Today there are 126 homes on the market in Summit. This is down slightly from a week ago when the inventory was about 136 houses for sale. There are 6 that are in attorney review. The number of new listings comming onto the market is down while the sales have stayed consistant. Houses over 1 million dollars represent one third of all the real estate activity. My view of the Summit housing market is that it has been very healthy. The lower level of inventory has stablized prices thus bringing the buyers in. The sellers are now able to sell there homes and get a sale close to the asking price. If the mortgage rates remain at a low level the market will continue to flurish.
Find out the 10 biggest mistakes for home buyers and how to avoid them!
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
Looking for a Truly Unique Home?….
June 7th, 2010
Maybe this article will point you in the right direction….
http://www.nj.com/news/index.ssf/2010/06/recession_causes_houses_of_fai.html
Summit High School Hosts Barnes and Noble Book Fair
June 5th, 2010
Today, June 5th, Barnes and Noble will be hosting a book fair at Barnes and Noble in Springfield, NJ. A percentage of the store sales will go to the school PTO. So head to Barnes and Noble and support Summit High School!
Go Summit Lacrosse!
June 4th, 2010
Tomorrow, June 4th, at 3pm, the Summit High School Lacrosse Team will face Saint Joseph of Metuchen in the Tournament of Champions final. Summit will be looking to defend its title and also break the NJ record for the most consecutive games won. The game will be at Yurcak Field of Rutgers University (New Brunswick) in Piscataway. Yurcak Field is on Busch Campus.
Summit NJ Market Update 6/01/2010
June 1st, 2010
It is the first day of June and there are 127 homes of inventory in the Summit NJ real estate market place. Last week there were 8 new listings with another 8 houses in attorney review. There are 83 homes under contract that are waiting to close. In all of these catigories, homes over 1 million dollars represent 1/3rd of the market. The number of houses on the market remains at a low level keeping prices realistic. This combined with low interest rates is maintaining steady sales levels.
Summit NJ Market Update 5/26/2010
May 28th, 2010
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.
Great Time To Buy!
May 25th, 2010
Although the tax credit is now over, it’s still a great time to buy with rates so low!
According to MSN.com “Every 1 percentage-point increase in mortgage rates reduces a buyer’s purchasing power by 10%. I.E. taking out a 30-year mortgage for $300,000 at a rate of 5% will cost you about $1,600 a month, not including tax…es & insurance. But the same monthly payment at a rate of 6% will get you a loan of only $270,000″
30 Days at the Y for $30
May 24th, 2010
Where: YMCA, 67 Maple St, Summit, NJ 07901
Date: Daily
Start Your Spring Training at the Y
Think $1.00 can’t get you far these days? Think again. During May you can sample everything the Summit Area YMCA has to offer for just $30. That is a 30 day membership for just a $1.00 a day. You can sample beginner to advanced level exercise classes; cardio and strength building equipment; Yoga, Pilates and water exercise classes; family swim and gym; plus babysitting is available while you work out.
This special May membership is valid at all branches of the Summit Area Y: Summit Y, Springfield Y and Berkeley Heights Y. The offer ends May 30, and applies to new members only. If you join after your 30 day membership is up, we will waive your joining fee.
The Summit Y is located at 67 Maple Street, 908-273-3330. The Springfield Y is at 100 S. Springfield Avenue, 973-467-0838. The Berkeley Heights Y is at 550 Springfield Avenue, 908-464-8373. For a full description of classes and schedules, visit www.summitareaymca.org.
The Summit Area YMCA is one of the area’s largest charities. No one is turned away from life-enhancing YMCA programs because of the inability to pay. If you need financial assistance, ask any Y staff member how to apply. If you can help us help others, visit our website www.summitareaymca.org.
* Features: Families, Kids, Open to All, Seniors, Teens
* Website: http://www.summitareaymca.org
* Phone: 908-273-3330
* Email: lisakievit@summitymca.org
* Price: $30.00
Summit Lacrosse Team
May 18th, 2010
Congrats to the Summit NJ High School Varsity Lacrosse team on capturing the Union County Tournament title. The lacrosse team is now on a 39 game winning streak. Good luck in the State Tournament! Go Summit!
New Listing Open House This Sunday
April 30th, 2010
Come check out my new 11 room, 3 bedroom listing at 28 Bellevue Avenue in Summit, NJ on this Sunday, 5/2, from 1-4pm. You have to see this updated 1920’s colonial!
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Thomas G. Mcdonough: 428 Springfield Ave, Summit, NJ 07901 Phone: 908-273-0400 Cell: 908-500-2338