Mountain Lakes Real Estate Market • July 7, 2023

Mountain Lakes NJ Residential Real Estate Market Report ~ June 2023

by Antoinette Scognamiglio

Mountain Lakes NJ Residential Real Estate Market Report ~ June 2023

The number of properties for sale in June 2023 was 9, up 50.0% from 6 from the previous month and equal to June 2022. The June 2023 inventory was at its lowest level compared with June 2022 and 2021. A comparatively lower MSI is more beneficial for sellers while a higher MSI is better for buyers. The June 2023 MSI of 1.5 months was at its highest level compared with June 2022 and 2021.

“What Did That House Sell For?”

Love details? Here’s the full list, complete with specifics, on each home that sold in June 2023.

Contact Antoinette via email at AntoinetteSellsNJ@gmail.com or call directly at 201-240-8699, for details on all inventory and an appointment to see any home currently listed for sale. You can search all available listings on her website, as well.

Are you considering selling a home in northern New Jersey? The sale of your property be handled diligently by Antoinette, delivering the benefit of almost two decades of experience. Her marketing plan includes but is not limited to:

Professional photography package
Extraordinary internet exposure
Targeted social media campaigns
Just Listed eFlyer
Print advertising in VIEW Magazine, inserted in regional prime publications
Impressive property and area marketing materials
Neighborhood announcements

“Antoinette” Scognamiglio has been licensed since 2004 and is certified as an Accredited Staging Professional®️. She provides the value added benefit of practical advice on how to prepare your home for sale to ensure that your home exudes maximum appeal to buyer and REALTOR®️ audiences alike.

“Antoinette” Scognamiglio (licensed as Maria), Sales Associate, Coldwell Banker Realty, 91 Crane Road, Mountain Lakes, NJ 07046. Cell Phone: 201.240.8699. Email: AntoinetteSellsNJ@gmail.com. Website: www.AntoinettesHomes.net.

Kinnelon NJ Real Estate Market • July 7, 2023

Kinnelon NJ Residential Real Estate Market Report ~ June 2023

by Antoinette Scognamiglio

Kinnelon NJ Residential Real Estate Market Report ~ June 2023

The average days on market (DOM) is the number of days a property is on the market before it sells. An upward trend in DOM tends to indicate a move towards a buyer’s market, a downward trend tends to indicate a move towards seller’s market. The DOM for June 2023 was 28 days, down -66.27% from 83 days from the previous month and -33.33% lower than 42 days from June 2022. The June 2023 DOM was at its lowest level compared with June 2022 and 2021.

“What Did That House Sell For?”

Love details? Here’s the full list, complete with specifics, on each home that sold in June 2023.

*This representation is based in whole or part on data supplied by the GSMLS, LLC, who do not guarantee or is in any way responsible for its accuracy. Data maintained by the GSMLS LLC may not reflect all real estate activity in the market.

Professional photography package
Extraordinary internet exposure
Targeted social media campaigns
Just Listed eFlyer
Print advertising in VIEW Magazine, inserted in regional prime publications
Impressive property and area marketing materials
Neighborhood announcements

Jefferson Twp. Real Estate Market Reports • July 7, 2023

Jefferson Twp. NJ Residential Real Estate Market Report ~ June 2023

by Antoinette Scognamiglio

Jefferson Twp. NJ Residential Real Estate Market Report ~ June 2023

The number of properties sold in June 2023 was 26, up 62.50% from 16 from the previous month and -27.78% lower than 36 from June 2022. The June 2023 sales were at its lowest level compared to June 2022 and 2021. Absorption rate is the avg number of sales per month divided by the total number of available properties.

“What Did That House Sell For?”

Love details? Here’s the full list, complete with specifics, on each home that sold in June 2023.

Professional photography package
Extraordinary internet exposure
Targeted social media campaigns
Just Listed eFlyer
Print advertising in VIEW Magazine, inserted in regional prime publications
Impressive property and area marketing materials
Neighborhood announcements

Denville NJ Real Estate Market • July 7, 2023

Denville NJ Residential Real Estate Market Report ~ June 2023

by Antoinette Scognamiglio

Denville NJ Residential Real Estate Market Report ~ June 2023

The number of properties sold in June 2023 was 26, up 52.94% from 17 from the previous month and -16.13% lower than 31 from June 2022. The June 2023 sales were at its lowest level compared to June 2022 and 2021. Absorption rate is the avg number of sales per month divided by the total number of available properties.

“What Did That House Sell For?”

Love details? Here’s the full list, complete with specifics, on each Denville home that sold in June 2023.

