All you need to know about Montclair, NJ real estate market

Montclair NJ is the third wealthiest state in the USA so, of course, the standards there are high. Upper Montclair is the wealthiest part of New Jersey. It ranks among the wealthiest in the United States. Many people will tell you that Montclair is one of the best places to live in New Jersey. Living there offers residents an urban but yet suburban feel and. Residents own their homes mostly. They are famous for their top-notch schools. This is a safe state, the crime rate is much lower than the national average.

Montclair, NJ – let’s talk about taxes

If you are looking to buy property here, you should know that taxes are high. But this is simply because of the property values. They are high and so are the taxes. There are ways to reduce the costs of property taxes, but they cannot be avoided. Only certain senior citizens, surviving spouses, and disabled people can avoid them completely. Talk to your lawyer about this one.

A person calculating the taxes when living in Montclair.
Let’s talk about taxes.

New Jersey real estate market

Actually, the median sale price grew about 17%, from $332,500 to $390,000 since 2019. But because of the global pandemic, the mortgage rates are pretty low still this year. They are expected to be higher next year. Many expected to see the housing market crash in 2020 but nothing significant happened really.

House or an apartment

This can be a difficult choice. You need to think about all the perks and downsides for both. For instance, if you live in a house and something is wrong with the roof, you are the one who will be fixing it and paying the price. When you live in a building, that is simply not your problem. But living in buildings can mean noisy neighbors. Living in a house guarantees you peace and quiet. The list is never-ending. Make a pro and con list if you are still thinking. Talk to your family and friends and ask them what they think about their living situations. They can tell you more about living in apartments or houses.

A house
Which one do you see yourself in? House or an apartment?

Buying property in Montclair, NJ

Whether you are looking to buy a house or an apartment, please note that prices are not low here. But there are neighborhoods where you can find cheaper prices. For example, Clayton, Beachwood, Franklin Park, and Palmyra are some of those. You will be able to cut costs there a bit. Also, hiring a real estate agent or agency can help you acquire a better price. They usually have good listings and are able to negotiate for you. Talk to the chosen agency pr agent and let them know what you are looking for and what is your budget. That way they will be able to help you accordingly.

The bank

As mentioned above mortgage rates are very low right now. So now is the time to take advantage of that. Go to your bank, talk to them about your credit score. The better the score the better rates you will be able to get. Downpayment is the usual as everywhere else in the state, around 10 or 15%. But talk to them more, there are other options.

A person entering a password on a bank cash machine in Montclair
Buying property is quite an investment.

Relocating to Montclair, NJ

If you are looking to move here, you should consider hiring professional movers. This is not the only option, but it is the only stress-free option. The whole process of packing, planning, and relocating can be at the same time boring and stressful. It’s best to engage professionals, that way you buy yourself peace of mind, which is always good. They can help with both relocation and settling in.

Additional services

Besides relocation movers can usually provide you with many additional services to help you out the best. Gibraltarvanlines.com can help you with packing, moving boxes. They also have special services like relocating vehicles, pianos and such. Check them out and see what else are they offering.

All you need to know about Montclair, NJ

Just after Maryland and Alaska, New Jersey is the wealthiest state in the USA. The median annual household income is somewhere around $70,700 or even a bit over that. A lot of celebrities live here. So there is a chance to live in the same neighborhood as Stephen Colbert. The richest county is Hunterdon County. Living in Montclair you will be visiting the main street called Church Street. Abundant culture and some culinary delights are the main attractions there. But let’s not forget about spectacular shopping that can be found nearby. This is a can’t-miss destination. This street is where young people gather, where many go to shop but also just taking a stroll and enyoing can be fun.

The best areas to live

This is something we still haven’t discussed, and it’s important if you are buying property there to live on your own or with your family. So let’s explore the best parts of the township and some cool neighborhoods.

  • Church street is amazing, but we mentioned that the one above
  • Frog Hollow
  • Upper Montclair ( the wealthiest part of the township )
  • Panama
  • Marlboro Park

Those are some of the most popular neighborhoods. Rated by popularity, safety, and experiences of the residents. Upper Montclair is the most expansive of those. And the property near Church Street is the most popular.

Good luck

Whatever you chose, the only important thing is that you are happy. If you are simply investing in the property there, congratulations. You thought well. Investing in property is always smart. Of course, the prices can go up and down depending on the year and the state of the economy but people will always need a place to live right? Many thought that this global pandemic will hurt sellers, and nothing dramatic happened.

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