PATERSON — Not so fast — that’s essentially the message a state official sent to Mayor Andre Sayegh on Monday about his plans to sell the Libby’s Lunch property.
The New Jersey Historic Preservation Office, or HPO, told Sayegh it needs to approve the proposed $850,000 sale and may impose restrictions on what can be done with the property.
The state’s intervention could derail Sayegh’s hopes to see the building replaced with a new restaurant. Sal Washah, the high bidder at last week’s Libby’s property auction, previously told Paterson Press he wants to demolish Libby’s and construct a new four-story restaurant and cafe that he would like to see open for business in six months.
Monday’s letter from the deputy director of HPO, Katherine Marcopul, did not say explicitly whether the iconic hot dog joint can be knocked down. What it said was that a review would be conducted “to ensure preservation of the property’s significant historic features.”
There’s disagreement on whether such a historic review will ultimately permit demolition.
“Libby’s is not considered a protected asset,” said Sayegh’s chief of staff, Habib Kader. “It’s not part of any historic period of significance as it was built in the ’40s or ’50s. It’s all part of a formal process given that it falls within a historic district.”
But David Soo, the historic preservation activist who alerted the state to the city’s Libby’s auction, believes HPO will block the demolition.
“If you demolish historic buildings, you’re left with nothing,” said Soo. “What’s the purpose of historic preservation if you allow historic buildings to be knocked down?
Earlier:Owner of Middle Eastern restaurant buys iconic Libby’s Lunch site in Paterson
Marcopul’s letter to Sayegh noted that Libby’s is located within several Great Falls historic districts designated by the state.
Habib said the historic regulations affecting the property were provided to the bidders in last week’s auction, saying he doesn’t think the HPO’s intervention will affect the outcome of the sale. The chief of staff noted that the proposed sale still needs city council approval before any contracts can be signed.
Washah, a retired technology professor who also is part owner of the Kanoon Restaurant on Hazel Street in Clifton, said he was unaware of the HPO letter but said he would do whatever is necessary to comply with the state’s requirements.
Soo, who is running for Paterson’s 5th Ward council seat in next Tuesday’s election, said he thinks the prospective buyer’s plan for a four-story restaurant at the Great Falls, will be denied. He criticized Sayegh for his support of the plan.
“Mayor Sayegh’s delight over the demolition of an important historic building like Libby’s shows that he is not fit to be part of our National Historical Park,” said Soo.
Joe Malinconico is editor of Paterson Press. Email: editor@patersonpress.com
Years before he became one of the Empire State Building’s key financiers, an East Coast industrialist strategically positioned his home to overlook the evolving Manhattan skyline.
Listed this April for slightly less than $2.5 million by Christine Lane of Compass New Jersey, 10 Edgewood Terrace in Montclair was completed 115 years ago on what then was highly coveted real estate, according to an August 1907 report in The Montclair Times.
Known as the triangle, the property bound by Highland Avenue, Edgewood Road and Edgewood Terrace was “considered one of the finest residential sites on the mountainside, having a gentle slope and being prettily wooded with forest trees,” according to the report. The triangle later became known for shaping the fork in the road baseball Hall of Famer Yogi Berra famously told people “to take” to arrive at his Highland Avenue home.
Seeking to capitalize on the triangle’s strengths and lack of development in the early 1900s was Ellis P. Earle.
Earle, who in 1907 held the claims to one of Canada’s most productive silver mines, Ontario’s Nipissing Mine, bought the triangle that summer. Later that year, he revealed plans for the now eight-bedroom and nine-bathroom Tudor castle at 10 Edgewood Terrace.
The Montclair Times reported an estimated construction cost of $100,000. Add $50,000 for the property brokered by F. M. Crawley and Bros., who had their hands in much of Montclair’s posh mountainside development, it added.
The final cost of construction was closer to $91,000, the newspaper reported in 1909. Still, the cost for most new homes in town at the time was $6,000 or less, according to newspaper listings. The result of Earle’s lavish spending was featured in the December 1911 issue of Architecture.
