How's The Branchburg, NJ Real Estate Market?

   For the Fourth Quarter, 2010, the total number of homes for sale in Branchburg, NJ has been decreasing.  We ended the year with a total of eighty six (86) homes for sale, which is up by 31% over the same quarter, 2009.  

  

The Good News :  Our sale price has increased by 12% over same period last year.

Under Contract in Branchburg, NJ in the Fourth Quarter, 2010 averaged nine (9) contracts per month, while 2009 had and average of 11 per month.  We are still finding our way to the bottom of the real estate market.  As the weather warms and the spring market heats up, we will find some of  the homes now off the market will come back on the market and try again. 

The average list prices of  Home Contracts in Branchburg, NJ in Fourth Quarter, 2010, was $418,428, as compared to 2009, with an average list  price of  $368,816, which is an increase of 12%.  Why the increase in price?  Foreclosures have not been put on the market by the banks over the past several months due to the rob-signing scandal.  We will see those homes back on the market in early 2011.  

Our Current Challenges: •        We have fewer move-up buyers.  •        New Jersey continues to lose private sector (higher paying) jobs. •        Tax Credits for home purchases expired in April, and it is unlikely they will be reinstated. •        Foreclosures' shadow inventory that is building.

The four Challenges in our Branchburg, NJ Real Estate Market .

1. Many move-up buyers are unable to do so because they are upside-down on their mortgage.  
2. In 2010 New Jersey has lost an average of 3,900 jobs per month.  In Somerset County the news is better, but still high. 
3. It appears unlikely that we will see a 2011 tax credit for home purchases;  however, if you notice the jump in the number of contracts in homes for sale in Branchburg, NJ in April and May, 2010 (when the last tax credit expired) it shows a spike in homes under contract. 
4. Although Somerset County New Jersey foreclosure rates are relatively low, we are seeing a shadow inventory building, which may impact home sale prices in 2011 and beyond.

Also, worker productivity has increased in the past several years.  We are working longer and our time has become a valuable commodity.  Today's homebuyers are now seeking locations offering shorter commute, access to public transportation, and walk-able communities .  Commutability to higher paying jobs is appealing, so if we need to sell our Branchburg NJ Home, we have pricing and public transportation that will attract the upwardly mobile young families who commute to New York City.

What can you expect if you need to sell your Branchburg NJ Home in 2011? 

 

First, don't put it off.  Indications are interest rates are on the rise.  Higher interest rates will reduce the number of qualified buyers in the marketplace.  Secondly, we anticipate a decline in home prices in 2011.  The longer your home is on the market the more likely the price will decline.  Third, you'll need patience. With 86 homes for sale in Branchburg, NJ in December, 2010 and expected to increase as we approach the spring market, and a total of  ten (10) contracts in December, 2010, we currently have one (1) buyer for every nine (8+)  sellers.  The average days on the market is currently eighty nine (89) days.  This does not reflect any prior times (and days) the same home may have been listed without selling. 

What do you do if you need to sell?  You'll also need a Realtor® who will be as serious as you are about selling your home.  The Realtor® you choose should evaluate your home in detail and present a convincing Market Analysis that shows exactly where your home should be priced.  If you are not convinced get a second, or third opinion, but keep in mind, the definition of "the market" is what a buyer is willing to pay, and not what you may hope to get from the sale.  Sometimes that's a tough pill to swallow, but your Realtor® should provide you with convincing evidence.  My customized Market Analysis is over 50 pages of concise and customized information with detailed assessments of your individual home.  It's also very important why you hire a Realtor®.  Do not choose a Realtor® because they've given you a higher market value of your home.  You are paying a Realtor® to market your home in order to bring the most qualified buyers through the door.  Once the buyers have viewed your home, their feedback will tell you what you need to know.  When choosing a Realtor®, review their marketing plans to see how they plan to get qualified buyers into your home. Visit my website to see more about how

 I can market your home.  When you're ready to take that first step, let's talk.  Call me at (908) 537-6596.  I look forward to hearing from you.

 

 

 Congratulations Hunterdon County, NJ Homeowners; we made the BloomburgNews yesterday; however, I don't think this was the news we wanted to hear:  "Hunterdon County residents pay a median $8,216 in residential property tax per year. That's more than any other county in the U.S., according to Washington-based think tank the Tax Foundation, which cites U.S. Census Bureau estimates from 2005 to 2009."  With home sales down and taxes up , indications are we have not reached the bottom of the hunterdon county real estate market yet.  We are still navigating in choppy (economic) waters. 

The big question for many of today's Hunterdon County NJ Homeowners is "Should I stay or should I go?". To find the right answer, dig a little deeper and ask yourself these questions (honestly!):

1. WHY MOVE?  You may be ready to retire.  You may need to downsize to a more affordable area.  You may want to relocate for a better job.  Whatever your reasons, you need to get all the facts to make a good decision for your future.  That begins with a thorough Market Analysis from an experienced Realtor® that will provide a clear and concise report of where the market has been and where it is going.  Today's market is complicated and you need all the information to make your best decisions.

2.  WHEN DO YOU WANT TO SELL?  The answer to this question is a matter of price.  If your cash reserve is 3 months or less, you may need to sell quickly.  If you'd "like" to retire now, what will postponing your retirement mean to you?  If you are relocating for a job that starts in 2 weeks, do you have enough income to cover housing in both places until your home is sold?  It's a matter of price.  It may not be a good idea to price your home above the market and not find a buyer.  This may cost you more in the long run.  That's why you should understand everything provided in the Market Analysis that your Realtor® provides.

3.  WHAT ARE YOUR OPTIONS? If the numbers don't add up to move right away, explore your options.  I'm always surprised to hear my customers say they have no options.  There are always options, whether you can readily see them at first, or not.  Take a look at each of your options (like them or not) to see what makes the best sense for you.  Remember, doing nothing is one of your options, but like all options it comes with consequences.

4.  WHERE WILL YOU BE...?     Whenever making a life changing decision, ask yourself, "based on this decision and the information I now have, where will I be in five years, ten years, etc.".  For example, if you don't move and the market stays flat or goes down, do you have enough finances to carry you?  If you sell and move, will your finances cover your relocation? Whether you are ready or not, don't make a move until you've read my free 50+ page comprehensive market evaluation of your home! It shows you where the market is (and why), plus it tells you where the market is going, so you can make a well informed decision. Order your copy today at NJNeighborhoodSales.com . Also, see how I successfully market and sell homes fast at: HomeSellerBrochure.com. Call me today at (908) 537-6596.

What will New Homes in New Jersey look like in 2015?  According to a National Association of Homebuilder's Study , new homes will be smaller, greener, and more casual.  We'll give up our formal living room for a larger family room, which will be a greater open space including the kitchen and perhaps an informal dining area.  We may even forfeit the formal dining room altogether.   I'm also seeing buyers who want a first floor bedroom and full bath for many reasons.  Baby boomers don't want to navigate stairs.  In this economy, Generation X and Y are having the challenge of adding mortgage payments to their already tight budgets, so they sometime opt to buy a home with their aging parents.  They want homes that will  accommodate all three generations.  There's even a special name for these buyers: Sandwich Generation .

If you plan to sell your New Jersey Home in the next five years, keep in mind that these are some of the features buyers of the future will want.  If you were planning to update or remodel, consider creating more open space in your floor plan, expand your first floor half bath to a full bath, or maybe covert that formal living room to a first floor bedroom. Whether you are ready or not, don't make a move until you've read my free 50+ page comprehensive market evaluation of your home! It shows you where the market is and why, as well as where the market is going, so you can make a well informed decision on whether you may want to sell or stay. Order your copy today at NJNeighborhoodSales.com . Also, see how I successfully market and sell homes fast at: HomeSellerBrochure.com. Call me today at (908) 537-6596.

My Daffodils are three inches high! And, with Daylight Savings Time
in effect, can warmer weather be far? After such a rough winter, spring a very welcomed change of seasons.

Now is a great time to start planning those spring yard clean-up projects. . Here are a few "Wow" tips to make a big impression with spring landscaping.

