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A necessary first step to take before you buy or sell a Scotch Plains home is to learn about local real estate market trends. Here’s what you need to know this month.


Inventory: 
There are currently 148 single family homes offered for sale in Scotch Plains. While the inventory is dropping since the summer peak, there are still plenty of homes to sell. In November of 2013, there were 119 homes actively listed. The high inventory this year isn’t because homes aren’t selling – in fact, homes are selling quite quickly. There were 25 sales in Scotch Plains in November, nearly 3 times as many as there were in November of 2013. The high inventory this year is because  some homeowners who have postponing selling for a few years are finally feeling confident that their home values have returned.

scotchINVnov14


Prices: 
While prices continue to fluctuate in Scotch Plains, the trend is definitely upward. The average sale price in Scotch Plains in November was $499,324, about 4.5% higher than the 12 month average of $478,000.  The average list price in November was $605,318, also about 4.5% higher than the 12 month average. A corresponding increase in List Price is a direct result of increased homeowner confidence in home values.

scotchPRInov14


Days on Market: 
Homes continue to sell quickly in Scotch Plains and there is no evience that the slow Days on Market of 2012 will return. The average home the sold in Scotch Plains in November was sold after 59 days, slightly faster than the 12 month average of 62 days and significantly faster than the 2012 average of 86 days.

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What this means to you: If you’re interested in selling your Scotch Plains home, your first step is a Comparative Market Analysis, which of course we are happy to provide free of cost or obligation. With a Comparative Market Analysis, we will show you what your property will likely sell for and offer suggestions to improve the value and sell it as quickly as possible.

If you’re interested in purchasing a Scotch Plains home, your first step is a mortgage pre-qualificiation. We’re happy to help connect you with a mortgage professional and begin helping you to find your new home. Feel free to peruse the homes offered for sale at WayneZuhl.com and let us know when you’re ready to start touring homes!

Team Zuhl is here to help you every step of the way. Please call or email us when you’re ready to get your home on the market! Good luck!

For more information on selling a home:

For more information on Scotch Plains Real Estate:

Cranford is a beautiful town located in central Union County.  About 23,000 people call Cranford home and New Jersey Monthly magazine ranked Cranford as its 34th best place to live in its 2010 rankings.

Before you buy or sell a home, it’s critical to understand local market conditions. Here’s what you need to know for November, 2014.

Inventory: 
There are currently 94 single family homes offered for sale in Cranford – the lowest inventory we’ve seen since spring. Twenty homes were sold in November which is 75% better than November of 2013 when only 12 homes were sold. cranfordinventorynov14

Prices: The average home sold in Cranford in November was sold for $442,900, well above the 12 month average of $417,445. There was some decrease in value over the early autumn but that seems to have corrected itself.

cranfordpricesnov14


Days on Market: 
Homes in Cranford continue to sell quickly. The average home that was sold in Cranford in November was sold after only 50 days on the market, faster than the 12 month average of 52 days. 

cranfordDOMnov14

What does this mean to you?

Home sales continue to be strong in Cranford, and no winter slow down is evident yet. Buyers will still find plenty of homes to choose from, and sale prices are reflecting some competition among buyers.

Team Zuhl is here to help you along of the way. Contact us when you’re ready to take the next step!

For more information on selling your home:

For more information on Cranford Real Estate:

Did You Know? Clark, NJ, was incorporated as a township 150 years ago and was named for Abraham Clark who was a signer of the Declaration of Independence. In 2013, New Jersey Monthly magazine ranked Clark as 174th in its rankings of “Best Places To Live” in New Jersey.

Schools: Today, nearly 15,000 people call this suburban township home. Public school children in Clark are served by Frank K. Hehnly Elementary School, Valley Road Elementary School, Carl H. Kumpf Middle School, and Arthur L. Johnson High School.

If you’re thinking of buying or selling a Clark home, your first step is to educate yourself on current market conditions. Here’s what you need to know this month.


Inventory
: There are currently 58 single family homes offered for sale in Clark. Please click here to browse listings and then contact us for your private showings.

