RSSSummit NJ Home Sale Statistics August 2009
August was a busy month for home sales and closings in Summit NJ 07901. To be sure some of this was pent up demand from previous years, but some of it was also the $8000 home buyer tax credit (expiring December, 1 2009) and some of it was Summit home buyers racing to lock in fairly low mortgage interest rates as they have been rising as of late.
Summit NJ Home Sales
- Summit City 4 CLARK ST $299,900LP Ranch 3br 1ba $235,000SP 211DOM
- Summit City 105 ORCHARD ST $310,000LP Ranch 3br 1ba $315,000SP 13DOM
- Summit City 13 Ascot Way $479,000LP SplitLev 3br 1.1ba $425,000SP 45DOM
- Summit City 62 Park Avenue $479,900 HalfDupl 3 2.1 $440,000 135
- Summit City 67-75 NEW ENGLAND AVE, 75F $549,000 TwnEndUn 3 2 $539,000 258
- Summit City 8 Stiles Road $629,000 SplitLev 4 2.1 $605,000 33
- Summit City 42 HARTLEY RD $649,000 Colonial 4 2.1 $609,500 26
- Summit City 33 STOCKTON RD $649,000 SplitLev 4 2.1 $643,000 9
- Summit City 95 Maple Street $659,000 Colonial 3 2.1 $786,000 9
- Summit City 212 WOODLAND AVENUE $679,000 SplitLev 4 2 $680,000 27
- Summit City 14 PRINCETON ST $699,000 Colonial 4 2.1 $657,500 83
- Summit City 51 ASHLAND RD $745,000 Colonial 4 2 $715,000 19
- Summit City 142 MAPLE STREET $749,000 Colonial 4 1.1 $747,500 30
- Summit City 17 Canoe Brook Parkway $749,000 Colonial 4 2.1 $720,000 14
- Summit City 31 Fairview Avenue $765,000 Colonial 3 2.1 $765,000 8
- Summit City 9 NORWOOD AVE $799,900 Colonial 6 3.1 $800,000 111
- Summit City 140 MAPLE ST $839,000 Colonial 4 2.1 $885,000 13
- Summit City 137 BLACKBURN RD $895,000 Colonial 3 3.1 $850,000 16
- Summit City 33 Glen Oaks Avenue $895,000 CapeCod 3 3 $925,000 6
- Summit City 26 Valley View Avenue $925,000 Colonial 4 3.1 $941,000 83
- Summit City 60 DALE DRIVE $939,000 Custom 5 2.1 $900,000 18
- Summit City 22 Colony Drive $945,000 Colonial 4 2.1 $968,000 29
- Summit City 47 Parkview Terrace $949,000 Colonial 4 2.1 $949,000 47
- Summit City 151 Canoe Brook Parkway $975,000 Colonial 4 2.1 $925,000 79
- Summit City 30 Shadyside Avenue $1,065,000 Colonial 5 3.1 $1,066,000 111
- Summit City 26 Windsor Road $1,195,000 Colonial 4 2.1 $1,250,000 7
- Summit City 72 Dale Drive $1,485,000 Colonial 5 3.1 $1,485,000 8
- Summit City 8 MANOR HILL ROAD $1,695,000 Colonial 6 5.1 $1,695,000 7
- Summit City 39 PORTLAND RD $1,950,000 Colonial 4 3.2 $1,800,000 36
- Summit City 27 Silver lake Drive $2,100,000 Colonial 5 4.1 $2,000,000 147
- Summit City 100 Fernwood Road $2,125,000 Colonial 5 4.1 $1,853,000 103
So 31 home sale / transfers in the Summit NJ Real Estate market during the month of August.
With the home buyer tax credit expiring December, 1 2009 if your thinking about purchasing a home, it would be a good idea to take advantage of the tax credit and get out there now and find that great home. Too start your search, visit Morris Essex and Union County MLS Home Search .
James Boyer
Summit NJ Realtor
Summit NJ Real Estate Expert
RE/MAX Properties Unlimited
973-539-6300 Office
973-647-0253 Direct
Category: Summit | No Comments »
2009 Home Buyer $8000 Tax Credit
The IRS has put out 5405 Form as it pertains to the 2009 home buyer credit. The form is designed to help a Homebuyer through the process of filing for the Home Buyer Credit.
