Last week in our introduction to
this Renewal by Andersen of New Jersey & New York Metro five-part series Choosing
Replacement Windows & Patio Doors to Complement Your Home’s Architecturewe promised to give you some
helpful information about diverse replacement window styles and accessories
that either complement your home’s architect, and how to design new windows and
doors for performance and beauty.
So, as promised, let’s look at the
Colonial, Ranch and other tradition home styles and how to avoid some common
Small Business Saturday is a
national program designed to encourage local New Jersey and New York
metropolitan residents (and people all across our nation) to spend the day
supporting local businesses in their cities and neighborhoods. The initiative
designates one weekend every November to remind shoppers that patronizing local
enterprises is good for everyone – local residents, our planet and small
business owners that often struggle to compete with big box stores and national
If you’ve been thinking about
installing replacement windows to increase the resale value of your New Jersey
or New York home, you may wonder what the 2019 housing market is going to look
like. While there is no definitive way to project trends with 100 percent
accuracy, we did some research and this is what the Renewal by Andersen of New
Jersey and New York Metro team found.
2019 NJ & NY Housing Market: Slow & Steady
Unlike 2018, which started off with
buyers scrambling to make an offer on desirable properties before someone else
grabbed them up, 2019 is not shaping up to be as hot a seller’s market. But,
homeowners willing to offer high quality properties at competitive prices and
wait patiently for the right buyer, will find their patience paying dividends.
Industry experts who monitor housing
inventory and buying trends say that sellers should keep these projections in
mind when they decide whether to update properties before putting them on the
#1. Interest rates are rising. Cash-strapped buyers may not be willing, or able, to push the budget limits to move into a larger home. And, those who are willing to pony up are going to be looking for an affordable home that won’t need a lot of fixing up to be move-in ready.
#2. The tighter inventory driving higher prices in 2017 has softened. It looks like inventory – mostly in the mid-level and higher price tiers – should increase by 10 to 15 percent this year. That means properties selling for under $250,000 will still be in limited supply. Younger couples looking for homes may be willing to pay more for houses with energy-efficiency features that reduce monthly bills and make their lives easier.
#3. It is going to more expensive for everyone to buy a single-family home in 2019. With mortgage interest rates expected to top out near 5.5 percent, and selling prices expected to rise between 2 and 3 percent, some people may choose to invest in co-ops or smaller townhouses.
The bottom line on housing market
fluctuations in New Jersey and New York is that sellers need to view their
investment from both sides. If you plan to sell your home immediately, you can
expect to recapture about 75 percent to 95 percent of your replacement window
project investment, depending on the overall condition of your home, the
location, and housing inventory in your area.
Remember that those higher mortgage
interest rates and increasing selling prices will affect you, should you decide
to buy another home in the region.
Replacement Windows the Right Choice For You?
The final decision about whether
this is the right time to invest in replacement windows comes down to answering
this question: “Why do you want to upgrade your home with replacement windows?”
When your existing windows no longer
perform up to par – they leak air and moisture, frames are weak or sagging, they
don’t open and close easily, outside noise comes through a closed sash as
easily as an open one – installing replacement windows is definitely going to
make your home less expensive to maintain and more comfortable for your family.
And, if you want to increase property value, there are few upgrades that offer
more significant ROI.
Schedule Your Free Replacement Window Consultation Today
Whether you choose to renovate your property, put it on the market and patiently wait for the perfect buyer, or you decide to fix all the issues that made you want to move in the first place, we invite you to schedule an in- home consultation with a Renewal by Andersen of New Jersey and New York Metro replacement window specialist today. Just fill in the short form on this page or dial 1-888-826-2451.
Thinking of updating your New Jersey
or New York home security features? Have you considered the role home windows
play in boosting protection for your family? Some of our Renewal by Andersen of
New Jersey and New York metropolitan friends and neighbors may not be aware
that good replacement windows are designed and manufactured specifically to
enhance safety features.