To view data for every Essex County town, go to: http://www.sullivanteam.com/Properties/Reports/Public/Charts.php
To dowload the full Housing Report go to: http://sullivanteam.com/pages/EssexCountyHousingReports
Essex County Housing Report July 2019
July 18, 2019
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To view data for every Essex County town, go to: http://www.sullivanteam.com/Properties/Reports/Public/Charts.php
To dowload the full Housing Report go to: http://sullivanteam.com/pages/EssexCountyHousingReports
Essex County Housing Report June 2019
June 10, 2019
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To view data for every Essex County town, go to: http://www.sullivanteam.com/Properties/Reports/Public/Charts.php
To dowload the full Housing Report go to: http://sullivanteam.com/pages/EssexCountyHousingReports
Essex County Housing Report May 2019
May 17, 2019
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To view data for every Essex County town, go to: http://www.sullivanteam.com/Properties/Reports/Public/Charts.php
To dowload the full Housing Report go to: http://sullivanteam.com/pages/EssexCountyHousingReports
Essex County Housing Report April 2019
April 15, 2019
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To view data for every Essex County town, go to: http://www.sullivanteam.com/Properties/Reports/Public/Charts.php
To dowload the full Housing Report go to: http://sullivanteam.com/pages/EssexCountyHousingReports
Essex County Housing Report March 2019
March 19, 2019
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To view data for every Essex County town, go to: http://www.sullivanteam.com/Properties/Reports/Public/Charts.php
To dowload the full Housing Report go to: http://sullivanteam.com/pages/EssexCountyHousingReports
Essex County Housing Report February 2019
February 19, 2019
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Essex County Housing Reports: January 2018 vs January 2019 Plus 3 Month and 6 Month Comparisons
Inventories fell in January for all property types but turned positive for single family and multi-family over past 3 months.
Prices rose for all property types over all time frames.
Unit Sales contined to fall for all property types over all time frames
Here is breakdown by property type:
Single Family: January: Inventory Down 1.8% and Sale Prices Up 3.3%: 3 Months Inventory Up 3.3% and Sale Prices Up 1.4%
Condo: January Inventory Down 0.3% and Sale Prices Up 3.4%: 3 Months Inventory Down 2.3% and Sale Prices Up 8.9%
Muilti-Family: January Inventory Down 3.6% and Sale Prices Up 9.4%: 3 Months Inventory Up 2.9% and Sale Prices Up 5.6%
6 Months comparisons are also included.
To view data for every Essex County town, go to: http://www.sullivanteam.com/Properties/Reports/Public/Charts.php
To dowload the full Housing Report go to: http://sullivanteam.com/pages/EssexCountyHousingReports
Cost vs. Value: The Home Improvement Projects With the Highest ROI in 2019
January 23, 2019
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Cost vs. Value: The Home Improvement Projects With the Highest ROI in 2019
http://blog.rismedia.com/?p=20761
Remodelers across the country took a hit last summer as the cost of building materials spiked dramatically, and the picture for 2019 isn't much rosier.
The percentage of return on investment (ROI) is projected to trend downward for all the replacement projects listed in Remodeling magazine's newly-released Cost vs. Value Report.
Related: 6 Costs Homeowners Overlook and How to Pay for Them
Larger indoor remodel projects took a hit as well, but weren't impacted as greatly as replacement projects as they rely more on labor costs rather than material costs.
"With the increasing costs of building materials and labor, we urge remodelers to think like real estate professionals first,” says Clayton DeKorne, editor-in-chief of Remodeling magazine. "When you adjust your focus to think like a broker first, you can dull clients’ No. 1 pain point—cost—with a discussion of the amount that can be recouped."
Nationally, here are the five projects with the greatest ROI in the report's mid-range cost category:
Manufactured Stone Veneer (94.9% ROI)
- Average Cost: $8,907
- Average Resale Value: $8,449
Minor Kitchen Remodel (80.5% ROI)
- Average Cost: $22,507
- Average Resale Value: $18,123
Deck Addition (Wood) (75.6% ROI)
- Average Cost: $13,333
- Average Resale Value: $10,083
Siding Replacement (75.6% ROI)
- Average Cost: $16,036
- Average Resale Value: $12,119
Entry Door Replacement (Steel) (74.9% ROI)
- Average Cost: $1,826
- Average Resale Value: $1,368
Nationally, Five projects with the greatest ROI in the report's upscale cost category are:
Garage Door Replacement (97.5% ROI)
- Average Cost: $3,611
- Average Resale Value: $3,520
Window Replacement (Vinyl) (73.4% ROI)
- Average Cost: $16,802
- Average Resale Value: $12,332
Grand Entrance (Fiberglass) (71.9% ROI)
- Average Cost: $8,994
- Average Resale Value: $6,469
Window Replacement (Wood) (70.8% ROI)
- Average Cost: $20,526
- Average Resale Value: $14,530
Bathroom Remodel (60.2% ROI)
- Average Cost: $64,743
- Average Resale Value: $38,952
Nationally—and on the other end of the spectrum—here are the five projects with the lowest ROI in the mid-range cost category:
Backyard Patio (55.2% ROI)
- Average Cost: $56,906
- Average Resale Value: $31,430
Master Suite Addition (59.4% ROI)
- Average Cost: $130,986
- Average Resale Value: $77,785
Bathroom Addition (60.6% ROI)
- Average Cost: $47,427
- Average Resale Value: $28,726
Roofing Replacement (Metal) (60.9% ROI)
- Average Cost: $38,600
- Average Resale Value: $23,526
Major Kitchen Remodel (62.1% ROI)
- Average Cost: $66,196
- Average Resale Value: $41,133
Nationally, Five projects with the lowest ROI in the upscale cost category are:
Master Suite Addition (50.4% ROI)
- Average Cost: $271,470
- Average Resale Value: $136,820
Bathroom Addition (58.1% ROI)
- Average Cost: $87,704
- Average Resale Value: $51,000
Major Kitchen Remodel (59.7% ROI)
- Average Cost: $131,510
- Average Resale Value: $78,524
Bathroom Remodel (60.2% ROI)
- Average Cost: $64,743
- Average Resale Value: $38,952
Window Replacement (Wood) (70.8% ROI)
- Average Cost: $20,526
- Average Resale Value: $14,530
The 2019 Cost vs. Value Report surveyed more than 3,200 real estate professionals about returns for 22 popular renovation projects in 136 different U.S. housing markets—up from 100 markets last year. View the full report, including project descriptions and city-level data, here.
