home prices

Home Prices In Q1 2023 Fell

Home prices in Q1 2023 fell in more parts of the US than they have in over a decade with a third of metro areas posting annual price declines.

Home Prices Fell In September From August

Home prices fell in September from August, the first time prices have declined for 3 straight months in nearly 4 years.

Performance Property Real Estate Question

How Far Will Home Prices Go Down

Q: It looks like home prices are going down now finally. How far will home prices go down? Victor, Livingston, NJ A: Home prices have cooled in many local real estate markets but not in all real estate markets. Every local real estate market is different and the pace of home price declines will vary from market to market. In fact, some local real estate markets may not see home price declines at all. It depends on the town and ultimately on the specific neighborhoods in each town. Averages are misleading and some towns and areas simply have more sustainable home buyer demand regardless of current macroeconomic conditions like interest rates and the current state of the economy. For more […]

US Home Prices Slid In July From June

US home prices slid in July from June, the first monthly drop in years.

Home Prices Soared For A Second Straight Year In NJ During 2021

Home prices soared for a second straight year in NJ during 2021. After climbing 12% in 2020, they gained about another 15% in 2021.

Home Prices Are Rising Much Faster Than Personal Incomes

Home prices in the US are now rising much faster than personal incomes.

How Rising Home Prices & Job Recovery Will Affect Rents

Q: Rents seemed to go down in many places during the pandemic. Do you think that will continue? Jules, Montvale, NJ A: Rents are actually rising precipitously in many local real estate markets now because of two main reasons: 1) jobs recovery (almost 90% of jobs slashed during the pandemic have been recovered 2) many first time home buyers can’t afford current home prices which have risen nationally 20-25% on average in the last year and job gains are creating more rental demand. In addition, the eviction moratorium has reduced the availability of rentals. High home sale prices have resulted in falling new mortgage applications and the % of home sales to first time home buyers has fallen recently. The […]

Home Prices In NJ Increased 12% In 2020

Home prices in NJ increased 12% in 2020 and are expected to increase at about the same rate in 2021.

When Will Home Prices Fall

Q: When do you think home prices will fall? Scott, Edgewater, NJ A: Whenever home prices increase faster than incomes, a home price correction is inevitable. Home prices in NJ rose almost 12% in 2020—this huge increase was not the result of local real estate market fundamentals, but rather was caused by fear of coronavirus. Although incomes in general did surprisingly increase in 2020, incomes certainly did not increase as much as NJ home prices. Therefore, sometime in the next few years perhaps in 2023 there will be a downward home price correction as local real estate markets in NJ approach market equilibrium. Thanks for your question, Scott. Good luck. For more real estate tips and information visit my blog […]

Home Prices In NJ Rose 11.6%

Home prices in NJ rose 11.6% in 2020.

US Home Prices Are Rising At The Fastest Rate

US home prices are rising at the fastest rate in 2 years as home inventory levels are down 17% since the same time last year.

Median Home Price Increases

The national median existing single-family home price increased 4.8% annually in the third quarter.

Home Prices Outpace Wages

Home Prices In 80% Of US Cities Grew 2x Faster Than Wages.

Are Home Prices Overvalued Now?

Q: Home prices in my area are crazy. Do you think home prices overvalued now? Kenny, San Jose, CA. A: In your city, San Jose’, Kenny home prices have risen faster than I have ever seen in the 18 years I’ve been doing real estate (80% in 5 years!) Home prices at any point in time reflect current demand, so the run up on prices in silicon valley where you are and in Seattle are largely the result of the tech boom. In your area and in other tech boom areas, the big risk to home values occurs if and when the tech sector takes a nosedive. More generally, the share of cities with overvalued housing markets now is half […]

Major City Where Home Prices Have Recently Declined

Q: Are home prices rising everywhere nationally? Sarah, Brooklyn, NY A: The Case-Shiller Index condo price index in New York City fell in April from March, down 0.5%. A one month dip does not a trend make, nevertheless it is remarkable that the one major city where prices have dipped is in the Big Apple where real estate prices have been on fire for some time. Incidentally, rents have also come down a little recently in Manhattan as well. In general, prices cannot continue to go up forever in any place which is why it’s so important that you track and monitor your local real estate market. Thanks for your question, Sarah. For more real estate information and tips visit my […]

Home Prices Rising

Home prices picked up steam in the first few months of the year.

Home Prices At All-Time Highs

Nearly two-thirds of U.S. housing markets have recently seen home prices hit all-time highs.

Total Value of All US Homes

The total value of all homes in the U.S. increased in 2017 to a total $31.8 trillion.

Biggest Threat To Real Estate In 2017

Q: Gerald, I keep hearing that we may be in another real estate bubble and everyone’s talking about interest rates going up, what should I be looking out for in 2017? Jasmyn, Bowie, MD A: Hi Jasmyn, thanks for your question and happy new year. There are plenty of real estate trends on the horizon to keep an eye on but one of the biggest challenges to real estate in 2017 is housing affordability. Home prices on average nationally are rising at 5 percent annually, which is double the rise in income–as I’ve said before, when home price increases outpace personal incomes, there’s only a matter of time before home prices fall because people’s incomes simply can’t support those inflated […]

Home Prices Outstripping Inflation

Home prices are rising twice as fast as inflation according to Case-Shiller Home Prices Indices.

US Home Sales Surge

US new home sales posted their strongest month in more than 8 years in April of this year, while prices jumped to a record level.

Testimonials

“Thanks for sharing your knowledge and for your good advice. We were able to work things out with our lender and get our mortgage loan caught up and current.”

