can’t ask as much as someone who just remodeled,” says Darby Metzger.

Where Prices are Headed

It’s a seller’s market right now, but that doesn’t mean it’s going to stay that way forever. “An experienced agent will take rising mortgage rates and inflation into account and make sure your home is priced to sell,” says Davidson.

Buyer Demand

Pricing your home at fair market value will boost buyer interest in your home. “There are currently more buyers than sellers, but houses sell when the price is right whether the market is hot or cold.” If you’re thinking about listing your home for sale, Team Sette Davidson or any of the agents at ERA Justin Realty can help you get top dollar for your property. Call us at 201-939-7500.



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When to Wait (and When Not to Wait) When Buying a Home

by ERA Justin

Buying a home is a big decision, perhaps one of the biggest in a person’s life. There are many factors to consider when the time is right for you.

There are the things you can’t control like housing inventory, interest rates, and other current market factors in your area.Then there are the things you can control like your personal goals. 

Here are some things to consider when deciding whether to wait or not to wait to buy a home.

Market Timing

When to Wait – “The term ‘seller’s market’ is one heard a lot these days,” says Cathy Vick, Sales Associate at ERA Justin Realty, “A seller’s market means that there are more buyers than homes on the market, which can lead to bidding wars. This doesn’t mean you can’t buy, but you should be prepared for more competition for the home you have your eye on.” If you can’t afford to outbid others, it may be best to wait for a buyer’s market. 

When Not to Wait – “Even though interest rates are rising, that doesn’t mean you should wait to buy,” says Jennifer Darby Metzger, Broker/Owner of ERA Justin Realty, “Home prices will continue to go up too. You can always refinance your mortgage if rates drop again. You can’t change the price you paid for your home.”

Personal Goals

When to Wait – “Your personal financial goals come into play when deciding whether to buy a house,” says Vick, “Homeownership comes with costs beyond just your mortgage, like insurance, taxes, and maintenance. So, if paying off debt is a big part of your personal budget, that needs to be taken into account. It could affect your ability to secure a good mortgage rate.” Other factors to consider include other personal and professional goals like going back to school or making a career change.

When Not to Wait – “If you have been saving up for a down payment and monitoring the housing market, it may be time to contact a real estate agent to help you make an offer,” says Darby Metzger.  

Regardless of where you are in your journey toward homeownership, Cathy Vick and all the agents at ERA Justin Realty can help. Call us at 201-939-7500.

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buy vs rent Tell Me More About Closing Costs There are fees and expenses associated with mortgages that must be paid by the closing date for closing costs, and pre-paid items, in addition to the down payment.  These amounts can vary according to the type of loan, mortgage company, customary practices of the area, and the terms of the contact. According to Freddie Mac, the […]
buying a home Do Lumber Prices Drive the Housing Market? The price of lumber. It’s probably not the first thing to cross your mind when assessing the current housing prices. However, much like interest rates, it is an undeniable part of the process. According to the U.S. Forest Service, the price of processed wood like softwood lumber and plywood nearly quadrupled during the first year […]
buyer Determining Your Down Payment The down payment. It is one of the most daunting parts of home purchasing, especially for first time buyers. But, it doesn’t have to be.  The traditional amount one should have set aside for a down payment is 20% of your home’s purchase price. Depending upon how much you’re looking to spend on a house, […]
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