Also, most of us have experienced winter damages to our trees and bushes. I've found a great resource in how to repair the damage
without hurting the tree or bush from my favorite gardener,
Mike McGrath .

If you are planning to sell your Hunterdon County NJ Home
this spring, curb appeal is a must to attract home buyers relocating to Hunterdon County NJ! Ready or not, don't make a move until you've read my free 50+ page comprehensive market evaluation of your home! It shows you where the market is and why, as well as where the market is going, so you can make a decision on whether you may want to sell or stay. Order yours today here: NJNeighborhoodSales.com
. Also, see how I successfully market and sell homes fast! Visit: HomeSellerBrochure.com. Call me today at (908) 537-6596.

Many homeowners in Hunterdon County NJ have decided to "stay put" for now. Rather than sell their Hunterdon County Home, they've decided to stay and remodel, while they wait for the real estate market to improve. If that's an option for you, it's probably a good idea. However, while waiting for the market to improve, don't over improve your home. Chances are, when you are ready to sell, even in an improved market, you may not get much of that money back.

Here's a link to some improvement and remodeling projects that do not give you a good return on your investments.

Ready or not, don't sell your home until you've read my free 50+ page market evaluation of your home! Order yours today here: NJNeighborhoodSales.com

Or, see how I successfully market and sell fast! Visit: HomeSellerBrochure.com Ready to sell? Call me today at (908) 537-6596.

I've been saying this for years, " Don't-sell-without-presale-inspection" .

When you find a buyer for your home, the first negotiation takes place when negotiating the Written Agreement.  This is not the last time negotiations prior to the sale of your home can (or will) occur.  The next time negotiations can take place is as a result of the home inspection report, which usually is done shortly after the agreement is signed.  Sellers are usually taken by surprised by the information on this report, and sometimes lose their first buyer because of the home inspection report.

As a seller, you want to know what product you are selling.  Yes, you've lived in your home for years, so you know your home, but, not necessarily from the eyes of a home inspector.  For example, I was in the home of a seller this weekend and noticed that their door between the attached garage and the living room was made of wood.  I explained that a home inspector would tell a buyer that this type of door is a fire hazard and should be metal.  If the buyer hears from their home inspector that this is a fire hazard, he/she will want you to change it.  You may say no.  But in this market would you really want to lose a buyer for some somewhat minor home inspection issues?  On the other hand, as a seller, if you had a presale home inspection done, and asked the buyer to sign it at the same time they are signing their Written Agreement, you would have now disclosed to the buyer any defects which was a consideration to the negotiated price.

The buyer may want to negotiate some of these issues, but negotiating these issues up front and in conjunctions with the agreed upon sale price is putting you as the seller in a better position.  Negotiating home inspection issue after the sale price is agreed upon is a clear disadvantage to the seller in a buyer's market.      

For more helpful hints to prepare for selling your home sign up for my blogs.  If you'd like a market value of your home, contact me .  Also, keep in mind that when choosing a Realtor®, review their marketing plans to see how

 they plan to get qualified buyers into your home. In short, that's what you're paying a Realtor® to do for you. When you're ready to take that first step, let's talk. Call me at (908) 537-6596. I look forward to hearing from you.

How's the Clinton Township Market?

For the month of  December, 2010, we had  a total of nine (9) homes placed under contract, which leaves us with a total of eighty (80) homes for sale. or, to put it another way, with almost nine (9) months of inventory.  What does that mean?  Well, with 80 homes currently on the market; and, homes selling (in December) at a pace of  9 per month ( 80 divided by 9 = 8.89), it would take (almost) 9 months to clear our current inventory.  In other words we have a "buyer's market".  Specifically a "buyer's market" is when we have 5 months (or more) of inventory.  Alternatively, when we have 4 months or less of inventory, we have a "seller's market".  A seller's market occurs when our inventory (number of  homes for sale) is not keeping up with the number of  contracts per month.  Remember those days?

 

The Good News  1.  We have increased the number of contracts (accepted offers) in 2010. 2.  We have decreased our inventory (total number of homes for sale).

