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Union County mid-year Real Estate Market – How fast are homes selling?

When you decide to sell your home, how long will your home be on the market?

It’s a good question, and the answer largely depends on location. For the first half of 2014, the average Union County home was on the market for

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The homes in Linden, Union, Rahway, and Garwood took much longer than the average Union County home to sell. Homes in Cranford, Mountainside, Westfield, and Clark were the fastest sellers in Union County for the first half of the year.

How does this compare to last year?

The real estate market in 2012 and 2013 was very different from this year because buyers and sellers were beginning to recover from a recession. In 2014, the economy has stabilized somewhat and the housing market has adjusted.

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Some towns, like Cranford and Springfield, saw homes selling a full month quicker this year than last year. Clark , Kenilworth , Linden, and Westfield also sold more quickly this year. Scotch Plains and Rahway saw very slight gains in speed.

Other towns, like Garwood, saw homes selling nearly a full month slower this year as compared to last year. Homes in Union didn’t see a noticeable change in Days on Market from 2013 to 2014.

How does this affect you?

If your town has slower selling homes, you need to make sure your home is in the best market condition possible and you need to price it competitively to attract buyers.

Which towns changed the most?

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Cranford and Springfield homes decreased their selling times the most, and Garwood’s selling time increased the most when the first halves of 2013 and 2014 are compared. How does this affect prices? 

 

When you’re ready to buy or sell a Union County home, please contact us for more information! 

 

 

 

 

Union County Mid-Year Real Estate Market

The first half of 2014 is over and it’s a good time to analyze the real estate market and see how it’s changed from last year to this year.

The average Union County single family home sold for $392,644 during the first half of 2014. Some towns were significantly higher and some were significantly lower.
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It’s typical that Linden, Rahway, and Union are among the lowest in the county as they were in 2012 and 2013. Likewise, Westfield, Mountainside, and Scotch Plains have had the highest real estate values in Union County in previous years.

 

When we compare each town to the last half of 2013 and the first half of 2013, we see a different picture emerging.

 

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Now we can look at each individual town and see that some towns are actually seeing an increase in value over the past 18 months – most notably Rahway, Springfield, Clark , Cranford, and Mountainside – and some towns are seeing a decrease in value over the past 18 months – Kenilworth, Westfield, Union, Garwood, Scotch Plains, Linden, and Fanwood.

What does this mean to you? If you live in a town where the prices are increasing, you’re in a good position if you want to sell your home. Buyers are willing to pay more this year than they were last year for your home. If you live in a town where the prices are decreasing, you’ll need to make sure that your home is in top showing condition and that it’s priced competitively to attract buyers.

Which towns were the biggest winners and the biggest losers?

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Kenilworth was the town whose properties showed the largest decrease in value from the first half of 2013 to the first half of 2014 with a 10.5% decrease in home values. Westfield was close behind with a 7.6% decrease in home values and Union homes lost 5.5%.

Rahway homes had the biggest gain in home values with 2014 showing an average sale price of 14.3% higher than 2013. Springfield was also a big winner with a 14.2% jump. Clark saw a 12.2% increase and Cranford home prices increased by 8.4%.

When you’re ready to buy or sell a Union County home, please contact us for more information! 

 

 

Springfield Real Estate Market Report – June 2014

When you’re thinking about buying or selling a home in Springfield, a necessary first step is to understand the local market conditions. Here’s what you need to know this month:

Inventory: There are currently 115 homes offered for sale in Springfield. They range in price from $119,000 to $1,235,000.  This is the highest inventory held in Springfield in about 2 years after a very low inventory winter. The summer market should clear out some of those homes.

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Prices:  The average sale price in Springfield in June was $347,879 and the average sale price over the past 12 months was $375,612. With inventory up, prices often drop.

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What does this mean to you?

Homeowners who are considering selling their home must be sure that it is in perfect showing condition. Be sure to consult a Real Estate professional for a Comparative Market Analysis that will help you to price your home competitively.

Please click here for this month’s infographic.

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If you have a home in Springfield that you’d like to sell, contact us for a free comparative market analysis! If you’re thinking of buying a home in Springfield, click here to search available homes.

For more information on selling your home:

For more information on Springfield, NJ:

What’s a Comparative Market Analysis?


Most real estate agents will offer you a free Comparative Market Analysis. 

What is a Comparative Market Analysis?

A Comparative Market Analysis, or CMA, is not an appraisal but it serves as an estimate of the market value of your home. It’s a good indicator of what your home will likely sell for in the current real estate market. 

Your home’s value is affected by its location and condition as well as by the conditions of the local real estate market. It is not affected by how much you owe on the house or how much money you’ve invested into the house. 

How is a CMA calculated?Image

In a CMA, your property is compared to other recently sold  properties of similar size and similar neighborhood. 

