Home Buying in Chatham>Question Details

Sharon Cerve…,  in Chatham, NJ

What is the average percentage of reduced prices in Chatham, NJ?

Asked by Sharon Cerverizzo, Chatham, NJ Thu Jul 1, 2010

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Hi Sharon...Im not sure what you mean by reduced prices? Can you explain what your meaning, ie list price reductions, sale price, number of homes that lower their asking prices compared to those don't, Are you comparing current data to anything? Are you thinking compared to 2007? Are thinking the town over all or just one section?

James Berman
0 votes Thank Flag Link Sat Jul 3, 2010

Prices are down everywhere it is not just in Chatham, here is the one thing that you have to understand and it is common sense real esate happens in cycles of 7-10 yrs. The price of you home maybe down but so are the prices of homes that you maybe looking at when your ready to buy. The market is changing ever single day so statistics are for the birds. No offense to the realtors below. Here i what you need to worry about getting your house on the maret at the right time like ....NOW... while still at the end of the spring market hitting thhe summer where if people are gonna move they want tobefore their children start school in September. Doesn't matter how much prices are down what you need to be concerned with is we are not yet at the bottom and you need to get the top price of what your home is worth in this market. Your not gonna get what you could have a few years back and no one knows what you will get in the future.

Ron SImone Jr.
All Towne Realty
732-978-0991 Cell
732-453-2930 Private
NJAR Circle of Excellence: Bronze Producer 2005 Silver Producer 2006-2009

Top 1% in sales of over 16,000 Union,Bergen,Essex,Hudson & Middlesex County agents in 2006 & 2009

"A referral of your friends & family is the finest compliment I could ever receive"
0 votes Thank Flag Link Thu Jul 1, 2010

You are not being serious are you?

Chatham prices are down sharply, just like everywhere else in northern NJ for the most part.

Last 12 months: July 1, 2009 to July 1, 2010: Median Chatham Twp home price was $690,000
Prior 12 months: July 1, 2008 to July 1, 2009: Median Chatham Twp home price was $831,500

As for 7 days marketing times? No. The median days-on-market for a home in Chatham Twp is 47 days. And that is for homes that are priced correctly.

Let's be careful before posting misinformation that could lead someone astray.


Marc Paolella
Relocation Director/Appraiser
Century 21 Joe Tekula Realtors
Phone (direct): (973) 584-4235
Coolest map-based home search: http://www.marcpaolella.com
0 votes Thank Flag Link Thu Jul 1, 2010
Sharon, Chatham is an appreciating market, prices are increasing. Properties listed at fair market are selling in under SEVEN days and sellers are picking the best and most qualified buyers because demand is still high. With almost no new inventory hitting the market, this trend will probably continue.
Web Reference: http://www.summit-nj.com
0 votes Thank Flag Link Thu Jul 1, 2010
Hi Sharon,

Most people reduce anywhere from 5-10% if they are not getting sufficient showings. Any less will not be meaningful and will not alter your competitive position vis-a-vis other homes listed for sale. So if you are listed for $895,000, for example, you might want to reduce to $849,000 at the very least, but even to $819,000 or $829,000 for good measure.

Some sellers will reduce $10,000 even if they are listed north of $600,000. Such a drop does not change their competitive position and will not have a good chance to generate new interest in the market.

So if you are not getting a good market response then:
1) Assess your marketing first. Does your home look absolutely fantastic and is it being seen in its best light everywhere on the Internet? Has it been professionally staged and professionally cleaned? Your agent should be providing all of this for you as part of the listing. If this is all done, then it is indeed time for
2) a meaningful reduction of 5-10%.

If you have any other questions or concerns feel free to contact me privately.

Good luck!


Marc Paolella
Relocation Director/Appraiser
Century 21 Joe Tekula Realtors
Phone (direct): (973) 584-4235
Coolest map-based home search: http://www.marcpaolella.com
0 votes Thank Flag Link Thu Jul 1, 2010
Hi Sharon,
It depends what price point you are in Chatham. Overall Chatham is a very strong market with absorption rates under four months which is good. If you want I can you send you all the statistical information. Forward me your email and I will be happy to get you the information.


Richard Nicola
Broker/Sales Representative
Weichert Realtors-Madison Office
Cell 201-317-3453
0 votes Thank Flag Link Thu Jul 1, 2010
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