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Archive for September, 2010
Garwood NJ Home Sales – August 2010
Garwood NJ Home Sales - August 2010
(The following data is provided by the Garden State Multiple Listing Service, LLC. It is deemed to be reliable, but is not guaranteed.)
- Number of Listings on Market = 17
- Average List Price For Active Listings = $388,553
- Number of New Listings Entering Market = 4
- Number of Listings Placed Under Contract = 3
- Absorption Rate = 4.67 Months
- Number of Sales Closed During Month = 3
- Average Original List Price = $354,933
- Average Sale Price = $326,667
- Average OLP/SP Ratio = 92.04%
- Average Days on Market = 54
The Following Is The List of Sold Homes Sorted by Closing Date
| Street# | Street | Town | OLP | SP | CD | DOM |
| 3 | 3RD AVE* | Garwood Boro* | $379,000 | $345,000 | 8/20/2010 | 63 |
| 404 | LOCUST AVE* | Garwood Boro* | $398,000 | $365,000 | 8/20/2010 | 84 |
| 240 | BEECH AVE* | Garwood Boro* | $287,800 | $270,000 | 8/30/2010 | 14 |
For additional information on these or any other homes sold in Garwood, contact Hal Benz -Garwood NJ’s Home Sale & Short Sale Specialist. 908-216-4836
Fanwood NJ Home Sales – August 2010
Fanwood NJ Home Sales - August 2010
(The following data is provided by the Garden State Multiple Listing Service, LLC. It is deemed to be reliable, but is not guaranteed.)
- Number of Listings on Market = 47
- Average List Price For Active Listings = $436,785
- Number of New Listings Entering Market = 7
- Number of Listings Placed Under Contract = 2
- Absorption Rate = 22.5 Months
- Number of Sales Closed During Month = 4
- Average Original List Price = $509,900
- Average Sale Price = $491,375
- Average OLP/SP Ratio = 96.37%
- Average Days on Market = 66
The Following Is The List of Sold Homes Sorted by Closing Date
| Street# | Street | Town | OLP | SP | CLOSED | DOM |
| 38 | SHADY LN* | Fanwood Boro* | $619,900 | $602,500 | 8/16/2010 | 93 |
| 116 | WILLOUGHBY RD* | Fanwood Boro | $494,900 | $525,000 | 8/19/2010 | 18 |
| 6 | WINFIELD PL* | Fanwood Boro* | $374,900 | $319,000 | 8/24/2010 | 111 |
| 212 | 2ND ST* | Fanwood Boro* | $549,900 | $519,000 | 8/31/2010 | 43 |
For additional information on these or any other homes sold in Fanwood, contact Hal Benz -Fanwood NJ’s Home Sale & Short Sale Specialist. 908-216-4836
Scotch Plains NJ Home Sales – August 2010
Scotch Plains NJ Home Sales - August 2010
(The following data is provided by the Garden State Multiple Listing Service, LLC. It is deemed to be reliable, but is not guaranteed.)
- Number of Listings on Market = 189
- Average List Price For Active Listings = $579,337
- Number of New Listings Entering Market = 34
- Number of Listings Placed Under Contract = 22
- Absorption Rate = 7.59 Months
- Number of Sales Closed During Month = 14
- Average Original List Price = $518,700
- Average Sale Price = $481,107
- Average OLP/SP Ratio = 92.75%
- Average Days on Market = 73
The Following Is The List of Sold Homes Sorted by Closing Date
| Street# | Street | Town | OLP | SP | CLOSED | DOM |
| 1 | CHERRY BLOSSOM LN* | Scotch Plains Twp.* | $899,000 | $840,000 | 8/6/2010 | 5 |
| 816 | CLEVELAND AVE* | Scotch Plains Twp.* | $424,900 | $382,500 | 8/12/2010 | 134 |
| 2042 | WESTFIELD AVE | Scotch Plains Twp. | $415,000 | $400,000 | 8/13/2010 | 47 |
| 42 | MADDAKET* | Scotch Plains Twp.* | $435,000 | $420,000 | 8/13/2010 | 26 |
| 346 | ROLLING KNOLLS RD* | Scotch Plains Twp.* | $459,000 | $435,000 | 8/13/2010 | 35 |
| 370 | ACACIA RD* | Scotch Plains Twp.* | $579,000 | $525,000 | 8/17/2010 | 73 |
| 15 | BURNHAM VLG* | Scotch Plains Twp.* | $369,900 | $365,000 | 8/18/2010 | 42 |
| 1976 | CHURCH AVENUE | Scotch Plains Twp.* | $329,000 | $323,000 | 8/19/2010 | 12 |
| 1963 | DOGWOOD DR* | Scotch Plains Twp.* | $597,000 | $580,000 | 8/27/2010 | 18 |
| 1395 | RARITAN ROAD | Scotch Plains Twp. | $729,000 | $600,000 | 8/27/2010 | 364 |
| 2072 | MEADOWVIEW RD* | Scotch Plains Twp.* | $275,000 | $250,000 | 8/30/2010 | 18 |
| 2301 | WESTFIELD AVE* | Scotch Plains Twp.* | $432,000 | $395,000 | 8/31/2010 | 70 |
| 334 | WARREN ST* | Scotch Plains Twp. | $629,000 | $610,000 | 8/31/2010 | 119 |
| 25 | CLYDESDALE RD* | Scotch Plains Twp.* | $689,000 | $610,000 | 8/31/2010 | 65 |
For additional information on these or any other homes sold in Scotch Plains, contact Hal Benz -Scotch Plains NJ’s Home Sale & Short Sale Specialist. 908-216-4836
Cranford NJ Home Sales – August 2010
Cranford NJ Home Sales - August 2010
(The following data is provided by the Garden State Multiple Listing Service, LLC. It is deemed to be reliable, but is not guaranteed.)
