October 24, 2017
With holiday preparations still pushed to the back of our minds, the back to school rush over and the air crisp with promise, autumn has always been a great time to pursue the American dream of home ownership.
It is also the perfect time for those who have been thinking about selling but unsure of the direction the market was taking. Summer frenzy can obscure the real numbers of people who are seriously searching for their new home from those who are casually considering the possibilities.
While the current real estate market conditions have been a bit difficult to read clearly, thanks to the continued low inventory levels, autumn presents a spectacular season to house hunters and sellers. Those reasons include the fact that there are far less curiosity driven showings of homes for sale and those buyers who are active in the market tend to be more serious minded.
In Montclair alone for the month of September 2016, there were 170 active listings for buyers to choose from. 75 of those listings were new for the month and selling prices averaged out at $718,479.
Things have changed! This year for the same month a buyer found only 144 active listings to consider, with just 56 of them new in September. For sellers concerned about equity gains, there was a significant jump in values, with the average selling price coming in at $862,129.
Even with those factors being in play, patience and preparation are still what lead to a successful result. These tips will be helpful:
- FINANCES; This includes being prepared for closing costs, down payment (depending on your mortgage package) perhaps some repairs, upgrades or remodeling you may want done or even paying cash for your purchase. For those doing a mortgage, complete your full application and approval process before beginning your search to avoid unnecessary delays
- TIME; with lower than usual inventory, buyers are competing for less houses. It may take several offers before you set a closing date. Be prepared with market value information and the patience you’ll need
- KNOWLEDGE; know what you need, what you want and where you want to live.
If this is your first time buying a home or you are putting a home on the market for sale, the guidance and instruction of a professional will prove invaluable. Partner right from the start with someone knowledgeable about every aspect of the marketplace where you’ll be seeking or selling a home to ensure the most enjoyable and successful experience.
That all important conversation with your local marketing specialist will provide the counsel necessary for your experience proves to be phenomenally satisfying!