The New Jersey Department of Education today released the 2006 School Report Cards, which contain detailed statistical profiles of all public schools in the state. The annual reports enable members of the public to gauge their local schools' educational progress:
http://www.state.nj.us/njded/news/2007/0207rc.htm
I am asked at least twice a day, “Judy, how is the real estate market?”
These curious people are friends, family, suppliers, advertising vendors, clients, restaurant owners, etc. I think everyone has questions and concerns about the state of the real estate market. The media has created such a hype.
What do I see as the reality?
Prices, on average, have increased over the last 8 years, in Warren and Watchung, at a rate of about 10-15% a year. That means, if a home was purchased in 1998 for $500,000, that home is now worth $900,000-1,100,000. Newer and updated homes in development settings have outpaced the average market. With these explosive increases, it seems only natural that prices have to settle down.
The workforce within our metro NY/NJ area has been hit hard as salaries have increased at a much slower rate that housing prices. This affordability issue has created a fundamental problem for home buyers, “How can I afford to buy a house?”
As of January 1st 2007, the current inventory levels in Warren (101 Actives) and Watchung (74 Actives) are off their highs, partly due to seasonal withdrawals from the market. And, as of January 2007, we are starting to hear better news from the media regarding the state of the real estate market.
I have personally been seeing an increase in buyer activity since the end of November 2006. In fact, just this week, (January 22nd), there were 5 homes in Warren in attorney review (A/R)—list price under $1 million...we haven’t seen this kind of activity in over 10 months. In Watchung, there were 2 in A/R.
My view is that the buyers that have been waiting and watching from the sidelines, have numerous reasons to step forward NOW. Besides the increase in home choices and buying power, interest rates actually “ticked down” in recent weeks. This gives buyers another opportunity to lock-in mortgage rates at historically low rates.
Buyers want to buy! They need sellers to give them a reason to do it! Realistic pricing is the key!
Judy
P.S. We are all moved in to our new state of the art office at 60 Mountain Blvd, Warren. Please stop in, I'd love to give you a tour! Just ask for me.
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