The inventory hasn’t yet begun its typical winter slow down. By this time last year, the inventory had dropped to about 70% of the summer high but this year we’re holding steady.

clarkinvoct14

Prices: 

Good news for sellers – as inventory is holding steady, so are prices. The average sale price of a home in Clark in October, 2014, was $459,300, slightly above the 12 month average of $415,162.

clarkpricesoct14

Time on Market: 

Homes may be seling at the same price as they did all summer, but they are definitely selling more slowly. The average sold hom in October had been on the market for 75 days compared to 54 days in August.

clarkdomoct14

What does this mean to you?

When the inventory remains high through the autumn, prices tend to drop as sellers get anxious. Since prices have held steady through the autumn, this winter may see a drop as sellers agree to lower prices in order to end their increasingly long Days on Market. There are so many houses on the market that buyers really have their pick, but buyers need to be prepared to pay full price. Last year, prices really didn’t drop until February, and even then they never got as low as the previous summer.

If you want to sell your home, you need to price it competitively and keep it in top notch showing condition in order to stand out from the large pack.

What’s your next step?

If the time is right for you to buy or sell a home in Clark, Team Zuhl is here to help you every step of the way. Please give us a call at 908-917-4189.

For more information on selling a home:

For more information on Clark and Clark Real Estate:

Cranford is a beautiful town located in central Union County.  About 23,000 people call Cranford home and New Jersey Monthly magazine ranked Cranford as its 34th best place to live in its 2010 rankings.

Before you buy or sell a home, it’s critical to understand local market conditions. Here’s what you need to know for August, 2014.

Inventory: There are 97 homes offered for sale in Cranford, ranging in price from $169,000 to $1,350,000. Inventory is dropping – down from 102 in July and a summer high of 119 in June. There were 29 homes sold in Cranford in August, the highest month of the summer.

cranfINVENTORYaug14

Prices: The median sold price of a home in Cranford in August was $439,000, up from July’s $420,500 and up from the 12 month average of $411,039. The median list price of a home in Cranford in August was $449,000, up from July’s $427,450 and up from the 12 month average of $425,517.

cranfPRICESaug14

Days on Market: Homes in Cranford continue to sell quickly. The average home that sold in Cranford in August was sold after only 36 days on the market.

cranfDOMaug14

What does this mean to you? The summer market appears to be coming to an end. The homes that were in market-ready condition and that were priced to sell were sold over the summer, but the summer has ended strongly. Even though inventory is dropping, there are still some beauties left so buyers arriving late to the market still have some opportunities. Sellers who want to sell their homes this winter will have to have a strong marketing campaign, great pricing, and be market ready in order to appeal to the decreased number of buyers in the market right now.

For more information on selling your home:

For more information on Cranford Real Estate:

Did You Know? Clark, NJ, was incorporated as a township 150 years ago and was named for Abraham Clark who was a signer of the Declaration of Independence. In 2013, New Jersey Monthly magazine ranked Clark as 174th in its rankings of “Best Places To Live” in New Jersey.

Today, nearly 15,000 people call this suburban township home. Public school children in Clark are served by Frank K. Hehnly Elementary School, Valley Road Elementary School, Carl H. Kumpf Middle School, and Arthur L. Johnson High School.

If you’re thinking of buying or selling a Clark home, your first step is to educate yourself on current market conditions. Here’s what you need to know this month.

Inventory: There are currently 83 homes offered for sale this month in Clark. Prices range from $179,000 to $1,050,000. Inventory is up this month which is normal for the end of the summer. There were 18 homes sold in August – slightly slower than earlier in the summer.

clarkinventoryaug14


Prices: 
 The median sale price in Clark in August was $359,500, down from July’s median of $393,950, and slightly below the 12 month median of $368,407. List prices continue to rise. August’s median list price was $425,000, up from July’s median of $399,333 and above the 12 month average of $420,807.

clarkpricesaug14


Time on Market: 
The average sold home in Clark in August was sold after 54 days on the market – slower than July’s DOM of 40 days and just under the 12 month average of 55 days.

clarkdomaug14

What does this mean to you? The summer market appears to be coming to an end. The homes that were in market-ready condition and that were priced to sell were sold over the summer, but the summer has ended strongly. Even though inventory is dropping, there are still some beauties left so buyers arriving late to the market still have some opportunities. Sellers who want to sell their homes this winter will have to have a strong marketing campaign, great pricing, and be market ready in order to appeal to the decreased number of buyers in the market right now.