You can claim the first time home buyer credit if you purchased a primary residence located in the United States between April 8, 2008, and December 1, 2009 and you or your spouse (if married) did not own any other home during a three year period ending on the date of the purchase.
2009 Home Buyer $8000 Tax Credit
You will not be able to claim the credit if you make more than $95k per year or $170k a year filing jointly. Other reasons you may not be able to claim the home buyer credit include: non-resident with alien status, home owner as a result of a gift, home owner as a result of a family purchase. There are also other exclusions as well.
For homes purchased in 2008: The credit will be an interest free loan that will have to be paid back over 15 installments starting in 2010. If the home ceases to be your primary residence within the term of the loan (15 years), you will have to pay the loan off in full in the very same year.
For homes purchased in 2009: The repayment of the credit or loan will be waived so long as it remains your primary residence for 3 years begining on the day of the closing of your home. If you sell or otherwise dispose of your home or it stops being your primary residence within the 3 year period, you will be forced to repay your home buyer credit that year.
The total amount of the home buyer credit is the lesser of $7500 ($8000 for homes purchased in 2009) or 10% of the purchase price of the home. You get the full amount if your income is less than $75k per year or $150k for married couples filing jointly according to the IRS.
New Jersey Home Buyers
With the average price of a first time home buyer home being well over $200,000 in most of New Jersey most any home for sale here will qualify for the entire credit.
To begin your home search be sure to visit the Northern New Jersey Home Search tools located on another page of this website.
James Boyer
Morris Essex & Union County Realtor
RE/MAX Properties Unlimited
973-539-6300 Office
973-647-0253 Direct
Category: Morristown, Summit | 4 Comments »
Real Estate Bubble in Northern New Jersey, the Summit NJ Stats Don’t Reflect It
There are a select few people who seem to think that New Jersey is experiencing the aftermath of a real estate bubble. No matter what evidence is presented to them, they would rather stick their heads in the sand and ignore the facts.
Real Estate Bubble in Northern New Jersey, the Summit NJ Stats Don’t Reflect It
I thought I would bring you some interesting numbers from the Summit NJ real estate markets past.
Median sold price for a Summit New Jersey home 1999 $482,767
Median sold price for a Summit New Jersey home 2006 $825,362
Median sold price for a Summit New Jersey home 2008 $777,571
Average sold price for a Summit New Jersey home 1999 $540,667
Average sold price for a Summit New Jersey home 2006 $1,016,109
Average sold price for a Summit New Jersey home 2008 $965,898
The Summit NJ real estate market moved up on average about 88% from the 1999 market year to the 2006 market year (the commonly accepted peak year). By 2008 the average Summit NJ home was selling for about 95% of what it was selling for in 2006.
If you look at the median Summit NJ home sales price it appreciated about 71% from 1999 through 2006, and in 2008 the median Summit NJ home sold for about 94.2% of what it sold for in 2006.
Those numbers hardly paint the picture of a New Jersey real estate bubble deflating. The commonly accepted real estate bubble description includes real estate prices that doubled or tripled over the course of 3 or 4 years, and a deflating bubble likely at this point would have sold prices off 30% to 50%, clearly not what we are seeing here.
Some people will point out that foreclosures in New Jersey have doubled over the past year. While I feel for those families who get foreclosed on, in most towns the actual foreclosure rate is still very low with bank owned homes (foreclosures) making up just 2% to 3% of the sold homes. That number is way to low to have much effect on the overall market. Push the market weight of foreclosures up to 30% or more and I agree they would have a big impact on home values in any town.
Here are a few questions from one of the people I referred to at the top of this post, with my answers.
These problems that face New Jersey right now:
Increasing foreclosures (in fact they doubled this past year) Still very low in most towns, making up less then 2% to 3% of the homes sold in most towns. Com pair that to other states where that number is more like 50% and higher. If you double the rate and push those numbers up to 4% to 6% there still is very little impact on the overall market of said town.
Increasing unemployment no real new news there, what is the rate now 7.5% that means better than 90% who want to work are working. In fact I am working with a new relocation client who got a new job here in Morris County. So it is still possible to get a job. Not denying that times are tuff, but you know what, lots of homes sold during that last several recessions, and they will in this one as well.
Sky high property taxes nothing has changed there, this is New Jersey, you want to change the property tax situation, run for office.
Record budget deficits and the state and municipal level OK So what, at the fed level much of that is now, an attempt to inflate us out of this situation, I for one believe that if they want to get the economy growing again and are willing to spend any amount to make that happen, it will happen sooner rather than later.
