- Any
- $ 100,000
- $ 150,000
- $ 200,000
- $ 400,000
- $ 800,000
- Any
- $ 200,000
- $ 300,000
- $ 400,000
- $ 600,000
- $ 1,000,000
- Any
- 1
- 2
- 3
- 4
- 5
- Any
- 1
- 2
- 3
- 4
- 5
- Any
- 1
- 2
- 3
- 4
- 5
- Any
- 1
- 2
- 3
- 4
- 5
Your Move. Simplified.
What are you looking to do today?
MEET LUKASZ KUKWA
Dedicated to forging meaningful connections beyond real estate transactions. My focus is on educating and guiding sellers and buyers not only through the nuances of property transactions but also the emotions that come with it. With a passion for modern, mid-century, and design-oriented homes, I strive to elevate awareness and value within a community of like-minded individuals who share the same passion.
MID-CENTURY MODERN NEW JERSEY: THE GARDEN STATE IN THE 1950's
It marked the initial ten years of the Cold War, a period that ignited the rise of rock 'n roll. Television was introducing Ed Sullivan to households everywhere, and the expansion of suburbs led to the emergence of residential areas beyond urban centers.
📸 EXPLORE OUR WORK
WEEKLY MARKET UPDATES
Weekly Real Estate Monitor for Feb. 26 - Mar. 1
This week, mortgage interest rates trended downward slightly but still continue to be above 7%, starting the week at 7.13% and at 7.08% as of today. Although still lower than the rates observed in the fall of 2023, this development dampens enthusiasm among buyers looking to enter the spring market. It is noteworthy that this housing market is distinctive, with 32% of buyers opting for all-cash purchases, possibly influenced by substantial gains in housing equity. If this trend continues, it may create disadvantages for first-time buyers, who are typically more sensitive to prices, as the increase in mortgage rates could potentially price them out of the market. Existing-home sales in January 2024 bounced back to reach 4 million The National Association of Realtors (NAR) published a report on existing-home sales data, revealing that housing market activity in January surged by 3.1% compared to December 2023. January's existing-home sales achieved a seasonally adjusted annual rate of 4 million, marking a 1.7% decline from January 2023. By the end of January, unsold listings increased by 2.0% from the previous month, totaling 1,010,000 homes for sale. Inventory levels were up by 3.1% compared to January 2023, with it taking approximately 3 months to clear the current inventory at the current sales pace. Homes took around 36 days to go from listing to contract in the current market, slightly longer than the 33 days it took a year ago. All-cash buyers has reached its highest level since 2014, accounting for 32% of all buyer While mortgage interest rates have increased from their historic lows in recent years, the number of all-cash home buyers has notably increased in recent months. Since October 2022, buyers who purchased their homes without financing, have accounted for over a quarter of the real estate market. As of January 2024, all-cash buyers now represent 32% of home sales, marking the highest level since June 2014. These home buyers primarily consist of vacation buyers and investors based on data from the REALTORS® Confidence Index over the last six months. However, primary residence buyers are also actively engaging in all-cash purchases. For primary residence buyers, all-cash transactions or larger than 20% down payments have seen a rise over the past two years. These buyers typically sold their previous homes and used the proceeds to purchase their next property without a mortgage or borrowing a smaller amount. This ability to make cash purchases is often attributed to the substantial housing equity they have accumulated as property values have surged in recent years. In 2003, only 10% of repeat primary residence buyers could afford an all-cash purchase, compared to 26% in 2023. This trend is less common among first-time buyers, although there was a slight increase from 4% in 2003 to 6% in 2023. Apart from housing equity, another factor enabling primary residence buyers to make all-cash purchases is their tendency to relocate over long distances. All-cash primary residence buyers typically move a median distance of 60 miles, with nearly a third relocating 500 miles or more. In contrast, among those who financed their home purchases, only 16% moved over 500 miles, with a median distance of just 18 miles. Long-distance moves have remained prevalent, especially among retirees and individuals with remote work flexibility. With home prices projected to continue rising in 2024 due to limited inventory and high demand, all-cash buyers are expected to remain prominent in the market as homeowners accumulate more housing equity. In January, the average home received 2.7 offers, indicating a competitive market where all-cash buyers may have an advantage in bidding wars over those relying on financing. Weekly Highlights: New listings have increased for the fourth consecutive week. The week ending on February 25, there was a rise of 6.9% in new listings compared to the same period last year. The median time to contract interrupts the declining pattern. This marks the fourth week in a row where new listings have surpassed the previous year's numbers, indicating a positive trend in inventory growth.The decline in the median time to contract has been interrupted. Homes are now taking one day longer to sell compared to the previous week, breaking a six-week downward trend. The median list price in falls. Despite this change, the current median time to contract is still two days quicker than it was at the same time last year. In comparison to the previous year, there was a 2.5% decrease in the median list price from the preceding week. Nonetheless, the median list price remains higher than last year, with a 5.3% increase observed across the region.