Built from Germantown stone with terra cotta trimmings and a green slate roof, 10 Edgewood sits on 2.15 acres and contains roughly 12,000 square feet of living space. It boasts century-old touches, such as a library with custom built-ins, a first floor trimmed in oak and windows with leaded and stained glass. Still, it has been updated to feature a modern kitchen with top-tier stainless steel appliances, a massive center island and seating for more than a dozen.
Bedrooms are reserved for the second and third floors. Five, including the primary bedroom with its fireplace, skyline view and dual closets, are on the second floor. The first floor is built around a grand central hall.
The home was designed for Earle by architect Frank E. Wallis and his associate William J. Rogers, a duo best known for Georgian and Colonial homes, according to Montclair historical records. Wallis, who had trained in the office of Richard Morris Hunt, was “a noted authority on Colonial architecture,” according to his 1929 New York Times obituary. In the late 19th and early 20th centuries, he was also highly active in Montclair.
Wallis designed St. John’s Church on Montclair Avenue, a cluster of typical Montclair homes at the south end of Highland Avenue, including the one once owned by Berra, and several larger-scale homes. They include 190 South Mountain Ave., 32 Llewellyn Rd. and 3 Eagle Rock Way, according to local historical records.
When Earle died in October 1945, 10 Edgewood held his funeral services. Then Gov. Charles Edison attended, as did former governors James Fielder, Morgan Larson and Arthur Harry Moore. Earle had for more than 20 years been chairman of the state’s former Board of Control of Institutions and Agencies, a board he helped create while overseeing charitable organizations on behalf of the state.
“So effectively and economically did the hospitals, prisons and other public institutions function under Mr. Earle’s leadership that every succeeding governor who was in office […] reappointed him regardless of political affiliation,” The Montclair Times wrote in his obituary.
A large donor to Princeton University and the old Montclair Community Chest, Earle was also well known locally as a philanthropist. In 1930, Earle helped finance a former boy’s camp in Jefferson Township, called Camp Ranger.
Earle was born in September 1860 in Brooklyn and educated in Elizabeth as a teenager, according to his Montclair Times obituary. A law clerk at 18, he began a transition into the mining and banking industries while securing materials for his father-in-law’s metallic paint business. He broke off from the family business in 1898 to concentrate on importing and exporting precious metals, according to The Montclair Times. Six years later, he co-founded the Nipissing Mining Company, formerly one of North America’s largest silver producers, and began to amass serious wealth.
In about 1930, a chunk of that wealth went to supplement the Metropolitan Life Insurance Company’s $27.5 million loan for the Empire State Building. Earle, along with Louis Kaufman, Thomas Coleman du Pont, Pierre S. du Pont and others, helped former New York State Governor Al Smith advance a project conceived by DuPont executive and former GM executive John Jakob Raskob to build a tower taller than the Chrysler Building. The project was ambitious but ultimately made easier by Coleman du Pont who owned the midtown site that had then held the original Waldorf-Astoria hotel.
Earle’s Montclair home was later owned by Bob Gaudio, the keyboardist and background singer for The Four Seasons. Born in the Bronx and raised in Bergenfield, Gaudio was a key songwriter for the group, penning “Sherry,” “Big Girls Don’t Cry” and “Walk Like A Man” among other hits after convincing his parents to let him leave Bergenfield High School at 16 to pursue music.
Before dropping out, Gaudio co-wrote “Short Shorts” as a 15-year-old member of the Royal Teens. After, Gaudio rose to fame and wrote and produced for other artists, including Frank Sinatra, Michael Jackson and Neil Diamond. Gaudio moved out to California in the early 1970s and produced multiple full albums for Diamond. He earned a Grammy Award nomination in 1979 for producing the Barbra Streisand and Diamond duet “You Don’t Bring Me Flowers.”
