January 2024 Newsletter

The Quiet Season

Here we are at the cusp of another real estate season. At this time of year inventory is low while agents and sellers are busy prepping homes for the spring market. Typically the "spring season" begins after the Superbowl when warmer weather is just around the corner. Spring is the most popular real estate season with families driving the volume, hoping to secure a property in time for to enroll their kids for the upcoming school year. People have been asking me "how is the market". For sellers, the market remains strong; although we had a lull over the fall season, I attribute this to three reasons: high mortgage rates, elevated home prices, and buyers pausing their search until the mortgage rates are rumored to drop in 2024. Despite the lull, sale prices were up 3.5% from the previous September and 5% for the overall year. Home prices are expected this year to rise - ever so slightly - the era of seeing a 20% increase in real estate value are behind us.
 
If you are a buyer, and you are looking a home that you plan to live in the next decade, the good news is that mortgage rates are expected to drop over the course of the next year and the Spring Market will see a rise in inventory. I have several properties coming on across multiple towns in different price ranges. If you have flexibility with school enrollment, consider the fall season as buyer competition is reduced. Additionally, mortgage brokers are a creative bunch, aside from coming up with new products to make your mortgage rates more affordable, you can refinance in the future. If you need mortgage brokers, contact me for recommendations. 
 
In the end, your home, while it's an investment, it is also the place where life happens, where you build community, and create memories. So let's get out there!

SOLD 2023, Estate District, Montclair, Private Sale

Local Happenings

Century: 100 Years of Black Art at MAM

The largest of its kind in the Museum’s history, this exhibition celebrates the dramatic growth of MAM’s collection of works by Black artists. Century is organized around six major themes that highlight how art has long been a living, generative force in Black life.

January 27

RING IN THE YEAR OF THE DRAGON WITH AAPI MONTCLAIR!

Celebrate the Year of the Dragon with AAPI and the Montclair Art Museum! Festivities will kick off at 11:30am. This exciting event featuring performances, local Asian cuisine, and a vibrant night market atmosphere. Don't miss the captivating acrobatics of the Lion Dancers and the mesmerizing sleight of hand from the Face Changer. Join in the Dragon parade! Last year it was a blast, huge kudos to all the organizers!

February 2-3

The Glen Ridge Antiques Show

The Glen Ridge Antiques Show, held annually in February, is a well-established event that provides a delightful escape from the mid-winter doldrums. With a history spanning 77 years, the show draws over 30 established dealers from Pennsylvania, New York, New Jersey and Maine, offering a diverse range of antiques. Attended by more than 1,000 people each year, it's a must-visit for antique enthusiasts.

Newark's Newly Restored Ballentine House

If you read Architectural Digest, you might have caught the article about Newark Museum's Ballentine House's $12 million restoration project to revitalize the ornate interiors of this New Jersey institution. The mansion, built in 1885 and designed by George Edward Harney, this home features the work some of America's most revered artisans, from Tiffany windows to Belcher ceramics. Art installations from contemporary artists throughout the space connects the past to the present and lends relevance to this thoughtful updates. And events like Escape from Ballentine House make this new resource interactive and immersive. 

Real Estate in the News

The 10 Best Real Estate Markets for 2024

A stubborn lack of inventory and high mortgage rates kept many prospective homebuyers at bay for most of 2023. But as we head into the new year, which markets are poised to see the strongest combined increase in home sales and listing prices?

Courtesy of USA Today

Lifestyle Tips and Tricks

Confessions of a first time homebuyer: 3 Costs that shocked me

Don't let these common home costs surprise you, Here's how to budget and prepare for them as first time home buyers.

Courtesy of US News

Pantone Color of the Year 2024...

"In seeking a hue that echoes our innate yearning for closeness and connection, we chose a color radiant with warmth and modern elegance. A shade that resonates with compassion, offers a tactile embrace, and effortlessly bridges the youthful with the timeless." 
 
- Leatrice Eiseman, Executive Director, Pantone Color Institute 

Courtesy of Pantone

8 Interior Design Trends Going Away in 2024

Are you planning to renovate your home or give it a refresh in 2024? Trends have been interesting for the past few years...

Courtesy of Forbes

OTHER SOLDS 2023

Bloomfield

6 Winsor Place

4 BD 2 BA $853,000

Bloomfield

10 Winsor Place

5 BD 2 BA $925,250

Montclair Center

200 Park Street

5 BD 5 BA $2,750,000

Lower Wyoming

253 Highland Road

5 BD 5 BA $1,405,000

Don't hesitate to reach out for any real estate advice. And feel free to send article or event suggestions! 

Reach out to chat!

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

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.