Middlesex County Real Estate Market Commentary for JULY 2009 New Jersey -Part I

Middlesex County Real Estate Market Commentary Part I

For Middlesex County, the number of new homes listed in July has decreased over 9% compare to new homes listed in June. It is well under last year's number as well (-13.52%). This is very positive for Middlesex County real estate market in general as we need to reduce the inventory to move into a more balanced market.

The Active Inventory as we follow it (homes for sale not including "under attorney reviews") has slightly decreased to 2727 homes currently for sale in Middlesex County following a high in April with 2874 homes for sale.

This month's absorption rate (416 per month) or number of sold homes has increased 9.24% versus last month after a 41% increase from May. January and February absorption rates averaged 165 homes sold. This month's absorption rate is also 16% higher than last year. Buyers are definitely profiting from the grants, incentives available and the overall homes prices decrease.

Days of Inventory (DOI) is another big winner with a 13 % decrease versus June, following a 32% decrease versus May. At 203 days, it means it would take over 6 months to sell all existing inventory at the same rate. DOI has been consistently decreasing since January. A market with over 6 months supply would usually qualify as a buyer's market. A market with less than 6 months of supply would usually qualify as a seller's market. This decrease is very important to note as DOI is an important variable in the monitoring of local real estate markets and our real estate barometer.

Metuchen homes for sale and Metuchen Real Estate in Middlesex County, NJ is just one click away. From your local Metuchen real estate agent...

Cathy Chaudemanche
Metuchen Keller Williams Realty

Metuchen Real Estate in New Jersey, why is now a good time to buy?

Metuchen Real Estate, NJ

In spite of problems in the housing market, experts agree this is a good time to buy Metuchen real estate in New Jersey. First-time home buyers can take advantage of the many tax breaks allowed by the stimulus plan, and everyone can benefit from the fact that the stimulus package includes help for banks so that they can provide mortgages. There are other reasons the current New Jersey market is good for new home buyers, too.

Local Downpayment Programs and GrantsThe American Dream Downpayment and the Smart Start are just two of the few programs available to local buyers including Metuchen home buyers.

Mortgage Rates
Interest rates are still historically very low. This gives Metuchen real estate buyers, especially those with good credit, a big advantage. Just one or two point difference in mortgage rates can mean saving several hundred dollars a month on payments.

Low Prices
If you're considering buying Metuchen real estate, act now so you can take advantage of the lower home prices. When you buy a home at today's lower prices, you're very likely to quickly add equity to your home when prices bounce back.

Less Construction
Having less construction happening may not seem like a great thing, and for many areas of the economy it is not, but a lack of new construction is a real plus for new home owners. The fact that there are fewer new homes on the market will help real estate prices bounce back over the next few years by creating more of a supply and demand situation for existing homes. Rising Metuchen home values will provide that equity bump back to more modern levels.

Did I forget to mention the $8,000 tax credit?

Cathy ChaudemancheMetuchen Keller Williams Elite RealtyYourHouseFast.com

Piscataway Real Estate in Middlesex County, New Jersey. North Edison homes for sale and North Edison Real Estate. Metuchen homes for sale and Metuchen Real Estate in Middlesex County, New Jersey.

How To Add Value To Your Metuchen Real Estate in New Jersey

You may be wondering how to get the best price for your Metuchen real estate. Good preparation and a little hard work is the key to getting the most money when selling your home. Here are a few tried and true improvements you should make before you list your home.

• Revamp the exterior of your Metuchen real estate. Pretend that you're a potential buyer and take a critical look at the outside of your home. Could it use a new coat of paint? Perhaps the current paint scheme makes it look out-dated and old-fashioned. Painting and adding new light fixtures and railings can immediately improve your home's value.

• Look to the landscaping. Trim any trees or bushes that obscure the view of your home from the curb. Highlight the best view of your New Jersey home, making sure the lawn is mowed and any flowerbeds are neat and tidy.

• Update the home’s interior. A light neutral paint color will make your home look bigger and more inviting to a buyer. Remove unnecessary furniture to help open up the rooms. Take down any personal photos you have up. You want the buyer to be able to picture themselves living there.

• De-clutter and organize. Clear off every flat surface in your Metuchen home. Sort through all of your belongings. Pack away what you don’t use often; consider it pre-moving. Neatly stack and arrange your storage items, buyers prefer clean and orderly homes. You’ll want to remember to include the kitchen and bathrooms in the process. An entire house can be dismissed because of cluttered, out-dated kitchens and bathrooms.

• Do some light remodeling. The number one place that you’ll recoup your investment is the kitchen, followed closely by the bathroom. New kitchen cabinets, fixtures, and appliances can improve the value of your home quickly. In the bathroom, new tiling and fixtures can add a completely new dimension.

You can quickly improve the value of your Metuchen real estate by using these suggestions. Cathy C-