Another prominent owner of 10 Edgewood was Joseph Aiello, the former owner of the Wedgewood Cafeteria and Boonton’s Knoll Golf Club. Born in Sorrento, Italy, Aiello came to America as a pre-teen in 1904 and within a few years helped his family open a grocery store network with locations in Lake Hopatcong, Newark and Montclair, according to his January 1964 obituary in the Paterson News.
The grocery store was dovetailed with a meat and produce supplier, Aiello Bros. Inc., that operated prominently in the area in the mid-1900s. Aiello later founded the popular Wedgewood Cafeteria eatery in town and co-owned Montclair’s first post-Prohibition liquor license with his brother Gabriel Aiello, who owned Gabe’s Galley.
Well-maintained, full of character and customizable in a location that blends urban and suburban living: That was the common status of two North Jersey homes that sold for hundreds of thousands of dollars over asking price within days of one another.
Located on opposite ends of historic Glen Ridge are 28 Oakwood Ave. and 15 Sommer Ave., both listed at the end of January by Amy Owens, realtor and team leader of the Amy Owens Real Estate Team at Keller Williams NJ Metro Group. The homes yielded selling prices of $999,999 and $852,500 — or $350,000 and $253,500 over asking — on April 1 and March 28, respectively.
“Just nothing had come on the market at the time, and I thought to put these two homes on the market on the same weekend,” Owens said. “One of the reasons that I put them both on the same weekend was because a lot of buyers won’t come out just to see one house. So, I explained to both of the owners that it’s good to have another house because you’ll get more buyers out and then they’ll decide which one is right for them.”
Each home did in fact attract more buyers, with the properties collecting a combined total of 64 offers during their time on the market.
Owens said this popularity is credited to the centralized location of each property, and that each home offered the opportunity for the next owners to make their own improvements and add personal touches.
“That’s something that all buyers should be looking for right now when they buy a house, especially since we’re in such a high market,” she said. “What’s the upside of the house? What can I do to add value to it?”
28 Oakwood Ave., Glen Ridge
28 Oakwood Ave, Glen Ridge, NJ 07028 | Zillow
Built in 1925, 28 Oakwood Ave. is a four-bedroom, two-bathroom side hall colonial-style home in the northernmost neighborhood of Glen Ridge. The property features a brick fireplace in the living room, a sunroom that can double as a home office or playroom, a finished basement, a fenced yard and a one-car garage. It is also located near Brookdale Park and the Glen Ridge Country Club.
Owens said that the previous owners of the home had opted to preserve some of the home’s character, rather than renovating the property to have a mainstream, modern look. She believes this played a big role in the demand for the home, as it felt warm and inviting to potential buyers.
“They didn’t bastardize the house,” she said. “There’s a beautiful marble used in the kitchen, which wasn’t pristine and perfect. You could tell it had been loved and used, but it was still really pretty.”
Cathy Miller, a realtor with Keller Williams NJ Metro Group who represented the buyers of the home, said her clients were relocating from Italy, having been transferred to New Jersey for work. They were specifically drawn to Glen Ridge because of its proximity to New York City for work, as well as for the area’s highly-rated school system.
“Interestingly, my clients were doing research and this area was coming up as the highest on their Internet searches, so that shows you also that there’s a lot of press about this area internationally,” she said.
Miller said her clients were ideally looking for a smaller home. She said that while the home on Oakwood Avenue was on the smaller side for Glen Ridge, it was a normal size property for her clients’ European standards.
Additionally, she said they were drawn to the property not only because it didn’t require a lot of money in repairs, but also because it had some features that reminded them of Italy.
“They told me they particularly felt at home in the house because it had some characteristics that reminded them of Italian properties, like the ribbon trim and the wood floors,” she said. “They also didn’t want an open layout. They wanted a kitchen that was more enclosed. Open layouts are a very American concept, and in European homes, that’s not really a concept that caught on. So, they liked the fact that the kitchen was a little more separate from the rest of the house.”
