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Archive for the 'Other Great Towns' Category
Mountainside NJ Home Sales – April 2010
Mountainside NJ Home Sales – April 2010
(The following data is provided by the Garden State Multiple Listing Service, LLC. It is deemed to be reliable, but is not guaranteed.)
- Average List Price For Active Listings = $813,473
- Number of New Listings Entering Market = 16
- Number of Listings Placed Under Contract = 10
- Absorption Rate = 5.3 Months
- Number of Sales Closed During Month = 1
- Average Original List Price = $549,000
- Average Sale Price = $438,750
- Average OLP/SP Ratio = 79.92%
- Average Days on Market = 167
The Following Is The List of Closed Home Sales Sorted by Closing Date
Springfield NJ Home Sales – April 2010
Springfield NJ Home Sales – April 2010
(The following data is provided by the Garden State Multiple Listing Service, LLC. It is deemed to be reliable, but is not guaranteed.)
- Average List Price For Active Listings = $452,792
- Number of New Listings Entering Market = 34
- Number of Listings Placed Under Contract = 19
- Absorption Rate = 4.89 Months
- Number of Sales Closed During Month = 15
- Average Original List Price = $398,813
- Average Sale Price = $383,927
- Average OLP/SP Ratio = 96.27%
- Average Days on Market = 75
The Following Is The List of Closed Home Sales Sorted by Closing Date
Clark NJ Home Sales – April 2010
Clark NJ Home Sales – April 2010
(The following data is provided by the Garden State Multiple Listing Service, LLC. It is deemed to be reliable, but is not guaranteed.)
- Average List Price For Active Listings = $479,070
- Number of New Listings Entering Market = 24
- Number of Listings Placed Under Contract = 13
- Absorption Rate = 7 Months
- Number of Sales Closed During Month = 8
- Average Original List Price = $373,475
- Average Sale Price = $347,263
- Average OLP/SP Ratio = 92.98%
- Average Days on Market = 53
The Following Is The List of Closed Home Sales Sorted by Closing Date
Mountainside NJ Home Sales – March 2010
Mountainside NJ Home Sales – March 2010
(The following data is provided by the Garden State Multiple Listing Service, LLC. It is deemed to be reliable, but is not guaranteed.)
- Average List Price For Active Listings = $843,521
- Number of New Listings Entering Market = 22
- Number of Listings Placed Under Contract = 4
- Absorption Rate = 8.2 Months
- Number of Sales Closed During Month = 2
- Average Original List Price = $744,950
- Average Sale Price = $717,500
- Average OLP/SP Ratio = 96.32%
- Average Days on Market = 64
The Following Is The List of Closed Home Sales Sorted by Closing Date
If you have any question about this information, please feel free to contact me!
Springfield NJ Home Sales – March 2010
Springfield NJ Home Sales – March 2010
(The following data is provided by the Garden State Multiple Listing Service, LLC. It is deemed to be reliable, but is not guaranteed.)
- Average List Price For Active Listings = $475,518
- Number of New Listings Entering Market = 34
- Number of Listings Placed Under Contract = 14
- Absorption Rate = 5.50 Months
- Number of Sales Closed During Month = 5
- Average Original List Price = $562,900
- Average Sale Price = $503,320
- Average OLP/SP Ratio = 89.42%
- Average Days on Market = 104
The Following Is The List of Closed Home Sales Sorted by Closing Date
If you have any question about this information, please feel free to contact me!
Clark NJ Home Sales – March 2010
Clark NJ Home Sales – March 2010
(The following data is provided by the Garden State Multiple Listing Service, LLC. It is deemed to be reliable, but is not guaranteed.)
- Average List Price For Active Listings = $483,161
- Number of New Listings Entering Market = 24
- Number of Listings Placed Under Contract = 13
- Absorption Rate = 6.08 Months
- Number of Sales Closed During Month = 11
- Average Original List Price = $475,065
- Average Sale Price = $443,409
- Average OLP/SP Ratio = 93.34%
- Average Days on Market = 78
The Following Is The List of Closed Home Sales Sorted by Closing Date
If you have any question about this information, please feel free to contact me!
Home Affordability: Are We There Yet?
I was speaking to some Westfield neighbors the other day about the roller coaster ride we’ve experienced in our local housing market over the past 10 years. We were all excited on the ride up as our home values climbed to unimaginable heights. And, we all became a bit nauseous as they hurtled back down again. You know what they say…”what goes up must come down”. I guess somewhere inside we all knew that this would be no exception.
But the question on everyone’s mind that day was simple: are we there yet? My answer was “I think we’re close. It all comes down to affordability.”
Housing Affordability Drives The Market
Affordability has always been the key driver in housing. When home prices go beyond what people can afford, they come back down. Simple, right? But what people can afford is a complicated mix of: 1) how much money they have, 2) how much money they can borrow, and 3) how emotionally comfortable they are about going into debt.
The National Association of Realtors tracks what’s known as the Housing Affordability Index (HAI). The index measures whether or not a median income family could qualify for a mortgage loan on a median priced home. (The calculations assume a 20% down-payment, and a qualifying ratio of 25%. This means that the total principal + interest payment can not exceed 25% of the borrower’s monthly income.) An index value of 100 means that the median income family has exactly the income and resources needed to qualify for a mortgage on the median priced home. A higher score means that they have more than enough resources while a lower score shows not enough.
