Par-Troy Realtor: 'It Is Time To Buy'

The sun is shining, spring has sprung and the serious real estate hunt, for many, is getting underway. If you are looking for a new home in the township, this may be a great opportunity for you, says real estate broker Lizanne Izenberg, who owns Century 21 Cardinal Enterprises in Parsippany.

"I am feeling very optimistic about the Parsippany market as this early spring market is upon us," Izenberg told Patch. "We have been experiencing a much higher volume of buyers looking at homes, and multiple offers on homes priced under $425,000-$445,000. Mortgage rates are amazing and at their lowest levels in 50 years."

According to Izenberg, the conditions make it a particularly good time for first-time buyers to seek real estate deals.

Prices, she said, are generally flat overall, but there are peaks and valleys to be seen.

"Reflecting over the past year, there was an overall drop in prices of about 4 percent.  This would be for homes under $500,000," Izenberg said. "However, the past two months of activity have shown a very slight increase in prices for homes with asking prices no greater than $450,000. Above that mark, the decline is a bit greater."

She also has a warning: The clock could run out soon. There is a good supply of available properties, according to Izenberg, but she cautions that the amount of inventory is limited for the long term.

"Our inventory is no longer in an oversupply situation," she explained. "Parsippany home supplies are just about in balance with about a six-month supply, [which means that beyond that time period], choices appear likely to be less abundant.  This sets the stage for prices to stabilize and start to rise."

Izenberg noted that home availabilities seem to stem from individual families' life cycle changes. The number of homes coming from foreclosures is low.

"A moratorium on some of those [foreclosure] proceedings may have held some of those homes from hitting the market.  Presently they are not the bulk of our homes sales activity," she said.

A challenge facing people in the Parsippany real estate industry is the situation in Lake Hiawatha, which has many homeowners still coping with damage from last summer's unprecedented floods.

"There are homes on the market there, and many of them do have the stigma of the flooding," she concedes. "This was a challenging event, yet now there are some excellent buys which may present opportunities for investors, retirees and first time buyers."

Her advice to home shoppers: Do not delay.

"Most everything is a good value right now.  I would recommend establishing a relationship with a licensed realtor and spending some time getting educated about areas and prices," Izenberg said. "Your agent will be able to give you good statistical and factual information.  Avoid making decisions based on Internet websites that quote market activity.  Those statistics are strictly computerized extrapolations and do not take into account the subtleties about areas, quality of construction, specific home locations, property condition, etc."

And if you are hoping to sell your home, Izenberg advises being realistic. She said it's wise to consult with a local realtor.

"Make sure they are thorough in explaining the statistics and market conditions," she cautioned. "Pricing is key. Most homes priced at or slightly below the market analysis figures are getting good offers within 45-90 days.  Also, the initial presentation is very important.  Your agent should be able to give advice on the best areas in which to concentrate to maximize salability."

While noting that the market is close to flat right now in terms of pricing, Izenberg said she is "optimistic," due to the new season, warm weather and "some pent-up demand."

"It may be a bust if the first time fence sitter stays on the fence," she said. "It is time to buy."