December 2023 Newsletter

Ho Ho Ho(meowner)!

We made it through the year! 
 
While composing this email, I'm watching Cedar Grove native Tommy DeVito guide the NY Giants to victory against Green Bay, with our local plumber (Tommy's dad) and my sprinkler guy (his best friend) cheering enthusiastically from the stands. Even if you're not a football fan, it's a heartwarming tale of a third-string quarterback, who, having grown up rooting for the NY Giants, is now spearheading a late-season team turnaround.
 
Unlike the Giant's early season, the real estate, the market remain similar since my last email, steady and strong. While the Inventory remains low (1.63 months of supply as opposed to pre-pandemic levers of 3-4 months), the high interest rates put off buyers this fall and homes entering the market had less offers and sat longer. It was actually a great opportunity to purchase. Despite this, home* sale prices still continued to rise this year from last year: 
 
NOV 2022 NOV 2023 CHANGE
 
Montclair $1.5M $1.6M +3.9%
 
Glen Ridge $1.2M $1.4M +13.8%
 
South Orange $1.0M $1.2M +14.3%
 
Maplewood. $1.2M $1.3M +4.3%
 
West Orange $805K $825.2K + 2.5%
 
Bloomfield $540K $650K +20.4%
 
Buyers: Anticipate a healthy inventory during the spring season. Furthermore, mortgage brokers are forecasting a potential decrease in rates. We are optimistic about seeing rates in the mid 6% range by spring. Stay connected with your mortgage broker to get ready for the upcoming buying season.
 
Sellers: Despite buyers being more discerning, your home remains a sought-after commodity. With careful preparation, you can expect a favorable return on investment if you decide to sell.
 
During the initial months of the new year, I'll be guiding clients and managing the preparation of their homes for the spring market. If you're contemplating selling your home, now is the perfect opportunity to get in touch! My team of professionals and I are ready to assist you in preparing for the sale of your home.
 
* Statistics for FIve bedroom homes

The White Rabbit - Montclair NJ

Local Happenings

 DECEMBER 15TH ert Text Here...

Montclair Holiday House Tour

See some of Montclair's most beautiful homes dressed up for the holidays to raise money for Montclair High School's Project Graduation

DECEMBER 10th

FESTIVAL OF TREES
Summit, NJ

>>More Info Here 

DECEMBER 16TH & 17TH

Dickens Village and Woodland Handmade Holiday Fair

Dickens Village brings to life various scenes from Charles Dickens A Christmas Carol in miniature houses arranged in Ricalton Square. Peek inside and you will see fireplaces, stockings, and antique toys. On Sunday head over to the Woodland Handmade Holiday Fair to shop for handmade local gifts

You're Gifted

Home: The Curated Home & Living, Howell, Rabbit Rabbit
For Her: Monty, Dot Reeder, Muse
For Him: The City Workshop
Inexpensive but Lovely (or funny) Host Gifts: The White Rabbit, Gift Bar, Vesta Chocolates , Jerry's Antiques  (pictured above, for fantastic ornaments selection)
Books: Watchung Bookseller, Montclair Book Center, [Words]

Real Estate in the News

Increasing Housing Inventory by Mandating Corporate Divestment of Single-Family Homes 

In the previous year, I discussed the trend of corporations purchasing single-family homes, leading to reduced inventory and increased prices. In 2022 almost 30% of SFH were purchase by investors. This year, Congress has put forth two bills: the "End Hedge Fund Control of American Homes Act of 2023" and the "American Neighborhoods Protection Act." that mandates that these companies divest their inventory over a 10-year period or face annual fees. Although it's unlikely that the bills will pass this year, there is hope that Congress will acknowledge the role of corporate ownership in contributing to the housing shortage in the United States. You can find more details about this in articles from The New York Times or Yahoo Finance.

Little Changes/Big Impact

As a real estate agent, one crucial lesson you learn is that a little efforts and investment can lead to significant transformations in a home's appearance. When I guide sellers on making minor upgrades to enhance their home's marketability, the outcomes are frequently remarkable, with profitable results. I suggest not delaying these changes - you should enjoy these upgrades while you are still there! Whether it's a fresh coat of paint, updated light fixtures, new hardware, or even bold wallpaper, these simple adjustments can breathe new life into rooms. House Beautiful offers an excellent article detailing both small and more substantial changes that can be made.

Thanks for reading and subscribing! Ready to achieve your next real estate goal?

Reach out to chat!

Meredith Bergmann
 
Principal Agent
 
M: 917.355.4074
O: 973.310.7360
[email protected]
MeredithBergmannHomes.com

Office: 973-310-7360

Compass RE is a licensed real estate broker. All material is intended for informational purposes only and is compiled from sources deemed reliable but is subject to errors, omissions, changes in price, condition, sale, or withdrawal without notice. No statement is made as to the accuracy of any description or measurements (including square footage). This is not intended to solicit property already listed. No financial or legal advice provided. Equal Housing Opportunity. Photos may be virtually staged or digitally enhanced and may not reflect actual property conditions.