Historic Montclair Community Assoc. Inc. (HMCAI)

MONTCLAIR HOUSING by Jerry Malia, HMCAI board member

Oct 07, 2003

Historic Montclair homeowners have felt the rise and the fall of their property?’s value over the years; but perhaps not as dramatically as in the last six months. Compounding historically low interest rates with a high inventory of homes for sale has created a buyer?’s market. Currently there are 28 homes listed for sale in Montclair; seven homes are now under contract. Over the preceding six months, 34 homes have sold/closed.

You may have noticed that while some homes in our neighborhood have been for sale for a long time, others are sold rather quickly. The reason for this is most likely pricing. Of ten similar homes, the least expensive two or three will sell first and quickly. The next four to six will sell with possible price reductions and the remaining four must reduce their prices to meet the market, or be withdrawn. The condition the property is in can be a factor, depending on the buyer. The better the condition, the better the price.

The future of real estate/values in Historic Montclair looks bright. While interest rates have begun to rise, our proximity to new amenities and the maturity of our streets will continue to add to our property?’s value as neighboring development rolls toward completion. Interest rates and inventory do not trump location.