Real Estate Information

Now is an excellent time to buy a house, especially for a first time buyer. The government recently announced a first-time buyer tax credit of $7,500 ( which is actually more of an interest free loan because it does have to be paid back over a 15 year period). Click Here to get more info on this programn or call me to 1-877-85-Glenn.

Also with the recent infusion of federal money in the mortgage system, interest rates have come down to less tha 5.5% for 30 year loans (as of Wednesday 11/26/08). When you add these new lower rates to the large inventory of houese available, there is no better time to buy.

I just listed a nice 3 bedroom 2 bath home in Rutherford for $415,000. It is located on a quiet residential street just a short walk to bus & LincolnSchool. It features den/office, living room, formal dining room with hardwood floor, moder kitchen on 1st floor, 3 bedrooms and bath on 2nd floor, a nicely finished basemenr with walkout to a screen room and a beautiful backyard with a gorgeous inground pool and nice yard area. There is also 2 storage sheds in backyard and a nice sideyard. To see a virtual tour of this lovely home click on the arrow below. For more details on this lovely home visit www.548Stuyvesant.info. Please Note: This property is SOLD and Closed.

Here are the Rutherford 1 family Sold stats up to June 2008. Stats are listed in this order: Number of Solds, Average Sold Price, Average days on market, average percent of sold price to listing price

June 2008  12   $442,125 87.08  89.90%
May 2008  4   $482,500 48  91,25%
April 2008  8   $568,063 90  81.61%
March 2008  5   $564,000 89.6  89.34%
February 2008  5   $569,000 185  86.91%
January 2008  5   $559,000 105  92.15%
Year 2007 124 $499,083 101 91%
December 2007 4 $448,750 89 86%
November 2007 11 $455,727 85 92%
October 2007 10 $508,900 66 93%
September 2007 10 $543,416 107 94%
August 2007 13 $485,692 118 90%
July 2007 18 $527,353 76 95%
June 2007 10 $445,400 87 92%
May 2007 8 $466,488 83 95%
April 2007 7 $482,857 90 90%
March 2007 11 $560,182 126 89%
February 2007 9 $532,444 154 88%
January 2007 10 $481,650 147 84%
Year 2006 104 $516,618 101 91%
December 2006 10 $467,850 110 90%
November 2006 9 $447,778 91 92%

Note: Data provided by NJMLS and might now include every sale

I came across a video that was produced by Real Estate Shows that dramitizes the old joke about how different people see the same house. It also gets the point across that a seller has to price his home correctly if he wants to get it sold. Enjoy the video.

The press has been so negative on the real estate market. So it's nice when the media does a truthful and informative piece. Such is the case with the video below which is from NBC's Today show and was broadcast on June 12, 2008. In it, Barbara Corcoran recommends a selling stratagy that I have been thinking about for a while. She recommends that you price your house less than it's worth so that you get more than one buyer to bid the price up. Watch it. It's quite interesting.

My 1 family listing at 274 Feronia Way, Rutherford, which was originally listed at $435,000, has been reduced to $415,000. At that price, in my opinion, it is a steal. This lovely colonial has an entry foyer, a nice living room, a formal dining room, a nice eat-in kitchen, and encloded rear porch and a powder room on the 1st floor. Upstairs there is 3 bedrooms and a bath. Basement is partially finished, there is a nice deck and a 1 car garage with attached storage area. There will be an open house on Sunday, June 8th from 1-4 PM, but if you would like to see this house earlier, just call me, Glenn Elliot, at 201-939-7500 x 222 or toll-free at 1-877-85-Glenn (877-854-5366). The house is listed in both the NJMLS & GSMLS, so if you are working with another REALTOR® ask them to call Glenn for an easy appointment. You can view this listing by clicking here  To view a virtual flyer click here.

Please note: This property is SOLD and Closed.

I recently spent a Saturday helping an area homeowner renovate her home as part of a project sponsored by the Real source association of REALTORS and Rebuilding Together. I have worked on many Habitate for Humanities and rebuilding together projects around the country (San Francisco, New Orleans, Oakland CA, Orlando) while attending the NAR business conference, but this is the first time that I have worked on a local project and it was gatifying to be able to help a needy local homeowner. To find out more about this project, click here.

ERA Hustin Realty Associates Carol Calimari, Aileen Vitale, Terry Mertens, and Glenn Elliot at the Rebuilding together site.

Here are the Rutherford 1 family Sold stats up to March 2008. Stats are listed in this order: Number of Solds, Average Sold Price, Average days on market, average percent of sold price to listing price

March 2008  5   $564,000 89.6  89.34%
February 2008  5   $569,000 185  86.91%
January 2008  5   $559,000 105  92.15%
Year 2007 124 $499,083 101 91%
December 2007 4 $448,750 89 86%
November 2007 11 $455,727 85 92%
October 2007 10 $508,900 66 93%
September 2007 10 $543,416 107 94%
August 2007 13 $485,692 118 90%
July 2007 18 $527,353 76 95%
June 2007 10 $445,400 87 92%
May 2007 8 $466,488 83 95%
April 2007 7 $482,857 90 90%
March 2007 11 $560,182 126 89%
February 2007 9 $532,444 154 88%
January 2007 10 $481,650 147 84%
Year 2006 104 $516,618 101 91%
December 2006 10 $467,850 110 90%
November 2006 9 $447,778 91 92%

Note: Data provided by NJMLS and might now include every sale

The media keeps talking about how bad the market is, and if you look at the stats, the market is down, but I think I have proven this month that if houses are priced right they will sell. This month (March 2008) I have had closings on 4 of my listings. A one family home, a 2 family house, a condo, and a co-op (I listed and sold this one). All of the sellers got less than they would have gotten 2 years ago, yet all of them were very happy. I also have a 2 family listing under contract, a multifamily listing under contract, a commercial property under contract, and I have a contract on a condominium and a co-op (other agents listings).

One reason I have been succesful in this market, is because I use my 32 years of experience in all kinds of markets, to price my listings at a level where I believe that they will sell and if they do not get the activity that they should, I convience my sellers to adjust the price to a level where they will get activity. This is not an exact science and sometimes, because of rapid market changes, my estimate of selling price is wrong, and I let my sellers know this as soon as I realize it, so that we can get the house priced right as soon as possible. It's extremely importnat to price property correctly in this market if you want to sell.

If you are things of selling, give me a call at 201-939-7500 x 222 or at 877-85-Glenn or send me an email by clicking here .

Thank you

Glenn Elliot

The March edition of the Rutherford NJ Real Estate Podcast is on available by clicking here. Hope that you enjoy it.