• To Log in or Sign Up for My Property Finder Click Here

James Rembish

Sales Associate

My Blog

Mountainside NJ Real Estate Market Report August 2013

9/25/2013

                                   

 See what has gone on in the Mountainside Real Estate market for the month of August along with year over year comparisons. Learn why buying real estate in Mountainside NJ is a popular choice including information on town history, schools, demographics and more.

Mountainside NJ Real Estate Activity For August 2013 vs August 2012

In August of 2013 there were 14 homes that closed within the month for Mountainside NJ Real Estate. This was an increase of 8 units, as there were 6 homes that closed in August of 2012.

The average list price for the homes that closed for August of 2012 was $716,894

The average list price for the homes that closed for August of 2013 was $737,018

The average sale price for the homes that closed for August of 2012 was $803,600

The average sale price for the homes that closed for August of 2013 was $547,143

The average market time for the homes that closed for August of 2012 was 35 days.

The average market time for the homes that closed for August of 2013 was 50 days.

Homes Under Contract For August 2013

7 homes went under agreement in the month of August. The average list price of the homes that went under agreement was $520,029. The average time on the market for these homes were 109 days. August was a decent month for homes going under contract, especially given the fact that inventory is so low. As fast as homes are listed right now they are going under contract if priced correctly.

January 2010 – 2012 Final Year Real Estate Market Statistics For Mountainside New Jersey

For the period of January to December of 2012 there were 75 properties sold.

For the period of January to December of 2011 there were 59 properties sold.

For the period of January to December 2010 there were 109 properties sold.

For the period of January to December in 2012 the average list price was $718,801 the average sale price was $567,877, the average market time was 104 days.

For the period of January to December in 2011 the average list price was $680,868 the average sale price was $554,311 and the average market time was 62 days.

For the period of January to December in 2010 the average list price was $769,609, the average sale price was $608,197  and the average time on the market was 71 days.

Current Home For Sale August Inventory Levels

The are currently 39 homes on the market. The average list price of these homes for sale is $737,018. The average days on the market is 39. The amount of homes for sale dropped slightly from last month and remains incredibly low. Over the last few months, inventory had started to increase although not by a substantial amount.

 

Mountainside NJ Real Estate Market Analysis

In 2012 the Mountainside Real Estate market had a brisk increase in the number of sales compared to 2011. Homes priced properly generally went under contract in a 60-90 day window.

Home inventory levels have been low throughout most of this year and have remained that way through the Summer months. Low home inventory levels are always a good sign for those considering to sell their property as they typically will bring up housing prices. Inventory has slowly started to increase but not to the point where it is that noticable. It will be interesting to see if the trend continues and how it will effect the market. Over the last few months homes that are priced properly have sold very quickly. In some cases there are home that are receiving multiple offers with sale prices being bid up over asking. The real estate market right now is completely different than what we have experienced over the last few years. There has not been a better time to sell a home in Mountainside in a very long time.

Mountainside had an excellent month for closed sales in August with twenty two which was two more than last year in August. The amount of homes sold probably would have been higher if not for the fact there are so few homes for sale. Sales volume has been held back by the the fact we do not have enough inventory for sale. This has continued to help real estate values.

There were 75 closings for 2012. In 2011 there were 59 home sales. As you can see from the data there were significantly more sales than a year ago. All indications are we may be near a market bottom.

Year to date there have been 64 sales. At the same time last year there were 51 home sales.

The above Mountainside Real Estate statistics are for single family homes ONLY.

Appraisal

2/4/2012
Definition: An opinion of value by a neutral third party, which is generally obtained by comparing similar properties that have recently sold to the property in question.
Also Known As: Appraisal
Common Misspellings: Apprisel
Examples:
The appraisal was prepared by the bank's appraiser and came in slightly above the sales price.

Morris Essex and Union County Real Estate Investors

1/22/2012

Morris Essex and Union County Real Estate Investors

How to increase the odds that you will make money in any New Jersey real estate market as a investor.

1. Find a Realtor who is knowledgeable about the area you are looking in. This knowledge will come in handy in many many ways.

