What’s happening in the Scotch Plains Real Estate Market

 

Scotch Plains, NJ was famous in the Revolutionary War as the site of the Battle of Short Hills. It was also home of the first African American country club, the Shady Rest Country Club, now the site of the Scotch Hills Municipal golf course. It is now home to about 23,000 people, many of whom enjoy the ease of a short 45 minute commute to Port Authority via New Jersey Transit.

Students in Scotch Plains are served by the Scotch Plains-Fanwood Regional School District which includes five elementary schools, two middle schools, and Scotch Plains-Fanwood High School. Scotch Plains is also home to theUnion County Vocational Technical Schools and Union Catholic Regional High School. Union County College has a facility in Scotch Plains as well.

In Scotch Plains, 248 homes were sold in 2012 with sales peaking in the summer and resulting in a 43% decrease in inventory at the end of 2012 compared to the beginning of 2012. Only 101 homes are actively for sale  and this represents less than 4  months worth of inventory remaining in Rahway which is much lower than most of Union County. At the current rate of sales, it will take 3.7 months for the existing listings to sell.

 

 

List prices in Scotch Plains essentially increased about 8% over 2012. Sale prices, on the other hand, ended the year about 11% lower than they were in January.

 

 

Homes in Scotch Plains sold quickly this year. The average days on market of a home in Scotch Plains was less than 2 months over the summer and remains less than 3 months even at the end of the year.

 

 

If you’re thinking of buying a home in Scotch Plains or if you’re thinking of selling your home in Scotch Plains, you deserve a Realtor who understands the market and can get you the best deal. Please call us at 908-917-4189 for your personal consultation.

 

 

 

 

For more information on housing in Scotch Plains:

Shift in Scotch Plains Real Estate Market

How does the number of baths/beds affect sale price in Scotch Plains?

Free Market Report of Scotch Plains!

Scotch Plains Market Report

It made me wish I was 5 again

Scotch Plains Market Trends

11 Union County High Schools Make the Top 1000 List!

 

Buying or Selling a home in Rahway? Here’s what you need to know!

Lots of commuters call Rahway, NJ home because commuting  to and from New York City from Rahway is a breeze. Rahway Train Station was renovated in 1999 and a new parking deck was built in 2005. A train ride from the Rahway Train Station to Penn Station in NYC takes about 40 minutes. Rahway is a city in southern Union County and is home to nearly 28,000 people.

The area was once the home of the Lenni Lenape Native Americans and the city was named for a local tribal chief whose name was Rahwack. The corner of St. Georges Avenue and Westfield Avenue  was the site where George Washington met troops from Elizabeth and Newark during the Revolutionary War.

Rahway public school children are served by four elementary schools, Rahway 7^th and 8^th grade Academy and Rahway High School.

In Rahway, 169 homes were sold in 2012 with sales peaking in September and resulting in a 20% decrease in inventory at the end of 2012 compared to the beginning of 2012. Only 182 homes are actively for sale  and this represents 9 ½  months worth of inventory remaining in Rahway which is much higher than most of Union County. At the current rate of sales, it will take 9 ½ months for the existing listings to sell.

 

List prices in Rahway essentially stayed the same through 2012. Sale prices, on the other hand, dropped about 15% in May, bounced back, and then dropped again in August and September, ending the year about 20% lower than they were in January.

 

 

If you’re thinking of buying a home in Rahway or if you’re thinking of selling your home in Rahway, you deserve a Realtor who understands the market and can get you the best deal. Please call us at 908-917-4189 for your personal consultation.

 

For more information on Rahway homes:

Attention Home Buyers – 483 Jensen in Rahway is no longer available!

How Team Zuhl Sold 483 Jensen Avenue in Rahway

JUST SOLD! 1010 Saint Georges Avenue, Rahway

2258 Elizabeth Avenue, Rahway – Price Reduced!

 How do additional bathrooms or bedrooms affect market value in Rahway?

1019 Saint Georges Ave in Rahway available for Rent

 Great Commercial Property available for Rent in Rahway

3 Bedroom home in Rahway offered for $214,900

Free Market Report of Rahway Homes!

Split Level in Rahway – Reduced Price!

