October 2023 Newsletter

C R I S P 

The weather is changing - and so did the real estate market this September. It was odd: homes that normally would have been snapped up in a weekend, sat on the market an extra week (or 2). It was a shock to listing agents and sellers who felt they had the upper hand. The holidays, reduced buying power resulting from higher mortgage rates, aversion to renovation and buyer fatigue have set in, making September a let down for sellers. While prices didn't drop, fewer buyers were looking. Buyers who were actively looking, had the benefit of avoiding hectic bidding wars. Sellers who did not get their price have the luxury of holding off until the spring, the most popular buying season. Homes that sold significantly over with multiple offers were renovated, convenient to NYC transportation and possessed architectural charm.
 
If you are a homeowner and considering selling, the market remains in your favor. If you are expecting the bidding wars of 2022, you may have to work a little harder to get those 2022 results by freshening your property. New coats of paint, updated lighting fixtures and staging go a long way to improve buyer impressions. If you are thinking of putting your home up for sale in the next 6-12 months, do not hesitate to reach out and we can discuss the market opportunities. 
 
And feel free to check out my reviews of recent past listings.
 
For buyers, these next few months could be an opportunity to experience a calmer, more "normal" buyer's market. While its not a bargain hunter's paradise, you will find your competition has less urgency. Homes that are renovated are still going for a premium, but if you don't mind a property that needs updating, you could find yourself in a home before Christmas!

Recent Sales

Local Events

Little Gems to fill your memory book...

Pumpkin Bumpkin?

It wouldn't be an autumn newsletter without the requisite pumpkin picking guide and this year is no exception! TBH, I love a good patch, and I'm always the one who walks out with more orange squash than any one person could use. Check out this great pumpkin patch guide from Mommy Poppins. And if you don't feel like schlepping, there is the annual pumpkin patch at St Lukes Episcopal Church in Montclair. Most kids won't notice the difference...

Farther Field:
STORM KING ART CENTER

Every Autumn my family packs a picnic lunch and makes a special pilgrimage out to the Storm King Art Center. Set over 500 acres in the lower Hudson Valley, the park features sculptures from the world's most renowned artists: from DeWitt to Lichtenstein to Maya Lin. It's a beautiful way to spend a fall day, and painfully instagrammable (before there was such a thing) - Holiday Card photo opportunities abound! And for you shoppers, Woodbury Commons is around the corner. Shopping and culture in a single day. 

October 20-29 1st

Stars Out

Flicks galore at Montclair Film's 12th Annual Festival! You can't get anymore home grown than this! This year's headliner is Martin Scorsese. Film Professionals from across the region and country converge over ten days of independent films, comedies, documentaries, panels, family events, and work by emerging artists.

October 15

Walk this way

Winding it's way down Baker Street, the annual Maplewood Art Walk and Music Fest is back with more artists and a 3rd stage! Maplewood Ave, Highland and Baker Street transform into a pedestrian thoroughfare for art and music on Oct 15. If you are considering Maplewood as a home base, this is a great way to get to know the community.

Home Care

Maximize Property Value After a Disaster

The first 48 hours are critical to mitigating the costs of restoring a damaged home or business.

Courtesy of NAR

Fall Tasks

Have Furnace checked for the winter season
Keep gutters clean throughout the season - especially once the leaves are all down. Leaves in the gutters during the snow is a big reason for interior leaks.
Have Chimney and flues cleaned for winter season
It is a great time to plant! From trees to shrubs to bulbs, this is when the roots establish themselves. FYI - daffodils is one of the few things that deer will not eat.

 
Real Estate in the News

Read between the Headlines and you will find real wisdom

The Wall Street Journal continues to put out good articles on Real Estate. Now that Wall Street has a bigger stake in the single-family-home business (about 30% of homes sold to investors in 2022), their articles have a better perspective on the residential real estate market. 
 
There is good news for buyers in "Wall Street thinks homes are overvalued". On the face of it that sounds like a bad sign, but really it's a welcome change. Investor-buyers came with cash and targeted modest homes that were desirable to 2 demographics: down-sizers and first-time homeowners. Removing 30% these properties from the end-user buyer market stymied the ability to free up mid-sized homes and apartments. As investors swooped in, elbowing out the competition, prices for these properties rose considerably. Now with the higher prices, debt and property maintenance, the margins have shrunk (it always about the margins) and so has the investor's appetite to purchase these properties. Don't fret that investors are turning away from the market as investors look a SFH differently than buyers. In fact values are forecasted to continue to rise in Essex county for the next 12- 18 months* 
 
"Investors may be underestimating the housing market, though. There is a shortage of single-family homes in the U.S., versus a potential glut of apartments if all the projects currently in the pipeline actually get built."
 
In the next article, "No One Wants To Buy a Fixer Upper" reflects the sentiments that buyers are feeling: 
 
"The drop in demand for un-renovated homes is mostly driven by high mortgage rates, buyers and their agents said. Fixer-uppers are always a risky proposition for buyers, but now they are more costly as the rates for home loans and construction loans have both increased, on top of high property prices... Most home buyers right now simply don’t have enough money left over to invest in major repairs or remodeling". 
 
Despite this, in some markets (like ours), where inventory is still low and continues to be, demand exists and sellers remain in control. 
 
"In some real-estate markets, so few homes are for sale that buyers may have little choice but to purchase one that needs work, real-estate agents said. In other areas, bidding wars remain common and buyers can still get top dollar for unrenovated houses—it just may take longer." 
 
If you do not have a WSJ subscription and would like to read these are articles, do not hesitate to reach out. 
 
* Jeffrey Otteau Housing seminar Fall 2023

Featured Listings

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Downtown Montclair, NJ
 
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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
Read my Reviews!

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.