- Number of Listings on Market = 112
- Average List Price For Active Listings = $454,294
- Number of New Listings Entering Market = 24
- Number of Listings Placed Under Contract = 14
- Absorption Rate = 7.0 Months
- Number of Sales Closed During Month = 12
- Average Original List Price = $556,900
- Average Sale Price = $523,292
- Average OLP/SP Ratio = 93.97%
- Average Days on Market = 72
The Following Is The List of Sold Homes Sorted by Closing Date
| Street# | Street | Town | OLP | SP | Closed | DOM |
| 330 | DORCHESTER AVE* | Cranford Twp.* | $499,000 | $487,500 | 8/4/2010 | 16 |
| 20 | WOODSIDE AVE* | Cranford Twp.* | $495,000 | $389,000 | 8/6/2010 | 125 |
| 6 | Carol Ct | Cranford Twp.* | $685,000 | $595,000 | 8/6/2010 | 234 |
| 13 | DOERING WAY* | Cranford Twp.* | $619,000 | $580,000 | 8/9/2010 | 35 |
| 510 | GALLOWS HILL RD* | Cranford Twp.* | $445,000 | $420,000 | 8/12/2010 | 23 |
| 15 | HAMPTON ST* | Cranford Twp.* | $629,000 | $585,000 | 8/13/2010 | 126 |
| 367 | S UNION AVE* | Cranford Twp.* | $438,000 | $427,500 | 8/16/2010 | 22 |
| 120 | RETFORD AVE* | Cranford Twp.* | $449,900 | $445,000 | 8/19/2010 | 48 |
| 631 | LEXINGTON AVE* | Cranford Twp.* | $419,900 | $385,000 | 8/25/2010 | 91 |
| 11 | HOLLY ST* | Cranford Twp.* | $695,000 | $687,500 | 8/25/2010 | 26 |
| 8 | WOODSIDE AVE* | Cranford Twp.* | $669,000 | $625,000 | 8/27/2010 | 100 |
| 10 | HAMILTON AVE* | Cranford Twp.* | $639,000 | $653,000 | 8/31/2010 | 17 |
For additional information on these or any other homes sold in Cranford, contact Hal Benz -Cranford NJ’s Home Sale & Short Sale Specialist. 908-216-4836
Westfield NJ Home Sales – August 2010
Westfield NJ Home Sales - August 2010
(The following data is provided by the Garden State Multiple Listing Service, LLC. It is deemed to be reliable, but is not guaranteed.)
- Number of Listings on Market = 193
- Average List Price For Active Listings = $818,818
- Number of New Listings Entering Market = 30
- Number of Listings Placed Under Contract = 20
- Absorption Rate = 8.65 Months
- Number of Sales Closed During Month = 22
- Average Original List Price = $807,427
- Average Sale Price = $766,318
- Average OLP/SP Ratio = 94.91%
- Average Days on Market = 43
The Following Is The List of Sold Homes Sorted by Closing Date
| Street# | Street | Town | OLP | SP | CLOSED | DOM |
| 118 | Connecticut Street | Westfield Town* | $595,000 | $590,000 | 8/3/2010 | 9 |
| 636 | PROSPECT ST* | Westfield Town* | $699,900 | $735,000 | 8/3/2010 | 21 |
| 51B3 | SANDRA CIR | Westfield Town | $129,000 | $125,000 | 8/5/2010 | 21 |
| 415 | HILLSIDE AVE* | Westfield Town* | $2,199,000 | $2,000,000 | 8/6/2010 | 49 |
| 615 | TREMONT AVE* | Westfield Town | $1,199,900 | $1,275,000 | 8/9/2010 | 7 |
| 1914 | GRANDVIEW AVE* | Westfield Town* | $699,900 | $600,000 | 8/12/2010 | 88 |
| 554 | HIGHLAND AVE* | Westfield Town* | $769,000 | $736,000 | 8/13/2010 | 23 |
| 24 | S WICKOM DR* | Westfield Town* | $324,900 | $372,000 | 8/16/2010 | 42 |
| 222 | DELAWARE ST* | Westfield Town* | $479,000 | $480,000 | 8/16/2010 | 14 |
| 121 | PEARL ST* | Westfield Town* | $819,900 | $795,000 | 8/17/2010 | 109 |
| 846 | CEDAR TER* | Westfield Town* | $1,050,000 | $929,000 | 8/18/2010 | 71 |
| 523 | ALDEN AVE* | Westfield Town* | $1,549,000 | $1,250,000 | 8/18/2010 | 63 |
| 818 | WALLBERG AVE* | Westfield Town* | $369,000 | $369,000 | 8/23/2010 | 17 |
| 21 | SANDY HILL RD* | Westfield Town* | $549,000 | $540,000 | 8/23/2010 | 42 |
| 717 | COOLIDGE ST* | Westfield Town* | $1,100,000 | $1,100,000 | 8/24/2010 | 13 |
| 320 | Sycamore Street | Westfield Town* | $549,000 | $480,000 | 8/25/2010 | 136 |
| 107 | AYLIFFE AVE* | Westfield Town* | $409,000 | $390,000 | 8/27/2010 | 33 |
| 41 | BARCHESTER WAY* | Westfield Town* | $899,900 | $867,000 | 8/27/2010 | 19 |
| 27 | STONELEIGH PARK* | Westfield Town* | $1,050,000 | $990,000 | 8/27/2010 | 46 |
| 425 | TREMONT AVE* | Westfield Town* | $765,000 | $660,000 | 8/30/2010 | 112 |
| 232 | SINCLAIR PL* | Westfield Town* | $859,000 | $889,000 | 8/30/2010 | 6 |
| 687 | DORIAN RD | Westfield Town | $699,000 | $687,000 | 8/31/2010 | 13 |
