I had to update this post to acknowledge and celebrate the fact that it is the ONE HUNDREDTH post for the blog at www.Basking-Ridge-Real-Estate.com!!!
10/31/2009 – 11/06/2009
6 properties went under contract this past week in Basking Ridge (twice as many as last week!)
There are an additional 9 properties that are working through attorney review (all under $650,000) which means they have accepted offers and lawyers are working through the contract details.
Please contact me if you would like more information about any of these Basking Ridge homes or visit my Basking Ridge real estate site for more information on what has sold by month over the past year.
As of this morning there a total of 171 listings showing active in Basking Ridge in the MLS. With 34 going under contract in the last 30 days, Basking Ridge market absorption is 5 months. The absorption rate has been decreasing quite steadily; I have to attribute this to listings expiring or coming off the market for the holidays as much as I can say it’s because there are buyers out there. There ARE buyers out there – between 30 and 36 on a rolling 30 day basis – but there are also many listings that are simply coming off the market. I am SURE we will see a surge of “new” listings after the first of the year. Some of these will be new to the market and some will be returning to the market after not selling this past 6-12 months. Pricing is going to be key for these properties.
A note to sellers who are considering waiting until after the new year: The first time home buyer tax credit was extended AND it’s been expanded to include repeat buyers so if you list now, you may capture people moving up from a condo or a townhouse into your single family home. Buyers have to be under contract by April 30th to qualify. I do not think the winter market is going to slow down. If you wait until March you will miss anyone looking to capitalize on the credit. Just something to think about!
Visit my Basking Ridge website to search homes for sale in Basking Ridge and surrounding areas.
If you are thinking of moving, I can provide a free market analysis of your home’s value in today’s market.