The most recent HAI shows a national index score of 177.8%. This is the highest it’s been in a while. However the lowest score was in the northeast which posted a modest 131.4%. According to NJ market expert Jeffrey Otteau (President of the Otteau Valuation Group), NJ’s affordability index typically hovers somewhere between 120% – 140%. But at the end of 2009, NJ posted an affordability index level of only 109%. (I guess the good news is that this is UP from a mere 81% in 2006.) OK…these numbers hurt my head. What does it all mean?
I think it means that housing affordability is coming back in NJ, but we’re not quite there yet. There will still be some towns where prices will continue to decline. Others will level off and hold their own throughout 2010. (Incidentally, I think Westfield and many of the surrounding towns fall into the later camp).
But our journey back into affordability is fragile. There are several key things that could significantly alter the affordability equation. These include:
- Rising mortgage interest rates,
- Tight(er) credit qualification standards,
- Decreased consumer demand as tax incentive programs expire,
- Increasing inventory levels (if more distressed properties come into the market, OR sellers who gave up in recent years decide to come into the market now),
- Consumer Anxiety (aka “I’m still worried about losing my JOB” anxiety).
The recently announced State budget cuts will also factor into the discussion, although it’s too soon to say exactly how. Will buyers continue to pay current market prices in a town that anticipates cutbacks in services or school programs?
So…are we there yet? I think we’re close, but affordability will remain an important issue in NJ for many years to come. Stay tuned…I’ll keep you posted.
Why “Exclusive Listings” Are A Sucker’s Bet!
(Yeah…I’m probably going to take some heat from a few of my colleagues over this post, but so be it.)
I’m seeing a trend in the Westfield area real estate market that really irks me. There are some brokers who routinely make new listings “exclusive” for a period of time, ranging from a few days to a few weeks. What is an EXCLUSIVE LISTING? It’s a listing that isn’t being fully exposed to the marketplace, in the hope that the broker can sell it to one of their “in-house buyers”.
Putting The Broker’s Interest First.
Now I understand that there are a few circumstances where clients don’t want to go “public” with their listing. Perhaps they have some celebrity status. Maybe their property is notorious for one reason or another and the seller simply doesn’t want to deal with curiosity seekers. Keeping the listing exclusive allows for more limits and better control. I get that. But is this really what’s happening in the majority of cases? I have my doubts…
Hey…I’ve managed a real estate sales office myself. I know the impact to the bottom line if we can generate fees on both side of the transaction. But this rarely works out well for the seller, and requires the brokerage to engage in the controversial practice of dual agency (which is a post for a different day). Simply put…when a seller limits the pool of potential buyers to those of a single brokerage company, there is by definition a reduced demand (regardless of what market share they claim). Reduced demand leads to less market urgency, and purchase offers that are not necessarily the best that the market could deliver. I don’t believe this is the best course of action for anyone acting as a fiduciary. (Incidentally, some companies require that sellers sign a consent form acknowledging that they understand this, and are choosing to be an exclusive listing anyway.) The sad part is that the seller never really knows how much money they could be leaving on the table.
Why Would A Seller Choose To Be Exclusive?
Being exclusive sound like you’re being treated special, doesn’t it?! But unfortunately, I have heard from numerous sellers who either don’t know that their listing was being withheld from the market in this way, or they didn’t fully understand the implications. That’s not special…that stinks! Our job is to fully expose our listings to the market. Full market exposure provides better outcomes for the seller. Anything less is a sucker’s bet!
Aren’t the sellers the ones we’re supposed to be looking out for anyway?
Spring Ahead Into Home Safety!
Yup…it’s that that time again! Daylight savings time officially begins at 2am on Sunday, March 14th. As someone who is probably more of a night owl, I don’t really love losing the hour of sleep. But… the extra evening daylight is a wonderful treat! (More time to explore some of our local parks and attractions!)
Hopefully, when you set your clocks ahead this weekend, you’ll remember to change the batteries in your smoke and carbon monoxide detectors. It’s not a bad idea to use this time to review what your family would do if there REALLY WAS a fire. (When I was a kid, we all knew the escape route from our bedroom in case of fire, and we knew where to meet other family members outside).
But here’s a question for you: When was the last time you replaced the smoke or carbon monoxide detector?
Most smoke detectors are designed to last about 8 – 10 years. Carbon monoxide detectors commonly last about 5 years. If you don’t know how old your units are, then you should probably just go ahead and replace them this weekend. They’re cheap…your family is irreplaceable.
I recommend that you write the installation date in the battery compartment. This way, you’ll always know when it’s time to swap them out.
Happy daylight savings time everyone! Enjoy the longer days!!!
Affordable Housing in Union County: Who Should Decide?
I think we can all agree….NJ housing is expensive. As a real estate broker, I see how hard it is for individuals and families to come up with down-payments for a home purchase. And many of us know folks who are struggling to make their mortgage payments during these hard economic times.
While home values in Union County have declined substantially in recent years, it is still a very expensive place to live. Our local towns struggle with ways to provide affordable housing to residents. Recently, Cranford NJ faced a “builders remedy lawsuit” in which a Paramus- based developer sued for the right to build a large housing complex in excess of what the town seemed prepared to approve. Stating that Cranford had “not met its obligation to affordable housing”, the suit proposed the construction of hundreds of new residential units in the Township.
NJ Council On Affordable Housing (COAH)
NJ’s Council On Affordable Housing (COAH) is the State agency responsible for establishing and monitoring municipal affordable housing obligations in New Jersey. The organization’s mission statement reads as follows:
At first blush, the goals of the Council seem admirable enough. But it has come under severe criticism through the years, and was even sued by a group of municipalilities which challenged the State regulations. The local leaders maintained that while they support affordable Read the rest of this entry »
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