Here is blog #2 about the numbers in our area. I included most of the towns we service in Union, Essex, Somerset and Morris Counties, excluding the larger markets like Newark, Elizabeth and Plainfield.
What we found is no surprise, when comparing the Q4 - Q1 this year with those of one year ago.
Total Closed Sales (Q4 '07 and Q1 '08) - 1010
Total Closed Sales (Q4 '08 and Q1 '09) 774!!
This is a decline of 24% in total transactions.
Active Listings (last year) 11664
Active Listings (this year) 11051
**The good news is that we did not see an increase of a huge amount of new listings in the present period, which helped the market, but because there was such a substantial drop in sales activity. There was a strong downward pressure on pricing as shown below.
Avg Sales Price Last Years Period - $698,112
Avg Sales Price This Years Period - $624,293
This is a drop of 10.5%, which for those of you who have been actively working with me, is not a surprising number, as we've shared this with you almost as soon as we felt it in December.
More to come.... :)
Sean Carroll
RE/MAX Classic Group
In my first examination of the 1st Quarter 2009 and March 2009 sales numbers, I noticed a startling fact. The amount of closed transactions was nearly HALF of what it was for March 2008. I knew things slowed down dramatcially in the 4th quarter of 08 and the 1st quarter of 09, just based on 'feel' but these numbers confirm the feeling.
Cranford, Westfield, Scotch Plains, Fanwood Closed Sales
Month of March 2008 - 55 Closed Sales
Month of March 2009 - 28 Closed Sales!!
This has left a lot of inventory in these towns, which will need to be absorbed before the downward pressure on home prices stops. While our area is still in high demand, and properly priced homes will still bring lots of activity, I simply can't overlook the sharp decline in closings. This means that the pending sales were down in December, January and February. The good news is that the pendings are UP for February and March, which means that we should see a lot more closings in April.
Sellers - Price Your Homes Properly!!!!
Buyers - Make a fair offer, and you will get a great deal
RE/MAX Classic Group
Are you behind on your payments, or soon will be? Are you in any stage of the foreclosure process? Don't give up! Don't just walk away!! We are here to help you. There are many options available that may help you to KEEP your home. Foreclosure is the LAST option you want to consider. For more information and to obtain this information for free without having to provide ANY information.... Logon to:
http://www.HomeOwnerHelpSite.com
A free service provided by
RE/MAX Classic Group
908-898-0800
I have spoken to several potential sellers in the past few weeks and all of them share one thing in common. They are not happy with the price they can get for their house compared to what they could get just 5 or 6 short months ago.
Here in the Cranford, Westfield, Union County NJ area, we saw a 10-15% price drop in a VERY Short period of time from the 4th quarter last year through 1st quarter this year. For sellers who were counting on $500k for their listing before the holidays, when they find out they can get 450k now, it really throws a kink in their plans. There is GOOD NEWS!!!
What I have tried to explain to all of them is that if they are also buying in the same area, the seller they are buying from is taking the same hit, or even more of a dollar amount hit if its a higher priced home.
My advice is to take the 'punch in the stomach' on the sale, and lock up your buyer, so you can make your offer on your purchase with confidence, and lock in your savings on the purchase, at a GREAT interest rate.
I understand however, that this 'punch in the stomach' will affect the cash you can put down, and will also affect in some cases whether or not you will have enough equity to even sell. This advice is meant for those of you who have the equity position to make your move work, despite the difference in sales price. You will make the equity back in the purchase over time.. Here's how...
Helpful Tip: ask your Realtor to show you what homes were selling for 6-8 months ago in the area you want to buy. I am confident you will find that the home you are buying is also at a discount. If its not priced well, make a fair offer. If it is priced well..buy it, and CONGRATULATIONS, you made a smart decision.
The Math:
If you sell your house for 450k and it used to be worth 500k, that is a 10% loss and $50,000
If you buy a house for $550k and it was probably worth $610k, that is roughly the same 10% decline, but a savings of $60,000. Congratulations, you just likely added $10000 of long term equity.
SEAN CARROLL, WESTFIELD NJ REALTOR EARNS PRESTIGIOUS DESIGNATION TO HELP HOMEOWNERS IN DANGER OF FORECLOSURE
SEAN CARROLL of TEAM CARROLL of RE/MAX CLASSIC GROUP has earned the prestigious Certified Distressed Property Expert (CDPE) designation, having completed extensive training in foreclosure avoidance and short sales. This is invaluable expertise to offer at a time when the area is ravaged by "distressed" homes in the foreclosure process.
Short sales allow the cash-strapped seller to repay the mortgage at the price that the home sells for, even though it is lower than what is owed on the property. With plummeting property values, this can save many people from foreclosure and even bankruptcy. More and more lenders are willing to consider short sales because they are much less costly than foreclosures.
In the Union County, NJ area, more the number of homes in danger of foreclosing is clearly on the rise. As job losses mount, and real estate prices have come down, more distressed properties are surfacing in the area. It is happening in all price ranges. Local experts say that even high-priced homes are not immune.
"This CDPE designation has been invaluable as I work with sellers and lenders on complicated short sales," said Sean Carroll. "It is so rewarding to be able to help sellers save their homes from foreclosure."
To provide free information for homeowners in distress, Team Carroll has even created a website designed specifically to help these clients at www.HomeOwnerHelpSite.com. Sean Carroll says of this website: "We've tried to layout an easy to read informational website for clients who want information about short sales vs. foreclosures, and other options such as mortgage modification
Alex Charfen, founder of the Distressed Property Institute in Boca Raton, Fla., said that Realtors® such as Sean Carroll with the CDPE designation have valuable training in short sales that can offer the homeowner much better alternatives to foreclosure. These experts also may better understand market conditions and can help sellers through the emotional experience, he said.
The Distressed Property Institute opened in January 2008 and provides training on-site and online. The CDPE is the premier designation for Realtors helping homeowners in distress and handling short sales.
"Our goal is to educate as many people as possible so we can help as many homeowners as possible," Charfen said.
For more information about CDPE designation or to find a certified distressed Realtor in your area, please call 1-800-482-0335.
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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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