Spring has finally arrived. Daffodils are blooming, the trees are in blossom and the For Sale signs are out in the yards of our neighborhoods. But just as the weather can be unreliable and patchy at this time of year so the spring market is a little uncertain. While the rest of New Jersey seems to be in a holding pattern and still weathering the impact of recession, Chatham seems to be holding its own as a “hot” or at least “warm” spot. According to Jeffrey Otteau, of the Otteau Valuation Group, which provides real estate analysis and information to realtors and others, there has been an …

To rent or to buy?  What is the answer to this perplexing question? Well … it all depends! If you are looking for a place to stay while your home is renovated or you have recently moved from out of state and need to get to know the neighborhoods, then a rental makes sense. If you have not been able to save for the large down payment, usually 20 to 30 percent, or you need to polish up your credit score, it makes sense to rent. And if you are not sure if you will be living in the area for a prolonged period, again it makes sense to rent. But what should you do if you do not have those …

The prospect of foreclosure brings with it a lot of emotion. Homeowners who go through the process are stressed, and neighbors get anxious that the value of the homes in the neighborhood will take a downward turn. Buyers can get nervous, too: They hope for a great deal but have trepidation about the process. Let’s take a step away from the emotion and take a look at what is happening in New Jersey and in Chatham on the foreclosure front. Jeffrey G. Otteau, of the Otteau Valuation Group, which provides real estate analysis and information to realtors and others, offers some valuable insights …

  A few weeks ago I identified Chatham as a “hot spot” in the housing market. The spring market has taken off early this year despite the snow and we have seen a number of homes offered a contract very quickly – sometimes with multiple offers. Just take a look at the figures: nineteen homes in Chatham Borough were listed on the market since the start of the year. Already one has closed, eight are under contract and three are in attorney review. In the township the pace has been a little slower: 29 homes were listed on the market and seven homes are under contract. The 15 homes under contract …

It may be freezing outside, but both the Chathams are on the "hot list" of New Jersey towns to buy a home in. Jeffrey Otteau of the Otteau Valuation Group lists 27 towns carrying less than six months inventory of homes on the market, six months being generally considered the “tipping point” for housing market health. At the end of 2010, Chatham Borough ranked second on Otteau's list with just 3.3 months supply of homes averaged over the last quarter of 2010. Chatham Township ranked seventh with 3.9 months supply. Having such a quick turnover time on the market helps keep the value of homes …