Professional photography package
Extraordinary internet exposure
Targeted social media campaigns
Just Listed eFlyer
Print advertising in VIEW Magazine, inserted in regional prime publications
Impressive property and area marketing materials
Neighborhood announcements

Boonton Town Real Estate Market Reports • July 7, 2023

Boonton Town NJ Residential Real Estate Market Report ~ June 2023

by Antoinette Scognamiglio

Boonton Town NJ Residential Real Estate Market Report ~ June 2023

The number of properties sold in June 2023 was 2,754, up 24.95% from 2,204 from the previous month and -24.32% lower than 3,639 from June 2022. The June 2023 sales were at its lowest level compared to June 2022 and 2021. Absorption rate is the avg number of sales per month divided by the total number of available properties.

“What Did That House Sell For?”

Love details? Here’s the full list, complete with specifics, on each home that sold in June 2023.

Professional photography package
Extraordinary internet exposure
Targeted social media campaigns
Just Listed eFlyer
Print advertising in VIEW Magazine, inserted in regional prime publications
Impressive property and area marketing materials
Neighborhood announcements

Boonton Twp. Real Estate Market Reports • July 7, 2023

Boonton Twp. NJ Residential Real Estate Market Report ~ June 2023

by Antoinette Scognamiglio

The sales price/list price ratio is the average sale price divided by the average list price for sold properties expressed as a percentage. If it is above 100%, homes are selling for more than the list price. If it is less than 100%, homes are selling for less than the list price.The June 2023 sales price/list price ratio was 106.33%, up from 101.48% from the previous month and up from 101.4% from June 2022.

“What Did That House Sell For?”

Love details? Here’s the full list, complete with specifics, on each home that sold in June 2023.

Professional photography package
Extraordinary internet exposure
Targeted social media campaigns
Just Listed eFlyer
Print advertising in VIEW Magazine, inserted in regional prime publications
Impressive property and area marketing materials
Neighborhood announcements

Buyer Guidelines • June 22, 2023

Debunking the Myth: Are Foreclosure Floodgates About to Open?

by Antoinette Scognamiglio

Introduction:

In the world of real estate, rumors and speculation often run rampant. One such misconception that has been making the rounds lately is the idea that a flood of foreclosures is imminent. With alarming headlines and whispers among industry insiders, it’s time to set the record straight. In this blog post, we’ll delve into the truth behind this misconception and provide you with a clear understanding of the current state of the real estate market, complete with sourced data from industry experts.

The Foreclosure Myth:

You may have heard whispers of a pending foreclosure crisis, fueled by fears of economic instability and uncertain times. The notion that foreclosures will flood the market, driving down home prices and creating a buyer’s paradise, sounds enticing to some. But let’s examine the reality behind this misconception.

The Current Market Reality:

Low Inventory: One crucial factor to consider is the historically low inventory levels across the United States. This shortage of available homes has created a competitive market, where sellers often receive multiple offers. The demand for housing far outweighs the supply, making it unlikely for a sudden influx of foreclosed properties to flood the market.
Government Intervention: It’s essential to recognize the measures put in place to prevent a foreclosure surge. Government initiatives, such as foreclosure moratoriums and mortgage forbearance programs, have provided much-needed relief to homeowners facing financial hardship. These interventions aim to stabilize the housing market and help individuals retain their homes, rather than face foreclosure.
Homeowner Equity: Another factor working against the foreclosure myth is the substantial increase in homeowner equity. Over the past years, home values have soared, enabling homeowners to build equity and strengthen their financial positions. This equity acts as a protective barrier against foreclosure, as homeowners have a vested interest in maintaining their properties.

The Role of Experienced Realtors

In navigating these uncertain times, working with an experienced real estate agent becomes even more crucial. As a seasoned agent who is dedicated to continually educating myself, I possess extensive market knowledge and insights culled from reliable sources. I understand the current dynamics and guide both buyers and sellers through the process, ensuring informed decisions are made.

Conclusion

While the notion of a foreclosure flood may make for catchy headlines and awesome fodder for the gloom-and-doom crowd, it’s important to separate fact from fiction. The current real estate market tells a very different story. With low inventory levels, government interventions, and increased homeowner equity, the likelihood of a sudden surge in foreclosures remains slim.

So, if you’re a buyer (or seller) waiting for the floodgates of foreclosures to open up, you’re in for a big disappointment…they ain’t coming! Yes, I have seen a handful of foreclosed properties hit the market over the past few months, but they were inhabitable and the price reflected the condition (structural issues, mold infestation, mechanical issues, non-functional septic systems, etc.).

