Homes in Westfield, NJ: Housing Market Trends for 2018
Thinking about buying, building or selling a home in Westfield, New Jersey?
Whether you’re a casual Zillow user or urgently looking for your next home, it’s important to know what’s going on in terms of housing market trends. Will prices continue to rise? Will that affect affordability? Will credit be readily available? These trends can help you understand the movement of the housing market, so you’ll be more informed when you go to sell or buy a house.
To help make sense of it all, we asked Lisa Stafford to answer a few questions. Lisa leads the Lisa Stafford Team at Coldwell Banker Residential Brokerage “East” in Westfield and has been a Real Estate Agent since 2003. She is a skilled professional at marketing new developments and routinely represents new construction home buyers through the Coldwell Banker New Homes Division.
Market conditions are looking good for buyers in Westfield.
Foreclosures are low, the housing market is strong, and Lisa believes that as long as interest rates stay relatively stable, the market should as well. Mortgage rates are predicted to rise slightly in 2018, but not enough to have any significant impact.
We asked Lisa to touch on the relative safety of Westfield in comparison to similar markets, and she assured us that Westfield remains one of the safest communities in the state. Crime rates across the board are much lower than national averages.
Another reason prospective buyers are interested in the area is because of the quality of the Westfield schools, which we dug into in our last post. Not only is school performance a big consideration for homeowners in Westfield, but
according to Lisa, “It pretty much drives the housing market — other than location for commuting to the city.”
Size and layout are key factors.
Another trend worth talking about is average house size. Popular TV shows are making it seem like smaller houses are the new big thing, but that is simply not true in Westfield. Buyers of new construction are looking for lots of space with a minimum of five bedrooms and five bathrooms.
Open layouts are must-haves, as buyers are looking to maximize square footage. Other considerations are lot size and whether or not there’s a pool. Buyers do want a nice big yard, but they’re split when it comes to pools. Some see a pool as a bonus and others view it as a liability.
According to Lisa, average buyers are spending around $1,400,000 on a custom home in Westfield. A lot goes into that figure, including the land, excavation, foundation work, structure, permits and of course, interior finishes. Kitchens and bathrooms remain the most expensive rooms to build in a house. In Westfield, you’ll pay more per square foot than in many other areas of New Jersey, and that’s largely due to the desirability of the area.
In general, buyers are looking for three things when shopping for a home. Lisa says Westfield buyers are looking for “quality craftsmanship, a well thought-out floor plan and location.”
We also asked Lisa what homeowners can do to maximize the resale value of their custom home.
She advises her clients to maintain their home and update as necessary, keeping in mind not to personalize too much as some prospective buyers may be turned off by that.
Where does your home stand in terms of these housing trends?
About Lisa Stafford
Lisa Stafford is a broker associate, full-time agent, knowledgeable on all aspects of the real estate business from purchase to closing, and is highly educated in the mortgage end of the business. She has been a real estate agent since September 2003 and is married to a third generation Realtor.
Whether you are buying or selling, her team understands the process can often be challenging and complicated. They focus on taking the pressure off you, so you can make clear and concise decisions throughout the process. “We are committed to our clients the whole transaction, no matter how long it takes, and long after it ends. They really sense that we care and I think that’s really been what’s set us apart” —Lisa Stafford
“ I can’t say enough good things about what a great experience this has been…”