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Featured Listings & Exclusive Listings
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 9%. (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 9% 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 in July by 5% for the 3rd consecutive month compared to July 2016. Considering the 2% increase in July 2016, home sales have increased at a compounded rate of 7% over the past 2 years. This latest gain was the highest number of purchase contracts recorded in the month of July since 2005, signaling high demand. Overall, on a Y-T-D level home sales have increased by 6%. ALL NJ Unsold Inventory declined to one year ago, equating to 4.3 months of inventory compared to 5.3 months in 2016.
ALL NJ Unsold Inventory declined by more than 14% compared to one year ago, equating to 4.3 months of inventory compared to 5.3 months in 2016.
The largest gain in # of Home Sales occurred for homes priced between $1M and $2.5M, rising by 11%. Homes priced below 600K have seen the smallest increase, mainly due to the lack of inventory.
Bergen County NJMLS reports that for the first 7 months ending July Y-T-D Residential Closed Sales increased by 5.3% compared to the same period in the prior year. Y-T-D Pending Sales are also up by 4.2% and for the month of July Pending Sales increased by 8.2%. All year Buyers competed against multiple offers due to the increased activity: NJMLS.com hits were up by 10.5%, Open House Counts were up by 20.9% and the Average Days-on-Market dropped by 10.4% to 62 days.That means that during the usually quieter summer month of July 2017, more buyers were looking on-line, more agents responded with more open houses and consequently houses sold faster, resulting in a 2.5% increase of the Median Sales Price.
Additional pressure is being added by the continuous lack of new inventory. Y-T-D the number of new listings is down by 3.4%. Consequently, the market remained in favor of the seller in July with 4.1 months of inventory down by 22.6% compared to the prior Year (5.3mo). (<5-6mo = seller's market and >5-6mo = buyer's market). Train towns see an even stronger trend.
Buyers may soon find that the house they were able to afford in 2017 may be out of financial reach in 2017/18. Now is the time to buy and therefore also to sell. Seller will lose buyers in such a market. Pricing is more important than ever with savvy buyers surfing the Internet.
Looking ahead, it is likely to see more 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 9%. Interestingly, as mentioned above, this would not have a dramatic effect on home prices but rather on the volume of sales.
While interest rates are again some of the lowest they have been in years, rising rates will be a motivator for buyers to act quickly. Rising rates will not cause the market to decline.
*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