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Beatrice Bloom, Princeton Real Estate Agent

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MILLENNIAL BUYERS REMAIN A KEY FACTOR IN HOUSING MARKET

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Princeton Town Topics – Let’s Talk Real Estate – August 25, 2021

MILLENNIAL BUYERS REMAIN A KEY FACTOR IN HOUSING MARKET

The latest housing trends report from Realtor.com reveal that housing prices continue to grow in most markets nationwide, even though the gains have slowed in some regions. Market watchers say that an increase in the number of smaller, lower prices homes on the market are a main reason behind the current market change. The seller’s market remains firmly in place, as buyer demand remains steady.

Even as autumn approaches, buyer demand for houses in the suburbs show no indication of declining anytime soon. Buyers have had more buying options in the last month or so, as inventories are certainly higher than they were a year ago. Low interest rates remain one reason for higher demand, but there are other key factors affecting the current climate.

First, COVID uncertainty remains, and as people continue to work from home for the foreseeable future, larger homes with backyard space and room for home offices will stay firmly in demand.

Also, millennial home buyers with growing families continue to drive demand for suburban housing. This group of home buyers are responsible for higher sales in many of the hottest real estate markets.

WHY DO LAST MINUTE CLOSING DATE CHANGES HAPPEN?

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Princeton Town Topics – Let’s Talk Real Estate – July 7, 2021

WHY DO LAST MINUTE CLOSING DATE CHANGES HAPPEN?

What do you do when there are last minute changes that delay your real estate closing date? Early in the transaction process, the target closing date may change several times. Sometimes complications or processing delays can result in a last-minute change.

Common complications that can affect closing dates at the eleventh hour include delays with the mortgage loan process, title insurance issues, or inspection problems. Occasionally, unforeseen events such as natural disasters can stall a closing.

In some cases, the parties involved have some room to be flexible if the closing dates change by a few days. But if one closing is dependent on another, the situation can become more complex.

Provisions can be made to accommodate last minute changes, if necessary. For example, there are ways to allow the buyer to move in early, or the seller to remain in the home for a few days. Sales contracts can be amended. But one of the best ways to prevent many last minute issues is to have realistic contract timelines from the start.

SPRING REAL ESTATE MARKET NOW EMERGING

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Princeton Town Topics – Let’s Talk Real Estate – March 31, 2021

SPRING REAL ESTATE MARKET NOW EMERGING

The spring real estate market will be full swing in the coming weeks. Traditionally, in New Jersey and other northeast markets, the spring market emerges in April, when the temperatures start to warm up and yards start looking greener. Homebuyers who delayed their search because of snow will start up again, especially those who want to move into a new home over the summer.

Because of continued high demand, the market is fast moving, with houses selling very quickly. Although more new sellers are expected to enter the market to take advantage of rising prices, inventories remain low in many locations in the region.

Buying trends are similar to last year: buyers want more space, more rooms, and larger yards. One of the main results of the pandemic is that many people will continue to work remotely for the foreseeable future, and maybe permanently in some cases. Homes with room for a home office – either an extra bedroom or another space that can be converted for a workspace – will remain in high demand as a result. Buyers should be prepared to move quickly, as high interest and multiple offers are expected to remain the norm.

WHAT IS AN APPRAISAL GAP?

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Princeton Town Topics – Let’s Talk Real Estate – March 10, 2021

WHAT IS AN APPRAISAL GAP?

Fast moving real estate markets like the one we’re in right now can cause challenges when it comes to the appraisal of a home or property. Right now, low inventories and an abundance of buyers is resulting in bidding wars and prices are trending higher. 

But sometimes appraisals aren’t catching up with the market, resulting in an appraisal gap, or a shortage between the appraised value of the property and the selling price. Lenders will not finance a property for more than its appraised value, leaving buyers and sellers in a bind. If the gap is only a few thousand dollars, the buyer may decide to make up the difference in cash. However, if the shortage is larger, the situation may be more complicated.

This is where you let your real estate agent use their expertise. On the seller’s side, your agent may be able to challenge the appraisal with a compilation of comparable market data. On the buyer’s side, your agent may be able to negotiate a new price or split the difference. Appraisers that are familiar with the local market are able to adjust for this type of market volatility.

HOW TO SUBMIT AN OFFER THAT’S MORE LIKELY TO GET ACCEPTED

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Princeton Town Topics – Let’s Talk Real Estate – October 23, 2019

HOW TO SUBMIT AN OFFER THAT’S MORE LIKELY TO GET ACCEPTED

How to Submit an Offer That’s More Likely to Get Accepted

While it may seem there isn’t too much within your control when it comes down to making an offer on your dream home, considering using these tips to increase your chances of submitting an offer that gets accepted:

  • Understand the market. An offer not only identifies what you are willing to pay for the house but also what you think it is worth. 
  • Consider motivation. A seller’s motivation can tell you a lot about their willingness to accept a lower offer. 
  • Be timely. You have less negotiation power if the seller has been presented with multiple offers. The sooner you put in an offer, the quicker you can find out whether or not your offer has been accepted or if you will be given an opportunity to revise it.
  • Offer a higher earnest money deposit. The earnest money deposit (EMD) accompanies your offer letter. It signifies a serious, sincere commitment to wanting to purchase the house.

The home-buying process can feel overwhelming at times. Fortunately, there are things you can do to improve your timeline while also increasing the chances of having your offer accepted. Do your research, try your best to be patient, and you will be in your new home in no time.

SHOULD YOUR LIFE INSURANCE POLICY COVER YOUR MORTGAGE?

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Princeton Town Topics – Let’s Talk Real Estate – October 16, 2019

SHOULD YOUR LIFE INSURANCE POLICY COVER YOUR MORTGAGE?

Your home is one of the biggest financial investments you and your family will make. If you are the primary person responsible for paying the mortgage, have you considered what would happen if you passed away before the mortgage is paid off and who would become responsible for the payments? Unfortunately, the act of paying off the mortgage could become a financial burden to your family. So, what’s the best way to try to cover these expenses and gain some peace of mind?

When it comes to choosing homeowners’ life insurance, you may have heard about mortgage life insurance, as well as term life insurance. Mortgage life insurance only pays off the mortgage of the house, and your beneficiaries will receive no other money from that policy. So, some experts will recommend getting term life insurance instead of mortgage life insurance because it allows you to buy coverage beyond just the mortgage repayment to meet all of your family’s needs. And depending on your age and the condition of your health, the premiums, in general, tend to be lower with term life insurance compared with mortgage protection insurance. 

Take the time to make a careful, informed decision when purchasing life insurance and work closely with a trusted agent, who can help you decide on the best plan for you and your family.