Fed Says Student Debt Has Hurt the U.S. Housing Market
January 21, 2019
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Fed Says Student Debt Has Hurt the U.S. Housing Market
Student loans prevented 400,000 young Americans from buying homes, Fed says in paper covering 2005 to 2014
The effect of student debt on the economy has been debated in recent years, as the total has soared to $1.5 trillion, surpassing Americans’ credit-card and car-loan bills. Congress and various White House administrations have pointed to federal student loans as a key way for Americans to pay for college and boost their career earnings. Critics have said the debt is damaging the economic prospects of a generation of Americans.
The Fed research published Wednesday didn’t offer a verdict on those assertions. But it showed that student debt is linked to key life decisions for some—including whether to buy a home and where to live.
Homeownership among people ages 24 to 32 fell 9 percentage points, to 36% from 45%, between 2005 and 2014, the Fed said. While many factors affected the homeowner rate, the Fed said 2 percentage points, or about a fifth, of the decline was tied directly to student debt. That translated into 400,000 borrowers who could have owned a home by 2014 but didn’t because of student loans.
The Fed researchers pointed to at least two effects. First, many borrowers fell behind on their student loans and damaged their credit, hurting their ability to qualify for mortgages. Second, many others have good credit but are unable or unwilling to save for a down payment on a home because they funnel a chunk of their disposable incomes toward student debt. …
A separate Fed paper Wednesday showed Americans with student debt are leaving rural areas in droves. Half of all student-loan borrowers in rural areas moved to urban areas within six years of taking on their debt, according to the study, which used a sampling of data from a credit-rating firm and Social Security numbers to track the borrowers.
“While investing in postsecondary education continues to yield, on average, positive and substantial returns, burdensome student loan debt levels may be lessening these benefits,” the Fed researchers wrote.
The reports shed light on two of the economy’s biggest puzzles in recent years. The housing recovery has been historically weak and the fortunes of rural communitieshave lagged behind those of urban areas.
Research on the effect of student debt on homeownership has been mixed. Some economists have found that even with the burden of debt, the wage boost from getting a college degree still makes it easier for many borrowers to buy homes.
“Basically the only way to get your foot in the housing door is to have a degree, even if it comes with debt,” said Ralph McLaughlin, deputy chief economist atCoreLogic Inc.
College graduates are far more likely to be employed and earn more than workers with only a high-school diploma. The typical American between ages 22 and 27 with a bachelor’s degree earned $42,000 in 2017, according to the New York Federal Reserve. The typical worker with just a high-school diploma earned $28,000.
Skylar Olsen, director of economic research and outreach at Zillow, said student loans are combining with high rents and rising home prices to make it difficult for younger households to save for down payments. “It’s a one-two punch,” she said.
Over the past couple of years, lenders have been making a larger share of loans to borrowers who spend more than 45% of their monthly pretax income on their mortgage payment and other debt, including student loans. The mortgage industry is experimenting with various initiatives to address concerns that student loans make it difficult for millennials to purchase their first homes.
The new Fed paper studied borrowers during a period—2005 to 2014—when delinquencies on student loans soared. Since then, many borrowers have enrolled in plans that reduce their monthly bills by setting payments as a share of their incomes. These income-driven repayment plans have been linked to a decline in delinquencies. The Fed research doesn’t address whether this development has diminished the effects of student debt on homeownership, which has picked up among young Americans in the past year.
Write to Josh Mitchell at joshua.mitchell@wsj.com and Laura Kusisto at laura.kusisto@wsj.com
Essex County Housing Reports January 2019
January 13, 2019
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Essex County Housing Reports: December 2017 vs December 2018; Q4, 2017 vs Q4, 2018 and Year 2017 vs Year 2018
Inventory fell, unit sales fell and sale prices rose across all property types for the December, Q4 and Year EXCEPT for Single Family Homes whose prices fell 1.1% in December.
Here is breakdown by property type:
Single Family: December: Inventory Down 3.6% and Sale Prices Down 1.1%: 3 Months Inventory Down 3.3% and Sale Prices Up 1.4%
Condo: December Inventory Down 4% and Sale Prices Up 7.4%: 3 Months Inventory Down 2.1% and Sale Prices Up 10.1%
Muilti-Family: Decmeber Inventory Down 12.2% and Sale Prices Up 5.9%: 3 Months Inventory Down 7.2% and Sale Prices Up 3.8%
To view data for every Essex County town, go to: http://www.sullivanteam.com/Properties/Reports/Public/Charts.php
To dowload the full Housing Report go to: http://sullivanteam.com/pages/EssexCountyHousingReports
