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Prices Up +13.5% Single Family, +10.3% Condos, +15.7% Multi-Family
Active Listings Down -36% Single Family, -26.9% Condos, -5.1% Multi-Family
To view data for every Essex County town, go to: http://www.sullivanteam.com/Properties/Reports/Public/Charts.php
When mortgage forbearance plans were first announced and the pandemic surged through the country in early 2020, many homeowners were allowed to pause their mortgage payments. Some analysts were concerned that once the forbearance program ended, the housing market would experience a wave of foreclosures like what happened after the housing bubble 15 years ago.
Here’s a look at why that isn’t the case.
After the last housing crash, over nine million households lost their homes to a foreclosure, short sale, or because they gave it back to the bank. Many believed millions of homeowners would face the same fate again this time.
However, today’s data shows that most homeowners exited their forbearance plan either fully caught up on payments or with a plan from the bank that restructured their loan in a way that allowed them to start making payments again. The latest data from the Mortgage Bankers Association (MBA) studies how people exited the forbearance program from June 2020 to November 2021.
Here are those findings:
As of last Friday, the total number of mortgages still in forbearance stood at 890,000. Those who remain in forbearance still have the chance to work out a suitable plan with the servicing company that represents their lender. And the servicing companies are under pressure to do just that by both federal and state agencies.
Rick Sharga, Executive Vice President at RealtyTrac, says in a recent tweet:
“The [Consumer Financial Protection Bureau] and state [Attorneys General] look like they’re adopting a ‘zero tolerance’ approach to mortgage servicing enforcement. Likely that this will limit #foreclosure activity for a good part of 2022, while servicers explore all possible loss [mitigation] options.”
For more information, read the warning issued by the Attorney General of New York State.
For those who can’t negotiate a solution and the 16.8% who left the forbearance program without a work-out, many will have enough equity to sell their homes and leave the closing with cash instead of facing foreclosures.
Due to rapidly rising home prices over the last two years, the average homeowner has gained record amounts of equity in their home. As Frank Martell, President & CEO of CoreLogic, explains:
“Not only have equity gains helped homeowners more seamlessly transition out of forbearance and avoid a distressed sale, but they’ve also enabled many to continue building their wealth.”
One of the seldom-reported benefits of the forbearance program was that it allowed households experiencing financial difficulties prior to the pandemic to enter the program. It gave those homeowners an extra two years to get their finances in order and work out a plan with their lender. That prevented over 400,000 foreclosures that normally would have come to the market had the new forbearance program not been available. Otherwise, the real estate market would have had to absorb those foreclosures. Here’s a graph depicting this data:
When foreclosures hit the market in 2008, they added to the oversupply of houses that were already for sale. That resulted in over a nine-month supply of listings, and anything over a six-month supply can cause prices to depreciate.
It’s exactly the opposite today. The latest Existing Home Sales Report from the National Association of Realtors (NAR) reveals:
“Total housing inventory at the end of November amounted to 1.11 million units, down 9.8% from October and down 13.3% from one year ago (1.28 million). Unsold inventory sits at a 2.1-month supply at the current sales pace, a decline from both the prior month and from one year ago.”
A balanced market would have approximately a six-month supply of inventory. At 2.1 months, the market is severely understocked. Even if one million homes enter the market, there still won’t be enough inventory to meet the current demand.
The end of the forbearance plan will not cause any upheaval in the housing market. Sharga puts it best:
“The fact that foreclosure starts declined despite hundreds of thousands of borrowers exiting the CARES Act mortgage forbearance program over the last few months is very encouraging. It suggests that the ‘forbearance equals foreclosure’ narrative was incorrect. . . .”
To download report click https://sullivanteam.com/pages/Tips
Every year, it seems the holidays sneak up on us—and every year, that brings with it the dreaded last-minute gift panic. Finding a present that hits all the right notes can be surprisingly stressful, even when it comes to people you’ve known for years.
But have no fear! We’ve lined up a list of unique gifts for every “type” on your list. And since we work in real estate, they’re all centered around home life. From the coffee snob to the sports enthusiast, these presents are the perfect way to bring beauty, function or a touch of whimsy to your loved one’s home this holiday season.
We all know someone whose kitchen is their happy place—but once all the basics are covered, it can be hard to find the perfect present. These gifts will be a treat for the chef, baker, or food lover on your list, no matter how well equipped they are.
Glass Pour-Over Coffeemaker - $36
Have a java lover on your list who just can’t get their brew right at home? This high-end pour-over system makes a smooth brew that can even be refrigerated and reheated so your recipient can enjoy a perfect cup at any time.
Shiitake Mushroom Log Kit - $30
Help your favorite gourmand create restaurant-quality meals with this kit that allows them to grow delicious mushrooms right in their cupboard. All they’ll need to do is soak the wood and put it in a cool place, then wait a few weeks, and voila—mushrooms! Best of all, they can keep growing mushrooms on the same log for years.
