Three homes sold last week in Fanwood, Scotch Plains and Westfield:
- 2060 Wood Road Scotch Plains NJ $476,000
- 1715 Florida St Westfield NJ $ 415,000
- 221 Connecticut St Westfield NJ $925,000
2060 Wood Rd Scotch Plains Ranch sold for cash and over asking price in “as-is” condition in 66 days an opportunity to update or build new 7 Rm 3 BR 1.5Bath taxes $12,921.
1715 Florida St, Westfield Colonial sold in 21 days “as-is” condition conventional mortgage updating needed 5 Rm 2 Br’s 1 bath taxes $8,979.
221 Connecticut St Westfield Colonial sold in 49 days for cash open floor plan beautiful setting 10 Rm 4 Br 3.5 baths taxes $24,334.
Despite only three homes closing this week in Westfield, Fanwood and Scotch Plains, the contract purchases started to exceed last year's. Home sales have had the highest number since December 2015. For the year of 2016 the area housing demand increased 15 precent, still reeling the benefit of lower mortgage rates. This increase is largely due to the millennials beginning to transition from renter to homeownership and the trade down purchases from the empty nesters.
With the mortgage rates increasing there still are relaxed lending standards and reduction in the down payment. If the supply of homes being offered for sale continues to decline: right now there are five months of inventory, translating to a seller’s market: an increase in appreciation results. With the looming rate increase from the Fed that could curb the price appreciation and slow purchase contracts or any new challenges in the housing market in our area. In spite of that I believe our homes sales will continue to be solid and robust. There is another bigger question hanging over the Housing market: the path of regulatory reform. If there are any big changes in the 2010 Dodd-Frank Law that could open up lending to far more Buyers.
So, thinking of buying? It’s a good time. Thinking of selling? It’s a good time.
Keller Williams Realty, located at 188 Elm Street in Westfield, serves the surrounding communities helping homebuyers, sellers, renters, investors and individuals who would like to make Real Estate a career. Contact the above sales representative or call the office at 908-233-8502 today.
*Fanwood, Scotch Plains and Westfield, NJ data according to the Garden State MLS, as of 2/27/17. Information deemed RELIABLE but not GUARANTEED.