Low savings rate (read no down payment) Savings rate has actually been increasing over the past year, otherwise the savings rate has hovered close to 0 for the better part of a decade now. That is one thing the fed and treasury is trying to discourage in the short term. when trying to get out of a recession, the last thing you want people to do is save money.
Drastically lower stock portfolios (read no down payment) Anybody who has money invested in the stock market that they intended to use as a down payment on a home within the next 3 or 4 years should have their head examined. There are probably some very good deals in the stock market right now, but I know that I personally can make better investment returns in real estate more safely than I can in the stock market.
Oh yeah, and plenty of houses on the market that don’t seem to move. As I have said before, in almost any town in any market time frame, probably 20% of the homes listed are actually priced and conditioned to sell and they do sell. The rest are just listed and likely will not sell.
Look for signs that the economy is responding to all the stimulus being forced into it by the end of June 2009. This year will be the end of the residential real estate downturn and currently is representing one of the best times to be a home buyer of the past 20 years.
James Boyer
Summit NJ REALTOR
Summit NJ real estate specialist
RE/MAX Properties Unlimited
973-539-6300 Office
973-647-0253 Direct
Category: Summit | 3 Comments »
Summit NJ home sales December 08
Happy New Year Summit New Jersey.
Good ridden to 2008. The last half of 2008 was not all that friendly for Summit NJ home sales. In December there were only 13 homes sold as compaired to 20 Summit NJ homes sold in 2007. To be sure the credit crunch had a lot to do with the decline in the number of homes sold and this only adds the the pent up demand which will eventually be released.
Summit NJ real estate will remain a desireable commodity into the future.
There are just too many advantages built into the city that many of the surrounding towns don’t have. Advantages such as top rated schools, a wonderful downtown, direct train service to NYC, proximity to the Short Hills mall, easy access to Interstate 78 and Hwy 24…
Summit NJ home sales December 08
Summit 67 RIVER RD $310,000LP FixrUppr 3br 2ba $280,000SP 53DOM
Summit 31 WEST END AVE $524,900LP Colonial 3br 1.1ba $485,000SP 42DOM
Summit 53 MADISON AVE $589,900LP Colonial 3br 1.1ba $589,900SP 16DOM
Summit 32 ASHLAND ROAD $619,000LP Tudor 3br 1.2ba $587,000SP 36DOM
Summit 145 Colonial Road $685,000LP Colonial 3br 1.1ba $685,000SP 5DOM
Summit 36 Madison Avenue $689,000LP Colonial 3br 2.1ba $600,000SP 70DOM
Summit 171 Ashland Road $849,000LP Colonial 4br 2.1ba $849,000SP 10DOM
Summit 23 WALDRON AVENUE $849,000LP Colonial 4br 3ba $840,000SP 19DOM
Summit 65 OAK RIDGE AVENUE $1,195,000LP Colonial 4br 2.1ba $1,025,000SP 18DOM
Summit 9 Sweetbriar Road $1,220,000LP Colonial 4br 2.1ba $1,085,000SP 161DOM
Summit 30 JOANNA WAY $1,325,000LP Colonial 5br 2.2ba $1,225,000SP 136DOM
Summit 58 Valley View Avenue $1,495,000LP Tudor 4br 3ba $1,436,300SP 78DOM
Summit 79 VALLEY VIEW AVE $1,500,000LP Colonial 4br 3ba $1,200,000SP 185DOM
To be sure homes are still selling in Summit New Jersey. As long as the home is priced right, the home owner has taken the steps to make the home show well, and hired a Summit NJ Realtor who has the capability to reach the home buyers where they are searching, Summit NJ homes sell fairly fast and for good prices.
James Boyer
Summit NJ Realtor
RE/MAX Properties Unlimited
973-539-6300 Office
973-647-0253 Direct
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Category: Summit | 1 Comment »
New Jersey Home Buyers Doing More Research Online Than Ever!!
That is the result of a new article written by Peter L. Mosca titled Home Buyers Tracking Real Estate Markets, Spending More Time Online over at Realty Times.
the Internet is the tool that savvy real estate consumers are using to make better business decisions. Even more good news: ultimately, those decisions lead them to the professionals who understand best the real estate market, so found the October comScore Media Metrics report. The report shows that visitors on Realtor.com and other local Real Estate Websites, for example, are spending more time and viewing more pages as they closely track the pulse of the real estate market in the midst of one of the most challenging housing markets in recent history.
