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Before you buy or sell a home in Scotch Plains, your first step is to understand how the real estate market is performing. Here’s what you need to know this summer.

Inventory: There are currently 176 homes offered for sale in Scotch Plains. This is pretty normal for Scotch Plains – you can see in the graph below that every sumer has a peak inventory of roughly 175 homes. The summer market is definitiely heating up.

scotchplainsINVjune2015

Prices: The average price of a sold home in Scotch Plains in June was $472,235. This is 8% higher than June of 2014 when the average sale price was $439030 but 8% lower than the 12 month average of $508,310. What’s happening? There’s a definite up-trend over the past year as the real estate market continues to settle, and you’ll notice that the peaks and valleys are less extreme now than they were three years ago.

scotchplainsPRICEjune2015thisoneisajpeg

Sellers who want to get top dollar for their home will want to be sure that their marketing is on point and that their home is appropriately priced. Buyers who are looking for a bargain in Scotch Plains will want to do their research. When you find the home you want to buy, be sure that your offer is competitive because there are many multiple offer situations this summer.

 

Days on Market: The average sold hom in Scotch Plains was sold after 56 days on the market. Looking at this graph of the past 3 years, it’s easy to see that things have improved quite dramatically although there are still some bumps in the road.

scotchplainsDOMjune2015

Home sellers who are interested in selling their property quickly will need to be sure that the home is priced correctly. Overpriced homes sell much more slowly, if they sell at all. Condition also affects the speed at which a home will sell. Homes that are cleaner, more up to date, and in better condition will sell faster than others.

 

If you’re planning on selling your Scotch Plains home, call Team Zuhl today for a free comparative market analysis of your home. If you’re thinking of buying a home in Scotch Plains, call us today!

For more information on selling a home:

 

For more information on Scotch Plains Real Estate:

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Comments on: "Buying and Selling a Scotch Plains Home – July 2015" (3)

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