Q: What homes are in hottest demand right now? Lexi, Perth Amboy, N A: Average home inventory in NJ statewide is still less than 2 months which is very low and suggests high demand for homes at most price points. Now that Millennials dominate home buying now, you might think that entry level homes at or below $400,000-$500,000 would be the hottest commodity right now, however, there has been almost a 50% increase of sales of NJ homes in the $1mil-$2.5 mil price range. This surge in buying in the $1 million-$2.5 million price range is primarily due to trade up home buying activity. Trade up home buying occurs when a homeowner sells their home and then purchases a more […]
continue reading Q: What do you think about the first time homeowner tax credit that is being discussed? Melissa, Rahway, NJ A: The housing industry is keeping a close eye on the Biden administration’s proposal of a $15,000 first-time home buyer tax credit. If the proposal is successfully passed, the $15,000 first-time homebuyer tax credit could be immediately available to homebuyers. Biden’s tax credit is more likely to pass now that democrats control all 3 branches of government. The first-time homebuyer tax credit proposal would obviously be beneficial to first time home buyers who may be struggling during the pandemic to save a sufficient down payment to buy, however, it may also make homes less affordable by pushing home prices higher. Increasing […]
continue reading Q: Is buying always better than renting? Sandy, Linden, NJ A: The first thing to consider whether you rent or buy is affordability—what can you reasonably afford? In some places like Manhattan or San Francisco, homeownership may be out of reach for many people because the price of land is so high. Overall, the benefits of homeownership certainly add up over time (tax deductions, wealth or equity creation etc.). It is unwise to think of renting vs. buying in a one size fits all way. As with all important life decisions, before considering whether to rent or buy, you should look honestly at your current personal situation—your income, your debt, your marital status and most importantly, your goals-short term and […]
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Every two years, a water heater should be flushed of mineral deposits.
continue reading In preparation for winter, clean leaves and debris from gutters to ensure ice dams don’t develop and snowmelt can drain. Ice dams can ruin your gutters and cause water damage if melted snow leaks into your home.
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