August 2025 Newsletter

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If you read anything from me, make it this edition because whether you are a buyer or current home owners it’s been an eventful summer in real estate, and there are critical new policies to catch you up on. Plus, with cooler weather on the horizon, PSE&G is rolling out some excellent programs to help you save on energy costs. Keep reading for all the details.

Real Estate News

State of the Market

After years of a frenzied seller’s market, this summer signaled a shift. The housing market, always quick to flinch at financial headwinds—high prices, elevated mortgage rates, tariff chatter—saw buyers hit pause. In June, homes that once sold in days lingered two, even three weeks. Canceled contracts spiked as jittery buyers pulled out at the fastest pace in years.

The slowdown was most visible in the Sunbelt and South and Midwest, where open land and new construction give buyers options. Northern NJ is a different animal: yes, days on market stretched and some contracts fell through, but prices held firm. For sellers, the takeaway is clear—your home is still desirable, it just may take a more effort and little longer to close the deal.

Finally, if you plan to sell, know that today’s buyers expect value for the premium prices they’re paying, which means they’re looking for homes that feel well cared for. Properties that achieve the highest prices are typically updated — but that doesn’t mean a full renovation is required. What has become standard, however, is staging.

I’m a firm believer that investing in preparation pays off. The return on investment is real when you put time and resources into getting your home market-ready. Want proof? Take a look at our case study page for some fun (and rewarding) before-and-afters.

From SALT to Sold:

What Policy Shifts Mean for NJ Real Estate

If you follow my Instagram, you know that there are two significant changes to real estate’s economic policies that will affect homeowners and home buyers. SALT (State & Local Taxes) deductions has been temporarily reinstated to up to $40,000 for married couples earning less than $500,000 annually. That’s a big bump in savings for homeowners as well as being a big help for buyers with the tax deduction increasing their purchasing power.

NJ Mansion Tax Switches Responsibility to Seller

If you are planning to sell, the Mansion Tax, the levy on the sale of homes over $1M which had traditionally been paid by the buyer, has been shifted to the seller responsibility. The tax used to be a flat fee of 1%, but it is now graduated depending on the sale price of the property. Likely this was a concession for buyers who have had to contend with skyrocketing home prices and higher interest rates. While this adds 1–2% in closing costs for sellers, most homeowners have seen equity gains of 40% or more over the past seven years—far outweighing the impact of the tax.

Sale Price

New Mansion Tax Rate Schedule

$1M–$2M 1%. $3M–$3.5M 3%

$2M–$2.5M 2%. $3.5M+ 3.5%

$2.5M–$3M 2.5%

Lower Your Heating Costs With Home Insulation & No Money Down

As a real estate agent, I often come across interesting homeowner projects, and one in particular prompted me to take a closer look at my own home: the PSE&G Energy Efficiency Program.

This summer, after years of drafty winters in my 110-year-old house, I finally had my attic evaluated. The insulation likely hadn’t been updated since the 1980s, and with a large attic, any drafts can significantly impact overall energy efficiency.

Through the PSE&G Energy Efficiency Program, I had my home evaluated. No surprise—a century-old house was due for some efficiency upgrades. The program provided me with a list of participating contractors, and the estimate came in at $11,500. The proposed scope of work included:

• Removing outdated insulation

• Sealing air leaks

• Installing cellulose fill (after a thorough explanation of its benefits over fiberglass)

• Adding attic catwalks and a retractable ladder for better accessibility

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The program provided $7,500 in incentives, and the remaining balance will be financed over 84 payments, conveniently added to my monthly energy bill.

Given how much heating and cooling loss likely occurred over the years, I’m eager to see the impact on future utility costs. I’ll be sharing updates on whether the investment translates into measurable savings.

Local Happenings

Maplewood

(Late) Summer Streets

Saturdays

Aug 30 - Sept 30. 5-9PM

To start the Autumn season, Maplewood Ave (between Highland and Inwood) turns into a pedestrian plaza where the only traffic is strollers, shoppers, and people deciding between cocktails or ice cream (both). There is live music, outdoor dining, late-night shopping, and that perfect small-town-meets-summer-festival vibe.

Lettuce Celebrate:

Your Guide to Essex County Farmers Markets

It’s peak season at the farmers markets which means tomatoes are bossy, peaches are showing off, and corn is impossible to walk past without taking a few ears home. The stands are packed and some vendors (we see you Jed's Bread Craft) already have long lines by 8.30AM. Go early and often - there is a market for almost every day of the week!

A Little Comedy

Thursday September 11 8PM

Fresh from his world tour (apparently he killed in Amsterdam and Rotterdam), Chase Shanahan brings his show to Montclair's Silver Stream Studios. Tickets are $10 at the door.

Montclair Jazz Festival

Saturday September 13 12PM

Once again the streets of Downtown Montclair will be filled with the sounds of Jazz. Every year Christian McBride and his Team at Jazz House Kids produce a world class Jazz Festival. This year the festivities will move to its new site on the eight-acre historic Lackawanna Station, transforming once again the downtown corridor of Montclair, NJ into a vibrant arts and culture hub.

Lifestyle Tips and Tricks

What To Do with My Trinket Tray Gift?

I have to admit I am feeling a little prescient because if you bought or sold a home with me recently, you received my client appreciation gift of a vintage brass trinket tray. Maybe my frenzied buying spree of 70+ brass trinket trays (let's face it folks - they are old ashtrays) across Etsy and Ebay might have signaled some sort of content radar because here are two articles singing the praises of these handy little pieces and where and how to use them around the house.

4 Home Maintenance Tasks to Do Yourself, and 4 to Outsource

There are definitely things you should NOT do yourself. Unless you grew up in a family of contractors, electricians or plumbers - or you built your own house and passed all inspections. Here are practical tips to help you choose the best approach for different projects.

Courtesy of Real Estate US News

Read This Before You Paint Your Front Door

Thinking about updating your front door? A few expert tips can make all the difference in getting a polished, lasting finish.

Courtesy of HGTV

Featured Listings

You wanted to live in Georgetown, but your job got you transferred in NYC. "We need you in the Big Apple", they said. So you search for a community that mirrors the vibrant yet charming DC neighborhood you adore and found Montclair NJ. This Mediterranean craftsman has everything: 6 Bedrooms, 3 renovated baths, gorgeous details, a sunroom overlooking the yard, renovated kitchen and only a 10 minute walk to town and 11 to the train to NYC. Coming to market in September. Contact me for details.

SOLD - Montclair

44 Beverly Road

5 BD 5 BA .18mAC $1,810,000

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Meredith Bergmann

Lic. Sales Assoc.

Principal Agent

M: 917.355.4074

O: 973.310.7360

[email protected]

MeredithBergmannHomes.com