More good news for the homebuyers! Not only are mortgage rates lower, the number of houses on the market is higher!

“This is a win-win situation for anyone looking to buy a home right now,” says Julia Gulden Dagistanli, Sales Associate at ERA Justin Realty. “It means you’re more likely to find the house of your dreams for a monthly payment you can afford.”

According to Realtor.com there are nearly 37% more houses on the market compared to this same time last year. 

“If you gave up on your home search because there was so little to choose from,” says Jennifer Darby Metzger, Broker/Owner at ERA Justin Realty, “Now is the time to start looking again.”

One of the main reasons for this is: With more inventory comes more room for negotiation due to more choices. “Increased housing supply spells good news for consumers who want to see more properties before making purchasing decisions,” says Lawrence Yun, Chief Economist at the National Association of Realtors (NAR).

“This doesn’t mean there are too many houses on the market,” adds Dagistanli, “Which is good news for sellers. Prices are not expected to crash.” Despite so much growth in inventory, the number of homes on the market are still far below where they were in the pre-pandemic years. There are 29% fewer homes actively for sale now compared to 2017-2019.

“That’s to be expected,” says Metzger, “It is going to take a while for the country to get back to the typical number of homes for sale, but in the meantime any increase in inventory is a positive development.” While the most growth in the country is seen in the South and West, the Northeast is also rebounding with New Jersey seeing more homes added to the market month after month across the state.

“Real estate is always hyper local,” says Dagistanli, “It varies from town to town, state to state. The best way to find out if it’s the right time for you to buy or sell is by contacting a trusted local agent.”

Bottom Line

Mortgage rates are down and the number of houses for sale is up. This means homebuyers are much more likely to find exactly what they are looking for at a price they can afford. Inventory is increasing across northern New Jersey. If you’re ready to jump into house hunting, Julia Gulden Dagistanli or any of the agents at ERA Justin Realty can help. Give us a call at (201) 939-7500. 

Here’s something many buyers don’t know: When you buy a house you can negotiate much more than the price. Here are some other things you can haggle over to make sure you get the best deal possible.

Repairs

“Most real estate agents will make sure their clients make all cosmetic repairs before they list,” says Ilene Harpuder, Sales Associate at ERA Justin Realty, “But sometimes issues can be found during a home inspection.” In these cases, the buyer can either insist the seller fix the problem before closing or you can negotiate a repair credit. A repair credit reduces the sales price by an agreed-upon approximate price for the repair, allowing you to handle it yourself after closing.

Closing Costs

Closing costs can add up. From title insurance to appraisal fees and everything in between, closing costs usually tally up to about 2%  to 5 % of the home’s purchase price. “That doesn’t have to be all on you,” says Jennifer Darby Metzger, Broker/Owner at ERA Justin Realty, “It’s less likely during a competitive market, but if things are slow and a seller is in a hurry to move,  they could be inclined to agree to cover some of these fees in order to sell quickly.”

Appliances

“Sometimes appliances are included in the sale price, sometimes they’re not,” says Harpuder, “If there is a particular set of kitchen appliances that you love and want them included in the sale, you can negotiate a price for them.” On the flip side, if there is a particular appliance you want to keep while selling, that should be noted in the contract.”

Fixtures & Furniture

“Same goes with curtains, chandeliers and other home decor,” adds Metzger, “If there is something you like – maybe a couch or a dining room table –  bring it up prior to closing. You might find the seller is relieved they won’t have to move it!” Just know that the item you love may not even be the seller’s. Furniture and other items are often rented for staging prior to  listing a home on the market.

Bottom Line

Price is not the only negotiable factor in a home sale. From closing costs to furniture, there are many opportunities to sweeten the deal. An experienced real estate agent can help. Ilene Harpuder or any of the agents at ERA Justin are ready to jump in and negotiate for you. Give us a call at 201-939-7500.

Finally! Mortgage rates are starting to come down. 30 year fixed rate mortgages are finally in the mid 6% range and some 15 year mortgages even dropped below 6. This is the lowest mortgage interest rates have been in a year and buyers are jumping to lock in.

“This is great news for anyone looking to buy this summer,” says Lee Schilare, Sales Associate at ERA Justin Realty, “Their monthly payment will be less than if they bought in the spring.”

“This is also great news for someone who did buy at a higher rate,” says Jennifer Darby Metzger, Broker/Owner at ERA Justin Realty, “We are already starting to see people refinance. This is why we always say ‘marry the house and date the rate.’”

Many homebuyers put off their house search the past year as interest rates hovered close to 8%, a far cry from the abnormal 3% and lower of the pandemic years. 

