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Editorial Page
Market Changes 15 Apr 2011 to 15 May 2011
TALE OF TWO CITIES CONTINUED-year to date stats for two busy markets we cover:
Up to May 15th, Westfield has had 138 contracts signed, up 13% from
the same period 2010. The median list price of properties sold is down 9.8% to $665,000. Selling at the current rate, the inventory of 175 houses would sell out in 7 months.
North Edison has had 60 contracts in the same period, down 39% from 2010, with a median list price of $489,900. With the median asking price up $10,000 from 2010, Edison would take 14.6 months to sell off its inventory at the current pace.
To sell in the current market, whatever your reason, timing and price range, "it's a beauty contest and a price war all at once." For a free, specific valuation of your property, or market-preparation guidance, just call--908-698-2630
Please click district names for new listings, sales, other status changes.
Franklin District Jefferson District McKinley District Tamaques District Washington District Wilson District
Cranford JP Stevens Metuchen Mountainside Scotch Plains/FWD Summit Warren/Watchung Waterford
By the way, who's the next person you know who will require my expert care in selling or buying property?
Market Changes 15 Mar 2011 to 15 Apr 2011
TALE OF TWO CITIES-There is good news and bad news coming in quite different forms from two of the busier markets we cover. Before we look at the numbers, let's remember these are quarterly closing numbers, with lots of room for anomolies to exaggerate the reality. Also we are comparing last year's tax rebate bubble to this year's self reliant market.
In North Edison the average sale price for the first quarter of 2011 is "only" off 9% from Q1 2010. The bad news is the absorption rate (how long it would take to sell off the current inventory at the current sales pace, based on 3 month look back at contracts signed.) I subdivided the inventory at $749,000, which is about the 75th percentile for the area. In the high tier, there has been 1 sale per month, with 37 more to sell--a 37 month supply. In the lower 75%, there were 8.66 sales a month, with 123 houses available, for an absorption rate of 14.2 months.
In Westfield, the overall average sale price for the 1st quarter is down 16% compared to Q1 2010. The good news is the sales pace. Dividing the price range at the 75th percentile again, ($995,000,) the high tier is selling at a 6.6 month rate. In the lower 75% it's a "seller's market" with an absorption rate of 4.6 months.
Please click district names for new listings, sales, other status changes.
Franklin District Jefferson District McKinley District Tamaques District Washington District Wilson District
Cranford JP Stevens Metuchen Mountainside Scotch Plains/FWD Summit Warren/Watchung Waterford
By the way, who's the next person you know who will require my expert care in selling or buying property?
Market Changes 15 Nov to Dec 15 2010
They don't ring a bell at the bottom of the market, but we know this isn't the top. Meanwhile, the cost of money and the cost of houses are historically low. If you have been waiting for a "perfect" time or circumstance to become an investor, this may be that time. If you are a VIP club member, you will be invited to an investors' seminar soon. If you aren't a VIP yet, find the VIP lounge on this site to join!
Please click district names for new listings, sales, other status changes
Franklin District Jefferson District McKinley District Tamaques District Washington District Wilson District
Cranford JP Stevens Metuchen Mountainside Scotch Plains/FWD Summit Warren/Watchung Waterford
By the way, who's the next person you know who will require my expert care in selling or buying property?
Real Estate "Spring Market" Will Be Early and Brief
"If you wait for the robins you will miss the spring" said Warren Buffet in 2008. Born, raised and still in Nebraska, he was applying a farm aphorism to investing. And he was right again.
Now let us apply that same old saw to real estate seasons.
In January, bonuses (aka down payments) are known if not already paid out, relocations and promotions are announced and the holidays are over. Motivated, qualified buyers are out shopping and the inventory is at it's low ebb for the year.
Although 2011-2014 will be a buyer's market overall, the supply/demand needle will be closest to the seller's side in the first months of each year, when the early birds are doing business while the robins wait for "spring."
In other words, what is traditionally called the "spring market" is really the tail end of the best market for sellers.
Five ideas for market success in 2011
1. Realize "many are called but few are chosen." Available houses will outnumber qualified, motivated buyers. Plan to compete for the cash.
2. Know who your friends are. Time is not your friend, but we are. We will help you prepare, price and promote for optimum results. We will give you all the support and connections you need to get to market promptly and profitably.
3. Open with a bang, not a whimper. We provide and pay for your comprehensive staging consultation as part of our service, so that your time, energy and preparation dollars (if any) are expended for the very best impression in your all defining grand opening week.
4. Experience isn't expensive, it's priceless. We are proud to show you our 15 year success record and develop a fee structure that assures you the very best return on your investment.
5. Start Now. The earlier you involve us, the more painless and profitable it will be for you. Simply click for consultation or call Scott for your free, no strings consultation.
Market Changes Since 1 Oct 2010
They don't ring a bell at the bottom of the market, but we know this isn't the top. Meanwhile, the cost of money and the cost of houses are historically low. If you have been waiting for a "perfect" time or circumstance to become an investor, this may be that time. If you are a VIP club member, you will be invited to an investors' seminar soon. If you aren't a VIP yet, find the VIP lounge on this site to join!
Please click district names for new listings, sales, other status changes
Franklin District Jefferson District McKinley District Tamaques District Washington District Wilson District
Cranford JP Stevens Metuchen Mountainside Scotch Plains/FWD Summit Warren/Watchung Waterford
By the way, who's the next person you know who will require my expert care in selling or buying property?
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