Raj Patel, Home Buyer in Clinton, NJ

Any reason why there so many homes from Carriage Gate suddenly on the market..particularly Stirrup Lane?

Asked by Raj Patel, Clinton, NJ Wed Jul 9, 2008

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Wayne Smith’s answer
Raj,
I think that the inventory level in Carriage Gate (a GREAT developement by the way) may simply be a reflection of the marketplace dynamics over the past 5 years. Prior to 2005, Carriage Gate saw a dramatic increase in market value as did Townsende. I've worked that area for years and saw the ping pong match occur between these two developments. First Carriage Gate saw the increases, then Townsende, then Carriage Gate. Many of these homes were purchased under the interest only ARM period. Those ARM's have now re-adusted so it may be affordability issue. These 2 developments appeal to commuters to the Bridgewater area and a number may be RELO or job related listings. In addition, the Days on Market have increased which has resulted in higher inventory and hence, more homes for sale in any given area versus a few years ago. If I can assist in any way please give me a call.
Web Reference: http://www.waynefsmith.com
0 votes Thank Flag Link Wed Jul 23, 2008
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