New Jersey Home Buyers Doing More Research Online Than Ever!!
The internet usage trend for New Jersey home buyers has been going up every year for the past 10 years now. The most recent statistics show that 84% of New Jersey home buyers are doing at least some of their research online. More importantly some research is showing that better than 60% of New Jersey home buyers are doing nearly all of their home buying research online, and only contacting a local REALTOR once they are ready to buy. Usually these home buyers contact a REALTOR who’s website they have found informative local information for the towns they have chosen homes they are interested in.
How do they find these local REALTORS? These savvy New Jersey home buyers search just they same way that you or I would search for anything else online. They go to places like the search engine Google, google.com and they do local searches such as Morristown NJ Real Estate when they are interested in living in and around Morristown New Jersey, or they might search Summit NJ Real Estate if they are interested in living in and around Summit New Jersey. Other searches they may do are things like Morristown NJ homes for sale, or Chatham NJ homes for sale.
Thinking of buying or selling a home in or around one of the Midtown Direct New Jersey Transit train line towns, call on a REALTOR who specializes in these towns, has a website that specializes in these towns, and if you are a home seller, can get your home the marketing advantage needed to get your home sold faster and for more money. That REALTOR is James Boyer and the website is www.jboyerhomes.com
James Boyer
New Jersey REALTOR
RE/MAX Properties Unlimited
973-539-6300 Office
973-647-0253 Direct
Morristown NJ Real Estate | Summit NJ Real Estate | Morristown NJ Homes For Sale | Chatham NJ Homes For Sale
Category: Morristown, Summit | 1 Comment »
Foreclosures, Mortgage Rate Cuts, and 2009 New Jersey Home Sales
Just watching CNBC talking about the latest housing numbers nationally. The talking heads were in a argument about if this is a good time to buy a home.
Foreclosures, Mortgage Rate Cuts, and 2009 New Jersey Home Sales
So what was their conclusion? Markets where foreclosures have been a problem will continue to see price declines, markets where foreclosures have not been a big problem will see a flattening out of home prices. Thankfully New Jersey falls into the category of home foreclosures not having been a big problem.
The Northern New Jersey Real Estate Market
There has been a lot of worry locally about what was likly to happen with the local real estate markets considering all the possible job losses connected to the NYC financial industry. That is a valid concern, and some of the towns have more exposure than others. Of the New Jersey towns that I sell real estate in the towns that seem to have more risk included Summit NJ, Millburn NJ, Maplewood NJ, and Chatham NJ, though it is really hard to say that they will get hurt as many of the people who lose jobs will likly land on their feet.
Getting a great deal on a Morris County Home
One thing that seems sure, is that Mortgage interest rates are not likly to get much cheaper than they are now. There are several major home mortgage companies advertising 4.75% thirty year fixed rate mortgages for home purchases. It is possible that mortgage interest rates could fall to 4.5% or even 4.25% but even those numbers are considered to be a long shot. You may be saying to yourself, I will just wait and see if interest rates fall that low, but be advised that as soon as the Federal Reserve starts getting a strong smell of inflation they are going to pull rates back up.
Home prices have fallen in the area, Many towns along the Midtown Direct (Morristown Line) train line of New Jersey transit are down between 9% and 14% over the last year. Prices do seem to be flattening out though, so looking for additional large price declines is probably a waist of time.
The best time to get a great deal on your next home? When mortgage interest rates are down, and home prices are flat after a downturn, and when most people are not thinking about buying a home. Even the CNBC talking heads are saying, if you can, now is the time to get a great deal on a home. They actually said if you are a first time home buyer 2009 is your year.
Your New Jersey Midtown Direct REALTOR
James Boyer NJ REALTOR, I am a full time, full service professional REALTOR giving my clients top of the line service. Specializing in Morristown NJ Real Estate, Madison NJ Real Estate, Chatham NJ Real Estate, Summit NJ Real Estate, and many of the surrounding towns.
Morristown NJ Real Estate | Madison NJ Real Estate | Chatham NJ Real Estate | Summit NJ Real Estate | New Jersey Midtown Direct REALTOR
Category: Chatham, Madison, Morristown, Summit | 1 Comment »
Summit New Jersey Home Sales the November 08 Report
This is a little late coming but I wanted to put out for you the November report for the Summit New Jersey Home Sales.