15 Sommer Ave., Glen Ridge
15 Sommer Ave, Glen Ridge, NJ 07028 | Zillow
The three-bedroom, two-bathroom colonial-style home at 15 Sommer Ave. is located at the southernmost end of Glen Ridge, near neighboring West Orange and East Orange. Built in 1937, the home offers a living room with a brick fireplace, a sunroom that opens to the backyard, a one-car attached garage and a spacious backyard with a patio.
“It has this great sunroom off of the back that looks over the yard, which is the perfect size,” Owens said. “It also has the opportunity for the new owners to make a true primary suite, and I think that’s something that appealed to a lot of people.”
Sara Whitley, a realtor on the Amy Owens Real Estate Team at Keller Williams NJ Metro Group, represented the buyers of the home. She said that the mix between suburban neighborhoods with large homes and spacious yards, as well as access to vibrant downtown areas, is what attracted her clients to Glen Ridge.
When looking at the property at 15 Sommer Ave., Whitley said her clients were attracted to the homes layout, as well as the fact that the property had not been overly updated. She said one of the biggest factors for them was that it was a clean slate for them to add in their own style.
“Part of what spoke to them was actually that the layout was almost identical to the home of their friends in Montclair. So, they felt kind of this kindred spirit with the home,” she said. “This home, while staged beautifully and maintained impeccably, certainly needed a bit more updating over time, and they were actually looking for something they could really put their mark on.”
During their home search, Whitley said her clients had put in offers on three other homes, including the property on Oakwood Avenue, but were not accepted. Because of this, Whitley said they had to regroup to determine what steps they needed to take to secure the home on Sommer Avenue.
“I think a lot of buyers get frustrated and feel like there’s some sort of bait-and-switch happening. I think that it’s important for them to understand that that’s not what’s happening. What’s happening is that the demand is simply extremely high and inventory is incredibly low,” Whitley said. “So, it’s really important to work with someone who can at least try and meet those expectations and guide you to what a winning number should be in a particular house.”
Maddie McGay is the real estate reporter for NorthJersey.com and The Record, covering all things worth celebrating about living in North Jersey. Find her on Instagram @maddiemcgay, on X @maddiemcgayy, and sign up for her North Jersey Living newsletter. Do you have a tip, trend or terrific house she should know about? Email her at MMcGay@gannett.com.
We’re officially in the thick of the spring housing market, and we’ve already seen an increase in real estate activity across the country. But there’s always one week that’s expected to stand out the most for homeowners looking to sell their property.
This year, Realtor.com has deemed the week of April 14-20 as the best week to sell nationwide. This week is expected to combine higher buyer demand, lower competition from other sellers and fewer price reductions than what is seen during a typical week.
“We looked at six different metrics that all kind of captured inventory on the market, time on the market and prices,” said Hannah Jones, senior economic research analyst at Realtor.com. “So, we looked at all six of those metrics and we looked at how those metrics move both nationally and within a metro area over the course of a year. We weighted all of those equally and looked at where that perfect sweet spot is where you’re bringing together all of those metrics.”
What makes the third week of April the best time to sell nationwide?
The third week of April is expected to have a favorable balance of market conditions for sellers, including elevated prices, increase buyer demand and lower competition from other sellers, Jones said.
“We kind of found that optimization point where you’re seeing prices that are over the average price for the year but time on market that’s faster and less competition from other sellers,” Jones said. “You can expect to see good demand for you home because there aren’t too many sellers in the market quite yet, and you can see your home sell quickly.”
In terms of home prices, media listing prices are expected to be about 1.1% higher — or $7,400 more — than the average week, and home costs could be about 10.4% higher — or $34,000 more — than they were at the start of 2024.
While active inventory was 7.9% higher at the start of 2024 compared to 2023, the highest beginning-of-year inventory since 2020, inventory was still 39.7% lower than pre-pandemic levels, according to the report. As a result, it is predicted that there will be 13.7% fewer homes on the market during the best week compared to the average week.
