My legal practice is limited to residential real estate transactions and is concentrated in some of the "premium" NJ towns such as Westfield, Summit, Short Hills and the surrounding areas.
People often ask me for my opinion of the current real estate market in Union and Essex Counties and I'd like to share my thoughts on that topic here. I don't claim to have a better knowledge of the market than a real estate agent, but my focus may be a bit broader since I work on transactions over many different towns, for a broad range of agencies, including high end homes, low end homes, first time buyers, and everything in between.
This summer is still very busy. Not as busy as two years ago, but busy nonetheless. I have new contracts coming into my office literally every day. The last time I wrote on this topic I noted that buyers were signing contracts in order to close prior to school starting up in September. Now I am seeing contracts come in with late September and October closing dates.
Something that is happening often now is that I have clients asking me to get their contracts out of attorney review very quickly because of competing bids for the homes. I am seeing alot of multiple bid situations.
The buyers include people who see a great opportunity to move up to nicer homes as they take advantage of the fact that prices have remained flat for a while. They feel that they may be selling thier current homes for less than they could have two years ago, but they more than make up for that on the savings on the home they are buying. When you factor in the current favorable interest rates, it is an unbeatable time to buy.
I am also seeing a great deal of corporate transferees coming into this area. The big NY and NJ companies are bringing people into the area, particularly some of the big NJ Pharmaceutical companies. Another big "source" for buyers in this area is young families coming in from Hoboken and Jersey City. The young professionals love the Hoboken style urban environment, but come out this way when they have children.
This is my opinion and my experience in the current market. Please let me know what you think.
Best regards, Jim Miner
The Law Office of James M. Miner, LLC
Westfield Office Short Hills Office
533 South Ave West 7 Short Hills Ave.
Westfield, NJ 07090 Short Hills, NJ 07078