Vintage Etched Cake Stand - $60
If you’re lucky enough to have a fabulous home baker on your list, give a gift that reflects the joy their treats bring to others. This lovely glass cake stand is the platform that a beautifully decorated dessert deserves.
Flowering Tea Set - $25
Your favorite tea lover may have tried all of the herbal blends out there, but we bet they haven’t seen tea like this. This set contains two “blossoms” of tea leaves hand-sewn around flowers that bloom when you place them in the included glass teapot and add hot water.
For many of us, time outdoors is the ultimate source of rejuvenation. The nature-lover on your list is sure to appreciate these presents that help them maximize that joy in their daily lives.
Striped Garden Tote Bag - $37
Dedicated gardeners all need a great bag to carry their gear. This tote is attractive and sturdy and will help them keep their home’s exterior beautiful and welcoming.
Monthly Flower Subscription - starting at $40/month
If your loved one prefers to enjoy their flora without all the work, a delivery of farm-fresh flowers is sure to surprise and delight. And you can keep the joy blossoming year-round with a monthly or bi-monthly subscription.
Collapsible Metal Straw - $20
Know someone who is trying to bring less plastic into their home? This reusable metal straw means they’ll never have to buy a box of plastic straws again. And since it collapses into a tiny carrying case, they can use it at home or on the go.
Solar Phone Charger - $29
Have a camper or adventurer on your list? This solar-powered phone charger, which comes with a built-in flashlight and compass, is a must-have. It will also make a great addition to their home emergency kit.
Like it or not, most of us spend a good chunk of our lives working—whether at a job or on projects and chores around the house. These gifts are designed to make that work a bit easier and more enjoyable.
Home Office Lap Desk - $35
Working at home can be great—in part because you can work from anywhere in the house. The remote worker on your list will appreciate this lap desk with a built-in mouse pad and phone slot, which will allow them to work comfortably from the couch or the bed without overheating their computer.
Bento Lunch Box - $27
If your loved one is heading back to the office, it doesn’t mean they have to give up the healthy habit of a home-cooked meal. Send them to work with this stylish lunch box packed full of nutritious food.
65ft Laser Distance Measure - $50
The handy person on your list can say goodbye to unwieldy tape measures with this nifty device. It’s perfect for DIY projects up to 65 feet.
Portable Sanitizing Travel Wand - $60
In the COVID-19 era, we’ve all become a little germaphobic. This UV wand kills viruses and bacteria in seconds without any wiping or washing required. It’s perfect for disinfecting shoes, computer keyboards, and more!
Of course, there’s a lot more to life than work. If you’re gifting a friend or family member who really lights up when they talk about their hobbies, we’ve got you covered.
Hockey Stick BBQ Set - $45
Looking for a gift for the sports enthusiast in your life that isn’t another jersey? These BBQ tools made from repurposed hockey sticks are a great pick. Perfect for cooking up food to watch with the game!
The Book Lover’s Journal - $13
Know someone who loves to curl up on the couch with a good book? This journal will help the book-lover on your list keep track of what they’ve read, as well as their ever-growing “to-read” list.
Marathon Map Hydration Bottles - $36
Help the runner you love to stay hydrated (and motivated) with a water bottle inscribed with their favorite race route. It’s perfect for runs around the neighborhood or just toting around the house.
Travel Backpack - $100
Make it easy for the travel lover on your list to bring back souvenirs. This lightweight backpack folds flat so it’s easy to pack but sturdy enough to carry their new treasures all the way home.
For many of us, the greatest joy in life comes from our relationship with our family. Help your recipient strengthen and celebrate those all-important connections with these thoughtful gifts.
4-in-1 Baby Food Maker - $155
It’s hard to know what to buy for new parents once their registry is cleared out, but if they’re interested in making baby food at home, this tool is a must-have. It makes the process, from steaming to mixing, fast and easy.
DNA Kit - $99
Know someone interested in reconnecting with their ancestral home? This DNA kit can help them trace their geographical heritage and uncover their family history.
Custom Printed Socks - $25
Is your friend’s pet their favorite family member? These adorable socks are sure to put a smile on their face as they cozy up on the couch with their fur baby. And since you can feature up to four pets on each pair of socks, no one needs to feel left out.
Mini Link Printer - $100
We all have that relative who snaps a million photos at every family event. Help them capture each precious moment with this unique gadget that essentially transforms a smartphone into a Polaroid camera. It makes it easy to customize and print out snapshots to display around the house or insert into a scrapbook for posterity.
We want to be your real estate consultants through every season of life. So please don’t hesitate to reach out with questions or to ask for recommendations or referrals any time of year. And when you’re ready to give yourself the gift of a new home, contact us to talk about your options. From finding the right neighborhood to identifying the amenities that will make the biggest difference to your quality of life, we’re always eager to help.
Essex County November Housing Report 11/12/2021
Year over Year Prices Rose as Inventory Continued to Plunge:
Single Family, Condo and Multi-Family median sold price rose 11% SF, +8.7% CC and +21.1%.
Mortgage Rates rose to 3.23%.
Month Over Month Median Sold Prices Soft: Oct 2021 vs Sep 2021
Single Families -0%; Condos -5.1%; Multi-Families +8.2%
Unit Sales Down: 