Vaughn | Westfield, New Jersey

“Good afternoon, Gerald, I appreciate you for staying consistent and helping me with my mortgage lender for the last few months. The free guide you gave me helped us figure out the right path to take. I finally got all the money to make my loan current by the end of the week.”

Stephen Brunson | Plainfield, New Jersey

“Sir Gerald Lucas..my Knight who rescued me from the prison of Rushmore. At last I feel freedom to stop worrying about keeping myself financially afloat. You came into my life and gave me peace of mind. I will always remember your kindness and generous spirit. You are daily in my thoughts and prayers. May your gratuitous services to me be The Blessing it was,and may you be rewarded with many Blessings in return. I prayed to God for help and He sent YOU. Much love.”

Mary Elizabeth Robinson | Wilmington, Delaware

“Hi Gerald I just want to take this moment to thank you and express my gratitude for a job well done. When I thought that everything was lost you appeared and delivered hopes. Your professionalism and endurance are out of this world. Thank you thank you. I will always be grateful.”

Berkis Castro | Clifton, New Jersey

“Thank you so much for helping me. My property was haunting me for quite sometime. We tried for so long to sell but couldn’t. My family and I never thought we would resolve this problem so easily, but you facilitated the whole process and made it swift and painless. We can’t thank you enough for this.”

Sal Rizzo-Cascio | Jersey City, NJ

“Thank you so much for all your work, effort and time you put in helping me. I think things went really smoothly, way better than I’d hoped for! I’m sure it’s because of you. I really appreciate all of your help!”

Bridget Hieronymus | Jersey City, New Jersey

“I was not able to pay my mortgage and the Bank started the Foreclosure proceedings against me. I spoke with Performance Property about their process and they gave me hope. They were very diligent and did all the negotiations on my behalf. They were very professional, sincere and hardworking. I would recommend Performance Property’s services to anyone.”

Samuel Manoharan | North Bergen, New Jersey

“My family and I want to thank you so much for helping us. You did an outstanding job negotiating with our bank and keeping us informed. Thanks to your help, I now have more money to pay down bills and repair my credit.”

Marko Shafik | Bayonne, New Jersey

“If you find yourself in my situation, I highly recommend Performance Property. Always attentive, thoughtful and understanding, Performance Property will keep you informed every step of the way and will not rest until the job is done.”

Sean Daughtry | Jersey City, New Jersey

“As I began my morning today, I came to the conclusion that it was the dawn of a brand new start for my family. The burden is finally behind us. I have you to thank for that. You stuck by us, slogged through the swamp that is Chase Bank, put up with my constant questions and anxieties. I wondered if this day would come and lo and behold, it has. If good karma is to be had, I think you hit it big today. I am profoundly grateful for your hard work that has truly made a difference in our lives. We can now move forward with rebuilding our lives focusing upon a renewed perspective of what the important things in life are. Thank you again for your time and dedication.”

Melinda | Bayonne, New Jersey

“Thank you so much for all your help. I feel a huge weight has been lifted. The experience and knowledge that Performance Property provides is invaluable. In every step of the process, you were extremely courteous and professional. Thank you again.”

Gita Gorji | Hoboken, New Jersey

“Our loan modification was finalized. Got all the documents. Even got legal documents stating that foreclosure proceedings were cancelled. Our rate went from a 4.75 to a 3.4 and our mortgage payment went down almost $200 a month. So all is good. Thank you so much.”

Crystal | Totowa, New Jersey

“Finally the bank called me and said that my loan modification was approved! I thank you so much for your help it really meant a lot to me...I really appreciate you. Thank you Thank you Thank you”

Camille Perry | Newark, New Jersey

“Hey Gerald wanted to give you a heads up that they offered me a loan modification. Thanks for all your help!"

Robert Evans | North Arlington, New Jersey

“I appreciate everything you were able to do with my lender, I am immensely grateful to you."

Carol Cunningham| West Orange, New Jersey

“Thank you so much for your help, Gerald. I feel like a huge weight has been taken off me."

Iradys Rivero| North Bergen, New Jersey

“At this point, Gerald, you are the only person I can trust. I appreciate all your efforts to assist me."

Deborah Dowe| Plainfield, New Jersey

“I want to thank you for helping me to get the courage to work on this problem because I didn't want to face it. Your help with the phone call to the mortgage company & other assistance was so appreciated. Thank you so much."

Evelyn Rudnicki | Rochelle Park, New Jersey

“I'm not trying to be a pain in the neck but I would like to thank you for your advice. I think things are going to work out for me. I did exactly what you told me and I think the mortgage company is going to work with me. I appreciate your advice. You are a Godsend. The world needs more people like you. Thank you and God bless you."

Jimmy Armstead | Roselle, New Jersey

“My mortgage problem is resolved. God bless you for all your help. You are a very good man, Gerald."

Virgilio Rodriguez | Paterson, New Jersey

“I followed the instructions Gerald from Performance Property gave me and I proved to my lender that I can pay back my mortgage.”

John Nikoe | Linden, New Jersey

“God bless you.”

Ravinder Thota | Jersey City, New Jersey

“My bank gave me a permanent loan modification. Thank you very much!!”

Jim Armstead | Roselle, New Jersey

“You helped me a lot more than the lawyer I hired. I should have gone to you in the first place. You were very kind. Thank you so much.”

Aileen Collucci | Little Falls, New Jersey

“After speaking with you I feel like I can wipe the sweat from my brow.”

Barbara Herbert | Union, New Jersey

“You have been my saving grace. Thank you so much. I really appreciate it.”

Amoy Frost | South Orange, New Jersey

“Thank you very much. I appreciate all your help.”