For more information on selling a home:

For more information on Clark and Clark Real Estate:

Do you want to sell your home?

The first step is, of course, the list your home with a reputable real estate agent and have it exposed to as many potential buyers as possible.

When buyers first hear about your home – through their agent or through some marketing your agent has done – they often will drive by the area. When they drive by, they’re looking at the neighborhood and making sure it feels like some place they’d like to live. If they like it, they’ll make an appointment to come see it. If there’s anything they don’t like, they won’t make an appointment and you’ve lost an opportunity to get that buyer in to see the home.

It’s very important that your home’s first impression is a great one. Paying attention to the details that make up your home’s curb appeal will make a big difference in how many buyers will see the home. Here’s what you need to know.

 

 

 

If you’re thinking of selling your home, call us for a free comparative home analysis and find out what your home is worth!

Don’t Say “No!” Just Because the Home Needs Some Work!

The 203(k) program attempts to revitalize communities and expand homeownership opportunities. It is the Federal Housing Administration’s program for the rehabilitation and repair of single family properties.

When you buy a home, most mortgage financing is based on the appraised value of the property. If a property requires repair, the homebuyer usually has to obtain financing first to purchase the dwelling and then additional financing (usually at a high interest rate) to do the construction.  

 

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What can a 203(k) be used for?

203(k) loans can really make a huge difference for the homebuyer.  With many foreclosures being vandalized, a 203K loan is the ideal tool to buy a home and be able to fix it up to bring it back to market level.  With a 203(k) loan, the borrower can get just one mortgage loan to finance both the purchase and the rehabilitation of the home.  The mortgage amount is based on the projected value of the property with the work completed, rather than just the appraised value. 203(k) can be used to purchase any one- to four-family dwelling that has been completed for at least one year. Homes that have been demolished, or will be demolished as part of the rehabilitation work, are eligible provided some of the existing foundation system remains in place. 203(k) can also be used to convert a one-family home to a two-, three-, or four-family dwelling or to decrease a multi-family dwelling to a single family home. Condominiums can be purchased with 203(k) loans with some restrictions. Only the owner/occupant is eligible for the loan and the planned rehabilitation must be limited to the interior of the unit.

 Improvements considered “luxury” improvements are not eligible but painting, room additions, decks are all eligible. All properties purchased with 203(k) funds must meet energy conservation standards and must meet smoke detector standards. These loans are also available for investors but at a higher interest rate.  

How does it work?

You’ll need to find a Renovation Loan Specialist who can help you out.  Here in NJ they will do an appraisal on the property and determine what the value will be based on the repairs.  Once a value has been determined above the sale price, you’ll have X amount of funds to use towards the renovations.  All the work must be done by a state certified contractor.  You submit the bills to the bank and they will pay the contractor.  

What do you do next?

If you’ve found a home that you love, your real estate professional will help you to execute a Sales Contract including a contingency upon the loan approval of your Section 203(k) financing.

At loan closing, the mortgage proceeds will be disbursed to pay off the seller of the existing property and the Rehabilitation Escrow Account will be established. As construction progresses, funds are released after the work is inspected by a HUD-approved inspector. When all work is completed, you will provide a letter indicating that all work is satisfactorily complete and ready for final inspection.  If there are unused contingency funds or mortgage payment reserves in the Account, the lender must apply the funds to prepay the mortgage principal.

Using a 403(k), you could buy a fixer-upper and end up with the nicest home on the block!

 

For more information:

Dear TZ – I found a great house but it needs a lot of work. Can a 203k help me?

Applying for a 203K loan

 

What every Homebuyer needs to know about 203k

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