Check out this great article from Sunday's New York Times. It references how NJ towns along train lines (like the towns we serve in Cranford, Westfield, etc) have performed better than many other areas, and how these towns will lead the NJ housing recovery.
While the prices are at a discount, and sellers need to price properly to sell, this article further supports the fact that home sales in towns like Cranford are still healthy when compared to other parts of the nation especially.
Thanks for reading. Make it a great week!
Team Carroll is very proud to share our new community pages specifically designed to help you learn more about the lovely communities we serve. Today, our spotlight is on Westfield. Click the link below to check out some great information about Westfield, NJ, and a bit about real estate in the area.
Thanks for reading!!
Cranford NJ Real Estate Market News..."What's Happening Out There?"
With all of the news media reports about the ‘national' economy, and the ‘national' real estate market, it is very difficult to decipher exactly what that means for towns like Cranford. There really is no such thing as a "national" real estate market, as people who purchase homes in a community often work in that community, or within commuting distance. This means that they earn money locally, and usually spend that money locally. The national media often reports on national statistics, and while they can be helpful to uncover trends in the macro-economy, it is important to understand that the Real Estate market, and even the economy are highly localized, and can vary tremendously from one state to the next, or even one town to the next.
In this month's Market News, I thought it would be helpful to share what's happening now, while also comparing it to historical data, to illustrate how Cranford real estate has performed from its peak of 2005-2006 to the present. Whether you are buying or selling, or just live in Cranford, this information can help you better understand how the recent recession has affected the local picture.
Here are some Cranford, NJ Real Estate statistics:
Year to Date 2009
Active Listings: 962
Closed Transactions: 119
Average Days on Market (DOM): 65
Average Sold Price: $428,272
Average Final List Price: $437,684
Sales Price to List Price Ratio: 96%
These statistics don't mean much unless compared with other periods in time, to see how the market is trending. So, let's compare with the same period 2008
January through September 15, 2008
Active Listings: 917
Closed Transactions: 144
Average DOM: 68
Average Sold Price: $444,374
Average Final List Price: $461,633
Sales Price to List Price Ratio: 96%
What does all of this mean?
Well in looking at the averages, here are some factual conclusions:
In summary, with gradual price declines, and substantial increase in listings for sale, it demonstrates that thus far, 2009 was more of a buyer's market for Cranford than 2008.
Examining the numbers in more detail showed a steep decline in listings sold in February and March of 2009, as this was the height of the financial crisis on Wall Street started by the collapse of Lehman Brothers in September of 2008. After beginning the 2nd quarter of 2009, the home sales stabilized in Cranford again, and so much of the declines in price occurred in a short period of time at the beginning of this year.
Here is one more comparison. When we compare the 2009 data with data from the peak of the market in 2005, here is how the 2009 market compares:
Number of Closed Transactions: Decline of 45% since 2005
Average Sales Price: Decline of 10.4% since 2005
Sold Price to List Price Ratio: Decline from 99% to 96%
Active Listings for Sale: Increase of 38%
Here is another very important statistic, which is number of expired listings which failed to sell:
2004 - 6 expired listings
2005- 15 expired listings
2006 - 23 expired listings
2007 - 43 expired listings
2008 - 50 expired listings
To help you understand what all of this means, here are some general observations when examining this data:
Thanks for reading, and check back next month for more of Cranford, NJ Real Estate Market News.
For comment, or for more information about the local Real Estate Market in Cranford, NJ, Sean Carroll can be reached at 908-376-1569, or via email at Sean@TeamCarrollNJ.com
Team Carroll is very proud to share our new community pages specifically designed to help you learn more about the lovely communities we serve. Today, our spotlight is on Cranford. Click the link below to check out some great information about Cranford, NJ, and a bit about real estate in the area.
Thanks for reading!
Michael Campanaro of Wells Fargo asked me to post this information.
Effective immediately 08/26/09 The New Jersey State Treasury Department has given the NJHMFA approval to open the Police & Firemen's Retirement System (PFRS) loan program for First Time Home Buyers and Trade-up Buyers.
The interest rate for this program is 4.77%. (APR 5.338%)
There is $115,000,000 in funds available for new registrations.
Please contact Michael Campanaro now to secure the funds for your new mortgage, 908-868-2021, or visit his website below.
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Team Carroll - We specialize in Cranford, Westfield NJ and surrounding areas as THE local experts on the Cranford and Westfield NJ Real Estate Market. Certified Distressed Property Experts (CDPE)
As a resident of Westfield, NJ, I pride myself on being the local specialist for my neighbors, friends, and new clients in the Cranford, Westfield, Scotch Plains Area. I am a former public school teacher in the Union County area, and the skills I gained as a teacher help me tremendously as a Real Estate Agent.
I believe in providing my clients with as much information as possible. Whether through e-mail searches, online market analyses, or searching the MLS through my website, I believe it is important to give my customers the type of service I would expect from a real estate agent.
I always want to treat people with kindness, courtesy, and respect. By selecting me as your Realtor, I am confident that you will feel as if your needs are my number one priority.
Visit my homepage at http://www.TeamCarrollNJ.com to view properties, and other great free services that I provide for my clients.
If you are looking for a home in Berkeley Heights, Cranford, or surrounding areas, you can receive automatic real estate listing updates by e-mail by logging onto http://www.NjAreaRealEstate.com
Free Comparative Market Analysis by e-mail at: http://www.UnionCountyHomePricing.com
Selling your home in Cranford, NJ? Logon to http://www.Cranfordhomesellers.com for helpful tips to prepare your home for sale.