Let's take a closer look at our inventory in Clinton Township.  You can see from the chart below, that in December, a total of  10 homes were newly listed for sale in Clinton Township, while we contracted 9 homes.  That means that we are still adding more homes to our inventory  per month, than we are selling (contracted homes).  The good news in December is we are doing so at a slower pace than in any other month in 2010.  And,  we are in a better position than December, 2009, when we had seven (7) homes under contract, and a total of ninety (90) homes for sale.  So we are seeing signs of improvement, albeit slowly.  Currently we have a total of  nine (9) sellers for every one (1) buyer in Clinton Township.   

As the weather warms, we will see if these unsold homes come back on the market to try again, or remain off the market because "their price" is not yet what buyers are willing to pay.  We know that if these homes remain off the market and our  inventory declines, our market will improve.

 

The chart above also tells  us that throughout 2010, the number of newly listed homes per month was greater than the number of contracted homes per month.  This may indicate that our current declining inventory (total number of homes for sale) is not because the homes were sold, but because the sellers have either given up or waiting until spring to relist their home. 

The four Challenges in our Clinton Township Real Estate Market .

• Today's buyers are downsizing, and first-time homebuyers have lower budgets.  Many Move-up buyers are unable to do so because they are upside-down on their mortgage.  They would like to purchase a larger home, but cannot until the value of their current home increases.  At the sales pace of today's market, this may take another ten (10) years.

 

• To put some perspective on our job market, in 2010 New Jersey has lost an average of 3,900 jobs per month.  In Hunterdon County  the news is better, but still higher than in past years.  Until we begin to attract high paying jobs in both the county and state, our higher priced homes will continue to lag in sales.  This has also contributed to the McMansions slump in sales.   In Hunterdon County, we are hopeful that this market might improve somewhat in the months and years ahead with the news that Merck will be consolidating  its New Jersey offices to its Whitehouse Station headquarters. Although Merck will not be paying for relocation costs due to the proximity of the relocation, and because most of these employees will be commuting in the opposite direction of heavy traffic patterns, we cannot assume that this impact will be substantially changing the Clinton Township Real Estate Market in the near future

 

•  With an emphasis on reducing our national debt, it appears unlikely that a 2011 tax credit for home purchases will be reinstated.  However, if you notice the jump in the number of contracts in homes for sale in Clinton Township, NJ in April, 2010 (when the last tax credit expired) it showed a noticeable spike to the year's high of 64 homes under contract. 

 

• Although Hunterdon County New Jersey foreclosure rates are relatively low, we are seeing a shadow inventory building, which may impact home sale prices in 2011 and beyond. 

Also:  We've all heard that  labor productivity has increased in the past several years.  Because we are working longer, our time has become a very valuable commodity.  Today's homebuyers are now seeking locations offering shorter commute, access to public transportation, and walk-able communities .  Commutability to higher paying jobs is still a challenge, so if we need to sell our Clinton Township home, we have the challenge of finding a buyer from a small pool of buyers.

The average list prices of  Home Contracts in Clinton Township in 2010 was $418,428, as compared with the 2009 average price of  $429,576 is a decrease of 3%.  Additionally, in 2009, a total of 21 Clinton Township homes sold above $600,000; and, in 2010 a total of 17 had a sale price above $600,000.  Which  may be a confirmation that McMansions are falling out of favor with buyers.  Additionally, the current data shows that now two (2) out of three (3) households in New Jersey have no children and do not want to pay for property taxes to support school systems they do not use, which may be why townhomes and condos are selling at a high pace.

What can you expect if you need to sell your Clinton Township Home in 2011? 

 

First, don't put it off.  Indications are interest rates are on the rise.  Higher interest rates will reduce the number of buyers in the marketplace.  Secondly, we anticipate a decline in home prices in 2011.  The longer your home is on the market the more likely the price will decline.  Third, you'll need patience. With 80 homes for sale in Clinton Township in December, 2010 and expected to increase as we approach the spring market, and a total of  nine (9) contracts in December, 2010, we currently have one (1) buyer for every nine (9)  sellers.  The average days on the market is currently one hundred and three (103) days.  This does not reflect any prior times (and days) the home may have been listed without selling. 

