OK, now that the chagim have passed, winding down with Mar Cheshvan without any holiday pressure—except Thanksgiving and Chanukah around the corner with overlapping dates miraculously again—we inevitably start wondering at this time: What is going on with the current real estate market? Is it the same? Should I sell now? Has the market turned the corner? Is there less competition with buyers vying for the same property?
So far, during Covid and post-Covid, we have endured the hot sellers’ market whereby housing inventory is low, coupled with higher prices and high and fierce bidding wars, creating buyer frustration and the ‘survival of the fittest’ syndrome. Of course, the flip side is the low interest rates to help the purchasers with the rising mortgage principals needed to cover the cost of the home. The lower the interest, the higher affordability of a mortgage. I’ve witnessed offers over the $50,000 asking price with a request by the seller to waive the appraisal, which many of my clients resorted to do. In the past, the appraisal was part of the process. With sellers driving the market, their terms of ignoring results of the appraisal have become more of the norm for, of course, to the seller’s advantage.
However, there are signs the market may be shifting. New listings are continuing to hit the market at this time in contrast to seasonable trends in the fall when listings and sales typically slow as children go back to school. As inventory increases, competition for homes may soften so there just may be a breath of fresh air for buyers at this time. After over two years of steady gains, it would be a new type of market to plunge into depending on your agenda. Of course, the trends and cycles have yet to unfold.
The NJMLS monthly snapshot report closed sales down 14.4% to 1309; townhouse-condo closed sales down 11% to 429; and adult communities closed sales down 25% to 15. Please note that median sales prices increased 6.95% to $561,000; townhouse-condo median sales prices increased 0.3% to $360,000; and adult communities median sales price increased 10.3% to $435,000. What is evident is a decrease in closed sales, possibly due to lower inventory coupled with an increase in median sales prices across the board.
Please go to my link, check the market of your choosing by linking to https://rubykaplan.exprealty.com/market-report.php. And, for sellers, go to link for home valuations:..https://rubykaplan.exprealty.com/sell.php You’ll be glad you did!
These links may be enlightening to determine market value and home valuation for your particular needs. Hope it helps! And, remember, “Home is Where Your Heart Is”…..so go for it!
Ruby Kaplan is a realtor licensed in both New Jersey and New York. Her passion is to help people meet their housing needs and goals. Having bought, sold and built homes, she has acquired an expertise to represent both sellers and buyers. She is sensitive to her clients’ needs and has a driven commitment to oversee all her transactions with honesty, integrity, knowledge and dedication. Visit www.rubybobbyhomes.com for more information. The Ruby and Bobby Kaplan team/United RE/ will promote your home with the best of social media and create alerts for your criteria of housing needs. Your Housing Needs Are Our Priority! Ruby can be reached at 201-314-4152 or on her cell at 917-576-4177 or at [email protected].
