Barbara's Blog

Looking To Buy A Home In Essex County New Jersey?

“The Housing Crisis Is Over”, according to The Wall Street Journal this month! Finally, we have some positive news about the real estate market. While some parts of New Jersey have seen as much as a 30% decline since the spring of ’05, I’m happy to report that the Essex Country rail towns of Maplewood, South Orange, Millburn/Short Hills Montclair, Glenridge and parts of West Orange have only experienced about a 10% reduction, due in large part to train accessibility into Manhattan.

What\'s The Mood Of Buyer\'s Right Now? We’ve seen a lot of hesitation over the past year, with many Buyers waiting for the market to bottom out, particularly those who don’t have to buy – first time home buyers. Hopefully this news will boost their confidence. The irony is that now really is a great time to purchase a home. We have not seen both price and interest rate combination this low in many years.

How\'s The Essex County Spring Market Doing? There’s a dichotomy in the market right now. We have a lot of inventory accumulated from Sellers holding on to old prices. As a result there’s more competition between homes. That being said, we’re still seeing multiple bids in some areas, especially Montclair, Millburn/Short Hills and Maplewood Real Estate. Areas in West Orange that don’t have easy Midtown direct access into Manhattan are taking longer to sell, however the Gregory and St. Cloud sections offering Jitney service to the Midtown Direct train line are more desirable, and thus selling faster.

Sellers Are More Realistic In Their Pricing Right Now. This explains why some homes are selling right away and others are lingering on the market. Homes that are priced right and show well are selling within one month, the average number of days on market for Maplewood, South Orange, Montclair, Millburn and Short Hills\' homes. Houses that are priced attractively and are upgraded are selling faster than the ones in need of work. While this has always been true, a few years ago, everything sold quickly, whether it was in need of repair or not.  While the well priced homes may be selling faster, it still is a Buyers\' market and they\'re very much in control. We’re seeing that control exercised frequently in home inspection issues. Buyers are asking sellers to address more home inspection items now, and often sellers are giving in, hoping to keep the sale going.  Most Sellers now understand more than ever the importance of standing out amongst the competition, and are paying more attention to home repairs, staging and upgrades before they put their homes on the market. When I bought my house in ’02, there were 12 offers on it and a hole in the garage roof! We never asked for it to be repaired because it seemed minor. Today the seller, would in all likelihood be repairing that hole or offering a credit.

Have We Reached The Bottom Yet?   With homes now priced more in line with current values, the inventory will start to recede. For all you Buyers out there still sitting on the fence don’t wait any longer. And for the ones who are ready to buy, congratulations, you’re purchasing in one of the best Buying markets in our history! 

Selling Your New Jersey Home?   See what homes have recently sold for in Essex County New Jersey Rail Towns.