Health & Fitness
Long Valley Real Estate Market Today vs. 10 Years Ago
How has the Long Valley real estate market changed in the past 10 years? What should you, as a seller, know about your home and neighborhood before you put it on the market?
There is only one thing that remains the same from 2001 until today in Long Vally real estate - pricing!
The difference is that homeowners were thrilled with their property values in 2001. Values had been appreciating quickly from 1997 to 2001 and Long Valley saw more than their fair share of increase - it was the best kept secret in Morris County!! Excellent schools, beautiful location, hometown atmosphere, family friendly, low crime. "Wow! You mean I can buy a house for a lot less in Long Valley than anywhere East and it will be newer, on a larger lot and in a great school district?" That's what buyers were saying in 2001, pushing prices higher with the new, increased demand.
Now, in 2011, it appears that we are very close to being back to 2001 values, but no one is happy. The thought always goes back to "what could have been if I sold in 2005." But, if you didn't need to sell in 2005, it's irrelevant. If you've owned your house since 1975, you've seen your value go up, down, up, down, up and down again. All that matters is the value when it's time to sell.
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Another major difference between 2001 and 2011 is the way that buyers buy homes. In 2001 the internet was a place to start looking, but many buyers still looked for a home the old fashioned way. Now, a buyer has access to tax records, tax maps, Google Earth, Zillow, Trulia and numerous other sites to help them know more about your home than you do, before they ever walk in the door. They may already have the price that they want to offer, in mind, before stepping inside!!
The information that is available to home buyers today is at their fingertips. They're educated, savvy, business minded and are afraid to overpay in a depreciating market, so they will build their case. As a seller, you should be just as educated about the market if you're getting ready to sell. Pretend you're a buyer and research as much as you can about your own house, neighborhood, values, surrounding properties and more. That's the best advice I can give you if you're thinking about selling today.
