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Till Horkenbach, New Jersey REALTOR® Associate
Top Agent of the Keller Williams Village Square Realty team in Ridgewood 2011-16
Five Star Real Estate Agent for 5 consecutive years
NJAR® Circle of Excellence Sales Award® 2011-16
KW Medallion Award 2012-16 with over 169 real estate transactions
Keller Williams is the largest real estate franchise company in the nation . Keller Williams Village Square Realty in Ridgewood is the fastest growing office in the area and the top performer in the area based on dollar-volume and #1 in our region in 2012-17.
Till Horkenbach is a marketing specialist concentrating on properties for sale in these areas:
North West Bergen County:
Central Bergen County:
Your most comprehensive one-stop source for all your real estate needs in Northern Bergen County, NJ.
Whether you are a buyer looking for real estate, seller looking for market information or a renter, you will find this site to be a useful tool that will give you all the resources you need to get started.
"I focus on my client's needs, tailor an individual strategy to achieve their goals and provide them with expertise in real estate marketing and negotiation and extensively market their home and not just list their property."
So whether you're buying, selling or renting, feel free to contact me and I will be happy to help you with all your real estate needs.
The Impact of Rising Interest Rates & Their Calculation
Every 1%-point in mortgage rate increase will reduce a buyer's "buying power" by almost 10%. (For example, at a rate of 3.5% a 400K loan will cost about $1,800/mo and at 4.5% a 400K loan will cost just under $2,000/mo). That means that a buyer will soon look at inventory that is currently priced about 10% less!
If a buyer has not found a home by now, s/he may not find a home when interest rates continue to rise. Not only does the buyer have to deal with higher monthly payments but also with climbing home values in this tight real estate market ... (Click HERE to see the short video with Doug Duncan, Fannie Mae's Chief Economist, why home prices will still rise with rising interest rates.)
The time to buy is NOW!!!
Our Local Market Snapshot
ALL New Jersey home sales activity increased by % in November compared to the prior year.This is compared to a 9% increase a year ago against 2015 totaling 17% over 2 years. The number of purchase contracts was the most for the month of November for the past 12 years. Overall home sales have increased in New Jersey by 6% y-t-d!
ALL NJ Unsold Inventory has fallen to the lowest level in the past 12 years, 5,000 fewer than 2016 and 50% below the high in 2011. Today's unsold inventory equates to 4.4mo of inventory compared to 5.4mo a year ago, showing high demand.
The largest gain in # of Home Sales occurred for homes priced above $2.5M, rising by 12% - for the first time in more than a decade. This improvement has mainly been seen in towns with train access to Manhattan. Homes priced below 600K have seen the smallest increase of 5%, mainly due to the lack of inventory.
Bergen County NJMLS reports that ending November y-t-d Residential Closed Sales increased by 4.8% compared to the same 11 months in the prior year. The y-t-d Pending Sales (due to close within 30-45 days) increased by 2.9%. Overall, year-over-year for the month of November activity was up but showing the seasonal slow down: NJMLS.com hits were up by 5.5% (8.9% in Oct.), Open House Counts were up by 6.7% (8.6% in Oct.) and Agent Showings were up by 7.4% (11% in Oct.). The Average Days-on-Market dropped by 19.3% to 67 days compared to November 2016 (83 days) and also lower than the previous month with 73 days.
Buyers had difficulties finding their home as Inventory was lower with 13.5% less active listings at the end of November. Homes are selling faster than last year, but with constant declining Inventory, prices are being pushed higher and increased by 1.3% compared to last year. Buyers are starting to pull out of the market earlier for the holiday season, mainly due the frustration about the lack of inventory.
Consequently, the market remained in favor of the sellers in November with 3.5 months of inventory down by 14.6% compared to the prior Year (4.1mo). (<5-6mo = seller's market and >5-6mo = buyer's market). Train towns see an even stronger trend.
The Unemployment Rate has fallen to 4.1%. And as a signal for more good things to come, both Main Street and Wall Street are upbeat with the highest consumer sentiment since 2004 and stock prices at an ultimate high ... resulting in pent-up demand and multiple offer scenarios in the upcoming spring market of 2018.
The Average Loan Commitment Rate for a 30-year fixed rate loan has remained below 4% for 24 consecutive weeks, but rose recently to 3.99%.
Rising home prices and rising interest rates will add to the pressure buyers will feel in 2018.
Buyers may soon find that the house they were able to afford but did not buy in 2017 may be out of financial reach this year in 2018.
Looking ahead, it is certain to see 3-4 interest rate hikes. That would mean that the interest rate could increase by a full 1% within a 12 months period, thus reducing the buying power of home buyers by almost 10%. Interestingly, as mentioned above, this would not have a dramatic effect on home prices but rather on the volume of sales.
The discussions about the new tax laws will put a small damper on the home purchases until every buyer and seller has clarification in April after they spoke to their accountants. However, looking at long term home ownership, it has always been beneficial to own real estate.
*Keller Williams Realty received the highest numerical score among full service real estate firms for home buyers in the proprietary J.D. Power and Associates 2012 Home Buyer/Seller Study SM . Study based on 2,994 total evaluations measuring five firms and measures opinions of individuals who bought a home between March 2011 and April 2012. Proprietary study results are based on experiences and perceptions of consumers surveyed March-May 2012. Your experiences may vary. Visit jdpower.com .
Specializing in Allendale NJ , Franklin Lakes NJ , Glen Rock NJ , Ho-Ho-Kus NJ , Mahwah NJ , Midland Park NJ , Oakland NJ , Ramsey NJ , Ridgewood NJ , Saddle River NJ , Upper Saddle River NJ , Waldwick NJ , Wyckoff NJ , Fair Lawn NJ , Oradell NJ , Paramus NJ, River Edge NJ , River Vale NJ , Teaneck NJ , Hillsdale NJ , Montvale NJ , Park Ridge NJ , River Vale NJ , Washington Township NJ , Westwood NJ , Woodcliff Lake NJ