September Newsletter

Hello September!

It was a busy and profitable spring for my clients. I'm excited to share that they all did exceptionally well. But in the fall I am turning my attention to buyers and the fall market is officially underway! As our second busiest season, we've already observed the largest jump in inventory since spring, providing a good selection of properties for buyers to choose from. While multiple offers are still common, the urgency typically seen in the spring is somewhat reduced during autumn.

In the spring, it's not unusual to see anywhere from 6 to 12 offers on a desirable property, driven by eager parents aiming to secure a home in time for school enrollment. In contrast, fall offers generally range from 4 to 8, though this can vary based on the condition and location of the property. Exceptional homes will always attract many enthusiastic buyers, like 9 Collinswood in Maplewood, which accepted an offer on its first day on the market and bypassed the public open house,

Offer prices this season are mirroring those of the spring, and we remain optimistic that they will hold steady until next spring. The recent drop in interest rates is particularly advantageous for price-sensitive buyers, enabling them to afford more house for their money. One client was able to snag an interest rate under 6%!

As always, staying informed and prepared is key to navigating the fall market successfully.

Buyers: What constitutes

a winning offer?

Educate Yourselves on Housing Price Trends

If I haven’t made one already, ask me to create a Compass Collection of local properties on the market that will allow you to follow properties through their sales process and gain insight into pricing trends. Pay attention to both the list price and the final sale price. For example, in Montclair it's not unusual for sales prices to be 30%-40% over the list price. This will help you focus your search.

Get Preapproved for a mortgage:

Mortgage Brokers are valuable resources as they often have early insights into market trends and can offer a variety of loan products to help you compete with cash offers. Also, being preapproved means you won't have to scramble to get financing in order when you find your dream home and want to make an offer.

The Importance of having a Local Mortgage Broker:

Local mortgage brokers are familiar with microtrends and well-acquainted with local agents. Familiarity translates to “trust” which can make your offer more attractive. Local mortgage shops are also more responsive to their clients’ questions. Chase Bank could care less who your real estate agent is, but you can bet our local mortgage brokers, who depend on our referrals for their business are going to return your call quickly.

Familiarize Yourself with (Winning) Offer Conditions:

This can be the difference between winning and losing a property. I am happy to discuss any of these with you in detail.

• Waiving Appraisal or Setting a Generous Appraisal Floor: This can make your offer stand out and compete with cash. I highly recommend a conversation with your mortgage broker about this strategy so you feel a comfort level to offer this condition.

• Limiting Inspection Contingencies: Limit conditions to structural, environmental, or safety issues to make your offer more appealing. This condition signals to sellers that you aren’t going to nitpick over little issues, while still protecting you from anything adversely affecting your investment.

• Generous Inspection Credit: Offering a substantial inspection credit (no less $5,000+) can also make your offer more competitive.

• Flexible Close: Likely the easiest thing to acheive. Mortgages are being approved faster these days. In addition, you can go one step further and ask your lender to move forward with the underwriting process and get a committment letter.

By following these steps, you'll be better prepared to successfully navigate the fall market and increase your chances of winning the home you desire. If you have any questions or need further assistance, don't hesitate to reach out!

Fall Home Care

Home prep for the upcoming colder months is critical to extend the life of your home and reduce the potential for expensive problems. These are some tasks to consider to prepare your home for the upcoming months. If you need recommedations for contractors, do not hesitate to reach out.

Your Gutters

If you haven’t already arranged for a gutter cleaning service for the autumn, you should do so before the leaves start to fall. A clogged gutter will wreak havoc on a house, not only on the outside but on the inside of the home as well. If water is prevented by a leaf clogged gutter from flowing down, it will find any means of egress available.

Your Furnace & Chimney

Call your plumber to service your furnace before the weather cools, they get very busy once it gets cold; do the same for cleaning your chimney.

Your Trees

The lack of rain has been stressful on trees so don’t forget to do a deep water (30+ minutes) at least once a week. We have really big trees, and they need lots of water to keep their roots deep in the earth to stay upright and healthy. This week’s forecasted rain will not make up for our arid fall. In that vein, fall is a good time to arrange tree pruning. This is not cheap but it’s better than having an oversize limb on your roof or car.

