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Welcome to February's Market Update, the fourth 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.  Happy Valentine's Day!

February 2014 Market Update

January was off to a slow start for new inventory, however the few (well priced) new listings sold quickly due to stiff buyer competition.  This is especially prevalent in Montclair, a town known historically for underpricing, with multiple offers driving prices 10% over list price on some houses. The number of active listings in Maplewood were the same in January as December, while the list to sale price percentage dropped by 1%.  South Orange list to sales price ratio was 101% for both January and December.  Millburn's inventory increased slightly in January however it's list to sale price ratio was down 3%. Montclair increased by 2%, West Orange and Glen Ridge by 1%. See recent sales in your area.
This Month in Real Estate Feb 2014 (US) 
This Month in Real Estate Feb 2014 (US)

In Your Backyard 

Local News
Barbara's Quick Tips
Insider Tips for Buying and Selling
Higher home prices continue to benefit Sellers in Maplewood/South Orange and surrounding towns as we approach the Spring market.  And while the increased prices and low inventory is a benefit to those selling, Sellers still need to be careful when putting their house on the market to not price it too high.  This is a great video on how pricing yourself too high can actually cost you more at closing.
If you're thinking of selling, please give me a call for the most up to date anaylsis of your home.
Why Some Houses Sit While Other Houses Sell 
Why Some Houses Sit While Other Houses Sell

Interest Rates

On January 29 the Federal Reserve announced it would continue to curtail its nontraditional asset purchases in February, as the strength of the economy continues to improve. As the Federal Reserve draws back its level of asset purchases, mortgage rates will likely continue to slowly increase. Recent turbulence in emerging markets may be having a dampening effect on mortgage rates as investors move heavily into U.S. treasuries, driving down yields which will have the effect of lowering other interest rates. 

30-year fixed
15-year fixed
5/1 ARM
Historical Average
February 14, 2014
In This Issue

Top Values Now! 

Maplewood/South Orange
Here's my top 5 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 5 homes here, it means they've sold that quickly!
You Tube

circle Marks The Spot!

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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