We also compare the tax assessment of recently sold homes in your neighborhood to their sale price and calculate a assessed value to market value ratio for your neighborhood. Then, we can plug in your assessed value and determine a likely market value. ..  

How can you get a CMA?

Most realtors will provide you with a CMA free of charge. Don’t hesitate to contact us at 908-917-4189 or at TeamZuhl@gmail.com for your free CMA today! 

Trailside Nature and Science Museum

The Trailside Nature and Science Museum is a great place to take the kids today! Learn about the geology and biology of Union County.

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The Trailside Nature and Science Museum is Union County’s Environmental Education Center and is located in the Watchung Reservation. There are 4500 square feet of interactive exhibits including an incredible 34 foot American beech tree that is home to dozens (hundreds?) of fascinating smaller exhibits such as this hawk’s nest. We were fascinated by the tree and spent a lot of time going up and down the stairs that surround the tree to make sure we had seen every little gem.

 

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At the base of the tree you’ll find these shelled treasures.

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You’ll also love the small room, hidden behind a black curtain, that houses rather boring looking rocks. But, push the button and the lights go out and a fluorescent light shows you why these rocks are so incredible!

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Another of our favorite exhibits was this one, dedicated to the Hadrosaur, New Jersey’s State dinosaur.

 

 

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Whatever you do, don’t miss the night room, hidden in another corner of the museum. Sit on the small steps and watch and listen as the sounds and sights of the night come alive in one of the most magical 5 minutes you’ll ever find in a museum.

Be sure to sit on the bench facing the garden for a while and watch the birds come and visit!

Scotch Plains summer real estate

The Scotch Plains real estate market is on track for an excellent summer!

Before you buy or sell a Scotch Plains home, it’s wise to do a little research into the market conditions. Here’s what you need to know for May of 2014.

Inventory: Check out this graph showing the real estate inventory in Scotch Plains over the last 3 years.

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It’s easy to see the seasonality of the Scotch Plains real estate market when you look at this much data at one time. See the big bump in inventory – the blue line – every summer? Notice how much higher it was in 2012. That was the last of the buyers market that Scotch Plain saw – too much inventory to sell quickly. Prices dropped and homes sat on the market for months. 

2013 was a typical year – inventory down in the winter when buyers and sellers want to stay put, and inventory up in the summer when buyers and sellers want to get moving. This year is shaping up exactly like last year’s inventory.

Prices: The trend in prices in Scotch Plains isn’t so obvious and so predictable. Here’s the graph representing prices over the last 3 years. The blue line is the sale price and the red line is the list price. List price is a good indication of buyer confidence, and sale price is a good indication of market value.

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There is no obvious seasonality to the data, but the good news is that sale prices are certainly holding steady and trending upward. With minor fluctuations, prices have averaged at $481,423 over the past 3 years. The average sale price in May was $527,655.

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:

Cherry Blossoms in NJ!

Millions flock to Washington DC to see the Cherry Blossoms, but did you know that there are more cherry trees in New Jersey than in Washington?

Team Zuhl took a jaunt through Warinanco Park in Linden and snapped these lovely pictures. So if you’re looking for a little fresh air and some beautiful scenery, Warinanco Park is just what the doctor ordered!

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What’s up in Kenilworth’s Real Estate Market?

Whether you’re a homeowner or thinking of becoming a homeowner in Kenilworth, here’s what you need to know about real estate values in Kenilworth.

Inventory: Only 1 home sold in March in Kenilworth, making March the slowest sales month in more than 2 years. The good news is that inventory is up – there are currently 35 homes offered for sale, up from 28 in February.

Prices: Of course, when only 1 home sells, that one home’s impact on averages is much more dramatic. The one house that was sold in March was sold for $280,000, which is lower than the average sale price in Kenilworth for the last six months.

If you’re interested in purchasing a home in Kenilworth or the surrounding area, please see a complete list of homes at www.WayneZuhl.com. If you’re planning to sell your Kenilworth home, please call us at 908-917-4189 for a free comparative market analysis of your home.

For more information on Kenilworth Real Estate:

What’s Up in the Cranford Real Estate Market? Inventory!

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Inventory: There are currently 88 single family homes offered for sale in Cranford including this beauty on Hory Street.  Twelve homes were sold in March for a total of 42 homes sold so far this year.

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Prices:  The average home in Cranford sold for $318,054 in March, 9% lower than in March of 2013 and 14% lower than March of 2012.

For more information on Cranford Real Estate:

Kenilworth prices remain steady

Are you a Kenilworth homeowner or a Kenilworth home buyer? Either way, here’s some news you can use.

If you’re interested in purchasing a home in Kenilworth or the surrounding area, please see a complete list of homes at www.WayneZuhl.com. If you’re planning to sell your Kenilworth home, please call us at 908-917-4189 for a free comparative market analysis of your home.

For more information on Kenilworth Real Estate:

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