Nicely updated ground floor unit in Society Hill at Bernards II. Highlights Include:
New kitchen with granite counters New cabinets Stainless Steel range, dishwasher and microwave New floors & new tile backsplash New carpet throughout the unit Well kept unit ready for moving in!Spacious 2 BR, 2 BA unit complete with formal dining room, master bath, walk in closet. Nice patio. New washer dryer, new hot water heater. Great for home or investor, ready to move in!
Clark NJ - 2 Bedroom Apt for Rent on Lovely Residential Street
Location: Clark, NJ
2 Bedroom, 1 bath apartment on second floor of 2 family house in Clark. Close to highways and bus stops, but on lovely residential street with plenty of parking.
Updates include new bathroom fixtures and tile, newer kitchen, new carpets.
Washer/Dryer hookups available, as well as basement storage.
1 month brokerage fee applies.
Offered by RE/MAX Classic Group Sean Carroll - Realtor 908-898-0000 - office
As I shared in my blog last week, the biggest factor affecting the Cranford NJ Real Estate market right now is inventory. While plenty of homes are starting to go under contract and close, we currently have 98 homes on the market, which is about double what was for sale during the peak of the market in 2005. This means that buyers have tremendous choice, and sellers who price correctly will sell if they are the best looking property in that range. There are, unfortunately, a lot of homes on the market though that have been for sale for a long time, as they are just not priced right.
For a complete list of homes for sale in Cranford NJ, and other fantastic towns, logon to:
Here is blog #3 about the numbers in our area. I included most of the towns we service in Union, Essex, Somerset and Morris Counties, excluding the larger markets like Newark, Elizabeth and Plainfield.
In this report, we isolated just the first quarter of this year, and compared it to the first quarter of last year
Total Closed Sales Q1 2008 - 298
Total Closed Sales Q1 2009 195
This is a decline of 34% in total transactions.
This is a VERY drastic drop in sales from last year to this year. The good news is that 195 homes still sold. If you are a seller, make sure your price is fair, so you can be one of the solds and not one of the EXPIREDS.
Buyers, most of those homes that sold were at least 95% of the asking price, so if its priced fairly, make sure your offer is fair if you like the home and don't want to lose it to another buyer. If its priced correctly, it's already a bargain!
Here is blog #2 about the numbers in our area. I included most of the towns we service in Union, Essex, Somerset and Morris Counties, excluding the larger markets like Newark, Elizabeth and Plainfield.
What we found is no surprise, when comparing the Q4 - Q1 this year with those of one year ago.
Total Closed Sales (Q4 '07 and Q1 '08) - 1010
Total Closed Sales (Q4 '08 and Q1 '09) 774!!
This is a decline of 24% in total transactions.
Active Listings (last year) 11664
Active Listings (this year) 11051
**The good news is that we did not see an increase of a huge amount of new listings in the present period, which helped the market, but because there was such a substantial drop in sales activity. There was a strong downward pressure on pricing as shown below.
Avg Sales Price Last Years Period - $698,112
Avg Sales Price This Years Period - $624,293
This is a drop of 10.5%, which for those of you who have been actively working with me, is not a surprising number, as we've shared this with you almost as soon as we felt it in December.
In my first examination of the 1st Quarter 2009 and March 2009 sales numbers, I noticed a startling fact. The amount of closed transactions was nearly HALF of what it was for March 2008. I knew things slowed down dramatcially in the 4th quarter of 08 and the 1st quarter of 09, just based on 'feel' but these numbers confirm the feeling.
This has left a lot of inventory in these towns, which will need to be absorbed before the downward pressure on home prices stops. While our area is still in high demand, and properly priced homes will still bring lots of activity, I simply can't overlook the sharp decline in closings. This means that the pending sales were down in December, January and February. The good news is that the pendings are UP for February and March, which means that we should see a lot more closings in April.
Sellers - Price Your Homes Properly!!!!
Buyers - Make a fair offer, and you will get a great deal
Are you behind on your payments, or soon will be? Are you in any stage of the foreclosure process? Don't give up! Don't just walk away!! We are here to help you. There are many options available that may help you to KEEP your home. Foreclosure is the LAST option you want to consider. For more information and to obtain this information for free without having to provide ANY information.... Logon to:
I have spoken to several potential sellers in the past few weeks and all of them share one thing in common. They are not happy with the price they can get for their house compared to what they could get just 5 or 6 short months ago.