November of 08 was, no surprise, a difficult month for home sales in Summit New Jersey. We had 13 homes sell and transfer to their new owners as compaired to 24 in November of 2007. To be sure, not a good month at all. My guess, and I think that it is a good one is that most if not all of that decline is attributable to the credit crunch as well as all the fears that the general public has when things like this happen.
To be sure, the credit crunch will not last for ever, in fact there are some very good signs out there that it has been easing as the US government does everything possible to stimulate the economy. In fact the US government is working so hard to stimulate the economy that some say that once the economy does start growing again, we may end up with lots of inflation in the economy.
Here are the actual Summit NJ Home Sales for November 08
Summit 417 Morris Ave $339,000LP Townhome 2br 1ba $325,000SP 44DOM
Summit 76 New England $365,000LP Townhome 2br 1.1ba $340,000SP 108DOM
Summit 14 CHAPEL ST $475,000LP Colonial 4br 1.1ba $440,000SP 87DOM
Summit 14 PEARL ST $499,000LP Colonial 4br 1ba $490,000SP 135DOM
Summit 39 BRIANT PARKWAY $569,900LP CapeCod 3br 3ba $559,000SP 50DOM
Summit 7 ASCOT WAY $725,000LP SplitLev 4br 3ba $665,000SP 38DOM
Summit 128 BEEKMAN RD $799,000LP Ranch 4br 3ba $750,000SP 24DOM
Summit 153 Colonial Rd $819,000LP Colonial 3br 2.1ba $805,000SP 15DOM
Summit 130 TULIP ST $934,000LP Colonial 3br 2.2ba $923,500SP 19DOM
Summit 74 DRUID HILL RD $950,000LP Ranch 3br 2ba $850,000SP 77DOM
Summit 311 Summit Ave $965,000LP Colonial 4br 4ba $905,000SP 42DOM
Summit 11 Glendale Rd $4,500,000LP Colonial 6br 6.1ba $4,400,000SP 18DOM
To be sure, the Summit New Jersey Real Estate market will come back. Will it be in 2009, well anything could happen, but I would bet that 2009 will be a better year than 2008 has been, and over all 2008 really has not been a horrible year in Summit NJ Real Estate.
James Boyer
Summit REALTOR
RE/MAX Properties Unlimited
973-539-6300 Office
973-647-0253 Direct
Summit NJ MLS Listings Site Map
Summit New Jersey Home Sales | Summit New Jersey Real Estate | Summit REALTOR | Summit NJ Real Estate
Category: Summit | 1 Comment »
New Jersey Homes Buyers Becoming A Little More Active
After a very slow October and November for New Jersey real estate sales, the home buyers seem to be a little more active in December. Most of the home buyers seem to be first time home buyers or relocation home buyers, but home buyers they are just the same.
Many of these home buyers talk of getting a great deal on a home, or getting a great mortgage rate, and being sure to get a 30 year fixed rate mortgage of course. The fixed rate mortgage talk is for sure a reaction to all the sub-prime mortgage problems we have gone through.
The upper end of the market such as Short Hills Luxury real estate does not seem to be doing so well though. Many of the people who can afford to purchase homes in such a price range, also tend to have exposure to the finance industry and are now in fear for their jobs.
The Summit NJ Real Estate market will likely find that it is in the same possition soon as the Morristown NJ Real Estate market which is seeing the low end of the market doing well but the upper end not seeing much of any activity.
All in all I do think that 2009 is going to be a better market than 2008 was. 2008 started off fairly good but quickly petered out and the the financial crisis hit and things really slowed down.
New Jersey MLS property listings site map
James Boyer
New Jersey REALTOR
RE/MAX Properties Unlimited
973-539-6300 Office
9730647-0253 Direct
Short Hills Luxury Real Estate | Summit NJ Real Estate | Morristown NJ Real Estate | New Jersey Real Estate
Category: Morristown, Summit | No Comments »
Best Financial and Real Estate Moves For Post 2008
What Are The Best Financial and Real Estate Moves For Post 2008
This post comes after lots of thought about the financial crisis we have been going through, the bail out of huge financial institutions and now the impending bail out of GM, Ford, and Chrysler. From everything I have heard so far the United States government is spending more than a trillion dollars on all of these bail outs. Will all of this work? We don’t know yet, I am very hopeful that it will, but what is the likely outcome of all this?