What do you do if you need to sell?  Assess your situation carefully and honestly.  If you need to sell your home, don't put it off!    In this market,  you'll also need a Realtor® who will be as serious as you are about selling your home.  The Realtor® you choose should evaluate your home in detail and present a convincing Market Analysis that shows exactly where your home should be priced.  If you are not convinced get a second, or third opinion, but keep in mind, the definition of "the market" is what a buyer is willing to pay, and not what you may hope to get from the sale.  Sometimes that's a tough pill to swallow, but your Realtor® should provide you with convincing evidence that her figures are correct.  My customized Market Analysis is over 50 pages of concise and customized information with detailed assessments of your individual home.  An educated seller will make better decision and get better results.   It's also very important to keep in mind the reason you hire a Realtor® (i.e. what you are paying a Realtor® to do for you).  Do not make the mistake of choosing a Realtor® because they've given you a higher market value of your home than other Realtors®.  That's an old trick that inexperienced Realtors® use to get your business.  Then, once your home is on the market, they'll tell you why you need to continually reduce the price.  You are paying a Realtor® to market your home in order to bring the most buyers through the door.  Once the buyers have viewed your home, their feedback will tell you what you need to know.  So when choosing a Realtor®, review their marketing plans to see how they plan to get qualified buyers into your home. In short, that's exactly what you're paying a Realtor® to do for you.  When you're ready to take that first step, let's talk.  Call me at (908) 537-6596.  I look forward to hearing from you.

Bridgewater Township , Somerset County , New Jersey has shown glimmers of hope as the market is inching upwards albeit at a snail's pace. And because real estate has always been cyclical, these new numbers may indicate a faint light at the end of our long tunnel.

In December, 2010, Bridgewater NJ had a total of twenty four (24) homes that were placed Under Contract, which is a slight increase to the twenty three (23) Bridgewater NJ homes placed Under Contract in December, 2009. Our total inventory of homes for sale in Bridgewater, NJ, increased by thirty five (35) newly listed homes for sale, and therein lies our biggest problem: The number of homes for sale in Bridgewater NJ continues to increase at a higher pace than the number of homes placed Under Contract. Currently, Bridgewater NJ has a total of two hundred (200) homes for sale, as compared to 196 homes for sale in Bridgewater NJ at the same time in 2009. Until the pace of our homes Under Contract increases, we will continue to see falling prices due to supply and demand. In other words, with 200 homes for sale and 23 buyers (homes under contract) we currently have (almost) 9 sellers for every one buyer.

There are four primary reasons for the Bridgewater NJ increase in inventory:

1. We have fewer move-up buyers. Today's buyers are downsizing, and first-time homebuyers have lower budgets.

2. New Jersey continues to lose private sector (higher paying) jobs.

3. Tax Credits for home purchases have expired, and it is unlikely they will be reinstated.

4. Continuing foreclosures with a shadow inventory that is building.

 

Many Move-up buyers cannot move up because they are upside down on their mortgage, which prevents them from being able to purchase a larger home until the price of their home increases. At the sales pace of today's market, this may take another ten (10) years.

To put some perspective on our job market, in 2010 New Jersey has lost an average of 3,900 jobs per month. In Somerset County the news is better, but still higher than in past years. Until we begin to attract high paying jobs in both the county and state, our higher priced homes will continue to lag in sales. This has also contributed to the McMasions slump in sales.

With an emphasis on reducing our national debt, it appears unlikely that a 2011 tax credit for home purchases will be reinstated. However, if you notice the jump in the number of contracts in homes for sale in Bridgewater, NJ in April, 2010 (when the last tax credit expired) it showed a noticeable spike to the year's high of 64 homes under contract.

Although Somerset County New Jersey foreclosure rates are relatively low, we are seeing a shadow inventory building, which may impact home sale prices in 2011 and beyond.

