If you’re looking to buy property, here in the northeast or anywhere else, one of the first and best pieces of advice you’ll almost certainly hear is to know the real estate market where you’re trying to buy. The more information you discover about what property is selling for in a particular market and the more you get a sense of where a real estate market is headed in the near future, the better you’ll do when it’s time to negotiate a price.
Cliffco Can Help You Find Financing for Your Home Buy
If you’re looking to buy property, Cliffco Mortgage Bankers can help make that dream a reality. Our mission is to help clients achieve the dream of home ownership and we’ll help you discover how much home you can afford and what loans might be available for you to help you buy the property you want. So we want you to get as much information as you can about real estate markets. We’re located in the northeast and we want to take a look at the real estate outlook in this region of the country.
The New York and New Jersey Story
For the purpose of this post we’re going to define the northeast as the New England states plus New York and New Jersey. We’ll look at other regions in future posts. Real Estate values in New York were up statewide in 2017, but there’s a different story in Manhattan. Statewide, the median home value in New York is $309,100 and that’s a rise of 10.3 percent in the last year. Zillow predicts 3.4 percent growth in 2018. But there were problems in Manhattan. According to CNBC, Manhattan real estate fell 12 percent in the fourth quarter of 2018. That’s the lowest level in six years. Brokers said the drop was due to uncertainty over the new tax law.
In New Jersey, homes are valued at $312,000 according to Zillow and is expected to grow 2 percent this year, they say. According to NJ.Com, the hottest market in the Garden State is Jersey City which saw median home values grow by a quarter in 2017. Nearby Weehawken and the Jersey Shore community of Asbury Park are also hot areas.
A Look at Connecticut Real Estate
Taking a look at our nearest New England state, Connecticut has a median home value of $247,000, with an expected growth of 1.8 percent this year, according to Zillow. The median listing price at the end of January was $309,000. The average amount of time homes in Connecticut were on the market was 125 days. 13.6 percent of homes had negative equity compared to 0.4 percent nationwide while 2.2 percent of homes were delinquent on their mortgage compared to an average of 1.6 percent nationwide. Among the markets that have higher median home values are Stamford. which has a median value of $452,300. The Norwalk area has a median value of $383,400.
Cliffco Can Help You Navigate the Real Estate Market
No matter where you’re looking to buy property, Cliffco Mortgage Bankers can help you find the right loan for you. We’ll also help you find ways to tap into your home’s equity or find loans to help make repairs. To learn more, contact us today.