Real Estate News Roundup January 2018

With 2018 underway, homeowners and investors are curious to know what the new year has in store for the real estate market. Other factors aside, one study reveals neighbors affect home values more than you might realize. Traffic is another component that may impact the enjoyment of your home and its worth. One New Jersey town is making changes to ease congestion caused by a navigation app, while Newark competes to lure retail giant Amazon.

Let’s take a look at some of the interesting real estate stories we read this month:

Experts weigh in on what the 2018 housing market will bring

What will the new year hold for home prices? The National Association of Realtors predicts they’ll rise about 5.5 percent in 2018. “Low supply is pushing prices higher and making home buying less affordable in several parts of the country,” said Lawrence Yun, NAR chief economist.

How your neighbors affect your home’s value

Your neighbors may have more sway over your home sale and property value than you think. The Appraisal Institute warns home sellers and buyers that bad neighbors affect your sale and can “significantly reduce nearby property values.” Former Appraisal Institute President Richard L. Borges II, MAI, SRA stated: “I’ve seen many situations where external factors, such as living near a bad neighbor, can lower home values by more than 5 to 10 percent. Homeowners should be aware of what is going on in their neighborhood and how others’ bad behaviors could affect their home’s value.”

New Jersey town will close streets to fight navigation app traffic

Leonia, New Jersey plans to close 60 streets to everyone other than residents and workers at peak driving periods (6AM to 10AM and 4PM to 9PM) from January 22 forward after traffic-savvy navigation apps are clogging streets by offering commuters refuge from backed-up highways.

Demand for single family homes continues to increase

A report released by the Dept. of Housing & Urban Development states that the sale of single-family units jumped by 5.3 percent to 930,000 last year, the highest since Sept 2007. Why? According to the Urban Institute, new renters will far outpace new home owners in the years to come. Among them, Generation X renters (ages 38-52) prefer to rent a single-family home than any other home type.

New Jersey’s foreclosure rates offer mixed messages

It’s a mixed bag when it comes to foreclosure in the Garden State. New Jersey’s foreclosure rate fell 13.56 percent between 2016 and 2017. But the counties of Atlantic, Burlington, Camden, Cumberland, Gloucester, Salem and Sussex posted the seven worst rates in the nation.

Newark is still a contender for Amazon’s new headquarters

Thought it seems like a long shot, Newark is still in the running to serve as the location for Amazon’s second headquarters. The Ironbound City made the list of 20 finalists. Cities across the country are vying to win the grand prize: a $5 billion facility that will employ 50,000 people and boost state coffers.