Find out the 10 biggest mistakes for home buyers and how to avoid them!
"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
For anyone under the age of 57, mortgage rates are at the lowest point ever in their lifetime.
This fact isn’t lost on a growing number of homeowners who have started a new wave of refinancings……
To Continue Reading…
http://www.baltimoresun.com/business/money/bs-bz-ambrose-refinance-20100831,0,4581872.story
Read more about a great program that connects youth and elderly at SAGE Eldercare in Summit, NJ here
Active – 92
Attorney review – 3
Under contract – 41
Sold in the last 12 months – 275
New listings in the last 14 days – 14
The inventory of available homes for sale continues to drop in Summit New Jersey. In the last 2 weeks of August this number could go below 90. Although this is a very slow time of year, the trend is fewer homes for buyers to choose from. This is very good news for sellers because it has caused prices to rise 5.3 %. Homes are being priced better and are selling in less time. Buyers are taking advantage of of better values as well as extreemly low interest rates. For now it looks like the market has corrected itself to a “new normal”.
www.tommcdonough.com
tom@tommcdonough.com
The inventory of homes for sale in Summit is getting to it’s lowest level in years.
Active – 96
Attorney review – 4
Under contract – 50
Sold in the past 12 months – 281
New listings in the past 14 days – 9
The available homes for sale are down over 10% in two weeks. Only a year ago that number was around 170. Houses under contract, sold and new to the market are also down. Much of this is simply due to August is a slow time because of obvious reasons. When the inventory shrinks, prices stablize and begin to appreciate. Sellers are more inclined to list their home for a realistic price. The buyer recognizes this and with low interest rates they feel better about purchasing a home. We have been waiting for the market to correct itself which takes several years. From the looks of things real estate in New Jersey is entering a “new normal” that we all might enjoy.
www.tommcdonough.com
tom@tommcdonough.com
Today I’m going to list the home sales categories the for the activity in the Summit New Jersey real estate market so we all can follow the statistics more easily.
Active – 110
Attorney review – 4
Under contract – 55
Solds in past 12 months – 283
New listings in past 14 days – 11
As you can see the homes for sale have dwindled each week for the last month to a level that we saw at the holidays. This is due to the time of year where the buyer’s and seller’s attention is on enjoying the Summer. Homes that are in good condition and priced within 5% of their market value are selling within 30 to 60 days. Interest rates and prices remain stable which should keep buyers in the market.
Tom McDonough
www.tommcdonough.com
tom@tommcdonough.com
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