168 Homes Sold in Rahway So Far This Year!

Rahway Market Trends

Rahway home for only 219,000

 

Kenilworth Real Estate Market – 2012 in Review

It’s been a busy year for the Kenilworth, NJ, real estate market.

Compared to our February, 2012, Kenilworth Marketing Report, things are looking very good, indeed, for Kenilworth home sellers.

For starters, let’s take a look at the inventory. Inventory in Kenilworth peaked this spring at 49 homes listed in April but ended 2012 slightly lower, with 34 homes on the market, than it began in January, with 38 homes on the market.

 

 

 

 

 

 

 

 

In terms of how quickly homes sell in Kenilworth, early summer was extremely fast, with homes selling after less than a month on the market in May and June, but late summer was very slow, with homes selling after more than 4 months on the market in September. Things did speed up a bit by the end of the year, ending 2012 with less than 80 days on market. This is still higher than the average in Union County.

 

 

 

 

 

 

 

 

Lots of fluctuations in list price in Kenilworth for the first half of the year reflect some seller uncertainty. With the market hopping around a bit, some sellers found that they were pricing too high and couldn’t find buyers who were interested. The second half of 2012 showed increased stability, and sale prices ended in Kenilworth 36% higher in December than they were in January of 2012.

 

 

 

 

 

 

 

 

 

Buyer urgency has increased in Kenilworth and is reflected in an increased Sale Price to List Price ratio at the end of the year. Buyers paid 93.8% of list price on average for the first half of 2012 but 97.1% of list price on average for the second half of the year. Stabilized list prices and inventory contributed to this.

 

 

 

 

 

 

 

 

If you’re interested in buying a Kenilworth home or in selling your Kenilworth home, Team Zuhl is here to help you get the best deal. Call us at 908-917-4189 to arrange your personal consultation.

What’s the Real Estate market like in Cranford, NJ?

If you’re buying or selling a home in Cranford, NJ, here are the details you need to know!

The real estate market in Cranford experienced a very high inventory this summer but things have slowed down a bit lately with the inventory dropping significantly in November to be the lowest of the year.  Things could be tough for buyers in Cranford right now as the supply is relatively low.

Homes were selling fast this summer in Cranford this summer with an average Days On Market under 40. Coupled with the high inventory, this was a busy summer real estate market in Cranford. Things slowed down this fall and now homes are selling slower – on average, it takes more than 80 days of showings to  put a house under contract.

Homes in Cranford sell for an average of about $365,000, but prices were higher in the busier market this summer and lower as the market recovered last winter.

For more information on Cranford’s Real Estate market:

Own this Cranford Home!

Santa Arrives in Cranford! 

What’s going on with the Cranford Real Estate Market?

70 Osborne Place, Cranford – Price REDUCED!

 How does the number of bath or beds affect market value in Cranford?

Mizu Sushi in Cranford

Free Market Analysis of Cranford, NJ

 11 Union County High Schools Make the Top 1000 List!

Cranford Marketing Report

Need more information? Call Team Zuhl and find the perfect Cranford home!

Dear TZ – What’s a good price to offer on a house in Union County?

DEAR TZ – HOW MUCH SHOULD I OFFER ON THIS HOUSE IN UNION COUNTY?

Dear TZ,

We’ve been looking all over Union County and finally found a house in Clark that we love! How much should we offer on it?

Bob and Bernice Buyer

Dear Bob and Bernice,

Congratulations and welcome to Clark! You’re going to love it here!

When you put an offer in on an house, your agent will show you some comps which are comparable homes that have sold in the area.

You’ll also want to look at the ratio of sale price to list price for similar homes. In Clark for example, the average home sells for 95% of list price.

So what do you offer?  Well, you really need to make an offer that you can afford and one that you think is a fair offer to the homeowner.  So if their list price is accurate, you may want to come in close or at list price.  If they’re priced competitively you may even want to come in above list price.

Your REALTOR(R) can offer advice, but ultimately the decision is YOURS.  Put yourself in the seller’s shoes and think how you would feel if someone offered what you’re going to offer on the house.

