As you can see from the charts, whether you are buying or selling in Summit, NJ, you must call Lois Schneider Realtor, the market leader.  For over a quarter century, the company has been one of Summit's most productive real estate firms.  We invite you to drop in or call to schedule a personal consultation. We are sure you will know why Lois Schneider was named by the New Jersey Business Journal as one of the state's top 25 corporations owned by a woman.

Following up on my last blog (January '07 vs. January '08 closed properties) this is a comparison of properties which went under contract - last January vs. this January:

Summit

2008   21 properties

2007   20 properties

New Providence

2008    13 properties

2007    10 properties

Berkeley Hts.

2008    4

2007    14

Millburn/Short Hills

2008    14

2007    27

Chatham Boro

2008    5

2007    4

Chatham Twp

2008    10

2007    19

Madison

2008    9

2007    16

As you can see the market is still pretty strong in the Summit, NJ area (thanks to the train line into NYC).  If you are interested in moving to this area, please contact me.  I would be more than happy to assist you.

                # of prop closed   Total value of prop closed   Avg DOM   Avg Sale   Avg Sale/List Price

Summit:

2008                16                    $12,843,000                   45.6      $802,688            97.12

2007                18                    $13,841,400                   70.7      $768,967            95.92

Millburn:

2008                  4                   $2,314,500                      51.0      $578,625            95.08

2007                  5                   $3,182,500                      51.8      $636,500            96.88

Short Hills

2008                  17                 $23,923,000                    53.5      $1,407,235          95.71

2007                  9                   $14,785,000                    74.7      $1,642,778          95.11

Chatham Boro 

2008                  6                   $4,651,500                      47.1      $775,250             98.34

2007                  12                 $10,816,500                     67.6      $901,375             93.88  

Chatham Twp

2008                  11                 $9,694,196                      77.5      $881,291             99.21

2007                  13                 $10,851,500                    48.0      $834,731             97.05 

Madison

2008                    7                 $6,674,900                     61.1       $953,557             93.86

2007                   11                $11,885,000                    64.5     $1,080,455            95.25

New Providence

2008                    5                 $2,782,500                     55.5      $556,500              93.78

2007                    12               $6,499,150                     81.5      $541,596              95.43

Berkeley Hts.

2008                    8                 $4,279,900                     95,9      $534,988              97.93

2007                    10               $4,463,650                     99.8      $446,365              97.16

Well it's that time again.  NJ Monthly Magazine has put out its Best Places to Live in New Jersey edition.  I thought I would share with everyone what the rankings were for the towns that I cover.

Summit, NJ  - #29

Millburn/Short Hills - #53

Berkeley Heights - #59

Chatham Boro - #24

And last but certainly not least....

CHATHAM TOWNSHIP RANKED #1

To find out where your town placed or why the towns were ranked the way they were, please visit NJ Monthly Magazine (unfortunately the website hasn't updated as of yet, so wait a day or two before visting).  Also take time to read the article that was written about Chatham Township.  It is a fascinating story about the longtime rivalry between Chatham Boro and Chatham Township.

Here are the 2007 average sale prices for the towns in the Summit, NJ area.

Summit, NJ - $1,104,136

Short Hills, NJ - $1,554,440

Chatham Boro, NJ - $741,144

Chatham Twp, NJ - $1,055,297

Madison, NJ - $792,972

New Providence, NJ - $576,061

Berkeley Heights, NJ - $587,105

Harding, NJ - $2,141,367

If you would like more information or statistics, please contact me with your specific request and I will be more than happy to get back to you.

No other purchase is more important than your home (it's the biggest one you'll ever make), and it involves many decisions that go beyond simply choosing one that you like.  You want the best advice you can get.  You want your family and friends to see it and give their opinions.  They will then probably tell you war stories about their transactions.  While this may start out as good intentions, it eventually leads to stress.  Working with a real estate agent can reduce some of that stress.

When you are ready to start looking at homes with an agent, good communication is crucial.  The more you can describe your needs and where you are willing to compromise, the easier it will be to find your dream home.  Discuss with the agent specific requirements such as school systems, proximity to work, house style, amenities, etc.  This will prevent you from having to look at every house on the market and wasting time.  A good real estate agent listens.

When you do find that perfect home, remember every local real estate market has its own trends and opportunities.  It can even vary from one neighborhood to the next.  You should know everything about the property you are buying.  Is it priced correctly?  Is it a good deal?  A real estate agent will answer these questions based upon their expertise and negotiate a contract that includes your best possible terms and conditions.

An agent's services do not end there.  Your agent will be with you and advise you during the home inspection process, applying for a mortgage, and making your new home into your dream home (they have the names of great decorators, handymen, etc.).  Real estate transactions are very complex and problems can arise.  When you buy your home with the help of a real estate agent, your agent will make sure that mole hills do not turn into mountains.  You can still worry about might go wrong if you wish, but you don't have to.

Selling your home is one of the most important decisions that you will make.  It could also be one of the hardest.  What is my house worth?  How long before it sells?  How can I market my house best?  These decisions are best left to the professionals.

Pricing can be one of the trickiest aspects of listing a home.  There is no exact price for real estate.  A real estate agent will show you a range of prices being paid for comparable homes in your neighborhood and then help you determine the appropriate price for your home.  Remember the market will determine the true value of the property.

The other trick to selling real estate is marketing the home.  Before your home hits the market, an agent will walk through your home with you and advise you on how to present your property to maximize its potential.  Some improvements are worth it and some are not.  Once the house is ready and the price is set, an agent can market the house to a wider audience than if it was privately done.  Your home will be put on the Multiple Listing Service and a customized marketing plan will be established.  This should include print, internet and any other forms of communication.  There should also be individualized promotional materials for the home.  It all starts to add up in price after awhile.  When you use a real estate agent, all of this is included.

If you price your house right and market it properly, it will sell.  The less time on the market means less inconvenience and usually the best price.  But an agent's services do not end there.  In fact, they are used most from the time of signing the contract to closing of title.  Once a home has a bid on it, an agent will negotiate the best price and terms for you.  Then after the contract is finalized, an agent is there representing you during the home inspection process and following up on all the contingencies to make sure they are satisfied in a timely manner.

Remember, a transaction is rarely completed without a few problems.  Errors can be extremely costly, and a real estate agent's professional skills, experience and knowledge can be worth their weight in gold at that time.

On Monday, January 28th, the Taste of Madison will be coming to The Madison Hotel located at One Convent Road, Morristown, NJ.  This is always a fun culinary experience.  There are two tiers of tickets that can be purchased.  There is the VIP Reception which costs $100 per person and starts at 5:00PM or the General Admission which costs $65 per person and starts at 6:30PM.  You must be 21 years of age and a ticket is required.

For further information, contact Janice Piccolo, Madison, NJ Downtown Manager, at 973-593-8496.

This stately newly constructed in 2005 six bedroom five full and one half bath custom designed Colonial is situated in one of the most desirable areas Short Hills has to offer. Enter this exceptional home and you will find yourself in the elegant two story foyer with dramatic curved stairway to the second floor. The first floor offers gracious formal rooms, a gourmet kitchen with state-of-the-art appliances, breakfast area and adjoining family room which shares the ambiance of a two sided fireplace with a lovely sun room. The master bedroom suite with lighted cove ceiling features a fabulous bath with jetted tub, custom fitted walk-in closet and its own sitting room with double sided fireplace. Beautiful moldings and trim along with many upgrades are evident throughout this very special home.  To see more go to YourRobinsonTeam.com