The government is spending money that it does not have. The government is printing lots of new money and forcing it into circulation. What normally happens when the government does such things? Inflation, that’s right INFLATION!! Am I talking about 4% inflation, or 6% inflation, or even 8 - 10% inflation, at this point I don’t know, but it seems clear that in the near future we are going to see inflation much higher than we have been used to.
What happens when we see inflation at rates like 6 - 8%? Normally we see things like food, gas, electricity, clothing, and all the other every day items you and I need day to day, going up in price 6 - 8% a year. You also see building materials, and all the raw materials needed to keep the countries economy going, going up in price as well. Eventually you see peoples wages going up at 6 - 8% as well.
What does this mean for the people of New Jersey? It means if you are renting, you are likely to see your rents going up much faster than you have been used to. Rent increases will likely match the rate of inflation which means year in and year out you could see your rent going up 6 - 8%. What does that look like if you are paying $2,000 a month in rent? After the first year your rent moves up to $2160 then the next year too $2330 then the next year too $2520.
Say you buy a home with a 30 year fixed rate mortgage and your mortgage payment is $2000 a month. In the coming years, with rents going up 6% - 8% a year, your mortgage payment stays at $2000 year in and year out. All the time you are paying off your mortgage with cheaper and cheaper money, because after all your money is losing 6% to 8% of its value every year in that situation. Also in a situation such as this, your home is likely staying the same value or going up in value.
What will you see your financial investments doing? If the 1970’s are any guide, you will likely have a great deal of difficulty investing your money and getting a return after taxes and inflation that means anything.
So what is the likely best move for an economy that likely will be dealing with inflation problems for years to come? Invest your money where you live. A home will pay you back over time, many times over. Not only will your payment for the mortgage remain the same over time, you will get a large tax deduction on the interest you pay, and likely over time your home will start appreciating close to the rate of inflation or at the rate of inflation.
All of this is my opinion of course, but if the 1970’s are any guide I think that this situation is more than likely.
James Boyer REALTOR, working the Morristown NJ Real Estate market as well as the Madison NJ Real Estate market, and the Chatham NJ Real Estate market, and the Summit NJ Real Estate. Of course I work the real estate markets of all the surrounding towns as well. If you are thinking of investing your money in a home that will keep your monthly mortgage payment the same no matter what, visit the New Jersey MLS Search where I am sure you will find some very good deals on New Jersey homes for sale.
Category: Chatham, Madison, Morristown, Summit | No Comments »
Home Sellers Are Out Of Touch
Home Sellers Are Out Of Touch With The Real Value Of Their Home, A MSNBC article spells out!!
According to the MSNBC article even today, most home sellers do not understand or have not accepted that home values have declined in most areas. This is true for all of Northern New Jersey, including such desirable towns as Summit New Jersey which has seen a 16.8% decline in the median home sale price. Millburn New Jersey which has had a 15.5% decline, and Chatham New Jersey down 3.4%.
(data from gsmls for the periods April, 1 2007 - November, 1 2007 -vs- April, 1 2008 - November, 1 2008)
I personally have been finding that there are a fair number of home sellers in the area who are out of touch with what home values have been doing over the past few years. In fact I lost a home listing 2 doors down from my home, because I told them the real value their home was likly to sell for, while another REALTOR came in an just told them what they wanted to hear. That number they wanted to hear happened to be $100,000 higher than what I and 5 other very experenced REALTORS in my office agreed the home would likely sell for. This home owner fell for one of the oldest tricks, which is to shoot the home owner a high price, knowing that most home owners will equate the higher price with the skill of the REALTOR. Sorry to disappoint, but anyone can quote a price, it does not make them skilled.
In case you missed it, I really dislike Morris County REALTOR’s who miss lead home sellers on listing price.
Pricing your home too high to begin with, is a major error and costs many home sellers tens of thousands of dollars. Most home sellers still do not understand that the highest price they are going to get for their home is from a offer that is written in the first 2 or 3 weeks on the market. That is when the interest is highest, and when the people who have fallen in love with the home write offers. Price it too high, and you denture those that have fallen in love with the house, and they start waiting for a price reduction. In the mean time they continue to shop for a home. Guess what, they usually find something else that is at least the equal of your home, and write a offer on that.