There is several pieces of very good news in Bridgewater NJ home prices in December, 2010. Firstly, we had three homes with a list price of over one million dollars ($1M) Under Contract in Bridgewater NJ in December, 2010, which is a record for any month for 2010. These contracts raised the average list price considerably. Secondly, our average price of new listings of homes for sale in Bridgewater New Jersey is down, which may indicates that we will see an increase in home sales ahead (albeit at possibly the same lower prices) which will clear some of the existing inventory. The numbers also indicate that homes that closed title in December of 2010 in Bridgewater NJ had a lower sale price than in the previous seven (7) months.

What can you expect if you need to sell your Bridgewater NJ Home in 2011? First, don't put it off! Indications are interest rates are on the rise. Higher interest rates will reduce the number of buyers in the marketplace. Second, we anticipate a continuing decline in home prices in 2011. The longer your home is on the market, the more likely the price will decline. With two hundred (200) homes currently for sale in Bridgewater NJ, and a total of twenty six (26) homes Under Contract, we have one buyer for every eight (8) sellers. The average days on the market in Bridgewater NJ is up to ninety one (91) days. These numbers do not reflect any prior times (and days) the home may have been listed without selling.

What do you do if you need to sell your Bridgewater NJ home? Assess your situation carefully and honestly. If you need to sell your Bridgewater home, don't put it off! In this market, you'll need a Realtor® who will be as serious as you are about selling your home. The Realtor® you choose should evaluate your home in detail and present a convincing Market Analysis that shows exactly where your home should be priced in the market. If you are not convinced, get a second, or third opinion, but keep in mind, the definition of "the market" is what a buyer is willing to pay, and not what you may hope (or need) to get from the sale. Sometimes that's a tough pill to swallow, but your Realtor® should provide you with convincing evidence that her figures are correct. My customized Market Analysis is over 50 pages of concise and customized information with detailed assessments of your individual home. It's also very important to keep in mind the reason you hire a Realtor® (i.e. what you are paying a Realtor® to do for you). Do not make the mistake of choosing a Realtor® because they've given you a higher market value of your home than the others. That's an old trick that inexperienced Realtors® do to get your business. Then, once your home is on the market, they'll tell you why you need to continually reduce the price. You are paying a Realtor® to market your home in order to bring the most buyers through the door. Once the buyers have viewed your home, their feedback will tell you what you need to know. So when choosing a Realtor® compare their marketing plans to see how they plan to get qualified buyers into your home. In short, that's exactly what you're paying a Realtor® to do for you: Successfully market your home. When you're ready to take the first step, let's talk. Call me at (908) 537-6596. I look forward to hearing from you. In the meantime, visit my website and "LIKE" me on Facebook.

Raritan Township, Hunterdon County, NJ Real Estate continues to experience its own unique and challenging market.  In December, 2010, a total of fifteen (15) homes were placed under contract, while twenty seven (27) homes were newly listed for sale in Raritan Township for a total of one hundred and seventy seven (177) homes for sale in Raritan Township.  In other words at the end of 2010 Raritan Township had twelve (12) sellers for every one (1) buyer.  In comparison, one year ago, in December, 2009, we had twelve (12) homes under contracted and a total of one hundred and fifty one (151) homes for sale.  Although  in 2010 the number of contracts have increase (which is good news), we have also increased our inventory (the number of homes for sale) by  whooping fifteen percent (15%).  This is because the pace of the market (i.e. homes for sale versus homes contracted) is not keeping up.  As our inventory rises, our prices will decline. 

Two primary reasons for Raritan Township's increased inventory are:

1.  New Jersey continuing (higher paying) job losses.

2.  Raritan Township's proximity to New York City, where the higher paying jobs in our area are now located.

To put some perspective on our job market, in 2010 New Jersey has lost an average of 3,900 jobs per month. In all of 2010, the job market in New Jersey \experienced a net loss of 33,000 jobs compared to an increase of 1.2 million jobs for the US overall. Focusing on the private sector, which excludes government jobs and had been showing a slightly positive trend in our state, December registered the largest job loss of the year indicating that private employers remain unconvinced about the timing of economic recovery.   In Hunterdon County, we are hopeful that this market might improve somewhat in the months and years ahead with the news that Merck will be consolidating  its New Jersey offices to its Whitehouse Station headquarters. Although Merck will not be paying for relocation cost due to the proximity of the relocation, and because most of these employees will be commuting in the opposite direction of heavy traffic patterns, we cannot assume that this impact will be substantially changing the Raritan Township Real Estate Market in the near future.

