Real Estate Information

Price and Sales Data By Town

Here is my annual state of the real estate market based on price and number of properties Sold by town in Somerset County. How did your town hold up in this market? Did you loose more equity? Are homes in your town selling? Where is the market moving to in 2012 Take a look and call me if your in need of a more accurate evaluation of your home!

This information was provided by the Garden State Multi List System. Please note that in the Towns of Bernardsville and Watchung 2010 sales above 1 million dollars were elevated. In 2011 fewer high end sales occurred and skewed the average Sale Price

It appears that the housing market is starting to gain traction and the best kept best priced homes are selling the quickest and in the shortest time as in normal markets. With 8 of 21 town's showing a positive move in price, we see the first time in the last few years that we did not experience downward price pressures in all towns. This is a example of better mortgage rates (Historical lows ) and an improved economy. Please note that in some markets the buyers price point has moved up the price scale as they use the lower rates to make a move up in this market.

If you would like to know how much your home is worth in today's market, just let us know. We will talk to you confidentially, with no obligation giving you an honest assessment of you personal situation. I give you my personal commitment to offer you the facts as they not just tell you what I think you want to hear.

Investors now you can pick up properties at historic levels, the rental market is strong and opportunity exists! Expand you property portfolio. We Will manage your property for you if needed.

Underwater negative equity Buried in debt with no end in site we are experienced in the Short sale process and pre foreclosure process call us for a free consultation.

THIS WEEK I HAVE THE OPPORTUNITY TO ROOT FOR THE NEW YORK GIANTS TO WIN THE SUPER BOWL

SEND ME YOUR E MAIL WITH WHAT YOU BELIEVE THE FINAL SCORE WILL BE AND THE TEAM THAT WILL WIN. 

THE CLOSEST TO THE WINING SCORE WILL RECEIVE A DINNER CERTIFICATE TO A LOCAL RESTAURANT PROVIDED BY COTTAGE TO KASTLE.

See what an Open floor plan and decorating will do to set a home apart. This Bridgewater Colonial Contemporary has been professionally staged and decorated. It sits high in the Watchung Mountains and offers a secluded lot with beautiful Fall and Winter views. I will be hosting a Open house this Sunday September 18 from 1pm to 4 pm stop by and take a look.

This Home offers a floor plan that guests and visitors will love windows in every direction lead the eye to the wooded lot with large deck.  Large  open rooms Master bedroom with walk in closet, outside balcony and a Master bath with double sinks soaking tub and shower. 

This home also offers a private entrance to support an office or Au pair suite and has a slider to the Very Private Back yard.

Crim or Mine to 1616 Mountain Top Road Bridgewater

Existing-home sales slip again

Sales of existing homes declined 3.8% in May for the second consecutive month, to an annualized rate of 4.8 million units. Home sales (including single-family dwellings, townhouses, and condos) were down 15% from a year ago. The median existing-home price fell 4.6% to about $166,500 year over year. Every region except the West Coast experienced a decline in May; the Midwest was hit hardest (–6.4%) partly because of bad weather. Several factors, including the soft job market and tighter mortgage lending practices, continued to put pressure on sales. "Spiking gasoline prices along with widespread severe weather hurt house shopping in April, leading to soft figures for actual closings in May," said Lawrence Yun, chief economist at the National Association of Realtors. "Current housing market activity indicates a very slow pace of broader economic activity, but recent reversals in oil prices are likely to mitigate the impact going forward."  Thanks to Vanguard Market and economy

With the Drop in existing sales for May and very slow activity for June it looks like anothe few months down before we flatten out Then We wil have to take on the short sales forclosures and shadow inventory. So it looks like a long haul and that's whats keeping the buyers from purchasing they to are waiting for the bottom. Right now it's a free fall and looks like we wont know we hit untill we hear the SPLAT!!!!!

As the Spring market bogs down with an array of bad economic data, housing starts hit record lows, resales slow, unemployment on the rise, the world financial markets gets hit with the Greece financial meltdown. Housing here in the in Central New Jersey seems to be struggling to make a bottom. We are starting to see the inventory shrink ever so slightly with many home owners unable or unwilling to sell only the motivated sellers are taking action. Buyers continue to have fear about the economic conditions and the continued price declines in housing. Even rates in the mid to low 4's does not seen to create excitement for the buyers and when they do they decide to take action they have so much inventory to view before making a decision.

