From The Allison Ziefert Real Estate Group
Our December market reports are in and they show the full impact of the pandemic buying trend combined with low interest rates. The average sale price for 2020 was up substantially from 2019 in most of the towns we cover. In the chart below you will see each town listed in ascending order and its average percentage increase/decrease in sale price from 2019 to 2020. Note Orange and Montclair were both up by almost 20%!
| Chatham Twp. | -2.87 |
| Madison | -1.80 |
| Millburn | 2.84 |
| Springfield | 4.56 |
| Chatham Boro. | 5.87 |
| S. Orange | 6.07 |
| Short Hills | 6.66 |
| Summit | 7.62 |
| Union | 8.58 |
| W. Orange | 9.03 |
| Livingston | 9.86 |
| Maplewood | 10.81 |
| New Providence | 13.87 |
| Bloomfield | 14.96 |
| Glen Ridge | 15.10 |
| Orange | 18.91 |
| Montclair | 19.22 |
As always, here are our latest market reports for the two towns with the last month’s closed real estate sales and historical comparisons:
December 2020 Real Estate Market Reports for Maplewood
December 2020 Real Estate Market Reports for South Orange
These numbers could have you thinking it may be time to seize the opportunity presented by the current market. Here are my 5 Laws for Seller Success in any market:
1. Your house is worth what a buyer is willing to pay for it. Like any commodity, buyers compare your home to others on the market and those that have very recently sold. They want to get the best combination of location, size, condition, and value. They don’t consider what you paid, invested in the property, or what you hope to get for the home.
2. Preparation pays off. Making repairs, painting, thoroughly cleaning, and potentially making some cosmetic improvements will pay off for you in a higher sale price and shorter time on market. Our exclusive Compass Concierge program can help you prepare your home for sale with no upfront costs.
3. Pricing is a critical decision. Positioning your home competitively and correctly from the get go is crucial to seller success and drives your ability to get the best price and terms and to control the transaction. Price is your biggest marketing tool.
4. No house is perfect. A buyer’s home inspection will uncover some issues even a very well-maintained home. Expect to offer some credits or repairs with your buyer. A good real estate attorney and realtor can help you negotiate these to your advantage.
5. Quality marketing matters. Using professional photography, video, targeted social media, and internet marketing is key to getting your home sold for top dollar in today’s market. Your realtor is your property’s marketing and advertising agency. They can target the right audience with the most effective channels to elevate the style and story of your home.
If you have any questions about home maintenance, buying/selling, or investing in real estate my team of local market experts is here to help. Fee free to contact me at allison@azhomesnj.com for a confidential chat.
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.
