How Are The Local NJ Real Estate Markets Doing??

Part 10 in the continuing series.

The local Real Estate Markets are behaving quite differently from what the national news media likes to report on the evening news.  Many of you may be surprised to learn that many of the local towns that you and I live in have been seeing the number of home sales increase each week since the extremely slow spring market of 2007.  As you will see in this report and the previous reports the number of homes on the market continues to decline as more homes sell each week than are newly listed for sale. 

Why do we continue to see signs of strength in the local Morris County, Essex County, & Union County real estate markets?  There continues to be a steady migration of New York City especially Manhattan residents into our local towns here in New Jersey.  With the Midtown Direct train line it is a easy commute into NYC Penn Station & Newark NJ Penn Station from many of our towns.  This helps to provide a continual supply of new home buyers for our local nj real estate markets.

One thing that you will notice is that in several of the towns the DOM (Days On Market) number seems to actually be increasing.  I noticed that as well, and have looked at all the home listings, and home sales for each of the towns in the reports.  The explanation for the number of homes for sale going down in these towns and the DOM going up is that many more of the fresh on the market homes are selling, while the old listings are still sitting not getting vary many if any showings. 

The Lesson: It is very important to make sure your home sells in the first month or two.

How do you insure that your home sells fast?

• Pricing:  Make sure you fully understand what the pricing trend is for your neighborhood, what the fully adjusted comparables sold for in the last 3 to 6 months, and what your current competition on the market is.
• Marketing:  How will the Realtor you hire market your home?  What will he do that will give your home the edge it needs in this very competitive marketplace?

Home buyers, here is a little trick for getting a good deal on your next home.

• Home Selection:  Once you have selected the area you want to live in, look at all of the homes that meet your needs bedrooms, bathrooms, & size wise, then make sure you look at all the homes meeting those needs which have been on the market 90 days or more, especially vacant homes.  It is likely the home owner has not used advice such as given above.

                                       The Media is asking

               "When will the Rebound Come"

 Inventory Numbers:

Statistical data from GSMLS, the MLS of Morris, Essex & Union Counties.

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