“People who delayed buying because of the mortgage rate may have missed out on their dream home,” says Metzger, “High interest rates come and go. Loans can always be refinanced. However, the home you have your eye on will not be on the market forever.”  

The reduction in mortgage rates is a game-changer for homebuyers. “Real estate agents are already starting to see an uptick in viewings,” says Schilare. There is a good reason for that. Lower rates translate to smaller monthly payments, making homeownership more accessible to more people. “For some homebuyers, a lower interest rate – even if it’s half a point – can make the difference between buying a home or continuing to rent,” adds Schilare.

This is particularly true for first time homebuyers who were previously priced out of the market. More affordable interest rates are expected to drive a surge in home purchases. Homeowners whose house has lingered on the market will benefit too – and could even see multiple offers, some perhaps over the asking price, and quicker sales.

Bottom line: Watching interest rates finally decrease is increasing optimism in both the housing and mortgage industry.  Every little partial percentage point counts, and if they continue to drop, mortgage brokers predict refinancing will increase this fall and winter. When interest rates drop,  homeowners also have the option of cashing out on their current property to pay off debt or even purchase a second property.

If you’re interested in finding out what mortgage rates look like, contact Lee Schilare or any of the experienced agents at ERA Justin for up-to-the-minute information. Give us a call at (201) 939-7500 or drop us a note at ERAJustin.com.

Everyone keeps saying it’s a seller’s market. So you listed your home for sale. It’s been on the market for weeks, with no bites? Sound like a familiar scenario? You might just need to make a few small changes to see big results.

When it comes to selling a house, homeowners generally want three things: top dollar, a quick closing and the fewest hassles. (There are always some!) While today’s market is generally favorable toward sellers, there are some factors that could keep a house from selling. Here are some things to think about.

Limited Access

“If we can’t show your home, we can’t sell your home,” says Glenn Elliot, Sales Associate at ERA Justin Realty, “Access is key.” Are you putting limits on how often agents can show your home? Take a hard look at your schedule and see where you can free things up. “Motivated buyers may be traveling in from out of town to see houses, and if yours is not available to them, they won’t buy it,” adds Elliot. “Minimal access equals minimal exposure.”

Curb Appeal

“You always want to make a great first impression,” says Elliot, “And that starts with curb appeal.” How your home looks on the outside could make or break a buyer’s decision to book a showing. Sometimes all it takes is a little more upkeep. Pull the weeds. Keep the lawn mowed. Add a few colorful plants or flowers. A little can go a long way for curb appeal.

Staging

Remember you never get a second chance to make a first impression, and that goes for the inside of your home too. Stage your front hall. Put away all of your coats and shoes. Make that first glimpse of your home clean and inviting. You want buyers to be able to imagine themselves in your home as soon as they walk through the front door. 

Declutter

Don’t let it stop at the front door. If you’re having trouble selling, you may just need to declutter. Buyers have a hard time seeing how great the bones of your house are through mess. So clear away those piles of paper. Pack up all of your family photos. Less is more.

Priced Too High

We know you want top dollar. Everyone does. But is your sale price unrealistic? That could be why your home hasn’t sold yet. “It’s tempting to list high in a seller’s market,” says Jennifer Darby Metzger, Broker/Owner at ERA Justin Realty, “But the fact is if it’s overpriced it will sit on the market and if it sits too long that could deter buyers.” 

Bottom Line

There could be several reasons why your home isn’t selling. Fortunately the most common ones are easy fixes. An experienced real estate agent can help you identify your shortcomings and make sure your home is priced to sell. Glenn Elliot or any of the agents at ERA Justin Realty can help. Give us a call at 201-939-7500.

When selling your home, listing For Sale By Owner can be tempting. But after their home hits the market, many homeowners change their minds. 

“They often quickly realize how time consuming selling a home can be,” says Fara Espandi, Sales Associate at ERA Justin Realty, “It’s a full time job. That’s why we are here to help.”

Here are just a few reasons why enlisting a seasoned real estate agent can make the sale of your home run much more smoothly.

Navigating the Market – Keeping track of  the ups and downs of the real estate market can be complicated. “The market isn’t straightforward these days. Between inventory, housing prices and mortgage rates, it’s hard for a homeowner to price their home correctly,” says ERA Justin Realty Broker/Owner Jennifer Darby Metzger, “A trusted real estate agent at your side can get you to closing quicker and cleaner.”

Contracts – “Buying a home involves a lot of legalese. That’s why we use lawyers in the state of New Jersey for all home sales,” says Espandi. “We refer our clients to lawyers we have built relationships with in our years of experience. Plus, what you may be reading for the first time, we have read repeatedly. We can help translate what key terms of the contract mean for you.”

