Tag Archives: RealEstateTips

Why Are There Fewer Available Homes in the New Jersey Housing Market?

New Jersey is experiencing a loss in the number of available homes, which is driving up the cost of home prices. According to a recent article on nj.com, the number of homes dropped between 15-20 percent in the past year. Why Is the Number of Available Homes Decreasing? Labor shortages: During the last five years, the housing industry has experienced shortages in skilled labor. There are currently 154,000 open available construction jobs in the US, down from last summer, but it still represents an issue. One of the reasons for the shortages is that many projects are being placed on hold due to over saturated markets. Another issue is that the construction industry relies heavily on immigrant labor, which has come under fire under the Trump administration. Undocumented workers are turning down projects, and there aren’t enough people willing to fill those positions. Unaffordable housing: Mortgage rates increased this year,…
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How Hard is it to Get Commercial Retail Space in New Jersey?

Are you thinking of purchasing retail space for your business in New Jersey? There are many steps to opening a money-making enterprise in the US, and obtaining a proper space for a business is very important. Like they say, location, location, location. Getting Your Commercial Real Estate Space Ready Zoning/permits: Confirm that intended use of the building is permitted in that area, confirm compliance with the Americans with Disabilities Act, and acquire current or pending permits and applications necessary for that property. Building inspections: Certified inspectors can inspect for safety code compliance, and find out if your building is environmentally compliant. They will inspect for asbestos, soil contamination, mold, and environmental hazard issues. Potential claims: You want to be aware of past, current, or pending litigations that involve your property. You do not want to become liable for a lawsuit for something the previous owner is involved in, consulting a…
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What Are Some Common Real Estate Scams?

When attempting to rent or purchase a home, a multitude of scam artists can attempt to overcharge on mortgages, steal identities, and cause you much grief in your financial and personal life. It is important to know how to look out for these scams to avoid them. Different Types of Real Estate Scams Moving fraud: Some moving companies have been guilty of quoting a low price only to demand more before actually moving your belongings. Checking the moving company for online reviews and their profile with the Better Business Bureau will be helpful to see if they have any registered complaints. Getting written price estimates from several movers can help you get an idea if they are shorting the initial price. Predatory loans: Practices such as selling mortgages for extremely high prices, charging unnecessary fees and surcharges, encouraging borrowers to lie about income levels to secure loans, and charging higher…
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NJ Supreme Court Brings Notice Rules on Cancelling Real Estate Contracts into 21st Century

In the age where almost everyone has email on their smartphone, is there any reason to maintain a rule that says legal notice must be given only by certified mail, personal delivery or telegram? The New Jersey Supreme Court considered this question in regard to the legal notice an attorney has to give to cancel a real estate contract on behalf of a client. In New Jersey, when a real estate broker prepares a contract for sale of residential property, there is a three-day attorney-review period whereby either side can cancel the contract. This rule is in place to allow buyers and sellers to have their own real estate attorney review a broker-prepared contract to protect their rights. Sometimes, during this three-day period, sellers might obtain a higher bid or a buyer might change his or her mind about the contract. The old rule from a court case in 1983…
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What Could Cause My Property Taxes to Go Up?

Did you know that property taxes are one of the most overlooked expenses when it comes to owning a home? This tax can really put a dent in your finances, especially if your neighborhood has a high property tax rate. However, what you do as a homeowner could also make the taxes on your home go up or down. How Are You Affecting Your Property Taxes? Property tax codes are numerous and complicated. It’s estimated that there are around 80,000 pages worth of federal property tax code, and each town and county have their own special codes to be followed. That means almost anything could make your property taxes go up, but here are a few things that are more likely to do that than others. Adding an Expansion– One of the big factors in increasing your property taxes is increasing your property value. Adding an expansion to your home…
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