WHY YOU SHOULD CONSIDER SELLING YOUR HOME NOW (conclusion)

As mentioned in part two of our previous blog, "why you should consider selling your home now", young professionals and empty nesters, seek out housing near mass transit and short commutes, as high priorities. That explains the strength of certain towns in Hudson County, where the commute to Manhattan is quick and easy. Example; 93% of the sales there in 2013, were condos and townhouses, including a penthouse condo in the Hudson Waterfront Tower in Jersey City, which sold for a record setting, $2.8 million, in October.

Of course, not all of New Jersey is riding the same wave. Superstorm Sandy's arrival in October 2012, depressed much of the Shore market, particularly in hard hit sections of Monmouth and Ocean Counties. Mantoloking has recently staggered under as much as 18 months of inventory; in Loveladies, it's 24 months, although the situation is starting to ease, as buyers step up to snag bargains.

New Jersey's four Southernmost counties-Cumberland, Salem, Atlantic and Cape May-are still in the grip of a foreclosure crisis that is actually growing worse, even as other parts of the state, and even more so, the nation...get ready to kiss the foreclosure problem good-bye. Other nightmares could be waiting in the wings. Proposed federal tax reforms could eliminate all second-home, income tax credits. (That could finish off the Shore market)

These dark clouds could very possibly provide more reasons to sell soon. As long as nothing crazy happens to the economy, things should continue to look up. While it may appear to be overly optimistic, in the current real estate market, it is the prevailing wisdom.

If you have been putting off plans to sell your home, NOW, may be the time to re-consider your decision. Call us for a complimentary market analysis, no obligation.

For all your real estate and insurance needs, contact, "the new start in town" LEGACY REALTY GROUP, Edison, NJ, 732.744.0400.  

WHY YOU SHOULD CONSIDER SELLING YOUR HOME NOW, (part two):

In New Jersey, sales volume over the past 2 years, increased by an
amazing 43% over the previous 2 years. In the hottest regional markets
within Bergen, Hudson, Middlesex, and Essex Counties, homes are being
sold for full asking price and above, with buyers stacked up to buy.
In the Suburban communities, the most in-demand homes tend to be in
the most highly regarded school districts. Those without children are
a growing breed of buyers. With both young professionals and empty
nesters, a reasonable proximity to mass transit and a short commute,
are high priorities. One of the latest demographic reports says that
65% of households in New Jersey, have no children under the age of 18.

No matter where you are located in New Jersey, there are some
inexpensive and common sense steps to take to create the greatest
desirability for your home. Keep in mind, buyers want to walk in and
be able to say, "this house is ready to live in". Buyers don't want to
take on a project, so sellers should deal with them ahead of time.

CURB APPEAL:

If you look at your house from across the street, does it look
inviting? Fresh paint and neat landscaping are essential. Damaged
sidewalks and steps should be repaired. If the outside is well kept,
it sends a message that the inside is well cared for.

INSIDE:

Repair broken floor boards & cracked tiles, and replace missing
cabinet hardware. At the very least, make sure that paint isn't
chipping and tile grout is clean.

DE-CLUTTERING AND DE-PERSONALIZING:

Remove extra furniture pieces, thin out book shelves and store the
knick- knacks. Art work should be kept to a minimum and family photos
along with personal mementoes should be packed away. If your budget
allows, upgrading the kitchen and bathroom always pays off.

If you are thinking about selling your home, contact us, no
obligation, for more detailed information and suggestions about what
you will need to do......if anything, to generate the most activity
and highest possible price.

For all your real estate and insurance needs and more helpful hints,
contact, LEGACY REALTY GROUP, Edison, New Jersey. 732.744.0400.

WHY YOU SHOULD CONSIDER SELLING YOUR HOME NOW !!!!!

Buyers are active, mortgage interest rates are still at an all time low and inventory is low. So what are you waiting for? Experts say there may be no better time than NOW, to post that for-sale sign.

***

Experts concur that New Jersey real estate is recovering strongly. After years of crisis and stagnation, sales volume is sharply up, and prices are rising. In 2013, the median home sales price rose by a projected 5% statewide, and the increase occurred despite Superstorm Sandy, which dragged down selling prices in devastated Shore communities by as much as 7% in 2013. What's more, the 4th quarter of 2013 was on track to be the most active sales period in the state since 2007. In October alone, home sales were up 19% compared to October 2012, and this despite the 16 day government shutdown that month.

North Jersey>

The hottest markets this past year, generally have been desirable suburban towns in North Jersey, like Chatham, Glen Ridge, and West Caldwell, which saw selling prices for homes gain an average of 8% over the past 12 months.

Central Jersey>

As a whole, Central Jersey has not been as active as North Jersey, but it has picked up and gotten better over the past 2 years. Some Central Jersey towns, including Metuchen, Milltown and Plainsboro, did show a healthy 7% average price gain in 2013.

South Jersey>

The marketplace is slowest in South Jersey, where unemployment has consistently run higher than the state average, which is itself, higher than the National average. However, even in the southern counties, certain real estate pockets such as, rural Gloucester County and the Moorestown area, a Burlington County suburb, about 15 miles East of Philadelphia, prices are heating up.

As hot as the market has become, some potential sellers are still dragging their feet, hoping to take further advantage of rising prices. Currently, however, New Jersey is in a "window of opportunity". When the market was down just a few years ago, many thought it was inconceivable that price wars would ever return, but that is exactly what is happening in quite a few towns around the state.

*** data excerpted from New Jersey Monthly Magazine.

For all your real estate and insurance needs, and an expert market analysis on the value of your home today, contact LEGACY REALTY GROUP, EDISON, N.J. 732.744.0400.

STEADY PROGRESS IN  NEW JERSEY REAL ESTATE MARKET, PROJECTS A PROMISING 2014:

EDISON: The November housing report from the NJ Association of Realtors, indicates that the market is continuing to recover steadily. The market showed a modest increase in both the median sale price and the closed sales over November, 2012, while continuing to show a decrease in days on the market and total available inventory.

According to the November report, the total number of homes for sale is down from last year, while at the same time showing an increase in new listings, with nearly 10,000 new homes added in November. Along with that, pending sales increased to 26%, projecting a large number of closed sales to appear in the upcoming months. In the single family home market, there has been nearly a 28% increase in homes listed for sale and a 30% increase in pending sales. Closed sales increased and days on the market dropped. Additionally, the total number of homes for sale was down from last year and the median sales price dropped to $295,000.

The town house/condo market, likewise mirrored these trends, with an increase in listings and an increase in pending sales. Closed sales showed a modest increase, and days on the market dropped. Similarly, the number of properties in this category was down and the median sale price rose nearly 3% to $252,000.

As demonstrated, housing markets are very localized, but there have been significant improvements in many markets in New Jersey. Due to lower inventory, affordable housing, and mortgage interest rates still near historic lows, now is a good time to re-think your "put on hold" plans to sell and/or buy.

For all your Real Estate and Insurance needs and helpful hints, contact "the new star in town", LEGACY REALTY GROUP, EDISON, NJ. 732.744.0400