Tag Archive for: real estate investment NJ

,

Moving to Madison, New Jersey: Historic Charm with a Modern Twist

Embarking on a new life in New Jersey? Madison is a popular neighborhood and might be exactly what you’re looking for! Let’s dive into what makes Madison a fantastic place to live, along with some pros and cons of settling down in this quaint town. Whether you’re buying a home or just curious about the area, here’s everything you need to know about Madison, New Jersey.

Madison, New Jersey: A Blend of Historic Charm and Modern Amenities

Madison is nestled 25 miles west of New York City and is a town that beautifully mixes historical allure with modern convenience. It is bordered by Florham Park, Chatham, Harding, and Morristown, with Chatham sharing its vibrant Main Street and close proximity to train stations—making both towns ideal for potential homeowners.

What Madison Offers

Madison is the proud home of Drew University, which boasts an incredible classic theater. The town also features well-preserved historic homes and buildings that showcase a variety of architectural styles. If you’re considering moving to Madison, or even if you’re just exploring, here’s what you need to know:

Community and Market Insights

Before delving into the pros and cons, take advantage of two essential resources I’ve linked below in the video description:

  1. Community Guide: This link provides up-to-date information on local shops, restaurants, parks, and current events. It’s refreshed regularly, so even if you’re watching this video a year from now, the information will still be relevant.
  2. Market Report: This offers the previous month’s market statistics, including median costs and days on the market, helping you become an expert on Madison’s real estate landscape.

Demographics Overview

Madison has a population of approximately 16,898, with a median household income of over $152,000, and a median age of 36.1 years. The town’s tax rate stands at 2.05%, which is quite favorable compared to nearby commutable areas.

Pros of Living in Madison

  1. Convenient Commute: Madison offers an easy commute to New York City, with its central train station making daily travels seamless.
  2. Vibrant Downtown: The heart of Madison is filled with character, featuring a variety of boutiques, shops, restaurants, and cultural amenities.
  3. Picturesque Parks: Beyond its charming downtown, Madison boasts beautiful parks such as Memorial Park and Dodge Field, and it’s close to the Great Swamp National Wildlife Refuge and the Morristown National Historical Park.

Cons of Living in Madison

  1. High Property Values: The average home cost is on the higher side, which might be challenging for those qualified at lower price points.
  2. Traffic Congestion: The main street can get quite busy during rush hours.
  3. Densely Populated Small Township: This means less acreage per property, which might be a drawback for those seeking more land.
  4. Property Maintenance Costs: Owning historic homes often comes with higher maintenance and renovation costs.

Madison Real Estate by Bedroom Count

To give you an idea of the property costs at the time of writing:

  • One-bedroom homes average around $350,000.
  • Two-bedrooms at $469,000.
  • Three-bedrooms around $740,000.
  • Four-bedrooms typically cost over $1 million.
  • Homes with five or more bedrooms average about $1.9 million.

Madison offers a blend of historical charm and modern convenience that makes it a continually strong market for real estate investment. Whether you are buying or just exploring, Madison presents a unique opportunity.

If you have any more questions or need further insights into Madison or other New Jersey towns, feel free to reach out. And don’t forget to check out my other New Jersey Neighborhood Guides.

Remember to like, subscribe, and hit the notification bell on my YouTube channel here to stay updated on all things New Jersey real estate.

by
,

Months of Supply: The Only Thing You Need to Know When Trying To Sell or Buy A House

Hey everyone, Corey Skaggs here. With all the stats, facts, and numbers flying around in New Jersey’s whirlwind real estate market, it can feel a little overwhelming trying to make sense of it all. But did you know there’s just one number that can give you a clear picture of what’s happening in any given market, whether you’re buying or selling? It’s called “months of supply”. Let’s dive into what this magic number is and why it’s so crucial.

Understanding the Months of Supply

The key to unlocking the mysteries of any real estate market, crazy or calm, lies in understanding the Months of Supply. This figure is derived from an absorption report, which crunches current listings, recent sales, and the average number of homes sold per month. Sounds like a lot of math, but it boils down to one invaluable insight: How long the current supply of properties for sale would last if no new ones were to be added.

For example, if we have a 3.0 Months of Supply, it means if no new homes were listed starting today, it would take three months for all the existing homes to be sold. Imagine that—no more homes for sale in just three months!

Decoding the Number

But how do we interpret this number? If a 6.0 Months of Supply is considered balanced, where neither buyers nor sellers have the upper hand, anything below leans towards the seller’s advantage. Conversely, anything above 6 indicates a buyer’s market. Recently, we’ve seen numbers as low as 1.22, screaming that it’s a seller’s paradise with fierce competition and scarce inventory for New Jersey buyers.

Strategic Timing for Buyers and Sellers

For buyers in a competitive market like New Jersey, monitoring the Months of Supply can be your secret weapon. As the number creeps up, it signals easing competition, hinting it might be time to jump back into the fray.

Sellers, on the other hand, should also keep a close eye on this trend. Planning to sell in six or seven months? Regularly checking this number can guide you to possibly list sooner. If you notice it inching towards 6 or higher, it suggests the market might become tougher for sellers.

Why The Months of Supply Matters

In essence, the Month of Supply is a snapshot of the market’s health and momentum. It simplifies complex market dynamics into a single, understandable figure, guiding your buying or selling decisions with clearer insight and direction.

Ready to Talk Numbers?

If you’re in New Jersey and curious about the Months of Supply in your area, I’m here to help. For those outside NJ, I encourage you to ask your local real estate agent about this critical number. It’s a straightforward yet powerful tool to navigate the real estate market with confidence.

Want to dive deeper into real estate strategies or need specific insights for the New Jersey property market? Don’t hesitate to get in touch.

Happy house hunting or selling! Remember, in the world of real estate, knowledge is not just power—it’s profit!

by