1. The typical homebuyer searched for a new home for 12 weeks and viewed an average of 12 homes before making a decision.
2. 37% of all of the home buyers were first time buyers, which was down from 50% the previous year (probably due to the first time homebuyer credits that were offered in 2010).
3. 88% of homebuyers used the internet to search for a home; down from 90% previous year.
4. Nearly 1 out of 4 buyers said the application and approval process for a loan was somewhat more difficult than expected and 16% said it was “much more difficult.”
5. About half of the home sellers traded up to a larger home.
6. The top factors influencing neighborhood choice were: quality of the neighborhood, convenience to the job, and overall affordability.
7. The typical seller lived in their home for 9 years. That number has increased from 6 years which was the trend in 2007.
8. 61% of the sellers indicated that they reduced their asking price at least once, but the average home nevertheless sold for 95% of the list price.
9. Only 10% of sellers sold their homes without the assistance of a real estate agent. Of that number, 40% knew the buyers prior to the sale.
10. The number of buyers who purchased their home with the help of a real estate agent has climbed to 89%. This has seen a steady increase since 2001 when the percentage was at 69%.

One interesting thing to note is how incredibly active the Westfield market has been. The population of that town is just under 30,000. The population of West Orange is about 46,000 and the population of Montclair is about 39,000. These are the two towns who have performed similarly to Westfield. Given the lower population in Westfield, it is clear that the town is outperforming some others in the area.

For further comparisons:

Maplewood population: 24,000

South Orange: 17,000

Millburn/Short Hills: 20,000

Summit: 21,000

Livingston: 35,000

Buckle your seat belts as I believe we are in for an amazing Spring Market 2012! There is pent up demand out there along with crazy low interest rates and an affordability index that has not been present in this area for a very long time!

If you are looking to sell your home this Spring, please call me for a consultation ASAP. If you have any friends or colleagues who are looking in any of these or surrounding areas, please think of me. I am never too busy for your referrals and they are greatly appreciated!

Many of you may have heard that the Federal Reserve had promised to keep rates low through 2013. That is surely great news, but the question is, "How low is low?” For the past two months, the rates for a 30-year fixed mortgage have been at or just below 4%. Housing affordability is through the roof right now and will continue to be for the foreseeable future.

The rates are in fact expected to move up to about 4.5% during 2012 and into the lower 5% range for 2013, this is still very low based on history. Until the year 2000, rates were typically around 8%. If you think that is bad then you probably do not remember the rates during the early 80’s which were hovering around 16%.

Yes, our economy has gone through some dreadful times over the past few years and many still continue to face unemployment and other financial difficulties. Low mortgage rates are great for those who have good credit, a steady job and a down payment. This unfortunately does not apply to everyone right now, but if you are in the crowd who can make a purchase, then DO NOT WAIT! The Spring market is right around the corner and will offer a wide selection of properties in all price points.

Property Taxes in Maplewood

If you would like a professional opinion on where you stand with regard to the likelihood of successfully challenging your taxes, please email me. I will do a Comparitive Market Analysis on your home and supply you with some ammunition that will allow you to go to the town and file a tax challenge.