2. Understand what the local permit laws are. Is it going to be difficult to do any of the work yourself and still be in compliance with local regulations.

3. Understand you budget, know what you can comfortably spend on purchasing the home, fixing it up, and carrying cost until the home sells.

4. Have a good, well thought out plan, for making the home all it can be (with in your budget constraints). Your Realtor comes in very, very Handy on this point as he/she will have a good understanding of what currently adds value in the homes specific market.

5. If at all possible, before you actually purchase the home, have your budget laid out as detailed as possible so that you understand if this is even likely worth your time. Some homes look like great deals until you do this step. Be sure to add at least 10% to your budget for things you don't anticipate, something always comes up. Believe me something always comes up.

6. When purchasing the home, strong negotiation skills are a must. Make sure that you get the best deal that you can get. If this is the home you want, make sure you get it.

7. OK, you have the home now. Time to add value, get quotes on anything that you cannot do well, and all the things that need to be done and legally you cannot do. Usually home flippers do not hire general contractors, but act as their own general contractor. Once you have hired your contractors, remember they are working for you in a business relationship, keep it that way. Contractors who do a good job, get hired back on other jobs, referred to friends and acquaintances, and basically become a strong ally in achieving your goals.

8. OK, as the work on your flip is progressing, don't be cheap on things. That 10+ year old carpet needs to go; the paint all needs to be refreshed, warm colors not just white and off white please. Remember, kitchens and bathrooms sell houses. Especially if it is a first time home buyer type home, I have found that it is best to have nearly new to brand new appliances in the home, to seal the deal. You should consider adding a new refrigerator, Stove, Dishwasher, built in Microwave, sometimes even Washer&Dryer. Unless the kitchen does not warrant it, try to do black or stainless steel appliances, in a well known brand. Typically you will need to replace the light fixtures as well. You don't have to spend lots of money to make a big difference, but remember understated is usually best.

9. Curb appeal, clean up the front yard, plant some annual flowers, trim the bushes, if the landscaping looks bad, replace it, replace old ugly mail boxes, put a nice quality welcome mat on the front step, if the front door is in good shape, paint it, if not in good shape replace it. First impressions are everything.

10. Time to sell it. Sit down with your Realtor and carefully go over the comparison properties for the neighborhood. Look at days on market, what is the trend, is the market improving? Price the house at the market. Is the market stable? price the house 1% to 2% below the market for a quick sale. Is the market declining? price the home 3% to 5% below the market.

The goal is to turn your investment as quickly as possible at a reasonable profit level. You can then move on to the next project and continue to make money. For more good info on real estate as a investment read a good resource for good practices for success.

Remember, Over pricing your flip is the worst thing you can do. It leaves a bad impression on the would be buyers who know that once there has been a price reduction, usually there is more room to deal yet.

New Jersey Real Estate
James Rembish, RE/MAX Achievers | NJ Real Estate
New Jersey Realtor | New Jersey Home Search | New Jersey MLS Search
New Jersey Homes For Sale |New Jersey Real Estate

Thinking of possibly selling your New Jersey home?

1/22/2012

Get a no obligation Competitive Market Analysis done for your home. It is the most accurate way of finding out what your home would likely sell for considering the current market conditions.

(Fields marked with * are required.)

Buying a New Jersey Foreclosure Home

1/22/2012

New Jersey Foreclosure Listings

1/22/2012
On this page of my New Jersey real estate website you will find quite a number of home Foreclosures. Many of these homes I have not visited in person but am willing to help you to see them and understand if they are a good deal or at what price they would be a good deal. If you are a real estate investor or a home buyer just looking for the best possible deal shopping for a New Jersey Foreclosure can be an excellent way to achieve your goals.

Interested in any of these New Jersey Foreclosure Listings?

Contact Us:

Summit NJ Real Estate:

1/22/2012

Summit New Jersey, located at the North Western end of Union County, has a wonderful location between New Providence NJ, Chatham Boro NJ, and the Short Hills section of Millburn NJ. Summit NJ is one of the first towns that people relocating to New Jersey think of, for many great reasons.

