The media has been making a big deal about the recent NAR settlement however legally there is absolutely no change to commission structures. Because of the Sherman Anti-Trust Act, Relators could never price fix, meaning that commissions have always been negotiable. I believe that savvy sellers who understand the process will continue to offer payment to buyer agents because doing so is more advantageous for them in the long run.

Experts had predicted that by this point of the year the interest rates would be in the low 6%’s headed toward the high 5% but unfortunately that is far from the case. The high rates are keeping sellers who also have to buy from listing which is leading to more of the market gridlock we saw in all of 2023.

Radon gas is a colorless, odorless, and naturally occurring radioactive gas that seeps into homes from the ground. It's the second leading cause of lung cancer in the United States, claiming the lives of an estimated 21,000 Americans each year. The scary part? You can't detect radon with your senses. That's why radon testing is a vital part of any home inspection, especially in areas with high radon potential like New Jersey.

According to Core Logic, New Jersey saw an 11.3% increase in sale price in 2023. In the last 90 days, Bergen County had -26% closed sales, -33% homes going under contract, and -25% active listings.

The big surprise is that while we still have record-low inventory, over the last three months the average days on the market (DOM) increased by 7%.

As of March 20, 2024 landlords will be required to disclosure if the property is in a flood zone prior to any lease or renewal signing. The disclosure must be signed by both the tenant and the land lord.

While my expertise is in selling homes, not designing them, my clients often seek my advice when they are thinking about remodeling. My advice to clients varies based on whether they are living in the home and plan to stay for a while or if they are an investor or hope to sell soon. Here are some adored home features that also have a high return on investment.

The new year and lower rates made homes more affordable and as expected more homebuyers resumed their search, the only problem, sellers aren't listing their homes. Further exacerbating the inventory shortage. This year my advice for buyers is the complete opposite of what I normally recommend this time of year.

Here’s a look at 2023 compared to 2022 based on all residential properties listed in the NJMLS (RES, CCT, 2-4 Family). The market remained tight with fewer listings (-24%) and closed sales (-24%), however, the median sale price increased to $579,000 (+7%). The charts below show activity by month, with the blue trend line representing 2023 activity.

The Bergen County housing market showed signs of cooling in November 2023, as median sales prices dipped slightly. Inventory is sitting longer due to higher interest rates and there was significantly less new invetory. However, the market remains strong, with homes still selling quickly and for above asking price.

The conforming loan limit is the maximum amount that can be guaranteed by Fannie Mae and Freddie Mac. That guarantee has advantages in terms of the loan approval process and interest rates.