Having been through several real estate cycles as a New Providence home appraiser, I have never seen a spring market like this one. Many homes have been pulled off the market due to COVID-19 a.k.a. corona virus. The stay in place mandate generally paused the market for a couple months, however activity is beginning to come back. We are likely to see a very busy fall real estate market and could potentially see a busy summer as new homeowners may want to be settled in before the school year starts. Of course, that is also dependent on when the State mandate is lifted and if school starts as usual in the fall.
If you are a current resident or a potential buyer, learning about the New Providence real estate market can be valuable knowledge.
In this analysis you can see that the last 90 days has the lowest median sale price. Is this an indicator of the market depreciating? Not necessarily. I would call this a glitch. Having experience in reviewing these market analyses, I know the winter market is historically lower and the spring market higher, therefore I would normally expect to see a higher median sale price in the spring. This year, I would expect to see a stronger summer and fall than the spring market. One constant is that the list price to sale price ratio is hovering around the 97-98% throughout the year. That means if you are buying or selling a property, you can expect 2-3% negotiated off the list price. As time progresses, more homes are coming back on the market.
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. This is another reason why I think the summer and fall may be stronger.
New Providence, 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. Nearby downtown areas of Summit, Chatham, and Westfield are convenient. In addition, it is also near the Watchung Reservation and Great Swamp for outdoor activities like hiking, road cycling, and bird watching.
These market statistics are over the past 12 months per the Multiple Listing Service.
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. Homeowners provide 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 which has passed, 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 could potentially be 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 New Providence 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