The South Orange & Maplewood markets have been really exciting. Not only are our sellers happy with how quickly listings are selling (and, often times, for a higher price), but interest rates have remained low and an influx of inventory has allowed buyers to break into the market without breaking the bank. Here are some nerdy stats:
531 single family homes sold in the last year.
60% sold in an average of 17 days at an average of 106% of the original list price.
Average SOMA sales price $611,151 (compared to $549,228 a year ago).
Average size 4 beds, 2 1/2 baths.
Interest rates stayed low even after many financial analysts speculated that a rate hike was needed. Rates for a 30 year fixed stayed in the 3.45% range and 2.7% for a 15 year.
Fannie Mae has answered the need for low down payment mortgage options by allowing buyers to put down as little as 3% for loan amount up to 417k and as little as 5% for mortgage in high cost of living areas up to 625k.
For information about financing, click here to reach out to Tom Begley, our Senior Loan Officer!
The Kate Elliott Team had some very nice closings last month, but we’d like to highlight 12 Wetmore Ave in Maplewood. We threw a VIPreview party for this Restored & Restyled home and, even in a traditionally slow August market, fielded 10 offers in 5 days! Needless to say, our seller was very happy. (So was our buyer – they came out on top in the bidding war!)
12 Wetmore Ave Video
FEATURED LISTING – 425 TILLOU ROAD, SOUTH ORANGE, NJ
This stately South Orange home is impressive before you even go inside. Located on 1/2 an acre just blocks from the Village, this grand 5 bedroom home offers indoor/outdoor living at its best. Enter from the tree-lined front patio to the sun filled foyer and gaze on the original leaded glass feature window and refinished hardwood floors. Coffered ceilings add character to the vast living room, and the dining room boasts stunning built-ins and pocket doors. The sizable master bedroom opens to a dressing/sitting room with walk in closets. 425 Tillou offers a third floor suite that could you can tailor to suit your lifestyle – use it as a master, nanny suite, guest quarters or living and office space. Enjoy the neighborhood from your sun porch or relax in the finished basement – this house is truly a home. www.425Tillou.com
WAIT FOR IT… LOADS COMING UP THIS FALL!
We literally couldn’t be more excited about the listings we have coming up in the next couple of months. We know some of you are thinking about moving to the area, or are already here and trying to recruit your pals. If you want more info on the listings we are bringing to market (in every price range!), please do reach out. We’re happy to give you a VIPreview of inventory that is currently being prepped for market. (Dropping hints on a few: Stone’s throw to The Village, Next to the Park, Restored & Restyled… you get the idea – all good things).
PHEW! Ok, that’s a lot to digest, but hopefully the information is helpful and interesting! As always, it is a pleasure to chat so don’t hesitate to give us a shout.