00:00 Introduction
00:16 Home Buyers or Home Sellers
00:31 August Nutley Real Estate Market
00:46 Home Sellers Missing The Market
01:04 Average Home Price In Nutley NJ
01:58 Offer In 1st 2 weeks in Nutley
02:19 Mortgage Rates in Nutley NJ
02:44 2024 Home Values in Nutley
04:54 USA Credit Rating
Hey, how’s it going everybody? Matt ti and this is gonna be your, uh, August update and what’s going on with real estate. There’s a lot going on right now and I’m going through my notes right here and we’re gonna talk about what’s happening, whether you’re a home buyer or home seller, how this is going to affect you, the things I’m gonna talk about. And, um, we’re gonna take it from there. So I’m gonna start right away and let’s look at the August numbers. Like right now in Nutley, New Jersey, we have about, maybe there’s about 10 homes on the market. So we are suffering from a lack of inventory. And the one thing that’s on a lot of, a lot of homeowners minds is if they’re missing the market, if they put their home in the market, how long will it take to get it sold?
You know, that type of thing. Especially if it’s someone that’s been in that home for a good 30, 40 years, which a majority of my clients have been in a home for quite a length of time. So right now we’re looking at average price point in Nutley around 575,000, $600,000 for your standard three bedroom, two bath home. And again, that goes back to pure supply and demand, where we have a low inventory of homes on the market right now. And like I said this morning, I looked, today is August 4th and I’m looking at 10 homes on the market. Nutley is, you know, has about 26,000, I’m sorry, 12,000 households in town, about 26,000 residents or so. But out of 12,000 homes, we only have 10 homes on the market. And then you’re wondering why prices are still getting elevated and shooting towards that $600,000 number.
It’s because of low inventory right now. And that’s what we have happening. If you have your home on the market and you don’t get an offer in the first two weeks, odds are most likely you overpriced it. And that’s the reason why. ’cause in this type of market we’re dealing with right now, you know, again, it’s pure supply and demand. Now I don’t wanna go out there and, and, and make it seem like it’s so easy to sell a home for, you know, home sellers because it’s not because we’re looking at the interest rate. And this interest rate is around 7.5% right now. So somebody buying a $500,000 home with the tax burden and everything else on top of it, you’re probably looking at a $4,000 a month payment. That’s a lot of money for the average family to put out just, you know, in their, um, on their mortgage alone. So the other thing that’s going on is price appreciation. So this year we appreciated about 6%. Next year we’re predicting or they are predicting that we’re gonna appreciate another six to 7% on top of what we appreciate this year. So we have to look at appreciation rates.
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