Remember, when it comes to your real estate journey, knowledge is power. I’m here to share my knowledge! Reach out to trusted professionals who can provide accurate information and guide you through the process. I am dedicated to helping clients navigate the market with confidence and expertise.

Professional photography package
Extraordinary internet exposure
Targeted social media campaigns
Just Listed eFlyer
Print advertising in VIEW Magazine, inserted in regional prime publications
Impressive property and area marketing materials
Neighborhood announcements

Seller Guidelines • June 15, 2023

10 Mistakes to Avoid When Selling Your Home

by Antoinette Scognamiglio

Selling a home can be a complex and overwhelming process, especially if you’re unfamiliar with the real estate market. To ensure a smooth and successful sale, it’s crucial to avoid common mistakes that can cost you time, money, and potential buyers. In this blog post, we will discuss the top ten mistakes to avoid when selling your home. By understanding and sidestepping these pitfalls, you’ll increase your chances of a profitable and stress-free home selling experience.

Neglecting to Stage Your Home: First impressions matter EVEN in a seller’s market, and when it comes to selling your home, staging can make all the difference. Neglecting to stage your home or failing to showcase its best features can deter potential buyers, especially those who are willing to pay top dollar. Invest time and effort into decluttering, deep cleaning, and arranging furniture strategically to create an inviting and visually appealing space.
Setting an Unrealistic Listing Price: Overpricing your home is a common mistake that can result in extended market time and limited interest from buyers. You may get showings, but ultimately no offers. Conduct thorough research and consult with a professional REALTOR® to determine a fair AND competitive listing price. Accurate pricing will attract more potential buyers and increase the chances of a quick sale.
Ignoring Necessary Repairs: Leaving major repairs or maintenance tasks unaddressed can be detrimental to your home’s market value. Buyers are often deterred by properties that require significant investments or repairs. Ensure that your home is in good condition by tackling necessary repairs, such as fixing leaks, replacing broken fixtures, and repainting damaged walls.
Failing to Highlight Key Selling Points: Your home likely has unique features or selling points that set it apart from others in the market. Failing to highlight these key aspects can result in missed opportunities. Identify and emphasize the unique qualities of your home, such as a beautiful view, energy-efficient upgrades, or a spacious backyard, in your listing description and during showings. Another big selling point can be your location. Be sure to hire a REALTOR® who knows your area and can describe the amenities in a compelling manner.
Inadequate Marketing and Listing Photos: With the majority of homebuyers beginning their search online, attractive listing photos and comprehensive marketing are crucial. Poor-quality photos or an incomplete online listing can deter potential buyers from even considering your property. Invest in professional photography to showcase your home’s best features and ensure your online listing is detailed, accurate, and visually appealing.
Neglecting Curb Appeal: The exterior of your home is the first thing potential buyers see, so neglecting curb appeal can be a grave mistake. An unkempt lawn, peeling paint, or cluttered entryway can turn off buyers before they even step inside. Enhance your home’s curb appeal by maintaining a tidy landscape, repainting the exterior if needed, and adding inviting touches like potted plants or a new front door.
Inadequate Communication and Availability: Buyers and their agents may have questions or want to schedule viewings, so it’s crucial to be responsive and available. Your REALTOR® will take the lead on questions and coordination of viewings, and you should both communicate as needed to facilitate a smooth process. Failing to communicate promptly or neglecting to accommodate potential buyers’ schedules can lead to missed opportunities. Respond to inquiries promptly and make your home as accessible as possible for showings.
Overpersonalizing the Space: While it’s important to showcase your home’s personality, excessive personalization can hinder buyers from envisioning themselves living in the space. Remove family photos, religious items, or excessive decorative items to create a neutral canvas that allows buyers to imagine their own belongings in the home.
Disregarding Professional Advice: One of the biggest mistakes sellers make is disregarding professional advice from their REALTOR®. These professionals have the knowledge and experience to guide you through the selling process successfully. Listen to their suggestions regarding pricing, marketing, negotiation, and other crucial aspects of the sale.
Skipping the Listing Presentation: Listing your property with a real estate agent without sitting down to review the agent’s listing presentation is a huge mistake. This is your opportunity to learn exactly what the agent will do to sell your home and how they will manage the process from Day 1 to Closing. A listing presentation will typically last 45 minutes, depending on how many questions you may have. Invest the time to learn precisely what will be done to sell your most valuable asset.

Selling your home can be a rewarding experience when approached with care and attention to detail. By avoiding these common mistakes, you’ll maximize your chances of attracting buyers, receiving competitive offers, and achieving a smooth and successful sale.