Because the majority of today's buyers are downsizing, the McMasions are out of favor.  This might be slightly better news for overall home sale in Raritan Township because Raritan Township has a large inventory of lower priced homes and condos for the first-time homebuyer , which is the bulk of the current real estate market.

Additionally, labor productivity has increased in the past several years.  Because we are working longer and harder, our time has become a very valuable commodity.  Today's homebuyers are now seeking locations offering shorter commute, access to public transportation, and walkable communities .  This, too, may be good news for Raritan Township, because nearby Flemington and Raritan Township offers close proximity to shopping.  Although commutability to higher paying jobs is still a challenge, so if we need to sell our Raritan Township home, we have the challenge of finding a buyer from a (much) small pool of buyers.  Considering the law of supply and demand, it is little wonder we are experiencing a larger inventory of homes for sale in Raritan Township and lower sale prices for the homes that do sell.   For example, a total of (231)  homes sold in Raritan Township in 2010 with an average sale price of $406,898.  In 2009, Raritan Township sold a total of 291 with an average sale price of $402,820.  We are down twenty one per cent (21%) in the number of homes sold year over year and our sale price has remained almost unchanged.

To put another perspective on the home sale prices in Raritan Township, the average asking price of home under contacts in 2010 was only $396,470, while in 2009 average list price of homes under contract was $413,731.  An average of 45% of the home sales are condos and town houses.  Additionally, in 2009 a total of 40 Raritan Township home sales were above $600,000; and, in 2010 a total of 37 had a sale price above $600,000.  Which is showing us that   the McMansions are falling out of favor with buyers.  Additionally, the current data shows that now two (2) out of three (3) households in New Jersey have no children and do not want to pay for property taxes to support school systems they do not use, which may be why townhomes and condos are selling at a high pace in Raritan Township.

 

What can you expect if you need to sell your Raritan Township Home in 2011?  First, don't put it off.  Indications are interest rates are on the rise.  Higher interest rates will reduce the number of buyers in the marketplace.  Secondly, we anticipate a decline in home prices in 2011.  The longer your home is on the market the more likely the price will decline.  Second, you'll need patience. With 177 homes for sale in Raritan Township, and a total of fifteen (15) contract in December, 2010, we currently have one (1) buyer for every twelve (12) sellers.  The average days on the market is currently one hundred and twenty four (124) days.  This does not reflect any prior times (and days) the home may have been listed without selling. 

What do you do if you need to sell?  Assess your situation carefully and honestly.  If you need to sell your home, don't put it off!    In this challenging market,  you'll also need a Realtor® who will be as serious as you are about selling your home.  The Realtor® you choose should evaluate your home in detail and present a convincing Market Analysis that shows exactly where your home should be priced.  If you are not convinced get a second, or third opinion, but keep in mind, the definition of "the market" is what a buyer is willing to pay, and not what you may hope to get from the sale.  Sometimes that's a tough pill to swallow, but your Realtor® should provide you with convincing evidence that her figures are correct.  My customized Market Analysis is over 50 pages of concise and customized information with detailed assessments of your individual home.  It's also very important to keep in mind the reason you hire a Realtor® (i.e. what you are paying a Realtor® to do for you).  Do not make the mistake of choosing a Realtor® because they've given you a higher market value of your home than other Realtors®.  That's an old trick that inexperienced Realtors® use to get your business.  Then, once your home is on the market, they'll tell you why you need to continually reduce the price.  You are paying a Realtor® to market your home in order to bring the most buyers through the door.  Once the buyers have viewed your home, their feedback will tell you what you need to know.  So when choosing a Realtor® review their marketing plans to see how they plan to get qualified buyers into your home. In short, that's exactly what you're paying a Realtor® to do for you.  When you're ready to take the first step, let's talk.  Call me at (908) 537-6596.  I look forward to hearing from you.  Find me on Facebook.

Planning a remodeling project this year?  Get it in writing.  Here are some tips on how to create a written agreement with your contractor.

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