Summit New Jersey is well known for its tree lined streets, variety of home types including large Victorian homes from the 1800s&1900s as well as many Colonial, Tudor, and even Contemporary style homes. In its neighborhoods Summit has a small town proud personality with all the advantages of the conveniences that normally only a much larger city affords. Some of these great advantages include a busy and very walk able downtown district which includes many fine restaurants, shops, offices, and the Midtown Direct train line. Summit also has the great advantage of having some of the highest ranked public schools in the state.

Summit NJ Real Estate

The Summit NJ real estate market currently () is an even market. That means that homes are selling at such a rate that we currently have less than 6 months supply of homes for sale. Currently there are 127 homes for sale here in the Summit New Jersey real estate market with an average listing price of $1,300,300 with an average of 112 days for sale. To date there have been 181 homes sold in Summit NJ at an average price of $984,000 which was 98.2% of the asking price when the homes went under contract. Of the homes which have sold in Summit New Jersey, the average time to sell has been 55.1 in the Summit New Jersey real estate market.

Summit NJ REALTOR

Being a local Summit NJ REALTOR I make sure to stay abreast of what is going on in the sometimes complicated real estate market here in Summit. You can count on me for the latest information and the best advice concerning your real estate decisions.

Relocating to Summit New Jersey

Thinking of relocating to Summit New Jersey? Summit has so much to offer that you must take a look at it. Wanting to expand your search to include towns beyond Summit NJ, visit Summit NJ area homes for sale, where you will find every home listed for sale in our local multiple listing service (MLS). Contact me to day for Summit NJ real estate listings.

Your Summit Remax real estate agent

Morris County NJ Real Estate

Morris County is home to many great towns to call home. Towns such as Parsippany, Hanover, and Mendham to name just a few. When it is time to buy or sell a Morris County home, call on the best first and let me show you how I guarantee to get your home sold!! To see every last Morris County home for sale, visit my home search page where you can easily search not only Morris County homes for sale but Essex County as well as Union County, Somerset County, and Sussex County homes for sale.

Your Morris County Remax real estate agent

Can A Short Sale Save Your Credit?

9/5/2010
Can A Short Sale Save Your Credit? Stuck in a house you can't afford or can't sell for more than you owe on it? Beware the Web, where you'll see plenty of claims that short sales will save your credit, simple as that. But there's nothing simple about deciding whether to sell your house in a foreclosure or in a short sale, which means you sell the property for less than you owe the bank. And in most cases, going through either process will wreck your credit score. Both short sales and foreclosures are considered negative by the score, because our data shows us it's very predictive of future credit risk. The claim that doing a short sale is not going to hurt your score is false. It's inaccurate. Credit scores, which are designed to assess how likely it is that consumers will uphold their side of the bargain, look at the severity (are we talking bankruptcy or a late car payment?), frequency (have you skipped a payment once, or have you missed a bunch?), and recently (did you miss a payment last month or last year?) of items on your credit report. That is not to say that there aren't some instances where short sales are better. If a borrower is current at the point of a short sale, for instance, then the consumer's credit score won't sink as far as it would have if he hadn't made a mortgage payment for six months. Still, the benefit from not having prior delinquencies on file pales when compared with the hit a score takes from a short sale. If you're having mortgage trouble, seek help right away from a housing counselor or an attorney. Realtors are the go-to professionals to learn about the local housing market and what it takes to sell your home. They may not be credit experts, but they have valuable resources an may be able to steer you towards help. Do not pay someone a lot of money if they promise to quickly rehab your credit score after foreclosure. Credit scores are forgiving ó over time. Even if you do your homework, you ultimately canít control how your housing woes are reported to the credit bureaus. For example, mortgage servicers may report your situation to the credit bureaus using different codes that could be interpreted more or less favorably by FICO. Credit scores play such a central role in consumerís lives. Yet itís so hard to understand them that people can end up making disastrous choices based on myths that are taken as fact. Itís certainly not a catchall solution, but Congress should at least grant consumers free access to their credit scores, an idea which is currently being floated at the capitol.
Page:  of 000  |