Performance Property Real Estate Question

What Drop In Lumber Prices Means For Real Estate Markets

Q: I read that lumber prices have fallen a lot. How will that affect residential real estate? Eric, Little Falls, NJ A: The Covid-19 pandemic caused lumber prices to skyrocket for a variety of reasons.  Higher lumber prices meant that renovations, repairs, and new construction were all significantly more expensive which increased home prices.  Wood framing is used to build 9 out of 10 single-family homes in America and the lumber price spike during the pandemic increased the average price of new single family homes by almost $20,000! Luckily, lumber prices recently fell to their pre pandemic levels.  Despite the fact that housing activity has cooled this year, demand for housing is still relatively high in much of the country. […]

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Gerald’s Real Estate Tip of the – Week of 3/8/16

Rather than replacing tile when you renovate a bathroom, consider glazing over old tile-it’s cheaper and if done right can look as professional as new tile.

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Hidden home water damage red flags

Q: The bathroom floor in one of my rental apartments is spongy—what’s causing this? -Maria, Woodbridge, NJ A: Maria, the sponginess of your bathroom floor was probably caused by excess moisture in the bathroom. Excess moisture over time can create mold which can be hazardous to your health and can ruin flooring. There may be hidden water damage in your property near ceilings and in and around bathrooms. Excess moisture can come from a leaky toilet, a broken shower spout or a roof leak—it’s best to address these issues immediately by making necessary repairs or getting a dehumidifier because over time water can cause structural damage to your property. Thanks for your question, Maria—good luck. For more real estate tips […]

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Gerald’s Real Estate Tip of the – Week of 2/19/15

Pay for property renovation projects by the job not by the hour. When you pay by the hour, it normally takes more time and costs you more money.

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