September 16, 2017
SELL FOR A HIGHER PRICE
In the current New Jersey real estate market, buyers are making a strong showing, but those low inventory levels? That makes it all about the seller!
Home prices nationally have risen about 5% over last year and low inventory levels are to blame, according to several real estate industry forecast experts. Bidding wars sparked by multiple buyers vying for the same home are giving sellers a significant bump in selling prices and favorable terms – very good news for a seller.
Most New Jersey REALTORS agree – they haven’t seen a market this lively for almost 20 years, and home owners who take advantage of the increasingly favorable conditions are enjoying excellent equity gains and pocketing higher returns at closing.
Although the current trend indicates a seller market, buyers are not without some advantages. Locking in low interest rates on a home mortgage is the buyers’ key to affordability in their home purchase. That preparation can also make your offer more attractive to the seller and may give you the edge in winning any bidding war you may find your offer caught up in.
THE NEW JERSEY REAL ESTATE MARKET
New Jersey is seeing a surging housing market that may last well into next year and beyond. David M. Blitzer managing director and chairman of the index committee at S&P Dow Jones Indices, says there’s some regional variation in how quickly prices are rising, but generally the issue is the number of homes available for sale. “Over the last year, analysts suggested that one factor pushing prices higher was the unusually low inventory of homes for sale,” Blitzer said in a press release. “People are staying in their homes longer rather than selling and trading up.”
Because of this, there are fewer homes for buyers to choose from and greater marketing opportunities for a seller to consider. Expert data on current conditions, available from your local marketing specialist, is the surest way to make your best real estate deal right now.
New home construction is also on the rise, and as more sellers decide to enter the market expect the price increases to slow down and a balanced marketplace to emerge.
Is this the right time for you to buy or sell a home? Specific data taking your personal situation into consideration will help with your decision making. Get answers to your questions by contacting Laura for information.