As the economy here in the United States started to make strides the Greece financial meltdown has carried over to the U.S. financial markets. Confidence in a growing economy has dampened Many home sellers are concerned with the lack of activity of buyer visits and now see a much more difficult market ahead.

Pricing Ahead of the market is critical if you don't have an offer in the first 30 days a reduction is needed  getting a certified appraisal is well worth the cost of 500 or so dollars. It will allow you to support you marketing plan. Either way when that first offer comes in think long and hard about your response it could be the only offer you may get.  In this market the smart sellers are undercutting the competition when they list the property for sale and you should to.

Well the Greece we got is not going to help the housing wheel run  any smoother its up to you and me to make sure your home gets sold. Do all the updating before you go on the market, don't skimp, take short cuts or step over the things you need to get done. You cant live in your home for 15 years do nothing and expect to get the same amount of money the person who updates things as they go along. Don't whine about spending money now when you have not for the last number of years. Buyers today want clean, staged, updated and good values in the homes they purchase. Make sure your home is one that stands out.  

As of today Friday June 3 2011 you can get a 30 year fixed rate at 4.50% No points and if you looking to stay put for more that 10 years you can get 4.375 for 30 years paying one point. As the stock market continues it's fifth week of declinesand the employment numbers continue to dis-aappoint rates continue to decline.  How low will it go before it starts to stimulate the home purchase market no one knows but we are starting to see signs of activity picking up here in the Somerset Hunterdon and Middlesex markets. With still over 9 months of supply buyers have plenty of homes to visit before making a decision. Lower rates are not enough to prompt action when employment is the bigger concern. As we approach the National Open House Weekend  we will see if the buyers are out looking and taking action.

Here is the recent sales data for the month of May for towns in Somerset County. A few will surprise you and a few are somewhat expected to lead the way.

Bedminster-82 Days on market-sale/list price 98%-Average sale price 384,000

8 sales

Bernards-60 Days on market-sale/list price 95%-Average sale price 486,659

21 sales

Bernardsville-134 DOM-sale/list price 92%- Average sale price 886,929

7 sales

Bound Brook-129 DOM-sale/list price 91%-Average sale price 245000

1 sale

Branchburg-106 DOM-sale/list price 96%-Average sale price 456,000

8 sales

Bridgewater-63 DOM-sale/list price 96%-Average sale price 434982

25 sales

Far Hills No Closed sale for the month

Franklin-109 DOM-sale/list price 95%-Average sale price 292242

31 sales

Green Brook-66 DOM-sale/list price 92%-Average sale price 401830

5 sales

Hillsborough-61 DOM-sale/list price 96%-Average sale price 343225

24 sales

Manville-147 DOM-sale/list price 92%-average sale price 222500

2 sales

Milstone NO Closed Sales for the Month

Mongomery-90 DOM-sale/list price 97%-average sale price 511200

15 Sales

North Plainfield-55 DOM-sale/list price 97%-average sale price 214286

7 sales

Peapack Gladstone-75 DOM-sale /list price 93%-average sale price 917500

2 sales

Raritan Boro-96 DOM-sale/list price 98%-average sale price 349667

3 sales

Somerville-64 DOM-sale/list price 92%-average sale price 255250

6 sales

South Bound Brook-173 DOM-sale/list price 97%-average sale price 173625

4 sales

Warren-94 DOM-sale/list price 97%-average sale price 862750

8 sales

Watchung-15 DOM-sale/list price 96%-average sale price 582417

6 sales

Here is the most alarming information from this months statics we have 3087 properties on the market in Somerset County and 183 properties closed last month that gives us a 16 month supply of properties for sale. So lowering the rates helps but it has no effect on stabilizing the price if we have so much inventory. The only improving factor seen was an increase in the under contracts for the month to 269 this would reduce the supply to under a YEAR to 11 months.

Pricing ahead of the market that's how many home sellers are getting home sold but it takes a savvy homeowner who has good guidance to take that action.

If Your looking to buy a home or expand into the investor market or sell your home call and we will offer you a free no obligation consultation. 

Spring has finally arrived and the housing market is still struggling to break out of it's ma laze. Recent activity has picked up with several of my listings getting offers within a short time on the market. Others have limited activity and certain sections of the market are overcrowded with inventory. Only the lowest  priced best conditioned properties are getting offers. While rates are again below 5% today's 30 year  fixed 4.72 no points buyers are still resisting taking action. Buyers are still suffering from the constant talk of further declines in the market. No urgency to purchase "rates dropping prices dropping why take action now"  This seems to be the buyer mantra.

