Warren township, located in Somerset NJ is a desirable place to live due to its good school system, commuting proximity to New York City and lush foliage. It is also near the Watchung Reservation and Great Swamp for outdoor activities like hiking, road cycling, and bird watching. You can catch a mid- town direct train from neighboring towns and it has lower taxes than some other areas as well.
Because it is slightly farther out from the city as compared to a market like, Chatham, you can get more for your money in this town. The real estate market has been on a wild ride in the past year and as a Warren appraiser, I’ll show you the difference in the numbers.
If you are a current resident or a potential buyer, learning about the Warren real estate market can be valuable knowledge. Here is a January of 2021 12-month snapshot from the Multiple Listing Service in
The first line I looked at was the median comparable sale price in the past year. This shows rapid appreciation, however it is not as necessarily high as it looks. Typically, the winter sells lower than the spring and summer, and this past spring we had a pause in the market because of COVID-19. Desperate sellers sold their homes under market value at that time. Once the State mandates were lifted, the floodgates opened and it became a seller’s market.
That is quite fast for most home’s to be selling under a month.
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. However, it is not uncommon for homes to go into a bidding war and sell above list price.
Many residents are leaving Manhattan and migrating to the suburbs. With lowered inventory, this has caused an increase in demand and helped to increase home values.
Do you think you are paying too much in taxes? We can review your property to see if you are eligible for an appeal. The deadline is April 1st. I also work closely with an attorney and that helps your odds of a successful tax appeal.
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 are potentially dealing with one of the biggest purchases or sales in your life. Hiring a professional to help determine fair market value can help save thousands of dollars in your pocket. As a Warren 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.
908-233-1337
908-233-1337