Real Estate Market Update – March 2013
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As we speak, there are more sales and homes going under contract than we have seen in a long time. And when you consider that our inventory levels are also at an all-time low, it’s apparent just how hot the real estate market really is these days! We did a review of this year’s numbers compared to the same time last year and the numbers are staggering. Here’s a look:
Buyers Want to Buy But There is Almost No Inventory Out There
Our marketplace has seen some interesting ups and downs throughout the past but who could have predicted such low inventory levels? In fact, if you look across the board at all our towns hitting the MIdTown Direct Train lines, we have tons of buyers out there eager to buy and hardly any houses for them to choose from.
Multiple Offers, Bidding Wars and Artificially Inflated Prices Are Back
With the staggeringly few homes available on the market, homes that are priced well and in great condition are the first to go. And they go with a bang – with multiple offers and bidding wars that have been resulting in artificially inflated prices. Sellers are enjoying the upper hand, often getting more than asking price for the sale of their homes.
Inventory Levels Drastically Reduced from Last Year’s Numbers
In South Orange we currently have 20% fewer homes on the market compared to the same time last year. West Orange is down by 30% and Berkeley is also down on inventory. Conversely, the number of homes going under contract is dramatically higher, with New Providence experiencing the highest jump at 79% more homes under contract this year. Chatham Township saw a 169% increase in pending contracts in the year’s first three months. Chatham Borough has a 50% increase of pending homes, Berkeley Heights is up 61% -- the list goes on.
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All this means one thing for sellers; now is the time to jump off the fence! If you’ve been wondering if your home would sell or if you haven’t been sure whether it’s the right time – trust me when I tell you that it could not be a better time.
Tax Appeals 101 for the State of New Jersey; How to Save Money on Property Taxes
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Nobody likes to pay taxes. So when it comes time to pay taxes on your property, it’s the same drill every year; when on the one hand homeowners like to think their home has a high property value, at tax time they do their best to “lower” that value and pay less taxes.
Tax Appeal Filings Window Jan 1 to April 1, 2013
Right now, we are nearing the end of our window where homeowners can appeal their property taxes to their local municipality and attempt to lower their taxes. There is only one window of opportunity each year to do this and it has saved countless homeowners a lot of money. First, you need to find out whether your taxes are too high.
How to Investigate Your Property Taxes
The first thing you will need to do is to find out your tax ratio. This is the assessed value of your home, divided by the actual market value. The reason property values from the municipality are often different than what you might expect to sell your home for is that often due to limited resources a tax assessment can be one from a while back. Towns do not go back and assess all properties too often because of the sheer expense involved.
First, determine your home’s market value. Your Realtor® will pull comparable sales in your market to see what other similar homes have sold for in the previous year – and then come up with todays’ market value. Next, determine the ratio between your assessed value and the market value.
Finally, look up your municipality in Chapter 123 (New Jersey’s Statute that governs how properties are taxed) and if your ratio is more than 15% of the average ratio there is a good chance you will have a successful tax appeal.
Choosing a Real Estate Attorney for Your Tax Appeal
Once you realize there is a chance your tax appeal will be successful, meet with a qualified and reputable real estate attorney for a consultation. It is important to share accurate information and it is equally as important that you choose a good attorney that will be honest about your property. The risk with a failed attempt to appeal your property taxes is that you could end up having to pay higher property taxes.
Keep in mind, a good attorney will assess the likelihood of success in your case and let you know. Choose an attorney that will charge you based on a contingent fee, so that you only end up paying for their services if and when you have a successful tax appeal.
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For more information on this topic or anything else real estate related, please contact our office today. You can reach Evan Drachman directly via phone or email and also visit his firm’s website (below).
Evan R. Drachman, Esq. | Dollinger Drachman, LLC
293 Eisenhower Parkway | Suite 310 | Livingston, New Jersey | 07039
p: 973-992-1700 x 106 | f: 973-992-6835 | direct fax: 973-629-1303 | edrachman@dollingerdrachman.com
Great Places to Eat in Summit, New Jersey
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What
is the cornerstone of a good life? Being happy! And how do many people define
happiness? Being among the ones they love, in a place they adore, doing things
they enjoy with the backdrop of fine entertainment and great food.
So
today, we’re covering two aspects of this definition of happiness; a fantastic
place and fabulous food. Summit, NJ is one of the most sought-after places to
live with such amenities as gorgeous greens nestled among gardens, amazing
parks and recreational facilities plus easy access to all areas in the region
through the MidTOWN DIRECT train line. Add to that the many things to do and
you’ll never tire of spending time in this laid back New England town.
Restaurants in
Summit
There
are a lot of great places to dine in Summit and here are just a few of our
favorites. Although we only mention a few, there is much variety and ample
availability of so many different types of cuisine in Summit. Enjoy!
La
Pastaria
Nice
family-owned Italian restaurant, perfect for dining indoors or outside for
lunch or dinner.
908-522-9088
Food
This
“contemporary comfort” restaurant, in their own words, provides delicious food
for dining outside or inside.
908-277-6222
Roots
Steak House
The
quintessential evening-out place for steak (and more)! This very popular restaurant
rivals any high-end restaurant in NYC. Must try!
908-273-0027
Visit
their website for choice of menus
The
Bombay Bistro
(formerly Dabbawalla)
Enjoy
delicious Indian cuisine through a variety of seasonal menus, with tasty Indian
classics such as Chicken Tikka, Biryani, curries and more.
908-918-0330
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Residents
of Summit know and love all the wonderful things to do and places to go – and
the delicious array of restaurants is no exception. If you’d like to explore
this great town, contact us today! We’d love to show you around and help you
find the perfect place so you, too, can call Summit NJ home.
973
214 0691
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