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Successful money managers share a simple strategy: spend less than you make over a long period of time and invest the difference. Here’s list of the 5 worst things you can do to sabotage your financial independence:

  1. Not taking care of your credit score. You may think you’re doing all the right things credit-wise, but that may not be how credit-scoring firms evaluate your profile. Your balances may be too high, you may have too many credit cards, or you may have been late on a payment or two. All of these things affect your credit score, so be sure to check your credit report three times a year and dispute any mistakes you find.
  2. Not saving and overspending – Putting money aside is essential if you are going to be able to invest. Experts suggest saving 10 percent of your salary. It’s tempting to splurge, but develop a budget and stick with it. Even if retirement is a long way off, it takes a long time to save enough money to live comfortably once you leave the workforce. Starting today, make sure to save part of every dollar you earn.
  3. Waiting to purchase property– renting always seems like the less expensive option; however ultimately as a renter you are paying someone else’s rent. Your landlord is cashing in on home equity and value- these are benefits renters do not enjoy ...

A new generation of homebuyers may shatter the myth that millennials are serial renters, according to a recent survey by Realtor.com. As cited in the survey: 61 percent of first-time buyers in the coming year will be under the age of thirty-five. It appears that despite student loans, credit card debt, and near-stagnant wages, the millennial generation is setting down roots and eschewing rent payments. But this does not mean they are looking for the one dream house to last a lifetime.

Millennials overall are saying goodbye to the idea of a "forever home."  The old concept of buying a home at 25 and living in the home well through retirement may have seen its last days. The antiquated idea of buying that dream house and living there forever is one the millennials do not uphold. A recent community survey shows that over half (56 percent) of homeowners no longer believe in the forever home. 

A recent study found that fifty-eight percent of millennials believe that the forever home is dead, and expect their home to evolve as their life does. From a growing family to a new job or ...


6 Steps to Making the Right Bid

Jun 8
11:17
AM
Category | Blog

Congratulations! You've finally found the house you're looking for and you're ready to make a bid. Here comes the tricky part: how much should you bid? Sometimes the bidding process can be a complicated tightrope to traverse. Multiple offer situations, or cases in which more than one competing offer is placed on a home, can be challenging for a homebuyer, especially one new to the process. To guide you along the way, here are steps to make the right bid and land your dream house.

While a listing agent can offer advice and suggestions, all decisions about how offers will be presented—and dealt with—are made by the seller. Your agent likely has other buyer clients, some of whom may be interested in the same properties as you are, so ask how offers and counter-offers will be presented and negotiated.

Looking into comparable sales is also a great idea to judge what you should bid. Check out how much houses in the area are going for and go back as far as six months. Find houses that are very similar to the one you intend to purchase. How much did these listings sell for and how much over or under was the sale price? All of these factors can help you assess your own bid.

Talk to the neighbors about noise levels, crime rates, schools and construction in the area. They ...


According to a recent analysis by Zillow, the best time for buyers isn’t spring, but summer—the end of summer, that is. Why? There’s more supply as the season winds down, specifically in August, and sellers who weren’t so lucky earlier on become anxious to unload, cutting prices before the weather changes and the school year starts.

It’s a seller’s market out there, and for homebuyers, the struggle this spring is real: few affordable options, and price growth that just won’t quit.

For the month of April across the state of New Jersey the following sales were reported:

  • Single Family Closed Sales were up 8.0 percent to 5,917.
  • Townhouse-Condo Closed Sales were down 0.1 percent to 1,819.
  • Adult Communities Closed Sales were up 7.9 percent to 549

Residential single family homes saw a 10% decrease in their average days on market before sale. Although inventory is still being stretched thin in many areas, relatively low mortgage rates coupled with higher wages have built a relatively sturdy housing marketplace. It is important for prospective buyers to remember that The Fed raised rates in March, and at the time telegraphed a plan to lift them two more times this year. Buying before the fall could mean ...


Millennials are buying homes, steering builders toward lower price points

First-time buyers are rushing to buy homes after a decade on the sidelines, promising to kick a housing market already flush with luxury sales into higher gear.

Tracking home sales to a particular age group is hard, but a series of data points form a mosaic of a generation of young people ready to buy: The number of new-owner households was double the number of new-renter households in the first quarter of this year, the share of first-time buyers is creeping back toward the historical average, and mortgages for first-timers are on the rise.

“They’re crawling out of their parents’ basements, they’re forming households and they’re looking to buy,” said Doug Bauer, chief executive of home builder Tri Pointe Group Inc., which operates in eight states.

In a shift, new households are overwhelmingly choosing to buy rather than rent. Some 854,000 new-owner households were formed during the first three months of the year, more than double the 365,000 new-renter households formed during the period, according to Census Bureau data. It was the first time in a decade there were more new buyers than renters, according to an analysis by home-tracker Trulia.

Home builders are beginning to shift their focus away from ...


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