Coldwell Banker Residential Brokerage 973-962-5410 Fax: 973-962-9697 130 Skyline Dr. RingwoodNJ07456
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Ringwood NJ Real Estate Sales of Existing Homes To Pick Up Mid-Summer
A flat pattern in home sales activity could continue for the next couple months before improving over the summer, according to the latest forecast by the National Association of Realtors®.
Lawrence Yun, NAR chief economist, said the extent of an expected recovery hinges on better access to affordable loans. "Things are beginning to improve, but the availability of affordable mortgages is uneven around the country and sometimes within metropolitan areas," he said. "As anticipated, we continue to look for a soft first half of the year, for both housing and the economy, before notable improvements in the second half. Some time is needed for FHA and new conforming jumbo loans to become widely available."
Below are the Ringwood NJ real estate sales statistics for April 2008 – as these statistics show, real estate always varies from neighborhood to neighborhood and rarely follows just one trend.
The Ringwood real estate market picked up some in April 2008, with a 25% increase in active listings, and 1 more home sold than in April 2007. The increase in inventory, however, may be responsible for lower prices - the median sales price decreased 5% to $347,500 while the average sales price dropped a dramatic 22% to $326,000. Homes were on the market for an average of 10 fewer days than they were last year.
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Ringwood
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Active
Listings
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Sold
Listings
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Median
Sale price
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Average
Sale Price
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Average
DOM
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April 2008
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120
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7
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$347,500
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$326,000
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90
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April 2007
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90
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6
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$366,000
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$416,333
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100
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In Wanaque, the real estate market continued to slow. Although the number of active listings decreased by only 3% this April over April 2007, the number of sold homes decreased by 58%. The median and average sales prices also declined - 13% and 6%, respectively. The median sales price was $305,000 and the average sales price was $312,800. Market times decreased by 13 days.
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Wanaque
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Active
Listings
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Sold
Listings
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Medain
Sale Price
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Average
Sale Price
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Average
DOM
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April 2008
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99
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5
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$305,000
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$312,800
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96
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April 2007
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102
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12
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$349,900
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$333,982
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109
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In Pompton Lakes, inventory decreased while market times shot up. The number of active listings decreased by 7% in April 2008, while the number of sold listings remained the same. The median sales price increased 6% to $330,000 and the average sales price increased 5% to $338,283. Even with fewer homes available, listings stayed on the market an average of 67 days longer than in 2007.
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Pompton Lakes
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Active
Listings
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Sold
Listings
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Medain
Sale Price
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Average
Sale Price
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Average
DOM
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April 2008
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142
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12
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$330,000
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$338,283
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171
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April 2007
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132
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12
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$309,000
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$322,367
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104
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Summer is a great time to move! If you are interested in buying or selling Ringwood NJ real estate, please call me at 973-962-5410 or visit HomesByOrly.com.
Statistics are based on information from the Garden State MLS. They are deemed reliable, but not guaranteed. Make the Most of Your Tax Rebate: Reinvest in Your Home 
In an effort to jumpstart the struggling economy, the federal government has approved an economic stimulus package that will send rebate checks to qualifying taxpayers, some as early as May. Homeowners can use this refund to invest in home improvements that add value in a difficult housing market.
Qualifying individual taxpayers will get up to $600 in rebates, working couples $1,200 and those with children an additional $300 per child. Add that to the average refund some taxpayers can expect after filing their taxes ($2,548 in 2007, according to CNNMoney.com) and that’s approximately $3,800 in total refunds from the federal government this year.
Investing these dollars in home improvements, such as replacing old leaky windows with newer, energy efficient ones, can offer homeowners a significant return on investment. Some experts believe that replacement windows are one of the best home improvement investments you can make in your home.
“Remodeling Magazine’s” 2007 Cost vs Value Report estimates that a homeowner may recoup 81 percent of the cost of installing low maintenance replacement windows at resale. That means on an $8,000 window replacement project, homeowners may recoup $6,480 at the time of sale.
In addition, new energy efficient windows can lower heating and cooling bills, improve a home’s comfort and aesthetics, and add long-lasting value.
There are some important things to keep in mind when choosing new energy efficient windows. Craig Evanich, president of Renewal by Andersen, suggests homeowners look for the ENERGY STAR label to ensure that they are energy efficient. According to the U.S. Department of Energy, replacing inefficient single pane windows with ENERGY STAR qualified windows could save up to 15 percent on your energy bills.
With a substantial savings in energy costs along with a solid return on investment from home improvement projects, buying energy efficient windows is a wise use of your rebate dollars. And, if you ever decide to sell your home, energy efficient windows can give you the edge -- and often a higher resale value -- over other sellers in an increasingly competitive housing market. (ARA)Ringwood NJ Real Estate Blog
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Coldwell Banker Residential Brokerage, 130 Skyline Dr., Ringwood, NJ, 07456
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