With almost every single computer screen, blackberry, email, news report, magazine, tv show and conversation revolving around the economy in the country and the world, including the state of the real estate market, it is hard to know what to believe. One thing is for sure, homes in Millburn, NJ and Homes in Short Hills, NJ are still very sought after and that holds true for most commuter towns on the Midtown Direct Line in Essex, Morris and Union Counties in NJ. Not all buyers are commuters so towns near the train stations are also selling but no two towns are the same.
For the last few years the media has reported endlessly on how the market is up, the market is down, building starts are increasing, building starts are decreasing, prices are rising, prices are falling, and so on. Consumers don’t really know what is true and for that matter, NO ONE HAS A CRYSTAL BALL. There is not a single individual who can predict what will happen in the next week, the next month or the last four months of 2010. If you are waiting to buy until the market hits rock bottom or waiting to sell until the market goes higher, don’t hold your breath.
The truth is that the market is VERY DIFFERENT depending where you live, where you want to buy or rent, and in which price range or neighborhood(s) you are searching. There are pockets of areas where we list and sell property that are doing very well and some areas are struggling. The home buyer tax credit fueled a higher number of contracts until the deadline ended on April 30, 2010, and then sales volume dropped off in many areas. May is usually one of our busiest months in the North East as people like to buy when the weather is warm (but not hot), and in order to find a house in time to move before the school year starts in September. If that was the last report you followed, June and July were busy months for many communities due to sellers finally reducing their prices, a shortage of inventory in some towns and lower interest rates.
If you are serious about buying or selling a home, call a full-time, experienced real estate agent and get the facts from the local multiple listing service. Dont expect to find the right answer on some automated website or put money on a Zestimate. Our team at Towne Realty Group can show you the stats for the areas where you are looking and help explain the data of which homes have been sold, how long they stayed on the market, how many offers were on each listing, if they were reduced and what is going on in the neighborhood that might affect sale prices being higher or lower. Supply and demand can impact how much you have to pay, but the media cannot really tell you what to do since each market operates in a unique way. Even in just one county in NJ, like Essex County, sales are very different from Millburn to Montclair to Newark to the Oranges or Nutley for example. Practices for suburban areas vary from what happens in a more urban locale. Higher priced homes and lower priced properties also have nuances that make the transaction very different.
If you want to buy or sell, do your homework on the comps, get your house ready (YES STAGE IT) and your finances in order and then go over the FACTS with a real estate agent who can give you the information you need to make an informed decision. If you would like to discuss anything about houses in Millburn NJ or real estate in Short Hills NJ please call me on my cell phone at 201-417-1600. My staff in the office can also help you with homes in Maplewood NJ, homes in West Orange NJ, homes in South Orange NJ, homes in Summit NJ, homes in Livingston NJ, homes in Florham Park NJ and the surrounding areas.