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Real Estate Update for Clark Buyers and Sellers – August 2015

Clark, New Jersey, is home to nearly 15,000 people in souther Union County. In 2013, New Jersey Monthly magazine ranked Clark as 174th in its rankings of “Best Places To Live” in New Jersey.

If you are considering buying or selling a home in Clark, your first step is to understand the real estate market in Clark so that you can make an informed decision regarding how much a house is worth.

Sales: Currently there are 87 homes offered for sale in Clark. The trend line for that past 3 years shows a marked decrease in inventory. Since real estate is often a function of supply and demand, this trend shows that more buyers are interested in owning a property in Clark. There were 18 homes sold in Clark in August. The trend line over the past 18 years shows a slight increase in sales which helps to reduce the inventory even further.

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Prices: The average sale price of a home sold in Clark in August was $479,133. Home prices have been increasing for several years. Again, supply and demand plays a part in this. As more buyers become interested in Clark, Clark home sellers are able to see a larger sale price.

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Days on Market: People who are selling their house often have anxiety about maintaining their home in show-ready condition. Being constantly ready for a showing is stressful and most home sellers are eager to sell quickly – not only to relieve the anxiety of being on the market, but also to help them get to the next stage in their lives. Therefore, Days on Market can be an indicator of how long an average home will take from the day it is listed until the day it sells. In Clark, homes sold in August after an average of 45 days on the market.  The good news is that the overall trend in Clark is that homes are selling more quickly now than they were two or three years ago. The bad news is that homes sell slowest, typically, over the winter. Homeowners who want a quick sale have a small window of opportunity in the autumn before risking a longer time on the market.

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If you are a buyer or a seller interested in a home in Clark, New Jersey, please call Team Zuhl! We’re happy to help you in all of your real estate needs!

For more information on selling a home:

For more information on Clark and Clark Real Estate:

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Clark Real Estate Market Report – October 2014

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.

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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.

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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.

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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:

Writing an Offer on a Home

Once you’ve found a home, your agent will help you write an offer.

An offer takes the form of a contract and specifies everything about the conveyance of the property. Then, your agent will present the offer to the listing agent who will present it to the owners.

How Much Should You Offer?

In writing an offer, some buyers are concerned about offering too much. They think that if their offer is accepted, that means they could have offered less and still gotten the house. Other buyers are concerned about making an offer that is too low. They’re afraid that the sellers will be insulted and will refuse to negotiate.

Our advice to you is to make an offer that reflects what the property is worth. The only way to find out what it’s worth is to compare it to other similar properties that have sold in the same neighborhood. Your Realtor will call that a Comparative Market Analysis (CMA). For more information on how CMAs are written, please read this article.yellow

What Other Information is in the Offer?

In addition to how much money you’re willing to offer for the home, there are other factorsthat are included in your offer and may impact the seller. One factor is the time frame. Your seller might want to close quickly or slowly to accommodate some event so your offer might be more appealing if you’re offering a flexible closing date. The type of financing you’re securing and the amount of your down payment are also important to your seller. They may feel more secure if your down payment is large or if your loan is a certain type.

You will also be asked to provide a check as earnest money. This is money, usually $1000, that indicates that you really intend to follow through with this contract as it is written if it is accepted by the seller. Of course, if the contract fails to be accepted, you will be refunded that money. If the sale gets to closing, this money will count as part of your down payment.

Then What?

Your agent will present the offer to the sellers. Possibly, they’ll have you write a letter telling the sellers a little about yourself to make the offer more personal. Additionally, your agent may present the offer in person to negotiate on the spot, with your permission.

The seller will either accept the offer as written, make a counter offer, or simply say no. If they accept the offer as written, congratulations! You’re on your way to owning the home you’ve chosen! If they make a counter offer, then your agent will negotiate on your behalf to try to reach a meeting of the minds. If they say no, then you’re back to the drawing board.

 

Fanwood Inventory bounces up, but not quite up to 2013 levels

May’s Real Estate Market was a busy one in Fanwood with 8 homes sold at a record high average sale price! Here’s what you need to know if you’re thinking of buying or selling a home in Fanwood:

Inventory – The 2014 Fanwood real estate inventory isn’t as high as we saw in 2013 which may drive prices up.  Currently, 41 homes are offered for sale.fanINVmay14

 

 

 

 

 

 

Prices – Driven  up by lower than normal inventory and by the typical spring/summer bounce, the average sale price in May in Fanwood was $551,050.

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Days on Market
 – Homes are selling quickly. The average home in Fanwood was sold after only 56 days on the market. While that is quick and a definite improvement compared to the 111 days we saw in March of 2014, compare it to May of 2013 when the average Days on Market was 38.

 

 

What does all this mean to you? 

If you’re buying a home in Fanwood, you have fewer homes to choose from and should expect to act fast once you find the right home for you. We’re seeing some bidding wars going on as multiple buyers find themselves making offers on the same home.

If you’re selling a home in Fanwood, this might be the best time to take advantage of the low inventory. Buyers are out looking in Fanwood and are willing to pay top dollar for homes that have been well maintained and are updated.

What does this mean to the home buyer or seller in Fanwood? Call Team Zuhl today!

For more information on selling a home:

For more information on Fanwood Real Estate:

What’s up with the Cranford Real Estate Market?

Cranford was listed as number 141 in NJ Monthly’s Top Towns List last year and Cranford High School is ranked as number 206 in the Nation.

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Inventory: There are currently 49 homes offered for sale in Cranford, NJ, ranging in price from $173,000 to $960,000. Nine homes were sold in February which is about average for the end of winter in Cranford.

The average sale price of a home in Cranford in February was $367,844, slightly lower than February of 2013 but 16% higher than February 2012. The average home that sold in February was sold after 40 days on the market.

To see current listings in Cranford like this beauty at 610 Hory Street, click here.

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If you’re planning on selling your Cranford home, find out how much it is worth with a FREE Comparative Market Analysis by clicking here.

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For more information on Cranford Real Estate:

Clark Real Estate Market Report

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Inventory is way down in the Clark real estate market with only 33 homes actively listed today

 

 

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Prices in Clark continue to rise. The average home that sold in Clark in February was sold for $410,667 – nearly 21% more than the average home sold in February 2012

 

 

 

If you’re thinking about selling your Clark home, get a free Comparative Market Analysis here.

For more information on selling a home:

For more information on Clark and Clark Real Estate:

Buyers Market in Rahway and Linden

Rahway and Linden are experiencing a strong buyers market. Inventory is steady with about 6% of active listings selling in February. There are currently 141 single family homes offered for sale in Rahway and 147 single family homes offered for sale in Linden.

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In February, the towns of Rahway and Linden had 26 homes sold for an average price of $178,425 and after an average of 151 days on the market.

Prices are down in Rahway and Linden. Over the past 2 years, prices have dropped about 21%.

When real estate professionals say that Linden and Rahway are experiencing a buyers market, we mean that there are more sellers than buyers. The result is that homes often take a long time to sell and that prices often drop.

If you are a homebuyer looking in Rahway and Linden, please click here to search for listings in Linden and click here to search for listings in Rahway. Then, call us at 908-917-4189 for your private showings.

If you are a homeowner thinking of selling your home, contact us at 908-917-4189 for a free comparative market analysis to find out what your home is worth in today’s market.

 

For more information on selling a home:

For more information on the Real Estate in Rahway and Linden:

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