A Good Time to Buy a Home in Fair Haven?

95 Harvard Road, Fair Haven, NJ

95 Harvard Road, Fair Haven, NJ

If you’ve been thinking about buying a home in Fair Haven, now might be a good time to be looking. While home prices nationwide have increased by more than 10%, the median price of a home in Fair Haven has actually decreased by 3% compared to a year ago.

Homes in Fair Haven still are expensive- the current median price is $645,000. However, with its excellent schools, Navesink River location, and proximity to the train, high-speed ferry and the Garden State Parkway, Fair Haven is a very desirable town. I’ve lived here since 1975 and I know this town.

Let’s look at Fair Haven’s 8 month year-to-date statistics, focusing on the 4 key objective real estate indicators (items in bold font are good news for home sellers, but bad news for home buyers; the item in underlined italic font is bad news for home sellers, but good news for home buyers):

Sales: 64 in 2012, 69 in 2013 (+8%)

Listings: 40 in 2012, 31 at the end of August 2013 (-23%)

Median Sales Price: $662,250 in 2012, $645,000 in 2013 (-3%)

Absorption Rate: 6.3 months in 2012, 3.6 months now (stronger Demand vs. Supply)

As you can see, 3 of the indicators (more sales, fewer listings and a shorter real estate absorption rate) are good news for home sellers, and are predicting higher home prices; however, the current lower median sales price may represent a “window of opportunity” for buyers. If you aren’t familiar with the real estate absorption rate, take a look at last month’s blog post.

Traditionally there’s an upswing in the number of home sales between Labor Day and Thanksgiving, and then a relatively quiet real estate market until early spring. If you’re thinking of buying a home in Fair Haven, look now while there’s still a good supply of homes on the market. If you find a home you like, you’d be wise to lock in a mortgage interest rate before the rates go up again.

Currently the least expensive home in Fair Haven is listed for $335,000 for a 2 bedroom, 1 bath Cape. There are 5 homes listed in the $500 – $600 thousand dollar range (Capes and older Colonials), and 4 more in the $600 – $700 thousand dollar range, including one home that’s new construction.  Navesink River waterfront homes start at $1,800,000.

Remember, if you find a listing for a home in Fair Haven you like, DON’T CALL THE LISTING AGENT. The Listing Agent works for the Seller, and has a fiduciary responsibility to get the highest price. You want to work with a REALTOR® whose undivided loyalty is to YOU, and who will negotiate the LOWEST price.

I’d be glad to help you find exactly what you’re looking for in Fair Haven- just call, text or email me and I’ll get right back to you.

Len

Dunikoski1212webLeonard “Len” Dunikoski, GRI
REALTOR® Associate
Diane Turton Realtors – Rumson Office
8 West River Road
Rumson, NJ 07760

(732) 239-0739  (cell)    (732) 530-6686 (office)

ldunikoski@dianeturton.com

http://www.rumsonfairhavenhome.com

Advertisements
This entry was posted in Fair Haven Homes Sold, Fair Haven Real Estate, Fair Haven real estate agent, Rumson Fair Haven Real Estate, Rumson Fair Haven Real Estate Agent. Bookmark the permalink.

One Response to A Good Time to Buy a Home in Fair Haven?

  1. Pingback: A Good Time to <b>Buy a Home</b> in Fair Haven? | Rumson Fair Haven <b>…</b>

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s