From the Allison Ziefert Real Estate Group:
Happy summer SOMA. Here is what is happening right now in local real estate. Sales are undoubtedly being impacted by both higher interest rates and stock market losses, compounded by folks being in “vacation mode” for the summer.
Buying power has been reduced and there is no way to sugar coat that. Keep in mind that to borrow $1 million in January at a 3% interest rate would have cost around $4,200 a month. To borrow that same amount at 5.5% currently would cost almost $6,000 a month.
For the first time in recent memory I have seen properties not selling in their first weekend on the market, being reduced in price and some offers being accepted at or even slightly below list price. Sellers are wondering if they have “missed the boat” despite all indications that our market continues to be at a high for sellers. Well priced and well prepared homes are still selling at very substantial prices and in very little time. I continue to monitor this very closely and here is a recent article that sums up what we are seeing here in SOMA as well.
Certainly for us agents, being able to present our clients with data so that they can make smart decisions will be critical in this new market normal. We will really need to understand the trends and get back to the basics of selling, networking and marketing. For buyers, more choices, some more time to make a decision and a little less competition might be ideal for those who have been sitting on the sidelines and who, correctly I believe, do not see huge price decreases on the horizon and are thinking long term. My advice is always make a move based on the “bigger picture” – what’s best for your family and your lifestyle. Those things always take precedence over timing the market!
Here is our latest market report for Maplewood:
Here is our latest market report for South Orange:
We thought it would be fun to put together a quick list of local New Jersey farmers markets around the area, in case a trip to the store for summer melon and butter lettuce has you in sticker shock. After all, if you have to pay more for food, you might as well buy the best available.
Open now until October 18, 2022
Time: Every Tuesday, 1:00 – 6:00 p.m.
Location: Municipal Parking Lot #1 on Main and Essex Streets
The afternoon hours make this location ideal for post-work vegetable runs and last-minute dinner ideas. Don’t rule it out for lunch, either.
Open now until November 21, 2022
Time: Every Monday, 2:00 – 7:00 p.m.
Location: Intersection of Springfield and Yale
There’s more here than fruits and vegetables, like Maplewood’s own Peruvian food truck The Sandwicheria and local craft brewery, Four City Brewing Company. Why can’t a farmers’ market make a great happy hour spot?
Open July 12 to October 25, 2022
Time: Mondays, 11:00 a.m. to 6:00 p.m.
Location: 66 Mountain Ave, at the Springfield Public Library
Close enough to use it as a second stop after Millburn, especially come later in the summer when different fruits and vegetables make it to the stands. Grab some local baked goods, while you’re at it.
Chatham Borough Farmers Market
Open now until November 19, 2022
Time: Saturdays, 8:00 a.m. to 1:00 p.m.
Location: Railroad Plaza South
This stop is all about celebrating local farmers and Chatham’s small retail business owners, showcasing displays from Empanada Lady, Pizza Vita, and Untied Brewery, among others.
Open now until November 20, 2022 (extended into December)
Time: Sundays 8:00 a.m. to 1:00 p.m.
Location: Park & Shop Lot #1 corner of DeForest and Woodland Avenues
A little ways out from Short Hills, this is one of the region’s longest running farmers markets in the state, now into its 29th season. Regional bakeries, coffee shops and small restaurants join a number of local growers in this popular weekend shopping spot.
Orange Farmers and Flea Market
Open now until September 30, 2022
Time: Last Saturday of each month 11:00 a.m. to 3:00 p.m.
Location: Orange High School, 400 Lincoln Ave, Orange, NJ
This about much more than food and drink, as local artisans and performers often make this location a frequent stop. However, make note, this market only runs monthly, not every week.
South Orange Farmers and Flea Market
Open now until October 26, 2022
Time: Every Wednesday 2:00 p.m. to 7:00 p.m.
Location: Sloan Street, parking lot in the heart of South Orange Downtown
Plastic bags aren’t allowed here, so show your support and bring one of the market’s reusable grocery bags to fill full of Josh Chocolates, vegetables from Stoney Hill Farms and the multitude of options from Pickles, Olives, etc.
Open now through November202, 2
Time: Every Saturday 8:00 a.m. to 2:00 p.m.
Location: 86 Walnut Street, Montclair, NJ
There’s a great deal of local pride in this farmers market, which has been going strong for 22 years. It showcases meat, vegetables, cheese, pickles, baked goods and more from 20 food vendors, five New Jersey farmers and 15 “food artisans.” Take your pick.
Naturally, New Jersey has just about every format of public market one could ask for, and this list is merely a sampling of what you can experience. If you want to find even more resources for local produce and farm goods, use the explore function on JerseyFresh.com, a resource for everything fresh about the Garden State.
The Allison Ziefert Real Estate Group is a top producing real estate team based at Compass in Short Hills, NJ. We are local market experts, specializing in real estate and homes in Maplewood, South Orange, Millburn/Short Hills, Montclair, West Orange, NJ and the surrounding towns. We are driven by earning great testimonials and referral business from happy clients. You can read our testimonials here.