First Signs Of a Recovery

First Time Home Buyers, GET EXCITED!

Why? Because signs of a housing market recovery are evident in the northern part of New Jersey where first time home buyers have opportunities they've never experienced before..

Not only will first time buyers receive an $8,000 tax credit if they buy before the November 30th deadline, they're going to have access to homes in the most awesome and sought after communities on the market, including Summit, Short Hills, Millburn and Chatham.

In a story by Antoinette Martin in the Sept 20th issue of The New York Times, Jeffrey G. Otteau, a residential market analyst explains why.

Recoveries first take root in what we call the primary markets," said Mr. Otteau. "These are the more desirable markets. They are close to jobs, and close to trains."

Ms. Martin explains that a healthy market is when homes sell in six months or less. Currently, the average home in New Jersey sells in nine, and at the beginning of the year it was more than twice that!

However today, there are 28 towns in the state where the inventory of homes sells in 4 months or less, according to the latest Otteau Appraisal Group report. According to Mr. Otteau, towns with commuter train stations are a "critical bulwark to long-term home values."

It is no surprise then to learn that 12 of the 28 low-inventory towns like Summit, Short Hills, Millburn and Chatham all have train stations. And as Ms. Martin writes in her article, the highway access to Essex and Union counties "is superb. Interstate 78 can be reached to the south, I-80 to the north and I-287 to the west."

As a 30 years resident and real estate agent in these "recovery leader" towns, I know that first time home buyers don't miss a beat. They are watching homes sales here as closely as I am. With the $8,000 tax credit and a housing recovery now in progress, it's going to be fun to see what autumn will bring.

My experience tells me that now is the time to buy, and that Autumn will bring a host of first time home buyers who will soon be living in the most desirable and sought after towns in New Jersey.