Don’t panic, but I have something negative to say about the current real estate market. It’s been a while since I’ve had to write any bad news. The market is miles above the deepest depths during the recession. The problem, put simply, is that we’re running on empty. There just aren’t enough homes to sell.
We’re in a situation where demand is far higher than supply and the homes are selling fast. My poor buyers are suffering from a lack of choices and a highly competitive bidding environment. As exciting as it is to see my listings go under contract in just days, I need more to replace them and help out the buyers who missed out on the last batch.
To give you an idea of where we are in the market, consider these facts:
In Morris County…
- New listings are down 6.4% compared to last July
- The total active # of listings is down 16%
- The number of homes sold year-to-date is up 13%
- Homes are selling 8.1% faster than last year
- The number of 55+ homes sold in Morris County is up 52% year-to-date compared to 2015. That’s some major growth!
The only solution is for homeowners who are on the fence about selling to list now! Here’s my Top 5 list of why now is a great time to sell your home!
Inventory has been historically low all Spring and Summer and now we’re entering a season that usually has a drop in inventory anyway. When the inventory is this low, there’s no chance of your home getting lost in the crowd.
Buyers who are out this time of year are serious and decisive. They want to pick quickly and close even faster. Most of them hope to move in before the Holidays or at least before the worst Winter storms can roll in and ice up their whole moving process.
Fall is a scenic time to sell in New Jersey. The trees are beautiful and that crisp Autumn light is making every neighborhood look its most beautiful. Your online listings will have dazzling Fall pictures complete with great shots of your yard. Outdoor pictures tend to be grey, have dead grass or be covered in snow. It’s tough to get one that looks good!
Every town seems to have an endless supply of events in September and October. These fun family times attract tons of new people to town and they’ll see your For Sale and Open House signs along the way!
We can run your open houses without worrying that they’ll be shut down by snowstorms.