…”SO is it over? The three-year period of unrelenting home price declines: has it stopped? And is it possible that sales prices will go the other way in 2010?
Archive for the 'Selling A Home in NJ' Category
South Orange Real Estate 2009 Year in Review
March 15th, 2010 Categories: Buying a Home in NJ, Recent New Jersey Home Sales, Selling A Home in NJ, South Orange Living
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Real Estate Trends in South Orange NJ - 2009 Year in Review
Homes sold in 2009: 151 (vs. 175 in 2008)
Avg list price: $574,858 (2.5% lower than in 2008, $589,653)
Avg sale price in 2009: $530,707 (2008 sales price $571,405)
DOM: 76 in 2009 (vs. 67 in 2008)
LP:SP percentage: 95% (97% in 2008)
Homes Currently for Sale in South Orange, New Jersey
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Summit Real Estate 2009 Year in Review
February 8th, 2010 Categories: Buying a Home in NJ, Selling A Home in NJ, Summit Living
Summit NJ - Real Estate Trends - 2009 Year in Review
It was quite a year in real estate for Summit, NJ.
Not surprisingly, the higher end homes took longer to sell
while the most movement in home sales was
found at the lower (well for Summit anyway) priced homes.
Based on the records from the Garden State MLS,
the average selling price in 2009 was $930,999
(just 4% off 2008 prices.)
Buyers should be happy tho’,
as sales prices were at 98% of final listing price…
sellers and their agents are now much more in tuned
with right pricing here in Summit.
Homes Currently for Sale in Summit, NJ
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Optimism for NJ Real Estate in 2010
January 14th, 2010 Categories: Buying a Home in NJ, Commuting to NYC, NJ Mortgage Update, Real Estate News, Selling A Home in NJ
There is optimism in the air about the NJ real estate market for 2010 as reported in The New York Times by Antoinette Martin on January 10th.
…“Every county has its own story,” said Mr. Otteau, (market analyst, whose Otteau Valuation Group continuously tracks sales data in 21 counties for real estate companies.)
…Several brokers said they did not even think of real estate markets in terms of county lines. Perri K. Feldman, an agent with Keller Williams Realty, sees her primary turf as being towns running along the Midtown Direct Train line from Morristown to South Orange (Morris to Essex County).
Prices rose in that area late in 2009, Mrs. Feldman said; she originally saw a rush to meet the Nov. 30 deadline to ensure eligibility for a federal income tax credit. That federal stimulus program has since been extended; now buyers have until April 30 to enter into a contract for a new primary residence and June 30 to close on the home.”
What does this mean for you as a buyer in this market? If you see a home you like…Put in an offer NOW!!!
We are already seeing homes moving quickly in 2010 in South Orange, Maplewood, Millburn/Short Hills, Summit, Chatham and Madison.
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NJ Housing Market: Where is the Bottom?
February 22nd, 2009 Categories: Buying a Home in NJ, Selling A Home in NJ
In case you missed Sunday’s New York Times Article A Market Going Downhill Fast, home buyers and sellers in New Jersey have a lot to think about.
Overall, New Jersey home sale prices have declined by an average of 15 to 20 percent in every county in the past three and a half years based on contract sales data.
However, towns along and adjacent to the Midtown Direct Train-line have actually seen average sale prices increase* in the same time period given their excellent school systems and accessibility to New York City, Hoboken and Jersey City. While prices are in fact down from the peak, if you are a seller who purchased a home 5+ years ago, don’t dismay…you should see a positive number on your sale. The average days on market has increased in keeping with the current economic climate.
04/08 04/08
Avg Sales DOM
Price % +/- % +/-
ESSEX COUNTY
Glen Ridge: +10% +18%
Livingston + 9% + 7%
Maplewood +13% +48%
Millburn +10% - 3%
Montclair +23% +38%
South Orange + 9% +16%
West Orange + 9% + 4%
MORRIS COUNTY
Chatham Boro + 3% +16%
Chatham Twp +50% +19%
Madison + 7% +39%
UNION COUNTY
Springfield + 4% +23%
Summit + 5% +51%
Westfield +18% +38%
*Based on GSMLS sales data
Antoinette Martin writes:
The problem for many sellers now is that they cannot wait five years to sell their homes at prices comparable to what they paid for them.
Tom Wragg, a mortgage broker with Worldwide Financial Resources Inc., has his family’s three-bedroom, two-and-a-half-bath town house condo in the Crystal Woods complex in West Orange up for sale right now.
He purchased the condo for $438,000 five years ago, when his first child was about to take his first step. Last year, after he and his wife had their third child, Mr. Wragg put the town house on the market at an asking price of $525,000. After 125 days without a buyer, the listing was withdrawn — and the house was relisted on Jan. 1 at $489,900.
Over the weekend of Feb. 7 and 8, when the weather was relatively balmy and small swarms of home shoppers actually emerged for various open houses around northern New Jersey, not a single prospective buyer showed up to view the town house, Mr. Wragg said.
“It’s a little disturbing,” said his real estate agent, Perri K. Feldman of Keller Williams in Summit, “because this home is now very well priced.”
Ms. Feldman said last week that she was talking with two other sellers whose homes’ values had apparently slid below what the sellers originally paid. She said she was considering when to tell them that their only option appeared to be selling short and moving on with no nest egg profit in hand.
On the good news front, this same condo had three excellent viewings this weekend and buyers agents have indicated offers could be coming in this week. Let’s keep our fingers crossed.