Home listings are also expected to receive about 18.4% more views during the best week than the rest of the year. According to the report, this week in 2023 had 22.8% more views per listing. So, if mortgage rates see a significant drop this spring, we could see a greater surge in buyer demand sooner.
Homes are also expected to sit on the market for as few as nine days, or about 17% faster than during an average week.
When is the best week to sell in North Jersey?
While the week of April 14-20 may be the best time to sell nationally, March 31 to April 6 is the best week to sell in the New York metropolitan area.
In our region, median listing prices are expected to be 5.2% more — or $38,000 — during this week than they were at the start of 2024, according to the report. There are also expected to be 16.7% fewer price reductions during this week than there are during the average week.
This week is also anticipated to yield 7.1% fewer active listings than during an average week, resulting in 16% more views per property. And, active listings are expected to stay on the market for 11 fewer days than during an average week.
“While we did determine that this is the optimal week, the weeks surrounding it are also really good weeks to sell. This may bring together a tiny bit of favorability either on price or other seller competition, whatever it may be, to make it really the best week. But, in general, if you’re not ready to sell that week, that’s okay,” Jones said. “It’s still a good time of year to start thinking about putting your home on the market, being on the early side of spring and the busy season, so you can get in there and get buyer attention before there are a ton of other sellers in the market who are also vying for that same attention.
Sellers should start preparing their homes to sell now
There’s just about a month until the national best week to sell arrives, and even less time until the best week to sell in the New York metropolitan area. So, if you’d like to take advantage of this time, you better start preparing now.
“Even though it is the best time to sell — it’s the selling season and there are going to be buyers looking for a home — buyers are still probably going to be a little bit picky because they’re paying a lot for a home right now. So, the best way to prepare is to have realistic expectations,” Jones said.
Preparation not only involves doing things like finding a real estate agent and ensuring that your home is priced attractively, but also making any repairs, deep cleaning the interior and adding a fresh coat of paint to the inside of the home. You can also take some time to improve your home’s curb appeal by adding plants and colorful flowers to the front of your home, as well as repainting things like your garage door, fences and railings.
“I think that, in general, the consistency of it is a little bit comforting because even though mortgage rates are moving around and all of this stuff feels very out of control, those typical seasonal housing dynamics do continue and they do persist,” Jones said.
Maddie McGay is the real estate reporter for NorthJersey.com and The Record, covering all things worth celebrating about living in North Jersey. Find her on Instagram @maddiemcgay, on X @maddiemcgayy, and sign up for her North Jersey Living newsletter. Do you have a tip, trend or terrific house she should know about? Email her at MMcGay@gannett.com.
Buying a home is likely one of the biggest financial decisions a person can make. Because of that, homebuyers often come into the buying process with a wish list of their most desired home features.
But, what was popular in the past might not be popular now, and homebuying trends have changed as we enter 2024. So, what popular home features might make a property a hot commodity? Here are a few:
Move-in ready homes
Before all else, more homebuyers are seeking properties that are move-in ready, rather than those that might require some updating.
“I think now people are getting a little bit more picky on what they want. They just want instant gratification,” said Max Stokes, a partner of the Fox & Stokes team at Compass Real Estate.
Stokes said buyers that are coming from luxury buildings in areas like Hoboken and Jersey City are used to having a fully finished living space. Because of this, he said more buyers are turning towards properties in less desirable locations as long as they’re move-in ready.
“When I bought my first house about 14 years ago, I just bought for the neighborhood and figured that everything else in the house I can fix over time,” he said. “I don’t hear that anymore. People would rather buy something in a location that might not be as desirable, but the home’s move-in ready.”
Looking for a house in NJ in 2024?Here’s how you do it, for first-time buyers
Separated spaces over open-concept living
While the interest in open-concept layouts will likely never fully go away, Oakley said she’s seen more buyers interested in properties with designated spaces.
“Now I’m noticing that buyers want a little bit more separation and designation between the rooms and more closed spaces,” she said. “They still want a nice flow, of course, but just not that complete open box where you can see everything.”