Read moreWeekly Real Estate Monitor for April 22-26
Due to last week's economic updates, this week's economic update mortgage applications have declined, with interest rates starting the week at 7.43% and at 7.52% as of yesterday. However, even with rates in the 7.5% range, pending home sales have increased, GDP growth has fallen below expectations, and personal consumption expenditure has risen. For spring homebuyers, it suggests that the expected significant downward shifts in mortgage interest rates are unlikely in the short term, as well as shows that buyers are still out and competing for homes, making low inventory a consistent obstacle. It also brings truth to the reality of any home purchase or sale, which underlines the fact that home buyers move when life changes happen and not solely based on rate or home price fluctuations. Spring New Home Sales Resilient Despite Higher Rates In February, existing home sales saw robust growth while new home sales experienced a slight decline. However, the trend reversed in March. The U.S. Census Bureau and the Department of Housing and Urban Development reported that newly constructed homes sold at a seasonally adjusted annual rate of 693,000 in March, up from 668,000 in February. Meanwhile, the National Association of Realtors® (NAR) noted a decrease in existing home sales from 4.38 million units in February to 4.19 million in March. NAR Chief Economist Lawrence Yun attributed the stagnant home sales to the lack of significant movements in interest rates. He noted that despite rebounding from cyclical lows, there are still more aspiring homebuyers in the market given the nearly six million more jobs compared to pre-COVID highs. Affordability of Housing Declines in February 2024 The National Association of Realtors® (NAR) issued a report summarizing existing home sales data, revealing a 4.3% decline in housing market activity in March 2024 compared to February last year. March's existing home sales reached a seasonally adjusted annual rate of 4.19 million, marking a 3.7% decrease from March 2023. Regionally, all four areas experienced price growth in March compared to a year ago. The Northeast led with a 9.9% gain, followed by the Midwest with a 7.5% increase, the West with a 6.7% rise, and the South with a 3.4% uptick. Homes are taking approximately 33 days to go from listing to contract in the current housing market, up from 29 days a year ago. Sales declined in all four regions in March compared to the previous year, with the South experiencing the largest drop with the Northeast having a 3.8% decrease. In comparison to February 2024, the Northeast region saw a 4.2% increase in sales, the highest of all in the nation. In March, single-family sales decreased by 4.3%, and condominium sales dropped by 4.9% compared to the previous month. Year-over-year, single-family home sales were down by 2.8%, while condominium sales fell by 11.4%. Weekly Highlights: The median list price reaches an all-time high. The median list price marked a new record high, representing an 8.7% increase from last year and a 1.1% uptick from just a week ago. Active listings continue to rise compared to last year. This spring has shown steady growth in active inventory compared to 2023, marking an 11.9% gain. Nevertheless, despite these increases, supply remains limited in most markets across the nation, especially in metro markets like New Jersey. Price decreases are occurring more frequently compared to 2023. More sellers are adjusting their asking prices downwards when needed. This week, 8.2% of active listings experienced a price decrease, marking a 1.5 percentage point increase compared to last year's figure of 6.7%. With mortgage rates in the 7+% range and list prices climbing, sellers modifying their prices is a strategic reaction to the buyer pool facing challenges entering the market. Daily Rate Index
Read moreWeekly Real Estate Monitor for April 15-19
This week saw mortgage interest rates continue to rise, starting the week at 7.44%, hitting 7.50% mid-week and back to 7.44% today. While these higher rates may dampen enthusiasm in the spring housing market, simultaneously there was an uptick in mortgage applications that occurred and it appears that prospective buyers are submitting applications as rates have been trending upward in recent weeks as well as the fact that the rate is only part of the equation when it comes to a home purchase, and truly it's a lifestyle decision that drives purchasing a home. While it's certainly encouraging to observe an improvement, it's crucial to grasp the underlying nature of this movement. Even during periods of consistent rate increases, there are typically intermittent moments of relief, and rarely do rates surge each successive day registering higher rates than the previous. In essence, it's premature to interpret this improvement as anything more than a temporary rebound, inherent