January 11, 2018
Inventory shortages have become a part of the real estate landscape for most of New Jersey, and the suburbs of northern New Jersey have not escaped their influences.
Is there any upside to these low levels?
For the home seller, less competition can certainly mean a sale will occur much faster than if there were a glut of homes available to choose from. Steadily climbing sale prices are another side effect of less inventory and high buyer demand that benefits those selling in this market.
While the good news is higher selling prices and shorter selling times, buyers are more discriminating and less inclined to invest “sweat equity” than in the past. Sellers will see the highest prices when they prepare a home properly for the marketplace.
The marketing plan and its execution will not only help determine your best selling price but it can also reveal what time frame to expect in your home sale, so check with your local marketing specialist before you make any final decisions.
For the home buyer, tight inventory may be viewed as limiting your choices. Fewer home to choose from might not appear to work in your best interest and could be seen as adding more stress to your buying experience. That doesn’t have to define your home search, if you consider that less inventory may actually make the process easier and actually less stressful. Without the dizzying amount of home to choose from you could find you are less distracted, and less to choose from may mean you get a clearer picture of what you really want in a home. One word of caution though, in this real estate climate, advance preparation allowing you to move quickly once the perfect home is located offers the best chance at closing the purchase quickly.
Working with a local experienced agent can also ensure you don’t miss out on any possibilities to choose from, as your local specialist has inside information on the neighborhoods and sales data.