Greetings!
Welcome to my inaugural monthly Market Update! I'm excited to provide relevant and useful information on the Maplewood/South Orange real estate market. I'd also love to hear from you with any feedback and suggestions. So thanks for reading, and looking forward to satisfying your real estate needs!
|
November 2013 Market Update
|
Locally
The market saw steady growth this past summer with houses selling at or over list price. Much of that acceleration was due to low mortgage interest rates and low inventory. With less homes on the market and greater buyer competition, many houses had multiple bids. We saw a dip in the market this past month, with homes selling at 3% below list price for Maplewood and South Orange. See Recent Sales in your area. Nationally  | | This Month in Real Estate November 2013 |
|
* Keller Williams is currently conducting our annual coat drive through the winter for children and adults in need. If you have a new or gently worn coat you'd like to donate you can drop it off in a box near the front door of our office located at 181 Maplewood Avenue, Maplewood. Thanks for your donation!
* This Thanksgiving, two Short Hills community churches are partnering to serve a hot Thanksgiving meal to families in Irvington. Servers are needed. * The Menorah lighting begins on 12/3 at 6:30pm in Ricalton Square. See More. * Dickens Village opens Dec. 7th at 1PM when Santa arrives escorted by the Maplewood Fire Department. See More. * Maplewood celebrates marriage equality!
 | | The Group Wedding of Same-Sex Couples in Maplewood |
|
|
Insider Tips for Buying and Selling
If you've been thinking of selling your home, waiting for spring isn't always ideal. Inventory is low with only 119 active listings in Maplewood/South Orange, down 21% over last month. It's currently a seller's market and with less houses to compete against, listing your home now could fetch top dollar. For a free no obligation market analysis of your home, please give me a call.
|
|
Interest Rates
|
Interest rates have continued to dip after the Federal Reserve let the air out of the rate buildup we saw at the end of the summer. Currently, Freddie Mac reports rates at the following 30-year fixed-rate, 4.13%; 15 - year fixed-rate, 3.24%; 5/1- year adjustable rate, 3.00%.
| Type | Rate | 30-year fixed
| 4.13%
| 15-year fixed
| 3.24% | 5/1 ARM
| 3.00% | Historical Average
| 8.9% |
|
