How does it look in our area?

By
Real Estate Broker/Owner with Resources Real Estate

How does it look in our area?

 

Let's start by saying thank goodness that awful Winter is over! With December bringing us record breaking rain fall, then over a foot of snow which froze and then more rain on top of frozen snow, it was dismal and mucky. I cannot remember any other time driving through the area and seeing quite that amount of downed trees and yards saturated, simply unable to hold any more damp.

 

Many homes lost power several times, and unless they were able to get out of the house and into a hotel, they were stuck like several of my friends with felled trees blocking either the street or the drive.

 

We all made it through in relative good humor though, and it is the hard times that make families stronger. Kids always remember the "fun" stuff like sleeping on the floor in front of the fire in a sleeping bag, or candlelight board games.

 

Now, we are all the more grateful for Spring, the flowers this year are lovely. I think all that wet helped the tulips and daffodils.

 

What has the Spring done for the real estate market and specifically your town?  Let's see.

 

Market News

 

Well the Spring market did bud despite the horrible weather and we saw quite a flurry of sales in Feb and March, especially in the higher end. Could be a combination of pent up demand and of course in the Rumson area, the Wall St. bonus. I hear that Wall St is hiring again and that bonuses are back. This might not sound like good news to the man  on Main St but from where Monmouth County stands it is good news. Like it or not we are a bedroom community for Wall St, only 45 mins to 1hr away by fast ferry or train. These commuters are a large part of our local economic community. not just for real estate, but for many local businesses.

 

The tax break for first time home buyers was not something in this particular area that I saw much of, but I am sure that we benefitted by the move up buyer upgrading to their next house in the area. The deadline for having an accepted contract for the tax break is only days away at the end of this month. Although I have heard talk of it being instigated again later in the year.

 

Perhaps, more importantly is job stimulus, New Jersey has continued to see job losses in the past years, and we need to turn that tide around. Let's hope our new governor can get a grip on government spending and address job creation in New Jersey. Budget cutting is never pleasant, and nobody wants to be the one getting the cut, but it has to be done.

 

Your Town

 

Some towns are showings good signs of recovery while others not yet Some price points are experiencing gaps in the market of good inventory and when a well priced home comes on, there is little to compete and sells for full price and has a bidding war. Yes even in 2009 and year to date, we have experienced bidding situations. it all comes down to good pricing. Priced to attract attention from the buyer who is likely to buy the home. Good pricing leads to good closing prices. Over pricing leads to stale homes and anxious sellers getting low or no offers. Each price range is different, but here is an overview on a few towns year to date, from this time last year. Note: this reflects sales not prices.

 

ATLANTIC HIGHLANDS + 25%

FAIR HAVEN                + 8.33%

LITTLE SILVER            + 120%

MIDDLETOWN             + 36.36%

MONMOUTH BEACH     -  42.45%

RED BANK                   + 45.45%

RUMSON                     + 72.72%

  

What this does not mean is that the real estate market is likely to see a jump in pricing. This move to recovery in large part has been fueled by lower pricing, low interest rates and pent up demand. There is still a lot of inventory out there not sold. Within each of these towns I also have available what percentages at each price point. Please email me at carolynn@resourcesrealestate.com if you would like more specific information.

 

I am also happy to provide a confidential market analysis for your own home.

 

If you tried selling your home and were unsuccessful. please feel free to call me to review your pricing for the price point in your town. Happy to help.

 

Carolynn

 

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