The spring market is now in full swing. We had a couple of weeks during April that saw a slight lull in the market due to school breaks and religious holidays. Once they cleared out we saw many homes hit the market and the majority of them are already in Attorney Review or Under Contract. There were fixer uppers as well as perfectly priced and presented ones. Of course both of those categories tend to fly off the shelves. The only properties that do not are the ones that have been priced incorrectly for what they offer or for where they are located. I find that most young couples moving out of Brooklyn, Queens, Jersey City, Hoboken are not looking to do work. They are mostly attracted to those “Pottery Barn” looking perfectly updated homes.
Bidding wars are still happening. No matter what town you are in, you will find a similar scenario. If a home is completely updated, more than one buyer wants to put in an offer. I am also seeing a number of very young first time buyers who want to be a part of home ownership even if they only have up to $250k to spend. Those are the ones that will take on a project as long as it is at least in “move in condition”. They would rather take that step than put their money into renting an apartment for 3 years. Truthfully, I applaud them! It is a very smart move.
Towns that are really coming up in the area are Bloomfield and Orange. Inventory in the $250k-375k is available and as long as it has a “3” in front of it you can almost count on it being updated. Many investors are flocking to these 2 towns. In the Seven Oaks section of Orange you are within walking distance to the Highland train station, which is a big plus as it is direct service into Penn Station in 20-25 minutes.
Let me know if you have any desire to invest and renovate a property. I can help you find the perfect small home to fix up and put back on the market and it can be very rewarding.
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Attorney Review since 3/1/17