to the broader fluctuations experienced previously. There's also a possibility that rates have risen sufficiently to establish a defensive stance ahead of the upcoming significant data release in early May. Further evaluation over the next two days will provide greater insight into this potential scenario. For consumers aiming to strike the right balance between securing an ideal rate and navigating home prices, the equation involves not just housing preferences but also affordability considerations. Home prices have surged to record highs for March, with 29% of homes selling above their asking prices. With the spring market reaching its peak intensity in June, it may be wise to take action before bidding wars intensify further amid limited inventory. Despite Higher Rates, Mortgage Applications Increase For the second consecutive week, mortgage interest rates have risen, alongside an increase in the volume of mortgage applications, according to the Mortgage Bankers Association (MBA). Joel Kan, MBA’s Vice President and Deputy Chief Economist, noted, “Rates increased for the second consecutive week, driven by incoming data indicating that the economy remains strong and inflation is proving tougher to bring down. Mortgage rates increased across the board, with the 30-year fixed rate reaching its highest level since December 2023. Despite these higher rates, application activity picked up, possibly as some borrowers decided to act in case rates continued to rise. Purchase applications drove most of the increase but remain at low levels, around 10% behind last year’s pace. Refinance applications increased very slightly, driven by a 3% gain in conventional applications.” Weekly Highlights: Contracts surpass 2023 levels for the first time. New contracts for the week ending exceeded those from the same period last year by 10.4%. Additionally, there was a notable 15.4% increase in new pending contracts compared to the previous week. Elevated levels of canceled listings. This week marked a significant 19.9% rise compared to the corresponding week last year. Canceled listings refer to listings where the seller and listing broker have terminated the agreement before its expiration date. This surge could indicate some sellers delaying their listings until later in the spring or summer. Increase in price reductions by sellers. There was a 7.9% price reduction of active listings which represents a 0.9% uptick from the same week last year. Sellers may be adjusting prices to attract more buyers, especially as mortgage rates have remained elevated recently. Daily Rate Index
Read more
🧠 KNOWLEDGE
Check out our video resources to learn more about your options in the buying & selling process.
💬 WHAT OUR CLIENTS ARE SAYING,..
- Stephen ButkovskyMy wife and I are extremely satisfied with the service Lukasz gave us. We had contacted other agents and chose Lukasz He is truly a professional. Upon our initial my wife and I both agreed that we wanted Lukasz to sell our house. Some things that he did was to have the house appraised by licensed appraiser. Than he had a licensed house inspector write do a report on what issues that would be a concern. Lukasz paid for these reports as part if his expenses. Any agreements that Lukasz said he would do he did. Lukasz is a true professional. If you are looking for a real estate professional.
- Brigitte NiocheLukasz Kukwa was my real estate agent when I recently sold a condo in Berkeley Heights NJ. It was a two months plus process and I don’t know how I would have managed the ups and downs during this time without him.. His professional approach to listing, showing, and above all keeping me up-to-date on all activities e.g. how many showings we had, and what the reaction of prospective buyers was, and when a buyer was found Lukasz was helpful to all parties to close the deal as soon as possible. This is not something all agents do; I know this from experience as this is not the first property I have sold. As the seller being aware of how the process of selling a property is going at all times gives one the assurance not be alone in this challenge, or be just another listing for the agent If there is another real estate purchase or sale in my future, I certainly would like Lukasz to be part of it again Thank You
- Tatiana BovgiryaIn the day and age when RE agents are dime a dozen, I would strongly recommend working with Lukasz. I have worked with him for about a year looking for a property, and there aren't enough kind things to say about him: friendly, prompt with communication, tech savvy, supportive, and most importantly, honest. He won't tell you to buy a property just so he could make his commission. Integrity and setting realistic expectations are the two qualities I really appreciated about him besides his passion to educate a client about the buying process. I will definitely recommend him to friends & family looking to buy.