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September 2020
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Is Now A Good Time To Buy Your First House?
The coronavirus pandemic has put many things on hold, but real estate continues to chug along. Sales and listings persist across the country, with some markets harder hit than others. And home prices are rising, throwing a wrench in the plans of those who thought they might be able to swoop in for a steal. 
      “Any thoughts of bargain-hunting in the aftermath of the coronavirus shutdown have proven to be a losing strategy,” said Forbes. “While it seemed likely that house prices would decline due to lack of sales activity, the opposite has occurred. According to recent statistics issued by Realtor.com, median listing prices are 5.6% higher than one year ago, and more than a
Mortgage Rates
U.S. averages as of September 2020:


30 yr. fixed: 2.91%
15 yr. fixed: 2.46%
5/1 yr. adj: 2.91%






than a full percentage point above the levels just before the COVID pandemic shut down the economy.”
      But, interest rates are at historic lows, which stretches
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Can You Use Unemployment Income to Help Qualify?
     As the economy is still being impacted by the Coronavirus, unfortunately many across the country are unemployed. Whether it’s a temporary furlough or a particular company has closed down until further notice, more and more people are finding themselves in the unemployment line. Recent data from May shows some improvement from the previous month, but still the most recent number shows the unemployment rate fell to 13.3 percent and added 2.5 million non-farm payroll jobs. That’s quite a rebound, in fact it’s the strongest one month job growth on record, but that’s an indication of how many were laid off in the first place.
      Fortunately, most unemployed are covered by unemployment insurance. While the unemployment insurance is certainly a welcome



Décor Tips To Help You Through Stressful Times
     You’ve cleaned and disinfected your home and have taken a few trips to the dump with the fruits of your decluttering frenzy. Yet your home feels more cramped and tired than when you started the quarantine. You feel frustrated and stressed.
      With cooler weather and more indoor time around the corner, now’s the perfect time to plan your attack. There are lots of smaller things you can do to make a big difference. And it doesn’t have to cost a lot.
      At the end of the day, it’s all about function, says interior stylist Red Barrinuevo of Redesign4more in Toronto.
      How has the way you use your home changed during these challenging times? What purpose or purposes do you need each room to serve? Reassess each space to see what works and what needs to be improved. Determining the function is the jumping off point, he says.
      What furniture do

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How Buyers Can Navigate a Seller’s Market
     Most analysts would say that currently, we are in a seller’s market. The summer of 2020 has been an interesting time. While the coronavirus has negatively impacted much of the economy, real estate has been surging.
      Much of this is likely due to the low interest rates, hovering below 3%. There are other factors too, including pent up demand following strict lockdowns during the spring, and for some people, there’s a focus on moving to the suburbs and away from bigger cities.
      If you want to buy, there are a lot of factors in your favor right now, but also challenges because it is what you would characterize as a seller’s market.
      In June, the median home price nationwide rose to $295,300, which was in part not only because of the factors named above but also because of low inventory.
      Also, while we’ve talked a lot about unemployment over the past few months, we have to consider that many people didn’t lose their jobs. In households where people stayed employed, they may feel like they’re financially secure enough to buy a


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Read about the events shaping the Real Estate market today, find current interest rates, or browse the extensive library of advice and how-to articles written by some of the top experts in Real Estate. Updated each weekday.
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Pina Nazario, ABR, SFR, SRS
E-mail: Pina@PickPina.com
Website: www.Pina.PickPina.com
973-886-6258

CB Realty
973-594-4312
789 Clifton Ave
Clifton, NJ 07013




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