The year end results for NJ Home Sales show that an incredible amount of inventory sold in the last year. As a result, it is creating a fundamental shift in residential real estate in key markets in New Jersey. Homes sales in Millburn, Short Hills, South Orange, Maplewood and other key markets of New Jersey have been so robust that their average amount of inventory has diminished by half!
This “sell off” created the pivotal moment when it will turn it from a “Buyer’s Market to a Seller’s Market,” and presents great opportunity for buyers and sellers alike.
Sellers now have the best market to sell their property in the last 4 years. With less inventory, comes less competition and homes are selling faster and at slighlty higher prices.
Still A Great Time to Buy a Home in NJ
Buyers are still in an advantaged position because the prices have only just begun to rise and the interest rates continue to be at historical lows. The average mortgage rate is still under 4% for a 30 year fixed mortgage (if you have good credit and other qualifying parameters). So don’t kick yourself if you put off buying until now. Check out how much less it costs to live in the same house in 2012 compared to 2006.
You know how you always wish you knew about a stock right before it is going to take off? Well, this is that exact moment in the real estate market. It is a pivotal moment because the shift has already begun, but is only in it’s infancy. When you look back in 5 years you can’t say I didn’t tell you.