The following is adapted from a blog post by Realtor Amy Harris. Read more of her blogs here.
Most of the available real estate research only looks back into the past. Until now, Realtors were only been able to analyze the market after sales have taken place. But, I am always asked my professional opinion about property value forecasts. Basically, my clients want to know, based on available economic indicators, the past year’s activity and my market knowledge, where do I think it is headed next year?
Using a brand new source, Weiss Analytics, I can now help homeowners and home buyers take a peek at what potential values will be by market in the next year. This is the first time I have witnessed a reliable tool like this and I am thrilled to present it to my client base.
To get a good sense of the current market for South Orange, Maplewood, Millburn and Livingston here are the results for the past 5 Years:
Home Values in South Orange, Maplewood, Millburn, Livingston Past Year:
These numbers indicate that the home values in Millburn are leveling off, are continuing to rise in Livingston and Maplewood and exploding in South Orange.
South Orange Property Value Forecast
This chart shows that a house that is currently valued at $471,000 would increase in value by almost $44,000 in the next 12 months. With interest rates currently at an all time low, this is an amazing return on investment for any home owner or real estate investor. The news is not so great for home buyers. They will do better to buy in South Orange sooner than later.
Maplewood Property Value Forecast
Maplewood’s real estate market sweet spot continues to experience the most activity in the $515,000 – $667,000 price range. If you have recently tried to buy a house in this list price range, you probably experienced the multiple bid process.
To see the forecast for Millburn and Livingston, visit Amy’s full blog here.
Amy Harris is a leading real estate agent at one of the top producing offices of Keller Williams nationwide. Specializing in markets along the Midtown Direct train line with a special emphasis on South Orange and Maplewood, she offers her clients true concierge service – from the start through completion of every real estate transaction she takes on. Harris donates a significant portion of the revenue she earns from each transaction to “Give Back Homes” a foundation that helps to build homes for families in need and is a Board of Trustee of The South Orange Maplewood Community Coalition on Race.