Single Families -2.2%, Condos -16.2%, Multi-Families -4.7%.
Active Listings (Inventory) Still Falling:

Single Families -11.4%, Condos -8.4%, Multi-Families -18.9%
Year Over Year, Oct 2021 vs Oct 2020, Prices Up, Inventory Down
Median Sales Price Up: 

Single Families +11.0%; Condos +8.7%; Multi-Families +21.1%
Unit Sales Down for Singles and Condos but Surge for Multi-Families
 Single Families -11.4% , Condos -28.1%, Multi-Families +24.7%.
Active Listings (Inventory) Continue to Plunge:

Single Families -32.1%; Condos -31.9%; Multi-Families -14.6%
To view data for every Essex County town, go to: http://www.sullivanteam.com/Properties/Reports/Public/Charts.php
Essex County October Housing Report 10/11/2021 Covid 19 Recovery
Year over Year Price Increases Soften:
Single Family, Condo and Multi-Family median sold price increases were only +6.2% SF, +1.0% CC and -1.1% MF in spite of falling inventory.
Mortgage Rates rose from 2.94% in August to 3.2% now.
Month Over Month Median Sales Prices Fall: Sep 2021 vs Aug 2021
Median Sales Prices Down:

Single Families -2.9%; Condos -1.5%; Multi-Families -4.7%
Unit Sales Down for Singles and Condos: 

Single Families -11.8%, Condos -5.2%, Multi-Families +16.7%.
Active Listings (Inventory) Down:

Single Families -9.5%, Condos -2.9%, Multi-Families -18.9%
Median Sales Price Changes: 

Single Families +6.2%; Condos +1.0%; Multi-Families -1.1%
Unit Sales Surge for Multi-Families

Single Families -11.8% , Condos -19.4%, Multi-Families +31.3%.
Active Listings (Inventory) Continues to Plunge For Singles, Condos:
 Single Families -29.1%; Condos -29.9%; Multi-Families -3.1%
To view data for every Essex County town, go to: http://www.sullivanteam.com/Properties/Reports/Public/Charts.php
9 Tips for Buying and Selling Your Home at the Same Time
Selling your home when you still need to shop for a new one can feel daunting to even the most seasoned homeowner––especially when the demand for new homes keeps rising, but the supply feels like it's dwindling.¹ You're not alone either if you're already feeling drained by the complex logistics of trying to sell and buy a new home all at once.
Searching for a new home can be exciting, but many homebuyers admit that it can also be stressful, especially if you live in an unpredictable market with plenty of competitors. Unfortunately, waiting out a competitive housing market isn’t always the best idea either since listings are expected to remain limited in the most coveted neighborhoods for some time.²
That doesn't mean, though, that you should just throw up your hands and give up on moving altogether. In fact, as a current homeowner, you could be in a better position than most to capitalize on a seller’s market and make a smooth transition from your old home to a new one.
We can help you prepare for the road ahead and answer any questions you have about the real estate market. For example, here are some of the most frequent concerns we hear from clients who are trying to buy and sell at the same time.
“WHAT WILL I DO IF I SELL MY HOUSE BEFORE I CAN BUY A NEW ONE?”
This is an understandable concern for many sellers since the competitive real estate market makes it tough to plan ahead and predict when you'll be able to move into your next home. But chances are, you will still have plenty of options if you do sell your home quickly. It may just take some creativity and compromise.
Here are some ideas to make sure you're in the best possible position when you decide to list your home:
Tip #1: Flex your muscles as a seller.
In a competitive market, buyers may be willing to make significant concessions in order to get the home they want. In some cases, a buyer may agree to a rent-back clause that allows the seller to continue living in the home after closing for a set period of time and negotiated fee.
This can be a great option for sellers who need to tap into their home equity for a downpayment or who aren’t logistically ready to move into their next home. However, many lenders limit the duration of a rent-back to 60 days, and there are liability issues to consider before entering into an agreement. A contract and security deposit should be in place in case of any property damage or unexpected repairs that may be needed during the rent-back period.³
Tip #2: Open your mind to short-term housing options.
While it can be a hassle to move out of your old home before you’re ready to move into your new one, it’s a common scenario. If you’re lucky enough to have family or generous friends who offer to take you in, that may be ideal. If not, you’ll need to find temporary housing. Check out furnished apartments, vacation rentals and month-to-month leases. If space is an issue, consider putting some of your furniture and possessions in storage.
You may even find that a short-term rental arrangement can offer you an opportunity to get to know your new neighborhood better—and lead to a more informed decision about your upcoming purchase.
Tip #3: Embrace the idea of selling now and buying later.
Instead of stressing about timing your home sale and purchase perfectly, consider making a plan to focus on one at a time. Selling before you’re ready to buy your next home can offer a lot of advantages.
For one, you’ll have cash on hand from the sale of your current home. This will put you in a much better position when it comes to buying your next home. From budgeting to mortgage approval to submitting a competitive offer, cash is king. And by focusing on one step at a time, you can alleviate some of the pressure and uncertainty.
“WHAT IF I GET STUCK WITH TWO MORTGAGES AT THE SAME TIME?”
This is one of the most common concerns that we hear from buyers who are selling a home while shopping for a new one, and it’s realistic to expect at least some overlap in mortgages. To make sure you don't get into a situation where you are carrying dual mortgages for longer than you can afford, examine your budget and calculate the maximum number of months you can afford to pay both.â´
If you simply can’t afford to carry both mortgages at once, then selling before you buy may be your best option. (See Tip #3 above.) But if you have some flexibility in your budget, it is possible to manage both a home sale and purchase simultaneously. Here are some steps you can take to help streamline the process:
Tip #4: As you get ready to sell, simplify.
You can condense your sales timeline if you only focus on the home renovations and tasks that matter most for selling your home quickly. For example, clean and declutter all of your common areas, refresh your outdoor paint and curb appeal, and fix any outstanding maintenance issues as quickly as possible.