Buyer Guidelines • June 8, 2023

This Real Estate Market Is the Strongest of Our Lifetime

by Antoinette Scognamiglio

This Real Estate Market Is the Strongest of Our Lifetime

When you look at the numbers today, the one thing that stands out is the strength of this housing market. We can see this is one of the most foundationally strong housing markets of our lifetime – if not the strongest housing market of our lifetime. Here are two fundamentals that prove this point.

1. The Current Mortgage Rate on Existing Mortgages

First, let’s look at the current rate on existing mortgages. According to the Federal Housing Finance Agency (FHFA), as of the fourth quarter of last year, over 80% of existing mortgages have a rate below 5%. That’s significant. And, to take that one step further, over 50% of mortgages have a rate below 4% (see graph below):

Now, there’s a lot of talk in the media about a potential foreclosure crisis or a rise of homeowners defaulting on their loans, but consider this. Homeowners with such good mortgage rates are going to work as hard as they can to keep that mortgage and stay in their homes. That’s because they can’t go out and buy another house, or even rent an apartment, and pay what they do today. Their current mortgage payment is more affordable. Even if they downsize, with today’s higher mortgage rates, it could cost more.

Here’s why this gives the housing market such a solid foundation today. Having so many homeowners with such low mortgage rates helps us avoid a crisis with a flood of foreclosures coming to market like there was back in 2008.

2. The Amount of Homeowner Equity

Second, Americans are sitting on tremendous equity right now. According to the Census and ATTOM, roughly two-thirds (around 68%) of homeowners have either paid off their mortgage or have at least 50% equity (see chart below):

In the industry, the term for this is equity rich. This is significant because if you think back to 2008, some people had to make the difficult decision to walk away from their homes because they owed more on the home than it was worth.

But this time, things are different because homeowners have built up so much equity over the past few years alone. And, when homeowners have that much equity, it helps us avoid another wave of distressed properties coming onto the market like we saw during the crash. It also creates an extremely strong foundation for today’s housing market.

Bottom Line

We are in one of the most foundationally strong housing markets of our lifetime because homeowners are going to fight to keep their current mortgage rate and they have a tremendous amount of equity. This is yet another reason things are fundamentally different than in 2008.

Seller Guidelines • June 6, 2023

🏡💰 Don’t Leave Money on the Table! 🤚✨

by Antoinette Scognamiglio

🏡💰 Don’t Leave Money on the Table! 🤚✨

Today I want to shed some light on an important topic: selling your home without the guidance of a REALTOR®️. While it may seem like a cost-saving decision, it’s essential to consider the bigger picture.

🔍 Let’s talk about the facts: research shows that homeowners who sell without an agent typically make less money on their homes. Selling a property is a complex process that requires expertise, knowledge, a strategic approach and a certain amount of detachment. Here’s why partnering with a REALTOR®️ can make a significant difference:

1️⃣ Pricing Expertise: Determining the optimal price for your home is crucial to attract buyers while ensuring you get the best possible value. REALTORS®️ have access to extensive market data, allowing them to analyze recent sales, market trends, and comparable properties. They can help you set the right price to maximize your profits.

2️⃣ Marketing Magic: Selling a home involves more than just listing it on a few websites. The best REALTORS®️ are marketing gurus who know how to create eye-catching listings, showcase your property’s best features, and target the right audience. They have a network of contacts and resources that can reach a broader pool of potential buyers, increasing your chances of getting top dollar for your home.

3️⃣ Negotiation Skills: Negotiating the best deal requires finesse, experience, knowledge of the local market AND a level of detachment. Most seasoned REALTORS®️ are skilled negotiators who can advocate for your interests, navigate tricky situations, and secure the highest possible sale price. Another aspect of their skills in negotiation is helping the homeowner take a step back from any potential emotional attachment to the property. When selling a home, emotions can run high and the best REALTORS®️ know how to communicate with everyone involved and guide them to a favorably negotiated deal for all parties. Their expertise can mean the difference between settling for less and achieving your financial goals.

4️⃣ Legal and Transactional Support: Selling a home involves a mountain of paperwork, legal documentation, and intricate details. A competent REALTOR®️ should be well-versed in the intricacies of contracts, disclosures, and regulations. They can guide you through the process, ensuring you comply with all legal requirements and avoid costly mistakes. They can also provide you with a list of real-estate specific attorneys, should you not already have an existing relationship.

So, before you decide to go the DIY route, take a moment to consider the long-term impact. By partnering with an excellent REALTOR®️, you’re not just investing in their services—you’re investing in your financial success.

Remember, your home is likely one of your most significant assets, and maximizing its value is essential. So, reach out to a trusted real estate professional who can guide you through the selling journey and help you achieve the best possible outcome.