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by Francine Lichtman, Real Estate Sales Associate
The news remains positive. New Jersey has gone from having 17 months of existing inventory at the beginning of this year to about nine months now. We have seen six straight months of increased sales. Locally, our areas currently have about five to six months of inventory overall, but in the most popular price points, there are three to four months available. I have not seen those low levels in a couple of years. As everyone knows, when the inventory goes down, that is when the prices will begin to rise. We are very close to seeing the very beginnings of this movement.
PROPERTY TAXES
I currently have many clients who are challenging their taxes successfully. If you would like to talk about this, please do not hesitate to contact me via email.
YOUR FRIENDS AND FAMILY
I am always grateful for your referrals. Many of you continue to send clients to me and I thank you. If you have anyone in your sphere who has been thinking about buying or selling, please think of me. I would be happy to speak to them about the market and their options.
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Assignment
If you know anyone who has been thinking of buying a home instead of remaining in the rental market, please send them my way. I have access to some of the best mortgage people around. Many first time buyers are out there taking advantage of the First Time
FHA loans require only a 3.5% down payment. This credit cannot be used for the minimum down payment but can be used as an additional down payment or for closing costs.
You must purchase your first home by November 30, 2009 to qualify.
If you or someone you know is thinking of buying a home, contact me at info@NJisHome.com |
Posts Tagged ‘home buying’
How is the Market Doing?
Saturday, July 25th, 2009by Francine Lichtman, Real Estate Sales Associate
The housing market in our area continues to show signs of stability. We have seen numerous consecutive months of an overall decrease in the number of homes listed and an increase in the number of homes going under contract.
Some buyers naturally want to know when the prices will hit rock bottom. This is very difficult to determine. We do know that if we are not at this point yet, we are extremely close. A recent report from Bank of America-Merrill Lynch states that the housing market could start to see modest growth by the end of this year. This statement relies upon long term mortgage rates remaining low. We also know that the weak job market will keep the housing market from more rapid growth.
Don’t hunt for the bottom. Know what you want and what you can afford.
Remember, buying a home is all about providing you and your family with a place to live.
Here are the latest statistics from the area since July 1st:
Maplewood: 14 homes have gone under contract. In total, there are 66 homes under contract in this market.
Millburn/Short Hills: 14 homes went under contract totaling 58 properties currently under contract.
Montclair: 24 properties went under contract for a total of 78 homes under contract in this area.
South Orange: 11 homes under contract for a total of 33 homes under contract.
West Orange: 21 homes under contract for a total of 94 homes under contract here.