Here in the Cranford, Westfield, Union County NJ area, we saw a 10-15% price drop in a VERY Short period of time from the 4th quarter last year through 1st quarter this year. For sellers who were counting on $500k for their listing before the holidays, when they find out they can get 450k now, it really throws a kink in their plans. There is GOOD NEWS!!!
What I have tried to explain to all of them is that if they are also buying in the same area, the seller they are buying from is taking the same hit, or even more of a dollar amount hit if its a higher priced home.
My advice is to take the 'punch in the stomach' on the sale, and lock up your buyer, so you can make your offer on your purchase with confidence, and lock in your savings on the purchase, at a GREAT interest rate.
I understand however, that this 'punch in the stomach' will affect the cash you can put down, and will also affect in some cases whether or not you will have enough equity to even sell. This advice is meant for those of you who have the equity position to make your move work, despite the difference in sales price. You will make the equity back in the purchase over time.. Here's how...
Helpful Tip: ask your Realtor to show you what homes were selling for 6-8 months ago in the area you want to buy. I am confident you will find that the home you are buying is also at a discount. If its not priced well, make a fair offer. If it is priced well..buy it, and CONGRATULATIONS, you made a smart decision.
The Math:
If you sell your house for 450k and it used to be worth 500k, that is a 10% loss and $50,000
If you buy a house for $550k and it was probably worth $610k, that is roughly the same 10% decline, but a savings of $60,000. Congratulations, you just likely added $10000 of long term equity.
SEAN CARROLL, WESTFIELD NJ REALTOR EARNS PRESTIGIOUS DESIGNATION TO HELP HOMEOWNERS IN DANGER OF FORECLOSURE
SEAN CARROLL of TEAM CARROLL of RE/MAX CLASSIC GROUP has earned the prestigious Certified Distressed Property Expert (CDPE) designation, having completed extensive training in foreclosure avoidance and short sales. This is invaluable expertise to offer at a time when the area is ravaged by "distressed" homes in the foreclosure process.
Short sales allow the cash-strapped seller to repay the mortgage at the price that the home sells for, even though it is lower than what is owed on the property. With plummeting property values, this can save many people from foreclosure and even bankruptcy. More and more lenders are willing to consider short sales because they are much less costly than foreclosures.
In the Union County, NJ area, more the number of homes in danger of foreclosing is clearly on the rise. As job losses mount, and real estate prices have come down, more distressed properties are surfacing in the area. It is happening in all price ranges. Local experts say that even high-priced homes are not immune.
"This CDPE designation has been invaluable as I work with sellers and lenders on complicated short sales," said Sean Carroll. "It is so rewarding to be able to help sellers save their homes from foreclosure."
To provide free information for homeowners in distress, Team Carroll has even created a website designed specifically to help these clients at www.HomeOwnerHelpSite.com. Sean Carroll says of this website: "We've tried to layout an easy to read informational website for clients who want information about short sales vs. foreclosures, and other options such as mortgage modification
Alex Charfen, founder of the Distressed Property Institute in Boca Raton, Fla., said that Realtors® such as Sean Carroll with the CDPE designation have valuable training in short sales that can offer the homeowner much better alternatives to foreclosure. These experts also may better understand market conditions and can help sellers through the emotional experience, he said.
The Distressed Property Institute opened in January 2008 and provides training on-site and online. The CDPE is the premier designation for Realtors helping homeowners in distress and handling short sales.
"Our goal is to educate as many people as possible so we can help as many homeowners as possible," Charfen said.
For more information about CDPE designation or to find a certified distressed Realtor in your area, please call 1-800-482-0335.
Disclaimer: ActiveRain Corp. does not necessarily endorse the real estate agents, loan officers and brokers listed on this site. These real estate profiles, blogs and blog entries are provided here as a courtesy to our visitors to help them make an informed decision when buying or selling a house. ActiveRain Corp. takes no responsibility for the content in these profiles, that are written by the members of this community.
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