As a home seller here in Northern New Jersey here is what you should experence if you list you home for the right price to start with. In the busy spring and fall selling seasons you should get 15 to 30 showings within the first 2 weeks your home is on the market. During the slower winter and summer home selling times those numbers will be closer to 7 to 14 showings in the first 2 weeks. If your home is price right to start with you should have a offer which is within 3% of your asking price within 4 weeks of you home being listed for sale. During the slower selling times that offer should be in your hand within 6 weeks of listing your home for sale.
Morris, Essex, and Union County New Jersey home sellers, do yourselves a favor, when interviewing area REALTORS to list your home for sale, do not hire the REALTOR who quotes you the highest list price. That REALTOR is likely the least experenced, and least capable of getting your home sold for the best price possible.
If you would like me to do a real and truthful CMA (Competitive Market Analysis) for your home, I am happy to do so, just give me a call at 973-647-0253 or send me a message including some information about you home such as the address, any improvements you have made to it with the years you did them, and the general condition of your home.
Cheers,
James Boyer
New Jersey REALTOR
RE/MAX Properties Unlimited
973-539-6300 Office
973-647-0253 Direct
Specializing in Morris County Real Estate, Essex County Real Estate, Union County Real Estate, Somerset County Real Estate, and Sussex County Real Estate.
Category: Chatham, Summit | No Comments »
Summit NJ Home Sales October 2008
There were 17 homes sold in the Summit NJ Real Estate marketplace during the month of October. This is down from 23 in the month of September. If it were not for the credit crunch that hit the real estate mortgage companies, the number of homes sold in the month of October would probably have been equal to those sold in September.
The current housing stock for sale in the Summit NJ Real Estate market ranges from affordable homes under $400,000 too wonderful mid-priced colonial & victorian homes from $600,000 up to $1,000,000 and too large luxury mansions ranging from $1,000,000 too over $10,000,000.
The Summit NJ Real Estate Sold In October 2008
Summit 6 HENRY ST $299,000LP Colonial 3br 1ba $310,000SP 18DOM
Summit 28 Glenside Ave $339,000LP Colonial 3br 1.1ba $310,000SP 84DOM
Summit 68-86 New England Ave Unit 19 $345,000LP TwnIntUn 2br 1ba $338,000SP 21DOM
Summit 412 Morris Ave $379,900LP Duplex 3br 1.1ba $385,000SP 71DOM
Summit 16 Harvey Dr $439,000LP Ranch 2br 1ba $436,600SP 8DOM
Summit 10 Euclid $490,000LP HighRise 2br 2ba $445,000SP 45DOM
Summit 25 Eggers Ct $649,900LP TwnIntUn 3br 3.1ba $649,900SP 10DOM
Summit 9 NORWOOD AVE $668,000LP Meditter 6br 3.1ba $575,000SP 51DOM
Summit 65 Eggers Ct $799,900LP TwnIntUn 3br 3.1ba $799,000SP 95DOM
Summit 145 CANOE BROOK PKY $849,000LP Tudor 4br 2.1ba $840,000SP 40DOM
Summit 15 Carleen Ct $999,876LP Colonial 4br 3.1ba $925,000SP 121DOM
Summit 28 Colony Dr $1,095,000LP Colonial 4br 2.1ba $1,050,000SP 45DOM
Summit 2 Wentworth Rd $1,200,000LP Contemp 4br 3.2ba $1,250,000SP 34DOM
Summit 25 Plymouth Rd $1,295,000LP Colonial 5br 3.1ba $1,325,000SP 78DOM
Summit 2 CREST ACRE CT $1,975,000LP Colonial 5br 4.1ba $1,900,000SP 56DOM
Summit 175 Beechwood $2,395,000LP Colonial 5br 3.1ba $2,310,000SP 103DOM
Summit New Jersey really is a great place to call home. Normally Summit NJ Real Estate can only be had at a premium, but with today’s real estate environment there are some tremendous deals to be had for the savvy home shopper.
If you see yourself as wanting to be a savvy Summit NJ Real Estate shopper, stop by the Summit NJ MLS search, where you will find all the homes currently listed for sale in our local multiple listing service, availible for you to search. Your source for Summit NJ homes for sale.
James Boyer
Summit NJ REALTOR
RE/MAX Properties Unlimited
973-539-6300 Office
973-647-0253 Direct
Excellence in Summit NJ Real Estate services Guaranteed!!
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