Luxury Homes NJ Blog

1st the Good News in Westfield Real Estate

Scott — Fri, 13 Apr 2012 20:42:14 +0000

The 1st 3 months of Westfield NJ real estate sales have shown improvement over 2011 in a number of measures. While a few less houses came to market this year, signed contracts are up 12.5%. Days on market are down from 77 to 72 on average. The sale price as a percentage of list price is up from 94% to 96%, indicating several things: more realistic pricing, more competitive buying situations, and shift in price power incrementally toward level between buyers and sellers.

Average prices are down from 707,887 to 660,647 . This writer posits that the change reflects more on which homeowners are selling this year, than a commensurate change in relative values. anecdotal evidence points more convincingly to a firming of values. Call if you like anecdotes!

Your referrals are appreciated, especially to sellers. I have sold out my inventory again, and need houses to show to waiting househunters and investors.

Is Your NJ Home Over Assessed and Due for a Tax Appeal?

Scott — Fri, 16 Mar 2012 23:20:38 +0000

Here’s how you make a ball park determination:

Visit the Treasury Site for your town’s Assessment Ratio Pick your county, then town, then pick the number in column 2.
Write it down and add a % at the end.
Look up your total assessed value on your most recent tax bill or assessment notice. If you can’t find it, look it up here.
In a calculator or spread sheet, divide the assessment by the ratio.
The product is the presumed market value of your property.
If it’s high by AT LEAST 15%, call me for help with next steps.
You must file by April 1st, so I would do it today.

Westfield Homes–Market Update

Scott — Mon, 12 Mar 2012 16:44:42 +0000

Westfield NJ Homes supply is up to 143 for sale with 18 of those in attorney review–offers accepted subject to contract tweaking. You’ll note a significant disparity between average and median prices–attibutable to a few super-duper outliers–homes listed at $6.6M, $4.3M, $2.7M and $2.4M. Days on market is a little long for the last 3 months at 75, and absorption rate is a healthy 6.2 months.

Homes for Sale in Westfield NJ Today 143

Average List Price $861,000

Median List Price $725,000

Westfield Real Estate Sales over last 3 months 69

Average List Price $681,000

Median List Price $609,000

Average Days On Market for Sold Westfield Homes 74

Months’ Inventory (current inventory selling at current pace) 6.2

Great Real Estate Marketing Begins at the Curb

Scott — Sat, 03 Mar 2012 14:39:51 +0000

Home Sales are all about emotion, and the emotion begins before the buyer opens the car door. These before and after demos show how a homeowner can really up the curb value of their home. See the photos

Real Estate Market Update February 2012

Scott — Fri, 02 Mar 2012 00:42:49 +0000

For 2012 year-to-date, the home sales pace is up 20% in the markets enumerated below. Real etate prices seem to be up 2.5%. I say it seems that way because the list prices of houses now under contract are up that much. We won’t know about sale prices until deals struck in January and February close in March-June.

Move in ready houses in desirable locations are selling very well, with short market times and multiple offers. All in all the psychology of the market has turned fairly positive and I am hopeful volume and prices will continue to reflect that.

Please click for all status changes in areas of interest: Cranford Edison-JP Stevens Edison-Waterford Metuchen Mountainside Scotch Plains/Fanwood Summit Warren/Watchung Westfield by Grade School: Franklin Jefferson McKinley Tamaques Washington Wilson

Westfield NJ Market Buzz

Scott — Thu, 16 Feb 2012 00:25:50 +0000

In the first two weeks of February we have 35 new Westfield Homes for sale. Of these, 5 are already in attorney review and 2 are already under contract. Loist prices range from high 200′s to $4,295,000. For a house that in my opinion is totally worth it BTW. See for yourself.

Quick sellers are in all price brackets too, up to $1.3 Million for these two weeks. Total inventory is fairly steady at 123, with the spring swell imminent.

Westfield Home Buyers are scooping up the best buys at all price levels, whether you are buying or selling–it’s spring!

Market Changes, Jan 5 to Feb 5 2012

Scott — Wed, 08 Feb 2012 23:49:04 +0000

The towns we track below are, in aggregate off to an improved start over last year. Prices and rates are impressively low–many believe it can’t last or at least can’t get any better. Fear of buying has abated considerably too.

73 houses have gone under contract. With a total supply of 560 available, that translates to a nearly balanced 7.5 month supply. There is a swing among the towns from 4 to 123 months. Because of brisk home buying relative to supply growth, the inventory is growing very slowly. This could lead to price improvement, at least for the most attractive properties in each market at any moment. If you need to know exactly what’s going on in your town or neighborhood, call or email me for free market evaluation.

Do You Get My VIP Updates?

Scott — Tue, 07 Feb 2012 22:01:34 +0000

I am working hard on the February edition now, and the news is mainly good.

Monthly news includes real estate transactions, market trends, listing tips, and contests for fun & valuable prizes.

If you don’t already receive VIP updates, please click and use phrase “add me!”

Westfield Homes Sales Look Strong in 2012

Scott — Fri, 03 Feb 2012 22:24:42 +0000

Since the New Year, there have been 36 new listings and 20 properties have gone under contract, with another 8 in attorney review. Attorney’s only review accepted offers so the vast majority of those will go to contract as well. The net effect is houses are selling almost as quickly as they are entering the market–an indicator of favorably balanced supply and demand.

We have every reason to hope for leaner inventory, firming prices and shorter days on market this year, even as last year was clearly a beginning an awakening. I am bullish on Westfield real estate. It will be a great year for sellers and buyers.

For buyers I don’t imagine a future when you will enjoy a better combination of prices and mortgage interest rates, than the present.

For investors, I recommend if you plan to invest in real estate eventually, you get busy now while opportunities abound.

For sellers I repeat the same advice I have reworded a few times before, prepare your home totally for market and get in it to win it, the earlier in the season the better you will fare.

New Jersey Migration Update

Scott — Sun, 15 Jan 2012 19:48:23 +0000

As has been the reality for several years, Atlas Van Lines reports more than 55% of NJ moves were outbound. NJ population grows anyway, because immigrants fly in and/or travel light. Story & Map