Sean is a Certified Distressed Property Expert (CDPE). We are passionate about helping homeowners AVOID the devastating consequences of foreclosure.
What Is a CDPE?
The Developers of the Certified Distressed Property Expert Designation (CDPE) believe that in almost all cases the best person for a homeowner in distress to speak with is a well informed Licensed Realtor® that has the tools needed to help that homeowner find the best solution for their situation.
Foreclosure is a devastating financial and emotional process for a homeowner to go through, and in many cases they do so alone and without help of any kind.
An Agent who has earned the CDPE Designation has dedicated their time and effort to understanding the issues distressed homeowners are dealing with. The CDPE Professional is an agent who understands the full range of solutions and is ready to help.
While experiencing financial distress is difficult for any family, the process of finding a real estate professional shouldn't be, Selecting a CDPE agent ensures you are dealing with a professional ready to address your needs.
What Makes Team Carroll the Best Choice for You?
Realtor Code of Ethics
Call Sean Carroll today for all of your real estate needs for Cranford, Westfield, Scotch Plains NJ and surrounding areas.
We just wanted to extend our sincere gratitude to you for all of your efforts and hard work that went into finding us our first home. You were relentless and never lost hope that we would find the right place, even when we thought it was just not meant to be. We cannot thank you enough for all of your support and willingness to be there throughout the entire arduous process. All things considered, we believe that it was you that made it a positive experience for us in the end. We just want you to know that you will be the first person we think of to recommend if any of our friends/family need a realtor! And of course, it goes without saying that we plan to use you for any of our future real estate endeavors. - Erin and Vincent B - Hillsborough, NJ
Keith and I wanted to take this opportunity to thank you for your outstanding support! Throughout the entire house-buying process we have been impressed with your thoroughness, kindness, honesty, knowledge and willingness to go the extra mile on our behalf.
You offered us an objective viewpoint on each house we toured, thereby helping us with our decisions. Furthermore, we were consistently impressed by your willingness to research our questions and concerns without hesitation.
Your generosity didn't stop there, you also took it upon yourself to take and send us digital pictures of homes we were interested in when we could not make it into town.
We really appreciated how comfortable you made us feel during the whole process. You were expedient in returning our calls, searching for properties, and setting up tours.
In finalizing all the detailed work involved in closing the deal and completing the contracts, you were very helpful and were on top of all closing requirements.
It has truly been a pleasure working with you and we can not thank you enough for all of your effort and hard work.
We will recommend you to anyone looking for a highly effective and reliable real estate
agent. Please do not hesitate to use Keith and me as a reference; we can be contacted anytime!
Best Regards, Keith and Yvonne - Red Bank, NJ
We had seen almost 60 houses when we found Sean. He introduced us to Cranford and showed us all the houses we wanted to see. He was patient, kid friendly and worked diligently for us right up to and after the closing. We still keep in touch with Sean and he is still answering questions and supplying us with info a new home owner needs. - Amy and Rich I. - Cranford, NJ
Just want to wish you a Happy New Year and to tell you how much I appreciate receiving the information you send. You are hardworking and industrious and I hope your earnings reflect this. If I were a business owner, I would like to have only people like you working for me. - Carol G in Summit NJ
You were definitely worth every penny! You really understood me, and what I needed, and I could have never sold my home without you! - Sherry R. in Berkeley Heights, NJ
I would like to express my gratitude and my wife's for all your efforts and patience in helping us along in the process of finding a house that met our needs. Your performance as negotiator was admirable, thereby bringing the other side to accept our offer, not once but twice.
Your opinions and knowledge of the real estate business contributed in grand measure to make the whole process a smooth and palatable experience.
It was pleasant to always find you available with timely communication and updates either by phone or
e-mail. We would certainly recommend you to our friends as the
best buying negotiator and agent that we know.
Best regards,
Jaime and Dennys R. - Rahway, NJ
My husband and I were in the market for a new house so I decided to do some research on line. We had used the same realtor on previous occasions but I felt we needed someone with a bit more enthusiasm for the job. I was surfing the internet when I came across Sean Carroll's advertisement and decided to give him a call.
I was not expecting anything as I am the type of person that prefers to have a recommendation before hiring someone. Not only did Sean promptly return my call but he quickly arranged to meet my husband and me at our house to discuss every aspect of the buying and selling process. Sean stayed for over two hours, answering every question that we had. He never once indicated that we were taking up too much of his time. To the contrary, he made sure that every query we had was answered to our satisfaction before he left. My husband and I decided there and then to hire him as our realtor and it was one of the best decisions we made.
Not only is Sean extremely efficient, he is very enthusiastic about his job, reliable, honest and trustworthy. He never once showed us a home that was out of our budget or out of our desired target area to live. He knew exactly what we wanted and didn't stop looking until he found it. Even when things got a little tense with the sellers of our new home, he was there to smooth things over and to ensure that not only were we happy but the seller also.
In the end the transition from our previous home to our dream home was very smooth and that is all thanks to Sean. In fact at the closing the seller's attorney commented that we had an excellent realtor. He said usually in these situations realtors and attorneys do not get on but that Sean was the exception. He truly went above and beyond what we came to expect from a realtor. I have absolutely no hesitation in recommending Sean Carroll as a realtor.
Carmel Broderick & Mark McAvey - Cranford, NJ
You are an excellent example to follow in business. You follow up is commendable. You attention to your customer and every detail of the transaction is flawless. Working with you motivates me in my business. I would feel totally confident recommending you to my clients, associates and friends. Well done!
Melanie R. - Scotch Plains, NJ
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