Westfield New Jersey Real Estate Archives

April 2020 Market Update: Two Scenarios For Our Local Real Estate

April 15, 2020 by Scott Gleason

No one knows for sure what the supply and demand situation will be for the rest of the year. For the sake of this article, let’s say you want to move into your next home or be out of your current home in time for the start of school in September.

For sellers: One theory notes inventory is far below normal for this time of year. And while activity is slow it certainly hasn’t stopped. There are trade-up buyers who have already contracted to sell their starter homes, buyers seeking to protect their rate locks, buyers anxious to move out of the city. You may benefit from the scarce inventory. The flip side, if you try now and don’t sell, your home won’t be the latest thing when the likely avalanche of inventory comes out after the smoke clears.

Or you can wait for greater circulation of buyers, possible regrowth of in-person showings and modified open houses. Buyers will have more confidence after the pandemic is controlled and there is some clarity about the ensuing economic reality. Your home will be in the new crop. The flip side here—the delayed spring inventory may outpace the buyers, leading to price shrinkage.

For Buyers: You might shop now, while you know rates are historically low, and you reasonably assume sellers with their homes on the market today are motivated. Wouldn’t they wait for June or July if selling sooner were not important? The following study will show homes are selling as you read this. On the flip side, there is a chance the same or similar homes will trade for a bit less in the next few months.

Or you can wait and try to “buy the dip.” There may be a wider selection of homes for sale in June or July. If the market tilts to over supplied, there may be better buys later. But what if there is a Black Friday effect? Or if interest rate fluctuations cancel out the price improvements?

The following data encompasses all the towns we track: Berkeley Heights, Chatham, Clark, Cranford, Fanwood, Garwood, Millburn, Mountainside, New Providence, Scotch Plains, Short Hills, Summit, Warren, Watchung, Westfield.

As always, we also show you the previous month’s activity in your own town.

Curious about your home’s value?

Please click below for the market update of interest to you:

Westfield by Grade School:

Scott Gleason scott@luxuryhomesnj.com

RE/MAX SelectLuxury Homes for Sale in Westfield

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February 2020 Market Update

February 18, 2020 by Scott Gleason

6 Ways Savvy Sellers Get the Most for Their Homes

Sex Sells—Changing the market proposition from an economic decision to an emotional decision benefits sellers. Looks and flow are the shiny objects in housing today, not square feet, generators, or block foundations. Pictures on the internet aren’t worth a thousand words anymore, they are a million times more powerful than text to bring buyers in the door.
Distinguish between spending and investing—As we prepare your home for market, there may be eminently affordable little investments you can make that pay back many-fold in your sale price. Other expenses are just that. They may make sense to you, without getting more traffic or higher prices (most driveway projects for example.) Consult a Realtor and their qualified stager.
Hire a listing agent for their track record, marketing & negotiating skills. Especially avoid auctioning the job off for the highest price opinion or lowest fees. These are generally inverse indicators of competence. If you really want to know your optimal market value, after award the job to your chosen professional, then review their exhaustive study. It won’t be polluted by the tendency to bid up, as when asking multiple agents for prices. Right priced homes net the seller more than sugary-priced homes every time!
Prepare completely before the big reveal–Think of your home’s entry in the market as a debutante. You only get to come down the stairs ONCE. If you are going to take the carpet off the oak floors (always advised and profitable) do it before the FIRST day on market. It’s sad and lonely to have to say “come back and see the new painting/flooring/staging” (that would have been more powerful and valuable the first time.)
“All the lights on, all the living creatures gone” is the motto of successful sellers for showings. Buyers need privacy to form a feeling of ownership about your house, instead of a need to perform for you, the owner. And there is no such thing as an innocent question from a buyer’s agent. If you can’t go away for the first weekend on the market, plan lots of movies, museums and dinners out.
Price to create a swarm–Swarms insist on paying full market value up to 10% over list price. Or if a buyer feels like they are the first visitors to the house in a long time, they pay as little as 88% of list. The seller to the swarm also exercises more control over the remainder of the transaction, since the buyer is humbled by knowing there were other offerors whom the seller can recall. Dare to price right—it’s the proven lucrative path!

Curious about your home’s value?

Please click below for the market update of interest to you:

Westfield by Grade School:

Scott Gleason scott@luxuryhomesnj.com

RE/MAX SelectLuxury Homes for Sale in Westfield

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December 2019 Market Update

December 16, 2019 by Scott Gleason

Curious about your home’s value?

Please click below for the market update of interest to you:

Westfield by Grade School:

Scott Gleason scott@luxuryhomesnj.com

RE/MAX SelectLuxury Homes for Sale in Westfield

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November 2019 Market Update

November 19, 2019 by Scott Gleason

Curious about your home’s value?

Please click below for the market update of interest to you:

Westfield by Grade School:

Scott Gleason scott@luxuryhomesnj.com

RE/MAX SelectLuxury Homes for Sale in Westfield

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October 2019 Market Update

October 16, 2019 by Scott Gleason

You have seen the CRS after my name, and may remember it stands for Certified Residential Specialist.
Our organization magazine printed a fun chart on Top 10 Sale Price Enhancing Keywords. I am not sharing it to suggest you make capital improvements to your home to sell it. If you are doing work for your own enjoyment though, you may want to weave in these elements that are most attractive to today’s buyers. One more caveat: the chart gives the appearance a single element vastly affects a sale price. I would suggest the keyword’s appearance in the marketing is emblematic of overall conformity to current buyer’s expectations as well. Here’s the article: https://trsmag.com/whats-cooking/

I attended Jeffrey Otteau’s Fall Housing Workshop yesterday, and here are some highlights:

NJ statewide is enjoying a Goldilocks housing economy. Just enough to buy, little enough to power a 2.2% rise in values.
NJ job growth, after lagging the US during most of the recovery, is now outperforming. With rising wages and lower mortgage rates, housing affordability is strong.
YTD we have seen the highest sales volume EVER.
The fly in the ointment is the luxury end of the market. The recent tax changes made homeownership more affordable for moderate income buyers. But the SALT changes provoked an exodus of the wealthiest, and a glut of homes valued over $1.5 million.
While the transit towns in our market rocketed ahead of the rest of the state 2012-2017, they are now lagging. I would suggest it is mainly a defrothing, with an element of concern about the woeful state of NJ rail commutes.
If you plan a move in the next months or year, and want to contrive a game plan, please call, text or email me for a visit.

Curious about your home’s value?

Please click below for the market update of interest to you:

Westfield by Grade School: