I get asked all the time how the market is. I try to explain that although bad news get published about the real estate market around the country and even in NJ, select areas seems to be less effected. Montgomery is a hot area. I showed 2 homes there yesterday…both over $1MM. 1 of the homes needed work and it wasn’t a traditional flow…more contemporary. The other was perfect…move in condition with fabulous walk out basement with all the bells and whistles with home theatre, guest room (ground level) with gorgeous bath. It just came on the market a couple of days ago. I called the listing agent to discuss and request the seller’s disclosure. She informed me that in 2 days… they already had 4 offers!!!!

Another great opportunity is for those that like country, peaceful living. Delaware Twp is right outside of Flemington/Raritan Twp. The schools, I am told from my clients that will only upsize within Delaware Twp, are fabulous. It is a K-8 system and the high school kids go to Hunterdon Central. It is amazing the value. A home I have listed in Meadow View Estates, 4,300 sq. ft, is $785,000. The “same” model house in Bridgewater sold for $1MM. We are working on a new model in that development, The Astor Model, that is also about 4,300 sq. ft with a first floor bedroom and bath, in case you have in-laws that visit that can’t climb the steps.

There are some really great communities and towns that are more “sleeper towns” – less well known, that have great schools and easy living communities. School systems drive the prices of homes.

Really cool view and location. Want to see it?

Under the current bill, $75 million in funding is set aside for the purchase of newly constructed homes and $25 million will go towards purchase of previously occupied homes. While NJAR® is working to have more money dedicated to the purchase of existing homes, the main focus of the bill is to put people in the building trades to work and stimulate the economy through income and sales tax revenue created by the new construction. NJAR® submitted a memo explaining the economic benefits associated with enacting a state home buyer tax credit and expanding it to include more existing homes.

Before this legislation can become law, it must be approved by the full state Senate and be signed by Governor Chris Christie. The full Senate may vote on the bill as early as its next scheduled meeting on June 10, 2010. To date, we have not received confirmation as to whether Governor Christie is inclined to support the legislation. Please stay tuned to www.njar.com and the Week in Review for any updates on this critical measure.

The market demand is showing its face. A new listing in Bridgewater last
week saw 16 showings in the first 5 days that produced 4 offers and a result
in an accepted offer “over-asking”.

Proof of homes in good condition/updated that is priced fairly will produce
top dollar for the seller.

This month I have a few new listings that I would like to give you a “head’s
up” on.

14 Hickory Rd, Greenbrook.$850,000. 5 BRs. 3.1 bath finished basement.

This home will hit the MLS around 4/15/10.

Beautiful raised patio and landscaping!

21 Briarwood Drive E., Warren

$985,000

5BR, 3 full baths, finished basement, fabulous backyard, nicely decorated.
Truly move in condition.

In the Warren market, there is an obvious void of good valued homes, in
general.  But more evident, is the $1MM-$1.4MM price range and the
$700K-$1MM price point.

Even with the news stating the market prices are down, I see LOW INVENTORY
which translates to higher pricing.

He began by saying that this is a “window of opportunity” for buyers and sellers. There are 10,000 fewer homes on the market than last year, the lowest since the high inventories of ’07,’08 & ’09.
There is pent up buyer demand, homes are now more affordable with lower price AND lower interest rates and the incentives of the federal tax credits as I mentioned before in my previous blogs.
This is the time for sellers to get the best prices and buyers the best “payment”. Just FYI, for every 1% increase in interest rate, a buyer will lose 9% of purchasing power (or another way to say it is, it will now cost that buyer 9% more for the SAME house. Mortgage experts say that in preparation for the government ending their support of keeping interest rates artificially low at the end of March 2010, bond prices have already started to edge up. Many believe we will be at 6.5% interest rates in no time. It is/was foolish for buyers to wait until the last minute to capitalize on the federal tax credit deadline of going under contract BEFORE April 30, 2010, before the making their home purchase, as you will now have to pay more.

He reiterated that the recession most likely ended in Oct 2009, but we won’t see confirmation on that until this summer 2010. We are in a housing recovery and prices have stabilized! In NJ, the 1st quarter of 2009, prices went down 12%, 2nd quarter – down 10.4%, 3rd quarter – down 7.4% and 4th quarter – down 6 % compared to the 12 months prior.

More good news…In 2009, no increases in foreclosures in NJ.

We are now back to end of 2004 housing prices. Last year, pricing was down a gentle 4-5%.
When comparing to other states in the US, NJ has outperformed US average, up 129% since 1991. A very nice investment. NY has increased 105% and CA only 66% over the same time period.

Mr. Otteau admits that the future of the housing market in the 2nd half of 2010 is still questionable. The tax credit will now be gone, interest rates will be higher, prices have edged up a little higher—about 2% this year. The job market is still not clear. Thus a “slump” could begin in July 2010.

Regarding commercial real estate, NJ has suffered about a 5% loss as compared to Atlanta GA suffered a 50% loss of value.

I wanted to inform you of a brand NEW listing in Warren that just hit the market today. 40 Casale Drive So., Warren.

Great price of $799,900!

This home is meticulously maintained on a great, quiet cul de sac street!

Call me today!

This one won’t last.

I have a great home listing in Warren that will be coming on the market in Warren. Here is a head’s up… 40 Casale Drive So., Warren will go on the market at $799,900. I believe there is a strong demand in this price point with available inventory being limited. This home is just lovely…updated, gorgeous kitchen with vaulted ceiling, Skylights, granite counters, Maple cabinets, professional grade stove and hood, sub zero refrigerator. My homeowner was very savvy to listen to advice and price it every aggressively. I hope and expect the result will by multiple interest.

More new listings coming on…watch my blog to see the listings before they hit the MLS.