2020 is an unusual year to say the least and the real estate market certainly has been affected. Many homes have been pulled off the market due to COVID-19 a.k.a. corona virus. It is still too early to tell just how the market will be impacted. One thing is for sure though, the amount of transactions this spring will be significantly reduced. We are likely to see a very busy fall real estate market if the stay at home mandate is lifted. We could potentially see a busy summer as new homeowners may want to be settled in before the school year starts but that is also dependent on when the State mandate is lifted.
According to the Wall Street Journal, many residents are leaving Manhattan and migrating to the suburbs. With lowered inventory, this could increase the demand in the market potentially increasing home values.
Berkeley Heights, located in Union county, NJ is a desirable place to live for multiple reasons. It is within commuting distance to New York City and has a mid-town direct train line. It has nearby downtown areas of Summit, Chatham, and Westfield. In addition, it is also near the Watchung Reservation (currently closed) and Great Swamp for outdoor activities like hiking, road cycling, and bird watching.
If you are a current resident or a potential buyer, learning about the Berkeley Heights real estate market can be valuable knowledge. Here is a 12-month snapshot from the Multiple Listing Service in April of 2020.
These are the most recent statistics. In this analysis you can see there is a trend of the sales price lowering. This is not an indicator that the market is depreciating as one might think from a quick look. Having experience in reviewing these market analyses, I know the winter market is historically lower and the spring market higher. One constant is that the list price to sale price ratio is 97% throughout the year. That means if you are buying or selling a property, you can expect 3% negotiated off the list price. Despite many homes being pulled off the market, there are some new listings still coming on the market.
The short answer is yes. Fannie Mae as well as USPAP (Uniform Standards of Professional Appraisal Practice) have been temporarily allowing appraisers to perform hybrid appraisals because of corona virus. This entails the appraiser measuring the exterior and taking exterior photographs. The homeowner provides the interior photographs to the appraiser via email. The appraiser also interviews the homeowner to get information on the floorplan, recent upgrades, and overall condition.
Did you know the tax appeal deadline has been extended? The normal deadline is April 1st. Per the NJ Supreme Court, the deadline now is either May 1st or 30 days after the state of emergency has been lifted. Since it has not been lifted at this point, the deadline has been extended indefinitely. If you are interested in lowering your property taxes, having an appraisal in hand is your best defense.
The real estate market can be challenging, and you are likely dealing with one of the biggest purchases or sales in your life. Hiring a professional to help determine fair market value can help make a difference of thousands of dollars in your pocket. As a Berkeley Heights home appraiser, I have performed appraisals for buying, selling, tax appeals, divorce, estate planning, and refinancing. Please give American Realty Appraisals a call at 908-233-1337 to obtain the most accurate fair market value.
Evan from American Realty Appraisals came out to our home last spring to conduct a home appraisal in support of our property tax appeal. He arrived promptly at the agreed time, was very professional and conducted a thorough walk through. We were very satisfied with the results of his appraisal - they were well-researched and accurately captured the features of the home. His appraisal proved to be a crucial element in a very successful tax appeal. I would gladly recommend his services to others.
I was extremely pleased in my experience with American Realty Appraisals. Evan was very knowledgeable and was happy to answer any questions I had. His appraisal was useful in our being able to successfully appeal our taxes. It was worth every penny. He also shared some suggestions on how to shore up insulation efficiency around the house. 5 Star service. thanks!
Evan was extremely helpful in our obtaining a favorable result from our tax appeal and I highly recommend his services
If you want the Do's and Dont's. I would say DO use Evan. It was a very smooth and easy process. He worked around my schedule. His turnaround time was very impressive. Price: He was in line with the other quotes I received. And you DON'T need to worry. I will recommend him and use him again
Prepared the documents to submit for a tax appeal and accompanied me to the tax appeal hearing to present my case. I have used American Realty Appraisals twice and have won my tax appeal each time.
I was appealing my real estate taxes and American Reality did an appraisal on my home. The appraisal went well and as a result the tax appeal was successful and our real estate taxes were lowered.
I was ignoring go through Tax appeal process because I thought it was so cumbersome with very little chance of winning. In this process, I used Evan for a tax appeal. Not only we won but it was very easy and simple process between him and the lawyer. I highly recommend to use Evan, he knows what he is doing!
The tax appeal through you and Lisa Walsh was successful, and you may use me as a reference any time in the future
Evan was great. He was instrumental in helping me to appropriately lower my taxes via an accurate appraisal. I highly recommend his services to anyone in need of an appraisal in NJ.
When the interest rates dropped last year, I decided that it was a good idea to refinance my mortgage. I was recommended to American Realty Appraisals by my mortgage company. They were affordable, expedient, and ultimately put together a very comprehensive report with figures, photos, and local comps. I would highly recommend them to anyone looking for a professional and honest appraisal company.
Evan and his team at American Realty Appraisals are simply the best at what they do. As a mortgage banking professional, I have worked with dozens of appraisal firms over the years and I continually return to American Realty Appraisals when I can for their expert advice and service. I would highly recommend them if you are an individual looking to have your home appraised, or a banker looking to add a high quality appraisal firm to your list of approved appraisers.
Before I went to list my home, I hired Evan at American Realty Appraisals. I wanted an unbiased opinion of what my home was worth. He provided a thorough report that gave me piece of mind and a leg to stand on when it comes time to negotiate. I was also pleased with how fast he turned the report around after the inspection.
I am an attorney in Westfield and I refer all of my clients to American Realty Appraisals. I have worked closely with Evan Siegel for the past two years and I have been impressed with his professionalism, integrity and expertise as an appraiser. Relying on his appraisals, I have been able to negotiate property tax reductions for numerous clients in Union County. I highly recommend American Realty Appraisals for all of your residential real estate appraisal needs.
ARA did a great job of handling my tax appeal. The guidance was spot on and the staff, specifically, Evan Siegel, was professional and knowledgeable. The outcome was excellent and I'm saving a good amount of money on my real estate taxes. Thanks ARA!!
I used Evan for a tax appeal project. It was a seamless operation between him and the lawyer. Zero blips, and we won.
Mr. Siegel performed an appraisal for my home for tax appeal purposes. He was very professional and helped me lower my taxes by 17%. I am quite satisfied with his work.
Highly recommend. Excellent service, professional, prompt. Great result