As of today May 26th are 124 homes on the market in Summit and 9 are in attorney review. This is not a high level of inventory which keeps the prices stable. I believe this is good for both buyers and sellers. It seems like the activity has been brisk for the past 3 months. Only 12 new listings have come up in the past week and 90 homes are under contract waiting to close. The interest rate for a fixed 30 year mortgage remains around 5%. With pent up demand and these market conditions this seems like a perfect storm for the local real estate market.
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Testimonials
"Having run an international company, I could appreciate the marketing that Tom did for our house. He priced it correctly at $2,250,000 and implimented a marketing plan which produced two full price offers in a few weeks. We were impressed with this extremely thorough transaction."
~Satisfied Seller
"Please let me take this opportunity to thank you for moving my property in Short Hills. I was told that the McDonough name was magic when it came to selling or buying property - now I'm convinced."
~Satisfied Seller
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Thomas G. Mcdonough: 428 Springfield Ave, Summit, NJ 07901 Phone: 908-273-0400 Cell: 908-500-2338