That is the question everybody wants to know. Whether we are at a party, an exercise class or bump into someone in the grocery store, within seconds, we are asked so how’s the market?
Even though it may not quite feel like Spring, the “Spring Market” is well underway. The pace for new listings hitting the market has finally picked up and we feel like the buyers are out there in force. One interesting bit of info to note is that 2017 NJ home sales were the highest EVER while inventory overall continues to be the lowest in decades which is expected to keep home prices high.
Here are some interesting stories…There was a lovely mid-Century modern house on a great block in West Orange (needed some updates) that was priced at $485k and had 17 offers. A Realtor told us that their bid was $535k and 7 people had higher offers! In Maplewood there was a lovely new renovation on Maplewood Ave that was priced at $799k and they had 22 offers and it likely went over $900k.
If you are thinking of moving to this area it is worth the effort. Werealize that these multiple offer situations are stressful. You have to be smart with your bidding and if you have an excellent Realtor (Lichtman Rabney Group)then they can help you to put together a compelling contract that ticks all of the boxes for a seller.
All of these local markets are on fire at the moment…West Orange, Union and Bloomfield are especially busy as there are great price points available for the first time homebuyer. While you can find a home in Maplewood and South Orange for $300-400k, it is much easier to do so in one of the above towns.
Multi families are also on fire everywhere…it is a great investment as well whether you want to fix up and flip or just purchase and become a landlord.