Negotiations – Real estate agents act as a buffer in negotiations between the parties and advocate for your best interests throughout the entire transaction. “It’s smoother when buyers and sellers themselves aren’t involved in negotiations,” says Metzger, “Whether we realize it or not, emotions can get in the way when you’re negotiating a price for your long-time home or dream home.”

Pricing – Asking prices and offers are a critical component in real estate transactions. It is the job of an agent to be on top of the latest market conditions and comparable sales. Their expert advice on pricing will help you set a realistic asking price or offer, giving you the best chance of successful sale.

Location, Location, Location – “Something you often hear in real estate is location, location, location,” says Espandi,  “That’s true for both the house and the agent listing it. You want someone who is extremely familiar with your specific area.”

ERA Justin has been the top ranking real estate agency in Rutherford for the past 23 years. We are here to help you achieve all of your real estate goals. Give us a call at (201) 939-7500 or send us a message by visiting ERAJustin.com.

When it comes to selling your  home, the asking price is one of the most important factors to consider. It can determine how long your home stays on the market, how many offers you receive, and ultimately, how much money you get for your property. Just ask Danielle Sette and Jessica Davidson of Team Sette/Davidson at ERA Justin Realty. “It’s like Goldilocks and the Three Bears,” says Sette, “It can’t be too high, it can’t be too low. It has to be just right.” 

Sets the Tone

Your asking price sets the tone for negotiations. If you price your home too high, buyers may be scared away or may not even bother to make an offer. If you price your home too low,  you could be leaving money on the table.

Time on the Market

How long your home is listed makes a difference. “A home that is priced too high is likely to sit on the market longer,” says Jennifer Darby Metzger, Broker/Owner of ERA Justin, “That could make buyers think there’s something wrong with the property.” Whether that’s true or not, that assumption can make it harder to sell your home and could lead to a lower selling price.

Offers

The asking price can impact the number of offers you receive. A competitively priced home will attract more buyers and generate more offers. This can give you more leverage during negotiations and may help you get a higher selling price.

Closing Price

Finally, your initial asking price can affect how much you get at closing. “If you price too high, you may not get any offers at all. And if you do, they’re likely to be lower,” says Davidson,  “And if you price too low from the start, you will probably get even lower offers.”

Bottom Line

How do you determine the right asking price for your home? There are a number of factors to consider, including your home’s location, the condition of the property, and recent sales of comparable properties in your area. 

Experienced real estate agents like Danielle Sette and Jessica Davidson or any of the knowledgeable agents at ERA Justin Realty can help make sure your asking price is just right. Give us a call at (201) 939-7500.

ERA Justin Realty Co is proud to announce its 2024 Leaders for the second quarter of the year. The winners are: Lee Schilare, Fara Espandi, Julia Dagistanli, Cathy Vick, Alexa Micciulli, and Carol D. Calamari.

 “This market is red hot again. But, that doesn’t mean houses are selling themselves,” said Jennifer Darby Metzger, Broker/Owner of ERA Justin Realty Company. “Competition is fierce and these agents stayed on top of their game to serve their clients.”

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

“These agents stand out because even in the face of ongoing low inventory and bidding wars they connect with their clients to make their home purchases or sales more than just a financial transaction,” says Darby Metzger. “They keep in mind that whether it’s buying that new home or downsizing as an empty nester, real estate represents changes in someone’s life. Our agents recognize that and honor that responsibility,” adds Darby Metzger. 

ERA Justin Realty is again the #1 top selling real estate office in Rutherford, for the 23rd year in a row. In 2023, ERA Justin closed more than three times as many sales as any other office in Rutherford.

ERA Justin is also #1 overall in the Southwest Bergen Area which includes Rutherford, East Rutherford, North Arlington, Lyndhurst, Wallington, Carlstadt, Hasbrouck Heights and Wood Ridge and has been for more than 8 years.

Want to work with one of our award winning team members for your real estate needs? Call 201.939.7500. We are conveniently located at 46 Chestnut Street and 57 Park Avenue in Rutherford. Visit www.erajustin.com to see current listings.

Perhaps you have heard that home prices are dropping. Despite this headline, single-family home prices are still up 6.6% nationwide since last year. So, what’s going on?

“The answer lies in the difference between the asking price and the sold price,” says Cathy Vick, Sales Associate at ERA Justin Realty, “While more sellers are adjusting their asking price, that’s a signal of moderating demand – not falling home values. This is great news for buyers.”

Here’s what you need to know:

The asking price is a starting point. “When sellers list their homes, they sometimes set the asking price higher than what they’re willing to accept,” says Jennifer Darby Metzger, Broker/Owner of ERA Justin, “This gives them – and you – room to negotiate.” 

