The Current Real Estate Market in Northern NJ

Dear Friends, Sellers and Buyers:

If you’re planning to move soon, you might be wondering if there will be more homes to choose from, where prices and mortgage rates are headed, and how to navigate today’s market. If so, here's what the professionals are saying about what’s in store for this season.

Odeta Kushi, Deputy Chief Economist, First American:

“. . . it seems our general expectation for the spring is that we will see a pickup in inventory. In fact, that already seems to be happening. But it won’t necessarily be enough to satiate demand.”

Lisa Sturtevant, Chief Economist, Bright MLS:

“There is still strong demand, as the large millennial population remains in the prime first-time homebuying range.”

Danielle Hale, Chief Economist, Realtor.com:

“Where we are right now is the best of both worlds. Price increases are slowing, which is good for buyers, and prices are still relatively high, which is good for sellers.”

Skylar Olsen, Chief Economist, Zillow:

“There are slightly more homes for sale than this time last year, and there is still plenty of competition for well-priced houses. Buyers should prep their credit scores and sellers should prep their properties now, attractive listings are going pending in less than a month, and time on market will shrink in the weeks ahead.”

If you’re looking to sell, this spring might be your sweet spot because there are still not enough homes for sale on the market and a short supply tips the scale in the favor of Sellers. Sure, inventory is rising, but it’s nowhere near enough to meet today’s buyer demand. We are averaging over 60 viewings for our listings--due to our SMART RE-SULTS listing systyem and that generates a huge amount of buyer interest versus available inventory, which is why our listings are still selling so quickly.

If you’re looking to buy, the growing number of homes for sale this spring means you’ll have more choices than this time last year. But be prepared to move quickly since there’ll be plenty of competition with other buyers. There is nothing more frustrating, then to have someone contact me after a home has been on the market for several days and after the first weekend of Open Houses. By Tuesday, most listings have had offers, accepted one and are at least in Attorney Review, rendering showing requests a lost cause. If you are a serious buyer then you need to jump on seeing any listing that comes out no later than the first 3 days, in our opinion.

At The Mark Slade Homes Team, we have closed $ One-Half Billion in lifetime team transactions, over 750 transactions as well and have over 51 years of combined local real estate expertise, with MaryCeu Nunes having over 20+ years (she is also a Broker Associate), followed by me with 15 years of experience and then we have 4 other team members that bolster our combined total years of experience and offer our buyer clients multiple options and increased opportunity to meet with you and show you newly listed homes for sale. Our reach also includes all of our Keller Williams offices with over 176,000 professional agents worldwide, which we can pick out the top agents in any market, interview them on your behalf and then we will make a few recommendations for you. Our reach also extends beyond KW, having met thousands of other agents that are with other brokerages throughout the United States and also internationally.

If you would like to get a free home valuation to find out how much equity you have in your home, or have questions, call us at 917-797-5059 or you can email me at [email protected] or check out my website: BedroomCommunitiesofNYC.com .

You can also search for homes Here or call us for help finding your new home.

I hope that you and your family are all healthy and safe.