Oakley said she’s seeing this trend in other areas of the home. For example, she said the trend of open shelving in kitchens is starting to go away, as more people are going back to wanting their items away and out of sight. Similarly, integrated appliances were predicted to be a popular interior design trend for 2024 specifically because they’re more hidden in our kitchen spaces, rather than being freestanding.
Multiple primary suites and first-floor bedrooms
Having a bedroom on the home’s first floor — a trend we saw driving up home prices in 2023 — and having multiple primary suites are increasingly popular features homebuyers are searching for in 2024.
Due to the relatively recent unpredictability of the real estate market across the nation, more homebuyers have been focused on finding a property that they’ll be able to spend the rest of their lives in. Having a first-floor bedroom will allow their properties to be more functional as they age. Additionally, more households have become multigenerational due to the costs of living, so younger generations are looking for spaces where they can accommodate elderly family members.
“I’m noticing with certain buyers that they’re looking for either a first-floor bedroom or the option of having a first-floor bedroom,” said Jamie Oakley, a realtor with Prominent Properties Sotheby’s International Realty in Franklin Lakes. “Thinking into the future and functionality for them, whether it’s the buyers themselves as we get older or thinking about family members who may be coming to live with them at some point.”
Homes with multiple primary suites were also predicted to be a big trend in 2024 due to more couples choosing to sleep in separate spaces.
“I’m hearing a lot of trends of people wanting two primary suites, so like couples who want to sleep separately but still want to live together, which is interesting,” said HGTV personality Noel Gatts, founder and principal designer of Beam and Bloom based in Bloomfield.
Multiple home offices
While home office spaces grew increasingly popular during the time surrounding the coronavirus pandemic, many homebuyers have been searching for properties with multiple office to accomodate more people working from home.
This is not only due to many companies continuing to work remotely, but also because more companies have implemented hybrid work schedules, meaning more people may be working at home, even if only for a few days a week.
“The work from home trend is definitely continuing, so having multiple home office spaces is definitely something that tops a lot of people’s lists,” Stokes said. “It’s becoming more than one because one person would be working from home, but now it’s the real deal where people, whether it’s even going back to the office, they still have the opportunity to work from home a couple days a week.”
A finished basement, or the option for a finished basement
Homes with a finished basement — or a basement that has the ability to be finished and used for different purposes — is something many homebuyers are seeking.
Oakley said many families are looking to incorporate more hang out and entertainment spaces in their home, such as game rooms, media rooms and playrooms, which are often common uses of basement spaces. Finished basements are also often used as an in-law suite or as a distinct living space for kids or other family members that may visit.
In older homes, Oakley said basement heights tend to be shorter, meaning there isn’t enough room for these spaces to be used for anything other than storage.
“I was actually showing a property recently that was a beautiful new construction home on an existing foundation and everything my clients were looking for,” she said. “Then, we went into the basement and they could hardly stand up in it, which for them was just a complete turn off because it wasn’t a space that they could use.”
Self-care amenities and spaces
Homes with self-care amenities or spaces the buyers can use for self-care activities has become more popular, Oakley said.
“I saw a house recently that had a cold plunge installed in it and that completed wowed the buyers,” she said. “So, spaces for a gym or a spa. Even with staging, I’m noticing that they might have yoga mats set up with little weights and things like that just to show what the space could be used for.”
Maddie McGay is the real estate reporter for NorthJersey.com and The Record, covering all things worth celebrating about living in North Jersey. Find her on Instagram @maddiemcgay, on X @maddiemcgayy, and sign up for her North Jersey Living newsletter. Do you have a tip, trend or terrific house she should know about? Email her at MMcGay@gannett.com.
It’s a new year, and if your resolution is to finally make the leap into homeownership, this might be the best time to do it.
In 2024, there is expected to be more predictability and stability for potential homebuyers. Additionally, Zillow predicts that more homes will hit the market this year, as more homeowners who locked in all-time-low mortgage rates may put their homes up for sale, growing tired of waiting for such low rates to return.
