What we’ve been noticing is the housing index supply component, which checks the amount of homes that actually come on the market and tracks the amount of new listings, have been getting to the level of back in January, which is encouraging news for buyers.
However, due to the fluency of buyers coming from more densely populated areas like New York and the outskirts of New Jersey, we have more buyers than the amount of buyers that we typically have in the region, especially in the spring and the summer markets and although that’s encouraging news we still need more inventory.
What’s happening is for the sellers is a great market. Let me ask you, if you wanted to put your home on the market, would it be better for you to put it on a low inventory, more buyers, or in a higher inventory, same amount of buyers?
Perhaps the first will be a better option. So this is what’s happening right now. Many buyers are getting discouraged, unfortunately, because in many cases they cannot compete with the amount of available buyers that are putting more money down with better buying power and better terms and In many cases, homes are selling quickly and with over 10% of asking prices.
This obviously is a great seller’s market. If your home is presented well, it’s got the right exposure and it’s price, right? Most likely it might sell over asking price. So this is the time to consider whether you’re in defense, you’re a buyer seller or an investor. This is a great, great time to be a seller, for buyers is still affordable due to the historically low interest rates and more availability of loans if qualified.
Feel free to contact me if you need anything, if you want to get your value, feel free to reach out to us at (973) 216-1945. We’ll do it for you without any obligation or expect
Do You Know What's Your Home Value?This is the Best Possible Time to Sell if Thinking to Move.