The sold price is the actual price that the home sells for. The sold price is usually lower than the asking price, as buyers typically negotiate for a lower price. This hasn’t been the case in recent years in a low inventory, tight market,” says Vick, “But the real estate market always ebbs and flows.”

When negotiating a lower price, the difference between the asking price and the sold price is called the “wiggle room.” This wiggle room gives buyers some flexibility to negotiate for a lower price without having to worry about the seller walking away from the deal.

“The amount of wiggle room can vary depending on the market,” says Metzger, “In a hot seller’s market, homeowners may have less wiggle room, as they can afford to be more selective about buyers. In a buyer’s market, buyers may have more wiggle room, as sellers are more motivated to sell.”

So, what does this mean for homebuyers?

If you’re in the market for a home, it’s important to be prepared to negotiate. This means doing your research, understanding the market, being realistic about your budget with a strong pre-approval from a mortgage lender ready to go. With a little preparation room for negotiation, you will find a home that you love at a price that you can afford. Cathy Vick or any of the agents at ERA Justin can help. Give us a call at (201) 939-7500.

Owning a home is a major financial milestone for many people. But beyond the financial benefits, there are also a number of emotional benefits to owning a home.

Stability and Security

“One of the most important emotional benefits of home ownership is stability and security,” says Catherine Nimmo, Sales Associate at ERA Justin Realty, “When you own a home, you have a place to live that is your own. You don’t have to worry about being evicted or having your rent raised. This can give you a sense of peace and security that is difficult to find in other living arrangements.

Sense of Accomplishment

Buying a home is a major accomplishment. It represents years of hard work and saving. When you finally close on your home, you will feel a sense of pride and accomplishment that is unlike anything else.

Control Over Your Living Space

When you own a home, you have complete control over your living space. “You can decorate it however you want, and you can make changes to it whenever you want,” says ERA Justin Broker/Owner Jennifer Darby Metzger, “You get a sense of freedom and independence that’s not possible when you rent.”

A Sense of Community

When you own a home, you become part of a community. You get to know your neighbors, and you can participate in community activities. This can help you to feel connected to your community and to build lasting relationships.

Stronger Relationships

Owning a home can also strengthen your relationships with your family and friends. “When you own a home,” says Nimmo, “You have a place to gather with loved ones and create lasting memories.”

A Legacy for Your Family

“Having a place to create those family memories may be the most rewarding emotional benefit of them all,” says Metzger, “When you own a home, you are creating a place that your family can call home for generations to come.” 

If you’re ready to make your dreams of homeownership a reality, Catherine Nimmo or any of the agents at ERA Justin can help. Give us a call at 201-939-7500.

Independence Day is a time to celebrate our freedom. For many people, true independence means owning their own home.  If you’re tired of paying rent and want to achieve the American Dream of homeownership, here are a few tips to get started.

Get Your Finances in Order

“Before you can start looking for a home, you need to make sure your finances are in order,” says Carol D. Calamari, Sales Associate at ERA Justin Realty,  “This means you need a good credit score, a steady income, and a down payment saved up.” 

• Credit Score: Lenders will use your credit score to determine whether you’re a good risk. Aim for a credit score of at least 680, which is the average score for most homebuyers.
• Income: Lenders will also want to see proof of a steady income. You’ll need to provide pay stubs, tax returns, and bank statements. So start collecting them now.
• Down Payment: The down payment is the amount of money you’ll pay upfront for your home. The larger your down payment, the smaller your monthly mortgage payments will be.

Get Pre-Approved for a Mortgage

“Getting pre-approved for a mortgage is the next most important step in the process,” says Jennifer Darby Metzger, Broker/Owner of ERA Justin Realty. “Your lender will give you a letter stating how much you can safely afford to spend on a home.” 

 Start Looking for a Home

Once you’re pre-approved for a mortgage, you can start looking for a home. There are a few things to keep in mind when you’re searching for a home:

• Location: Consider your commute to work, your proximity to schools, shops, restaurants and entertainment.
• Size: Make sure the home is the right size for your needs. 
• Condition: Inspect the home carefully for any repairs that may be needed.

Make an Offer

When you find a home, you’ll need to make an offer. “The seller may accept your offer, reject it, or counteroffer,” says Calamari, “A knowledgeable real estate agent will examine comparable homes and make sure your offer is competitive enough to be the winning bid, but not more than the home is worth.”

Close on the Home

Once your offer is accepted, you’ll need to close. This involves signing the mortgage documents and paying the closing costs. Once you sign on the dotted line, you’ll be the official owner! Now you can start enjoying all the benefits of homeownership, like building equity, getting tax breaks, and making your home your own.

If you’re ready to break free from rent this July, give Carol D. Calamari or any of the agents at ERA Justin Realty a call at 201-939-7500.