Want to learn more about current homes of value on the market today?
http://www.240ClarkenDrive.com/
http://www.30LocustAve.com/
http://www.345OldShortHillsRd.com/
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What is Feng Shui and How Will it Help Me Sell My House Faster?
October 5th, 2008 Categories: Getting Your NJ Home In Order, Selling A Home in NJ
Sellers are always asking:
What is feng shui?
Will it help me sell my house faster?
So I asked my Feng Shui expert Suzy Minken for the answer:
Feng Shui (pronounced, “fung shway”) is a Chinese ancient science which is based on a series of relationships observed in nature. The principles of Feng Shui, which literally translates to “wind water,” have evolved over 4,000 years and are used today as a design tool for achieving harmonious living.
In today’s economic climate of uncertainty, the residential real estate market is increasingly turning to the application of Feng Shui principles to ensure homes for sale are attracting buyers. Savvy real estate agents know that getting homes to show their best…means a Great first impression, both at the curb and inside the front door. Getting homeowners to embrace this concept is not always easy, especially when many of them believe that the home that they love so much, should be loved by everyone else.
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Understanding the Credit Crisis
October 4th, 2008 Categories: Buying a Home in NJ, NJ Mortgage Update, Selling A Home in NJ
Steve Lupton of MetroCities Mortagage just shared this take on our current “credit crisis” to help you understand WHY.
“The Chinese have a proverb: “May you live in interesting times.”
And we are living through interesting times indeed.Whatever the political posturing regarding the rescue plan, a plan needed to be passed. Credit markets are frozen and banks are going bust every day. This is not totally because of “toxic” mortgages. This has a lot to do with FASB 157, also known as “mark to market”.
Each day, lenders must mark their assets to the marketplace. It’s like you having to appraise your home everyday and, if your neighbor was under duress because she got very ill, divorced, lost her job and was forced to sell her home quickly, she may have sold it super cheap. Now, does that mean your house is worth that super cheap price, too? Clearly not. Why? Because you are not under duress. You have the time to sell your home and get a more normal price, which more accurately reflects true market conditions. But “mark to market” does not allow for this, which creates a vicious cycle.
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Movers For Your New Jersey Move
August 15th, 2008 Categories: Buying a Home in NJ, Selling A Home in NJ
I have four families moving into and out of homes over the next four weeks, and everyone wants to know which movers to use.
Here is a short list of New Jersey Movers that recent Keller Williams Buyers and Sellers have used and recommended:
Chatham Movers 973-377-1100
Harrington Movers 973-313-2246
First Class Movers 973-727-9824
Liberty Movers 973-769-0826
When considering which movers to use, please check all references and make sure you have a clear understanding of what services you are getting and the payment structure you have agreed to.
Have a GREAT New Jersey Move.
If you need additional help moving to or from New Jersey, please contact Perri K. Feldman @ Perri@MidtownDirectHomes.com or call 973.650.4727.
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Staging Your Home WILL HELP IT SELL
July 29th, 2008 Categories: Interior Design & Staging in NJ, Selling A Home in NJ
It is not often that I see such a well put together article on staging. I have found that with a little bit of effort on the part of a seller…staging will help sell the home that is also priced right, especially in this “buyer’s market.”
Ten House Selling Secrets from CNN not only provides excellent tips but has some terrific before and after pix.
Want additional staging tips or need a stager along the Midtown Direct Train Line? Contact Perri @ 973.650.4727
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Millburn Farmers Market Opens Today
June 17th, 2008 Categories: Buying a Home in NJ, Millburn & Short Hills Living, Selling A Home in NJ
Don’t miss the opening of the Millburn Farmers Market Tuesday, June 17, 2008.
The market will run every Tuesday through October 28th from 8am-2pm at the corner of Essex and Main Streets.
Today’s festivities include:
10 am Ribbon Cutting by Secretary of Agriculture, Charles Kuperus, Senator Tom Kean, Jr. and local dignitaries
11 am restaurant.mc will have a cooking demonstration & tasting. Two tickets to the PaperMill Playhouse production of Little Shop of Horrors will be raffled off.
This year’s vendors include:
Alstede Farms
ER & Sons Organic Farm
Greenwood Farms
Hoboken Farms
Dr. Pickle
Ginas Bakery
Ort Farm
A free raffle will be held each week with coupons donated by local Millburn retailers. The American Red Cross and Millburn’s First Aid Squad will also offer blood pressure readings throughout the season.
Search homes for sale in Millburn and Short Hills or for more information about this wonderful town please visit Midtown Direct Homes or contact Perri K. Feldman at 973.650.4727
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Morris County NJ February 2008 Home Sales
March 19th, 2008 Categories: Buying a Home in NJ, Recent New Jersey Home Sales, Selling A Home in NJ
Below you will find the statistical data provided by the Garden State MLS for February closed sales of single family homes from 2/1/08 to 2/29/08 in Morris County, NJ.
If your town is not listed and you would like to receive
a FREE report for your particular area,
please contact Perri@MidtownDirectHomes.com
and we will be happy to provide that report to you.
Town # Sales Avg Sales Price
Chatham Boro 6 $ 562,583
Chatham Twp 9 $1,299,567
Florham Park 2 $ 611,500
Madison 2 $ 547,500
Morristown 7 $ 384,889
Looking to purchase a home?
Contact Perri K. Feldman @ 973.650.4727
Search Here for ALL homes currently For Sale
in Morris County, New Jersey
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