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Happy New Year and welcome to January's Market Update, the third installment of my ever evolving monthly newsletter, providing current and helpful information on the Maplewood/South Orange  real estate markets, as well as their surrounding towns.   As always, I'd love to hear from you with any feedback and suggestions.  So thanks for reading, and as always I'd be honored to satisfy any real estate needs you may have.

January 2014 Market Update

Locally   
The number of active listings in Maplewood dropped by 13.1% in December compared to November, while sale prices rose by 3%.  South Orange listings dropped by 10.8% in December over November, with sale prices also dropping 2%. 
Montclair dropped by 5% and Millburn/Short Hills increased by 1%.   The drop in sale prices in these towns mentioned here is mostly due to lack of new inventory in December (a historically slow month) and Buyers negotiating better prices on homes that had been overpriced and not selling.  See recent sales in your area.
Nationally 
 
This Month in Real Estate (CA) January 2014 
This Month in Real Estate (CA) January 2014

In Your Backyard 

Local News
  • January 15th, 7PM - Columbia High School State of the District Annual Report presented by Superintendent Brian Osborne, at Columbia High School Library, 17 Parker Avenue, Maplewood.  - The video of the report will be available by Friday, January 17th at http://somatv.pegcentral.com
  • January 20th, 2PM - 13th Annual Dr. Martin Luther King, Jr. Day Celebration at
  • Register now for Spring Etiquette classes for Kids in Maplewood!   

  • January 27, 4PM - Affordable Care Act Enrollment Assistance at Maplewood LIbrary.

  • January 17-19 & 24-26, 7:30PM  - interAct's performance of "The Importance of Being Earnest" at the Baird Center, South Orange.

  • January 23 - 7:30 - Author, "It's Not About the Broccoii",

  • See list of full events in the area. 

Barbara's Quick Tips
Insider Tips for Buying and Selling
As we start the new year off, Sellers in Maplewood/South Orange and our surrounding towns continue to benefit from higher home prices in January due to existing low inventory. We anticipate the rate of rising sale prices to begin to slow and ultimately remain flat as Spring approaches and inventories increase. This downward pressure will be slightly exacerbated as the Federal Reserve begins to unwind QE3 and interest rates consequently begin to creep up.  Those considering purchasing a home may wish to take advantage of the current break in price gains and lock in mortgage rates as they continue to trend upward.  If you're still hesitant on taking the plunge on your first home, take a look at this video!
Home Buyer Tips: Affordability 
Home Buyer Tips: Affordability
If you're thinking of selling, please give me a call for the most up to date anaylsis of your home. 

Interest Rates

In December, the Federal Reserve announced it would begin to curtail its purchases of non-traditional assets, also known as quantitative easing. As the Fed tentatively draws back its level of asset purchases, mortgage rates will likely continue to slowly increase.   

TypeRate
30-year fixed
4.48%
15-year fixed
3.52%
5/1 ARM
3.00%
Historical Average
8.9%
January 15 2014
In This Issue

Top Values Now! 

Maplewood/South Orange
Here's my top 4 choices this week for homes in the area.   All these homes offer one or more of the following:
 *quality renovation
* investor flip potential
* location/price combination   Check them out!    P.S. If you don't see all 4 homes here, it means they've sold that quickly!
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Barbara Lawrence
Keller Williams Midtown Direct Realty
Cell:  973-885-7745   |   Office: 973-913-8025 
barbara@maplewood-realestate.com   |   www.maplewood-realestate.com
181 Maplewood Avenue, Maplewood, NJ 07040


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