The spring real estate season is here and locations throughout Central New Jersey are still experiencing a sellers’ market with low inventories and high demand. Homes and properties are still moving at a quick pace. Potential buyer and sellers need to be aware of some essentials if they’re entering the market.
Demand from buyers resumed this winter after a brief holiday break. Millennials and other first-time home buyers are among the most active in the market now, and they’re willing to consider fixer-uppers as well as contingencies in order to get into a home by summer. Many buyers are motivated to lock in mortgages sooner in order to be ahead of any increases in mortgage interest rates.
Being realistic about their budget from the start is essential for buyers. They also should be prepared to have a mortgage pre-approval in hand to be considered a serious buyer. Without a pre-approval letter, it will be nearly impossible to make an offer on a home.
Competition is strong right now, so buyers should be prepared to move quickly to make an offer if they see a house they like. Buyers may also have to cast a wider net to find a home. Although it’s a good idea to have a wish list in mind, it may be hard to find a house that ticks off all the boxes. Flexibility is key for buyers in this type of market. Working with a Realtor who is familiar with locations and neighborhoods can help buyers quickly access homes that may be a good fit.
In many areas, sellers can still benefit from last year’s price increases. Sellers are still receiving multiple offers at or above asking price, while bidding wars are still cropping up in some markets with very low inventories. However, to obtain the best outcome for the sale of their home, sellers must make sure their home is priced correctly from the start. An experienced Realtor who knows the market is the best resource to help set the selling price of a home.