“I do believe we’re going to get back to a normalcy of the market where people are going to buy, sell, rent and relocate based on what’s going on in their life,” said Rob Norman, eastern region president of Coldwell Banker Realty, based in New Jersey. “I don’t think we’re going to be as shocked or surprised by what’s going on in the market, as perhaps we were in the past.”
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Many first-time buyers don’t even know the steps they need to take to begin the process. If you’d like to buy your first home in 2024 but don’t know where to start, don’t be intimidated. Here’s a look at how the homebuying process works:
Save for a down payment
Ensuring you have money tucked away before starting the homebuying process is important.
Down payments are a percentage of a home’s purchase price, so the amount you’d need to pay for a down payment largely depends on the price of the home you’re looking to purchase. A 20% down payment is traditionally what’s recommended, and the more you’re able to put down means the less you’d have to pay each month for your mortgage.
While this is recommended, it doesn’t mean you actually have to have that much saved up. According to a 2023 study from the National Association of Realtors, the median down payment for homebuyers across the country is just 14%. Additionally, many loans today require a much lower percentage to qualify, such as 3% for some conventional loans and 3.5% for FHA —Federal Housing Association — loans.
Get preapproved for a mortgage
It’s important to get preapproved for a mortgage before you start house hunting so you know exactly what you can afford, and to save time later in the process.
This requires submitting income verification, like pay stubs, tax returns and bank statements, to a lender, as well as looking at your debt-to-income ratio.
“You have to get preapproved by a mortgage professional,” said Betti Russo, a broker sales associate with Keller Williams Prosperity Realty in Wayne and Oakland. “It’s to be able to know exactly what you can afford. You might think you can afford more than you can or you might be shortchanging yourself and thinking you can afford less than you actually can. The preapproval is going to really dig deep and tell you exactly what you can afford.”
Russo said that in today’s market, it’s important to act quickly when you find a house you love. Getting preapproved also means that you’ll be ready to submit your best offer right away, giving you the best chance at securing your property. Because houses are leaving the market so frequently, she said there’s no time to waste.
Not only will getting preapproved help you understand what you can afford, it’ll also give you a better idea of how much you’ll pay for other homebuying fees. This includes closing costs, which typically cover property taxes, insurance and fees from various entities.
Explore potential neighborhoods
Once you know how much house you can afford, you’ll have a better understanding of what areas you can consider buying in. Russo said she always recommends that homebuyers take the time to visit and explore areas they’d consider buying in to make sure it’s the right fit for them.
“Just because there’s a beautiful house there and the price fits within your budget doesn’t mean that you’re actually going to love living in that area,” she said. “You want to pick an area that talks to who you are as a person, what you like to do and how close you want to be to certain things.”
Would you rather more of a city or a suburban environment? Are you a commuter who needs easy access to public transportation? Would you like to be within walking distance of certain amenities? Russo said these are just a few factors to consider when picking a location.
Map out your wants versus your needs
Chances are, you’re not going to find a home that comes with everything you want right off the bat. So, it’s recommended to write a list of what features you need, as well as what features you want, but can survive without for the time being.
“The things that are your must-haves are concrete, and your wants should be like ‘I would like this someday, and maybe the house doesn’t have it right now, but I can change this about the house down the road,'” Russo said. “You don’t have to have everything right away, especially if you’re a first-time homebuyer.”
Certain aspects about the property can’t change, such as being too close to a highway or having a small backyard, but cosmetic things, like carpeting and kitchen cabinets, can be updated at any time. Russo said figuring this out and knowing what you want in advance is necessary to give yourself the best chances at securing your home.
“It’s a very, very big sellers market still, so homebuyers don’t have time to waste,” she said. “They need to do a lot of preparation in order to be able to get the home that they want. They need to figure all of this out in advance so that when you step into a home, you either want it or you don’t want it. And if you do want it, you have too act very quickly, there’s no time to think about out.”