Lastly, you may want to take a few minutes time to pen a handwritten letter telling the sellers about you and your family and how you’re looking to forward to making their home yours.   Make it personal, tell your story.   It may make the difference if a similar offer comes in.

Best of luck!

- Wayne and Jean

Dear TZ – Should I be afraid of the Shadow Inventory?

Dear TZ,

I keep hearing about something called a shadow inventory. What is it? How does it impact me and my home?

Thanks,

Homeowner Harry

 

Dear Harry,

Shadow inventory…  Almost sounds scary, like it’s lurking in the forest waiting to jump out at you.

Very simply there have been homes that have been foreclosed that are now bank owned properties.  Much of that inventory is not yet on the market, hence it’s in the shadows.  The amount of inventory is not measured in houses, it’s measured in months, meaning that if no new houses come on the market, how long will it take to empty the shadow inventory at the current rate of sales.

Let’s say you live in Washington State, where there are only 4 months of shadow inventory.  Well the news there is good.  Those homes should sell and not bog the market down due to all the new inventory that it’s creating.

We happen to live in New Jersey, which currently has the greatest shadow inventory – a 65 month supply.  Yes, you read that right!  If no other homes come on the market it will take 5 years and 5 months to clear out the inventory.  Sounds like New Jersey will have a rough time.   In truth parts of the state will, while other areas won’t be affected as badly.  For example, Newark will be hit much harder than let’s say Westfield or Summit.  Towns surrounding the hardest hit urban areas will more likely feel the effect of the shadow inventory more than an upscale suburb will.

So while New Jersey has the largest shadow inventory, New York is a distant second with 41 months of shadow inventory.  In fact other than New

Mexico, Louisiana, Florida and North Dakota the states with the most shadow inventory are all in the Northeast.  This is largely due to the fact that many of these are legislative states where foreclosures must go through the courts, thus further slowing down the process long enough for significant inventory to accumulate.

So what does it all mean?  Well if you’re in a state with a higher shadow inventory and you might want to sell, do it now, because prices will continue to fall until the demand is larger than the supply.  If you’re going to buy you may “pay less” by waiting, but if interest rates rise, they way the experts are predicting, but your monthly payments will probably be higher than if you were to buy now.

Good luck!

- TZ

 

Please note that all information is reliable but not guaranteed.  Please consult with your Real Estate professional before making any Real Estate decisions.

Wayne and Jean 

Is it a Good Idea to Sell your Home during the Holidays?

Conventional wisdom may sound something like this – don’t bother putting your home on the market in the winter because it’s the slowest time of the year in the real estate market.

That may be true.

But….

Why wouldn’t you want to put your home on the market when the competition is few and far between?

Think about it – most people take their homes off the market because they believe that winter is the slowest month. And, therefore, their house doesn’t sell in the winter, perpetuating the myth!

The truth is – home buyers who are looking in December are typically more serious buyers. They know what they want and they’re ready to act. Putting your home on the market in December practically guarantees that you won’t have curious neighbors just stopping by without any serious intention of making an offer. You might not get as many showings in December, but the ones you get will be more serious!

Here’s another reason to consider putting your home on the market in December – your home is probably at its most beautiful when the holiday decorations are up! Imagine the photographs that will go on the MLS!  Of course, if you decide to sell in the winter, you’ll have to make sure that your porches, sidewalks, decks, and driveway are clear of snow and ice. It’s also a bit harder to keep the floors of the house clean with snow and mud being tracked in. But on the plus side, your holiday decorations are a great way to add some extra lighting to your home and show it at its best.

A third reason you might want to put your home on the market now is because you could tap into an emotional market – buyers are less likely to make low offers. A buyer who’s looking at your house in December and decides it’s the house for them is probably going to make a good offer because there are fewer houses to choose from and they don’t want to risk losing the one that they found!

Here’s a fourth reason – buyers on holiday vacation have more time to look at houses!

Do you need a fifth reason to sell during the holidays? Your buyers who may have tax reasons to buy before the end of the year and are therefore in some kind of rush.

Reason six – The biggest month of the year for job transfers is January and someone who needs to move in January may be knocking on your door this month!

Seven – If you sell now, you’ll be able to buy without a contingency in the spring when there are more houses to choose from (and therefore lower prices).