 We no one can predict the bottom but, missing it could be more costly that if it declines a few more percent. The amount of money you could save with low inerest rate usually exceeds the amount that you can save when you get your offer accepted, over the long run. If you only staying a few years then the reverse applies.

October 1 2011 the maximum loan amount that Fannie Mae and Freddie Mac will back is scheduled to drop from $729,750 to $625,500.

 A link to a MSN article i believe worth reading

http://www.msnbc.msn.com/id/42954513/ns/business-personal_finance/

Till later

May your drives be straight and long

Allen Gabrielski

Time To Buy? Should I Invest? Will it ever go up again?

These are some of the questions I'm asked on a daily basis. The answer varies from person to person but here is what I have experience over the last 24 years selling real estate here in Bridgewater and surrounding areas. The cost of owning a home is at an all time low based on rates and price, but if you don't have a good job or credit now is not the time for you. The current Spring market has been very slow to take off but this weekend I saw things start to change.

Open House Traffic is up.

With buyers starting to look, the weather improving, all signs point to an uptick in activity. Sunday's open house was on a first time buyer 1 bedroom condo in Hillsborough. 7 parties stopped buy to take a look an improvement over the last few open houses. The condo offers first floor living, updated bath, hardwood floors, open floor plan and ample closet space. It's price 141,500 a great opportunity for a first time buyer or someone looking t downsize.

Investing

Looking to make more than 1% on your money well this is the time to become a Real Estate investor. Based on your requirements for investing and what your long term goal is this could be a great time to purchase an investment for your future. Being a landlord is not for everyone but has helped many people create wealth for the future. In the past few weeks I have worked with several buyers looking to enter or expand their portfolio. This could be a time for you also! If your thinking how could it work for Me?Just call for a free consultation. Being a investor owner of property I can assist you in finding out if it possible for you. 

Selling ? Now ? Wait? Maybe Never?

With Prices down over 25% from the top, Selling in this market is not for everyone. If your Relocating or downsizing this market may offer some opportunities. If you purchased in the last few years you maybe underwater and not able to move. Either way the homes that are selling are the properties that are priced the best and are updated. If your looking to make a move call us we can give you up to date market information to help you make the best decision. 

A Quick shout out to all Presidents past and present for taking on the job. Whatever your political position it must take something to govern in today's times! Thank YOU!

It's February 21 the kids are off from school (again) the ground is covered with Snow and you have 37 days to submit your Property Tax appeal. Here are a few tidbits, if you believe that your property is assessed at a value that is to high you have the right to appeal your property taxes. How does one go about that? Well head over to your local municipal offices and get a Tax appeal form fill it out and submit it by the deadline in your community usually April 1 except when a community has had a revaluation or reassessment then the deadline is May 1

Here are a list of towns that have done a revaluation or reassessment in our area, Bedminater, Bernards Twp. Bernardsville, Branchburg, Bridgewater, Far Hills, Flemington, Franklin Twp. Hillsborough, Millstone Boro, Peapack Gladstone, Somerville, Warren and Watchung.

Were do you find the information need to support your appeal?  Well, from me! All you have to do is e mail me your name, property address, and some information about your home and we will send you several comps that have closed in the time line needed to assist you. It free simple and we have helped many homeowners in the past and would love to help you also. Reach out and contact us Today!!!! 

If your looking to refinance or need a Mortgage or  just want to see what you qualify for in the current market Call Bob Hart 908-217-6905 with Princeton Mortgage  He is one of the best.

 Well it was well worth the wait as today February 17 we broke the 60 degree mark here in Bridgewater and not to soon. The rising temp has also brought out the home sellers as today was a very busy day here at Team Gabrielski. We placed 2 homes on the market had price reductions on one other and scheduled several buyers for weekend showings.

As the weather changes so should your prospective if your thinking of Buying or Selling Real Estate this year. Rates are moving higher buyers are looking to take action and sellers, that are able and ready are entering the market. Spring is the height of the real Estate market and as we have seen Clean, Updated properties are moving. Home sellers that are smart and have sold before know the importance of entering the market early so they don't get lost in the growing inventory. Are you thinking of Selling Call us today for our free report on how to save thousands on your next move. If your looking to save on you Electric Bill Visit  http://www.viridian.com/energ/default.aspx to see if your home qualifies.

Till later.... I need to move my Golf clubs from the garage to the car, it won't be long now till i'll hear the sound of my Titelist hitting the bottom of the cup!