Franklin Township, NJ

Somerset, NJ market analysis for August 2008

Compared to July 2008

August: July:

Active Listings = 587 614

Average LP = $ 408,221 $ 403,517

New Listings = 94 131

Average LP = $ 373,823 $ 370,457

Under Contract= 64 48

Average LP = $ 345,367 $ 354,452

Sold Listings = 44 75

Average SP = $ 343,560 $ 331,854

Average DOM = 79 99

Average SP/LP = 96% 96%

*Statistics based on information from Garden State MLS, L.L.C. Deemed reliable but not guaranteed.

Buyers search for low price and move-in condition

Reported by MarketWatch today, first time home buyers still consider affordability as the top priority. However, 81% also regard the move in condition to be highly important. In short, they want it all.

It is believed this group's expectations stem from growing up in the lifestyle of their parents; with only 7% considering the option of purchasing a fixer-upper. The expectations may be too high for buying power of a first time buyer.

In not considering a home needing a little tender lovin' care (TLC), buyers could miss the chance to move into an area otherwise that would be out of reach. Buyers could gain greater room for price negotiation. And they might be able to finance the cost of the home and renovation costs over the life of the mortgage loan.

Other findings show that compared with ten years ago, first time buyers are looking for larger homes, proximity to the job is paramount, they see a home purchase as an investment and first time buyers look at five to ten homes before buying,

For the complete article, go to: MarketWatch.com

CNN/Money ranks town #5 in the country

Franklin Township's location, availablity of nearby high tech jobs, open spaces, affordable home prices, historical significance and local schools accounts for the #5 spot of 100 Best Places to Live 2008.

It's high ranking comes to no surprise to me. You can read why I love living right here in Franklin Township in my reply to "Charmqueen's" question posted on Trulia Voices. Read more about Franklin Township here

Yeaaaaa Franklin!

What's happening in the marketplace, now

From Somerset 08873

The Carriage Homes townhome development offers larger rooms, fireplace, single car garage and patio. According to the Garden State MLS, currently there are five (5) homes for sale in this Franklin Township delevopment. Two are 2 bedroom-2 bath one floor ranches. The others are two story, 3 bedroom-2.5 bath townhomes. Listing prices range between $265,900 and $314,800.

Within the past 90-days there has been only one sale of a 3 bedroom- 2.5 bath home. A second 3-bedroom-2.5 bath home went under contract and a third, single floor ranch, is also currently under contract.

What is important to note is that all of these homes stand out from the average. Each one presents a perceived value compared to similar homes. Buyers for these three properties were found in 45 days or less! (See: Home buyers are looking)

This Hazlitt Way house sold for $335,000.

Upgrades included hardwood floors throughout, custom kitchen cabinets, new appliances, updated HVAC, granite counters, updated master bath and a brick patio.

This Hazlitt Way one floor ranch is under contract.

It is painted in soft tones and offers a large wooden deck/patio.

This Shilling Drive house is under contract.

It features new windows, fresh paint throughout in neutral colors, upgraded carpets, recessed lighting and backs to woods.

Looks like we're in the Spring market with force. Housing is beginning to move. Prices seem to have stabilized and maybe even moving upward slightly in aome markets, in contrast to the other parts of the country being off by 15%-20%. The name of the game is to get your property into contract as soon as possible. If you must sell your home within a few months, there are some important things to consider. Key reasons for your home NOT selling are Price, Price, Price, and Price. Condition and Location also play a role, but the right Price will bring in the interested parties and some will even make reasonable offers.

If your are one of those who bought at the market's peak and have problems with the current market pricing, let's analyze your situation and see what your options are. Interested parties can call me to discuss them.