Tuesday, March 21, 2023

We are entering the second week of March and it looks like everyone is too busy thinking about Passover to be bothered with the sale of their home. Traditionally speaking, we are firmly in spring market territory and though outside it may feel like winter is just starting, don’t be fooled. The exact date of the new school year 2023 this coming fall has not yet been announced. That date determines the opening bell for the serious spring market. All potential buyers hoping to move their families to a new home before September should be “all hands on deck” in their home buying process. Regrettably, there is not much inventory to view as the numbers have incredibly found room to go even lower. At the time of writing this article there were 44 homes for sale in Teaneck, Bergenfield, and New Milford combined. With the numbers this low, buyers will more than likely continue to experience high prices despite the rise in interest rates on a typical 30 year home mortgage. For the few sellers out there who are making the move, correctly priced homes are being rewarded with multiple strong offers and ultimately a contract of sale in a matter of weeks. For sellers, it is still your market! As for buyers, like we said a few weeks ago, low inventory doesn’t mean no inventory. It is still possible to find your home.

Nechama Polak is the broker of record and owner of V and N Group LLC located at 1401 Palisade Ave in Teaneck. [email protected] 201 826 8809.

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