INVENTORY IS MISSING!!
What is Happening in This Market for 2025?
New Jersey’s real estate market has been a hot topic for several years now since the pandemic of 2020, and for good reason. With continuing rising home prices and fierce bidding wars, it’s hard not to wonder: What’s going to happen next for the Garden State’s housing market?
Seller’s Market:
1. New Jersey remains a seller's market, meaning there are more buyers than available properties, leading to competitive pricing.
2. Pricing Strategy: With moderating prices, accurately pricing your home is crucial. Setting the right price will attract potential buyers quickly.
3. Home Improvements: Investing in minor upgrades, such as landscaping and interior improvements, can enhance your property's value and appeal to buyers.
4. Optimal Listing Time: Spring or early summer is the best season to list your home, as it usually sees an influx of buyers looking to purchase.
If you're looking to sell or needing more specific advice on preparing a home for sale or navigating the market, feel free to ask! We are always here to assist you!
Buyers:
1. The real estate prices across the markets in New Jersey have been rising rapidly. Working with a great agent who knows the market and is involved with other agents is key and offering your Best Price is a must if you want to be in the running.
2. Although many people don't believe it, interest rates are relatively "normal" since 8% should be a standard rate. The pandemic set unrealistic rates which are no longer sustainable so anything under 8% is still a good rate.
3. Working out your best downpayment with your mortgage broker is important as they may have options for gifting you could use. Act sooner than later to see the homes you like.
4. To be on the safe side, always try to work with local agents who know the ins and outs of the market very well.