But don't drain unnecessary time and money into pricey renovations and major home projects that could quickly bog you down for an unpredictable amount of time. We can advise you on the repairs and upgrades that are worth your time and investment.
Tip #5: Prep your paperwork.
You'll also save valuable time by filing as much paperwork as possible early in the process. For example, if you know you'll need a mortgage to buy your next home, get pre-approved right away so that you can shorten the amount of time it takes to process your loan.
Similarly, set your home sale up for a fast and smooth transition by pulling together any relevant documentation about your current home, including appliance warranties, renovation permits, and repair records. That way, you're ready to provide quick answers to buyers' questions should they arise.
Tip #6: Ask us about other contingencies that can be included in your contracts.
Part of our job as agents is to negotiate on your behalf and help you win favorable terms. For example, it’s possible to add a contingency to your purchase offer that lets you cancel the contract if you haven't sold your previous home.
This tactic could backfire, though, if you're competing with other buyers. We can discuss the pros and cons of these types of tactics and what’s realistic given the current market dynamics.
“WHAT IF I MESS UP MY TIMING OR BURN OUT FROM ALL THE STRESS?”
When you're in the pressure cooker of a home sale or have been shopping for a home for a while in a competitive market, it's easy to get carried away by stress and emotions. To make sure you're in the right headspace for your homebuying and selling journey, take the time to slow down, breathe and delegate as much as possible. In addition:
Tip #7: Relax and accept that compromise is inevitable
Rather than worry about getting every detail right with your housing search and home sale, trust that things will work out eventually––even if it doesn't look like your Plan A or even your Plan B or Plan C. Perfecting every detail with your home decor or timing your home sale perfectly isn't necessary for a successful home sale and compromise will almost always be necessary. Luckily, if you've got a good team of professionals, you can relax knowing that others have your back and are monitoring the details behind the scenes.
Tip #8: Don't worry too much if your path is straying from convention
Remember that rules-of-thumb and home-buying trends are just that: they are estimates, not facts. So if your home search or sale isn't going exactly like your neighbor’s, it doesn't mean that you are doomed to fail.
It's possible, for example, that seasonality trends may affect sales in your neighborhood. So a delayed sale in the summer or fall could affect your journey––but not necessarily. According to the National Association of Realtors, the housing market tends to be more competitive during the summer and less competitive during the winter.âµ But it's not a hard and fast rule, and every real estate transaction is different. That's why it's important to talk to a local agent about your specific situation.
Tip #9: Enlist help early.
Which leads us to our final tip: If possible, call us early in the process. We'll not only provide you with key guidance on what you should do ahead of time to prepare your current home for sale, we'll also help you narrow down your list of must-haves and wants for your next one. That way, you'll be prepared to act quickly and confidently when it’s time to list your house or make an offer on a new one.
It's our job to guide you and advocate on your behalf. So don't be afraid to lean on us throughout the process. We’re here to ease your burden and make your move as seamless and stress-free as possible.
BOTTOMLINE: COLLABORATE WITH A REAL ESTATE PROFESSIONAL TO GET TAILORED ADVICE THAT WORKS FOR YOU
Buying and selling a home at the same time is challenging. But it doesn't have to be a nightmare, and it can even be fun. The key is to educate yourself about the market and prepare yourself for multiple scenarios. One of the best and easiest ways to do so is to partner with a knowledgeable and trustworthy agent.
A good agent will not only help you evaluate your situation, we will also provide you with honest and individually tailored advice that addresses your unique needs and challenges. Depending on your circumstances, now may be a great time to sell your home and buy a new one. But a thorough assessment may instead show you that you're better off pausing your search for a while longer.
Contact us for a free consultation so that we can help you review your options and decide the best way forward.
Sources:
Essex County September Housing Report 9/11/2021
Single Family, Condo and Multi-Family median sold prices up strongly from last year, +7.7%, +15.4% and +16.4% respectively, reflecting the continuing inventory shortage and record low mortgage rates.
Month Over Month, Aug 2021 vs July 2021
Year Over Year, Aug 2021 vs Aug 2020, prices up sharply as inventory plummets
To view data for every Essex County town, go to: http://www.sullivanteam.com/Properties/Reports/Public/Charts.php
Essex County August Housing Report 8/10/2021 - Covid 19 Recovery
Single Family, Condo and Multi-Family median sold prices up strongly from last year, +12.8%, +8.7% and +22.0% respectively, reflecting the continuing inventory shortage and record low mortgage rates.
Month Over Month, July 2021 vs June 2021
Median Sales Prices Softened - Price Resistance?:

Single Families -5.5%; Condos -3.8%; Multi-Families +3.9%
Unit Sales Down Substantially - Low Inventory & Price Resistance?: 
 Single Families -9.3%, Condos -19.1%, Multi-Families -16.2%.
Active Listings (Inventory) Down:

Single Families -10.3%, Condos -14.2%, Multi-Families -2.0%
Year Over Year, July 2021 vs July 2020, prices up sharply, but unit sales down for Singles and Condos as inventory plummets
Median Sales Prices Up: 

Single Families +12.8%; Condos +8.7%; Multi-Families +22.0%
Unit Sales Down for Singles and Condos: 

Single Families -10.2% , Condos -10.4%, Multi-Families +38.8%.
Active Listings (Inventory) Continue to Plunge for Singles and Condos:

Single Families -39.8%; Condos -40.2%; Multi-Families +0.7%
To view data for every Essex County town, go to: http://www.sullivanteam.com/Properties/Reports/Public/Charts.php
Essex County Q1, 2021 Housing Report 4/10/2021 - Covid 19
Quarter 1, 2021 vs Q4, 2020: Sold Prices were soft and Sold Units and Active Listings plunged.
Year Over Year, Inventory fell to record low levels but prices up strongly.
Quarter 1, 2021 vs Quarter 4, 2020
Year Over Year, Q1 2021 vs Q4 2020
Essex County July Housing Report 7/10/2021 - Covid 19 Recovery
Single Family, Condo and Multi-Family median sold prices still rising at a very high rate, 22.8%, 12.5% and 16.4% respectively from last year’s depressed Covid-19 Sales 😮 . This trend is not sustainable. The rate of price increases is starting to drop.
Month Over Month, June 2021 vs May 2021
Median Sales Prices Mixed:

Single Families +3.3%; Condos -2.3%; Multi-Families +1.3%
Unit Sales are Surging: 

Single Families +37.5%, Condos +34.6%, Multi-Families +30.5%.
Active Listings Remain Weak:

Single Families +4.0%, Condos -0.3%, Multi-Families -6.9%
Year Over Year, June 2021 vs June 2020, Sales and Prices Up Sharply from Depressed Covid Sales while Inventory Plummets
Median Sales Prices Sharply Higher: 

Single Families +22.8%; Condos +12.5%; Multi-Families +16.4%
Unit Sales Explode: 

Single Families +28.1% , Condos +40.9%, Multi-Families +122.9%.
However, Active Listings Continue to Plunge:

Single Families -45.4%; Condos -40.0%; Multi-Families -17.0%
To view data for every Essex County town, go to: http://www.sullivanteam.com/Properties/Reports/Public/Charts.php
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