For additional information on these or any other homes sold in Westfield, contact Hal Benz -Westfield NJ’s Home Sale & Short Sale Specialist. 908-216-4836
The $28,000 Home Buyer Credit?
Well…kinda. You’re probably aware that until this past April, the IRS was offering an $8,000 Home Buyer Credit to qualified first time buyers and a $6,500 credit to trade-up buyers. And when the program disappeared on April 30th of this year, so did the housing market in much of the country.
But what you may not realize is that since this program expired in April, home buyers have received a much less publicized $28,000 home buyer incentive. And this one is for ANY buyer who is qualified to purchase using a 30-year fixed rate loan. How are these savings earned? Through reduced mortgage interest. Let me explain…
Mortgage Interest Rates Are At All Time Lows.
That’s right…mortgage rates are low…”stupid low”…unsustainably low according to most market analysts. At the time of this post, Freddie Mac shows the national average on a 30-year fixed mortgage to be 4.36% with 0.7 points. (Actually, TODAY I had some mortgage guys telling me they could do 4.0% with ZERO points!!) When the Home Buyer Tax Credit expired in April of this year, Freddie posted the national 30-year fixed average at 4.74%, with 0.7 points. So what does all this mean?
It means that if you bought a $350,000 home (yeah, that’s a starter home in our local market) at today’s rates instead of the rates in April…just 4 months ago… you’d save $79.26/mo. in mortgage interest. That’s a savings of $951/yr. and an AMAZING $28,533 over the life of the loan!!
And want to hear something really crazy? If you bought today instead of April 2008…when the federal tax credit began, you’d save more than $120,000 over the life of the loan!! That’s because in April 2008, the 30-year fixed sat at 5.92 with 0.4 points!! (Which everyone thought was VERY good at the time.)
Feel free to plug your own numbers into this loan calculator to see how today’s numbers work out for you. (Just be sure to compare your actual numbers to the April 2010 30-Year Fixed average of 4.74% with 0.7 points). And while these savings are not actually a “tax credit”, the money you keep is in real, honest to goodness greenbacks!
So why is everybody still so focused on the measly $8,000 Tax Credit?
Being Impatient And “Sticking It To The Man”
I think that for starters, it’s $8,000 tax credit that can be earned in a single year, instead of getting it in annual cost savings. You would actually have to live in the house 8 years to save $8,000 in our example above. Let’s face it…we can sometimes be pretty impatient. And since most people don’t live in the house for the entire 30 years of the loan, $28K is probably a bit overstated. But for the average person who stays in their home 8-10 years, the savings lost in the elimination of the tax credit have already been replaced by interest rate savings!
And I think that there is something about getting money from the IRS that causes people to act. People like to stick it to the man! Feeling like you’re saving more on your taxes, makes us feel smart…like we pulled a fast one.
But this is not the kind of market to be swayed by clever marketing incentives…even $8,000 ones coming directly from Uncle Sam. This is the kind of market to step back, look at the real numbers, and make an educated decision.
As always, consumer confidence drives the housing market…not incentives. And that means the economy and job market need to get on track. But if you’re thinking about buying a home, today’s interest rate environment presents an amazing opportunity! With buyers in firm control of the market in most areas, and interest rates at all time lows, there probably won’t be another buying environment like this again (at least not in your lifetime…or mine, for that matter).
For additional information on buying or selling in today’s market environment, contact Hal Benz -Your Home Sale & Short Sale Specialist. 908-216-4836
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