Local Happenings

September 27

"Chasing Hope: A

Reporter's Life"

Montclair Public Library, Succeed Together's Montclair Literary Festival and The Montclair Local hosts New York Times Op Ed columnist and bestselling author Nicholas Kristof and Stephen Engelberg, editorial director of ProPublica, in conversation about Kristof's memoir, "Chasing Hope: A Reporter's Lifel.

September 29

Walnut Street Fair

Charming Walnut Street hosts a street fair every year and it keeps getting better. It is a great way to spend the day, hit the Farmers Market, grab some coffee at Red Eye or The Corner, and then hit the fair!

October 18-27

MFF

The thirteenth annual Montclair Film Festival will entertain film lovers and professionals from across the region and country with ten days of compelling independent films, comedies, documentaries, panels, family events, and work by emerging artists. Early access for tickets begins September 30, tickets to featured films sell out fast.

October 13

Maplewood Art Walk

Every fall, Maplewood Village hosts the annual Art Walk and Music Fest. This family-friendly celebration of art and music takes place on the streets of the Village. Spend the day downtown as professional artists set up on the streets, alongside musicians and bands, merchants, and children’s activities. It’s the perfect time to acquire some new art, ceramics, or handcrafted jewelry, browse in local shops, and sample local eateries.

October 19

AAPI Montclair’s annual Diwali festival

AAPI Montclair’s annual Diwali festival returns to the iconic Montclair Art Museum. This vibrant gathering honors the diverse cultural traditions of the South Asian diaspora. Spend the afternoon at the Montclair Art Museum enjoying live performances, interactive arts & crafts, learning about South Asian NGOS and Indian textiles, hearing from South Asian authors and delighting in sweet and savory bites from food trucks. With your ticket you'll also get an opportunity to explore the galleries at the museum. 

October 19 - 20, 12PM-5PM

Manufacturers Village

East Orange

For 18 years, the 65+ artists at historic Manufacturers Village in East Orange have welcomed the public into their creative studios each fall. This October 19-20, explore the work and spaces of professional painters, sculptors, woodworkers, quilters, designers, printmakers, photographers, multi-media artists and more. If you are a seasoned art lover, or a budding collector, this is a great opportunity to meet, and purchase art from local working artists.

October 25, 7PM-11PM

Montclair Book Center's Haunted Labyrinth

Join the shops (Montclair Book Center, White Rabbit, Black Heart, DollyMoo, & East Side Mags) on Glen Ridge Ave in downtown Montclair for a delightfully frightening experience. Encounter ghostly apparitions, creepy creatures, and hair-raising surprises at every turn. Whether you're a horror enthusiast or simply seeking a thrilling night out, this event is not to be missed!

Lifestyle Tips and Tricks

15 Secrets to Selling Your Home Fast

Great photos, fresh curb appeal, and the right asking price are just some of the ways you can close the deal quickly...

Courtesy of U.S. News

New Homes are Getting Smaller...

That could be big news for first time home buyers...

Courtesy of CNN

Coming Soon

Great Is Cape!

You will feel like you are on vacation in this spacious 3 Bedroom 2.2 Bath Cape in the Saint Cloud section of West Orange. Close to NYC Shuttle, The South Mountain Reservation, Turtle Back Zoo, the Skating Rink, and 2 elementary schools, this the perfect opportunity for young couples, families, and downsizers alike.

Set on almost a quarter of an acre, this lovely home has been completely refreshed for new owners. The spacious first floor includes an airy, formal living room, dining room as well as a den/bedroom and full bathroom and a large eat in kitchen.

Upstairs there is a refreshed main bathroom with new tile and vanity, new carpeting, a large spacious master bedroom and 3rd bedroom. Both with tons of storage.

The walkout basement will be the scene of Sunday Football watching, arts & crafts, and Yoga sessions. Maybe all at once! Double car garage, and a large level yard makes this house the perfect package!

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

Meredith Bergmann

Lic. Sales Assoc.

Principal Agent

M: 917.355.4074

O: 973.310.7360

[email protected]