Find a realtor
While you’re not necessarily required to work with a realtor to find a home, having one does make the process easier.
Because buying a home involves a lot of moving parts, such as finding homes for sale, writing up offers, making edits to the contract and ensuring other parties are prepared, having a realtor will alleviate some stress, especially for first-time buyers.
Additionally, realtors often have a network of trusted people like real estate lawyers and building inspectors, meaning they’ll be able to recommend other individuals that you may need to consult during the process.
Russo said that just because one person had a great experience with a particular realtor doesn’t mean they’ll be the best fit for you. She said it’s important to find someone that you can mesh with, especially because you’ll be working so closely with one another.
“I think referrals are really good and knowing somebody that has worked with the agent before and that they’ve had a good experience with them. Online reviews are also great,” she said. “Experience is not always the answer, but experience is definitely a good answer. You can pick the most experienced agent in the area, but you could have a serious personality conflict or just don’t like their style. Just because they’ve sold the most homes doesn’t mean they’re the best fit for you and your needs.”
Do your research to find a realtor that is familiar with your desired area and that you feel will be able to fulfill your needs.
Make an offer
Russo said that when making an offer on a house, you want to put your best foot forward because you might not get a second chance.
“You need to be prepared to go in with your best foot forward. I always ask people, ‘What’s the house worth to you? How are you going to feel if you don’t get it?'” she said. “Obviously besides your budget, that’s going to determine how strong you go in with an offer.”
Russo said to also remember that money is not the only factor involved in making an offer. Things like how soon you can close on the home and whether you’re willing to waive an inspection also play a role.
“You need to be very flexible in your demands and do whatever you can to make the seller happy, whether that be offering a quick or flexible closing based on the seller’s needs or offering inspections for information purposes only,” she said. “Just make it really easy for the seller to accept your offer.”
Maddie McGay is the real estate reporter for NorthJersey.com and The Record, covering all things worth celebrating about living in North Jersey. Find her on Instagram @maddiemcgay, on X @maddiemcgayy, and sign up for her North Jersey Living newsletter. Do you have a tip, trend or terrific house she should know about? Email her at MMcGay@gannett.com.
Home prices have increased across most of the country over the last year, but some states saw a more significant increase than others.
New Jersey experienced the fourth highest percentage increase in home prices across the nation over the last year at 7.43%, according to a recent study by New Jersey Real Estate Network, which analyzed data from Zillow from January 2023 to December 2023.
Additionally, New Jersey had the second highest home price increase by dollar amount. With the average home price now estimated to be about $495,469, houses across the state saw an approximately $34,283 increase from January 2023.
“The spike in housing prices across certain states results from a mix of factors,” reads the analysis. “Economic vitality, job growth and population influx can drive demand, while supply constraints and low interest rates can amplify the increase in prices.”
New Jersey ranked just behind No. 1 Connecticut, with a 9.56% increase, as well as No. 2 Maine and No. 3 New Hampshire, with 8% and 7.49% increases, respectively.
According to national housing market data compiled by Compass Real Estate, the median home sale price across the country was up by 3.5% in November year-over-year, while the median sale price of condos and co-ops across the country was up by 8.6%. Home prices across the nation have seen a 54% appreciation rate over the last five years, far exceeding the the inflation rate of about 22%.
On the opposite end, Louisiana experienced the biggest percentage decrease in home prices at 2.19%. With the average home price estimated to be $195,356 in the state, home prices in Louisiana decreased by $4,370. Idaho, Texas, North Dakota and Nevada all saw home prices decrease in 2023, at .75%, .42%, .36% and .11%, respectively.
These were the top 10 states with the highest percentage increase in home prices during 2023:
Maddie McGay is the real estate reporter for NorthJersey.com and The Record, covering all things worth celebrating about living in North Jersey. Find her on Instagram @maddiemcgay, on X @maddiemcgayy, and sign up for her North Jersey Living newsletter. Do you have a tip, trend or terrific house she should know about? Email her at MMcGay@gannett