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Welcome to the August Market Update, providing current information on the Maplewood/South Orange real estate markets, as well as the surrounding towns.  Hope you're enjoying the summer!  As always, I'd love to hear from you with any feedback and suggestions.  So, thanks for reading, and I look forward to satisfying any real estate needs you might have. 
August 2014 Market Update
Locally

June is a huge month historically for closings, with schools getting out and people wanting to settle into their new homes. This past hot spring market also contributed largely to those numbers. In late June, the market typically cools off during July, as we've seen, as people make their summer travel plans.  This lull will likely continue through mid-late August.  However, there will always be some Buyers, who have either just sold their homes or have been priced out by the competition in the spring market.  That's not to say we aren't seeing multiple offers right now. Homes that are priced below market value and appeal to a wide range of Buyers are still selling quickly, and in some cases with multiple offers.  In June, on average, houses in Maplewood and South Orange sold at 1-2% above their list price from the previous month.  See recent sales in your area.

Nationally 
Barbara's Quick Tips
Insider Tips for Buying and Selling 
Selling your house?  Here are some staging ideas that will create a positive first impression:
  • Have your windows professionally washed.  Let the natural light stream in through clean windows.
  • Remove dated window treatments.  Have new ones made or leave them off altogether. 
  • Install new lighting.  If you have dated fixtures, updating lighting can make a big difference.  It does not have to be expensive.  Look online at what is trending on blogs, Pinterest and Houzz and try to duplicate what you see.
  • Get rid of fake plants.  They are eyesores!
  • This should be a given:  declutter!  Less is almost always more.  Clean up, organize and streamline.
  • Bathrooms and kitchens can make or break a deal.  If yours are outdated, the easiest fix is to regrout, recaulk and change fixtures in bathrooms and kitchens. 
  • Paint.  A fresh coat of paint goes a long way.  Paint with current, neutral paint colors.  For instance, gray is very in right now.  You want to use colors that allow buyers to imagine your home as their blank slate. 

Interest Rates

30-year rates rose a mere 3 basis points from the same week of the previous month, continuing this year's streak of relatively flat and occasionally falling mortgage rates. Currently, Freddie Mac reports the following figures: 30-year fixed rate, 4.17%; 15-year fixed rate, 3.30%; 5/1-year adjustable rate, 3.00%.

TypeRate
30-year fixed 4.17%
15-year fixed 3.30%
5/1 ARM 3.00%
Historical Average 8.9%
August, 1 2014
In This Issue

Top Values Now! 

HOT 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!

In Your Backyard 

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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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