November 2023 Newsletter

Giving Thanks 

I would like to take a pause on this holiday, to THANK-YOU, for your business, your kind words about my services and friendship. I love what I do and of course my clients are the reason my job is so fulfilling.
 
As November settles in with its crisp air and warm colors, on the surface, it would seem that the the real estate market has quieted down. In reality, it has been busy. We are prepping homes for the Spring Market, planning improvements schedules, meeting with handy men and contractors, and arranging photography for early spring listings. 
 
In this issue:
Read about the state of the market, future market forecasts, interest rates and an update on about urban infrastructure and how it will effect your property value. 
You will also find links to October Market Reports 
A list of organizations that are accepting donations for the holiday season so you can pay it forward
 
 

Market Conditions

Continued Buyer Interest in Northern NJ: The anticipated trend of heightened interest in Essex County properties is set to persist into spring.
 
Continued Price Increases: Throughout October, there was continued growth in home prices throughout Essex county. The combination of limited housing inventory and strong buyer demand has contributed to the steady rise in prices. This pattern is anticipated to continue as we approach the end of the year. On the bright side for buyers, is that inventory also increased.
 
Interest Rates : After a seven-week climb, interest rates have finally relaxed. Nevertheless, the Federal Reserve... "has not ruled out a hike before year-end. Alongside geopolitical uncertainty, this uncertainty regarding monetary policy is expected to influence the broader economic environment and could potentially hinder progress in the housing market,” stated Sam Khater, Chief Economist at Freddie Mac.
 
Infrastructure Improvements means increased value: The Biden Administration has designated $4.48 billion in federal funding to improve transportation and infrastructure throughout New Jersey. A substantial portion of this allocation, $3.8 billion, is dedicated to building a new Hudson River Tunnel and rehabilitating the current 113-year-old tunnel, which serves Amtrak and NJ TRANSIT passenger trains. This significant investment aims to ease train congestion and provide benefits to the estimated 200,000 daily commuters. These endeavors not only offer the potential to improve commute times but are also expected to have a positive effect on property values in regions served by NJ TRANSIT.

Market Reports

October Sales Market Reports

DONATIONS

Human Needs Pantry Tuesdays + Thursdays
8:30AM-NOON
2nd Saturday of the month 10-12PM

Share your good fortune by donating holiday food supplies to theHuman Needs Food Pantry. Also accepted are new, never used items to stock their "Holiday Store." 9 Label Street, Montclair

Toni's Kitchen
St. Luke's Episcopal Church, 
73 South Fullerton Ave. Montclair

Since opening in 1982, Toni's Kitchen has provided "food and services to neighbors in ways that foster independence and respect their dignity." Volunteer to prepare meals or make a much-appreciated donation.

MEND
50 S. Center Street, #6, Orange

MEND is a hunger relief network in Essex County, NJ working to advance health equity and influence systemic change through community-driven, programming. Volunteer your time or donate funds.

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

Reach out to chat!

Meredith Bergmann
 
Sales Assoc.
M: 917.355.4074
O: 973.310.7360
[email protected]
MeredithBergmannHomes.com
@MeredithBergmannHomes
 
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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.