The Ridgewood Blog Brings a Free Market Laissez-faire Point of View to Local, New Jersey State and National Issues.
the staff of the Ridgewood blog
Ridgewood NJ, according to Opendoor, the hottest areas for home sales in New Jersey are located in a suburban area with local restaurants and shops, but also close to the NJ Transit station for easy and fast access to New York City. New Jersey-based Opendoor Technologies is an online company that buys and sells residential real estate.
BUT DOES IT HAVE A JAPANESE KOI POND? https://theridgewoodblog.net/but-does-it-have-a-japanese-koi-pond/
When looking to buy a new home there are several important factors that you must take into account. These include but are not limited to mortgage rates, debt-to-income ratio calculations, the down payment, the seller’s incentive, and the real estate agent. Does the agent use a multiple service listing database? And do you get along with and trust your real estate agent to get you the best deal and navigate the local market seamlessly?
Continue reading Looking To Buy A New Home? Don’t Forget These Parameters
the staff of the Ridgewood blog
Ridgewood NJ, talk to almost any housing expert and they will likely say the housing market is not in a bubble. This is despite home prices soaring to historical highs across the country.
In February, prices surged 12% year-over-year, according to the latest S&P CoreLogic Case-Shiller U.S. National Home Price Index, which is the highest increase since February 2006—right before the housing market crashed, sending home values into a free fall.
Continue reading Housing Prices Race to New Highs ,but Experts say, “it’s different this time “
November 29,2017
the staff of the Ridgewood blog
Ridgewood Nj, The United States economy has been in a period of encouraging, consistent growth for several years now. According to 24/7 Wall Street ,the U.S. GDP has now increased uninterrupted for 14 straight quarters. The stock market continues to hit new all-time highs with yesterday marking the 61st closing high since Donald Trump became president , and the unemployment rate fell to 4.1% in October, the lowest it has been since the year 2000. Based on the most recent quarterly estimates from the Bureau of Economic Analysis, 24/7 Wall St. reviewed the growth or lack there of, of American state economies over the past three years more or less the time since the last nationwide quarterly economic contraction. Nationwide, GDP grew by 2.2% over the three years ending in the second quarter of 2017.
Using data provided by the Bureau of Economic Analysis, 24/7 Wall St. ranked all 50 U.S. states based on percent changes in real GDP growth in all 50 states from the second quarter of 2014 through the second quarter of 2017. and the U.S. Figures provided are adjusted to account for yearly inflation. GDP figures published by the BEA are preliminary and subject to annual revision. Figures on poverty rate, median household income, and educational attainment came from the American Community Survey. Employment and unemployment metrics were provided by the Bureau of Labor Statistics
New Jersey came in a better than expected 38th place while its neighbor to the north Connecticut came in 46th . New York came in 32nd and Pennsylvania came in a a respectable 27th.
38. New Jersey
> 3-year GDP growth: +0.9%
> Q2 2017 GDP growth: +2.3% (tied — 16th smallest increase)
> Fastest growing industry: Agriculture, forestry, fishing, and hunting
> Fastest shrinking industry: Utilities
> 3-year employment growth: +3.4% (17th smallest increase)
46. Connecticut
> 3-year GDP growth: +0.3%
> Q2 2017 GDP growth: +1.4% (6th smallest increase)
> Fastest growing industry: Mining
> Fastest shrinking industry: Nondurable goods manufacturing
> 3-year employment growth: +4.2% (23rd smallest increase)
32. New York
> 3-year GDP growth: +1.4%
> Q2 2017 GDP growth: +1.2% (tied — 4th smallest increase)
> Fastest growing industry: Information
> Fastest shrinking industry: Nondurable goods manufacturing
> 3-year employment growth: +2.7% (13th smallest increase)
27. Pennsylvania
> 3-year GDP growth: +1.6%
> Q2 2017 GDP growth: +2.5% (tied — 21st smallest increase)
> Fastest growing industry: Mining
> Fastest shrinking industry: Durable goods manufacturing
> 3-year employment growth: +2.5% (10th smallest increase)
America’s housing market has been heating up this summer.
Purchases of previously owned homes unexpectedly rose in July for a third straight month to reach the highest level since February 2007, figures from the National Association of Realtors showed Thursday. The gain was driven by stronger sales of single-family houses even as the share of first-time buyers shrank.
A limited number of available properties is keeping prices elevated, giving homeowners the financial flexibility to trade up as their housing equity improves. The data and a recent report showing the strongest rate of residential construction since 2007 are consistent with the Federal Reserve’s view that the industry is making progress.
“Demand is solid,” said Brian Jones, senior U.S. economist at Societe Generale in New York. “The driver is that we’ve got a labor market that’s very healthy and mortgage rates are still very low. The Fed has clearly got to be happy with the housing numbers we’ve seen.”
Another report Thursday showed the job market is holding firm. First-time claims for jobless benefits rose by 4,000 to 277,000 last week, according to the Labor Department. Since early March, applications have been lower than 300,000, a level typically associated with an improving employment.
FRANKLIN — Several months ago, Scott Packwood, a retired state trooper, started looking for a smaller, less expensive place for his family to live.
The eldest of two daughters was planning to move out after graduating from college, and the family’s 10-room house in the Somerset section of Franklin Township was suddenly larger than he and his wife needed. Property taxes, Packwood said, had also grown to more than $13,000 a year.
“We said enough was enough,” the 52-year-old explained.
The house sold quickly. But when Packwood was about to close on the sale last month, his attorney told him something that shocked him: He had to pay $5,435 for a realty transfer fee imposed by the state.
“It’s painfully ridiculous,” said Packwood, who has since moved to North Brunswick. “I mean, $5,400?”
So when Gov. Chris Christie held a town hall in Somerset last Tuesday, Packwood reserved a spot in the audience, raised his hand, and asked the governor why the fee exists.
“It’s a grab by the government to take more money for no good reason,” Christie said, blaming Democrats for raising the fee years ago. “A sales tax? There’s a rhyme or reason to it. An income tax? There’s a rhyme or reason to it. A corporate business tax? There’s a rhyme or reason to it. A realty transfer fee? From my perspective, it makes no sense.” (Johnson/Star-Ledger)
