BERKELEY HEIGHTS, NJ MARKET STATISTICS AND SALES FOR 4TH QUARTER 2008
In the 4th quarter of 2008:
• 34 homes came on the market
• 27 homes sold
• The average home price (excluding townhouses) was $542,462.
• Average Days on Market equals 80
As we end the 4th quarter of 2008, the real estate market in Berkeley Heights has been fairly stable. We saw fewer homes sell than in the previous quarter and fewer new listings come on the market. This is a pretty typical expectation for the season. The very low interest rates and feeling amongst many buyers that the market might be nearing "bottom" seems to be drawing new people into the area. For the year we are estimating ending at about 6% below 2007. Given the overall condition of the U.S. economy, not a bad figure.
We continue to see buyers take their time and really consider their options prior to purchasing. Some have decided to wait until early spring, others need to buy now. As always homes in good condition are selling faster than those that need work. "Fixer-uppers" still sell , they just need to appear to be a very good value. Pricing correctly is absolutely the key to success today!
If you need to sell your home quickly a few suggestions might be to: consider hiring a stager or interior decorator to help you "lighten and brighten", move clutter or unused items to storage, touch-up paint exterior areas where buyers will first look (especially around your front door), add light scents to your home, and if possible, hire a licensed home inspector to give you a modified home evaluation before going on the market so you will know if there is anything you need to have repaired now that could cost you a sale later on.
Remember, in this type of market, if you are staying local, the price you sell your home for will be offset by the price you pay for your next place... a very fair trade-off ! If you are planning a move in the next couple of years it still makes sense to do the upgrades and renovations that will make living in your home more comfortable. In the long run, smart renovations always pay off! If you need suggestions for contractors, I would be happy to help... just give me a call at 908-376-1561.
The most important thing to consider in this or any challenging market is who you want to represent you and your most valuable asset. You need an experienced, local realtor who has all the newest tools and technologies available to showcase your current home and help you find your next one!
Local Real Estate agent specializing in Berkeley Heights, New Providence, Long Hill, Chatham, Madison, Westfield and neighboring towns. I take pride in personal, friendly service beyond expectations!
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