Selling a home typically involves several steps, including:
Preparing the home: Before putting the home on the market, it’s important to prepare it for sale. This may involve making repairs, decluttering, and staging the home to make it more attractive to potential buyers.
Setting the price: Determining the right price for the home is an important part of the selling process. This may involve working with a real estate agent to analyze market trends and comparable sales in the area.
Marketing the home: Once the home is ready for sale, it’s important to market it effectively to potential buyers. This may involve listing the home on popular real estate websites, creating professional photos and videos, and hosting open houses.
Receiving offers and negotiating: As potential buyers express interest in the home, they will typically make offers that will need to be negotiated with the seller. This may involve working with a real estate agent or attorney to ensure that the terms of the sale are favorable to the seller.
Closing the sale: Once an offer is accepted, the sale will need to be finalized through a closing process. This typically involves working with a title company and other professionals to transfer ownership of the home and finalize the sale.
Selling a home can be a complex and emotional process, and it’s important to work with experienced professionals, such as a real estate agent or attorney, to ensure a successful transaction. With careful planning and preparation, homeowners can successfully sell their homes and move on to the next chapter of their lives.
The median sales price for a single-family home in Monmouth County during July was $545,000. That’s an increase of 17.2% compared with July 2020, according to data from Realtor.com.
The number of houses sold fell by 14.1% from a year earlier. A total of 645 houses were sold county-wide during the month of July. During the same period a year earlier, 751 single-family homes were sold.
Real estate sales can take weeks or months to be recorded and collected. This is the latest data made available through Realtor.com to the USA TODAY Network.
Condominiums and town homes sold in July had a median sales price of $335,000. That figure represents a 8.8% increase year-over-year. In Monmouth County, 93 were sold, down 7.9% from a year earlier.
The median home sale price — the midway point of all the houses or units sold over a period of time — is used in this report instead of the average home sale price because experts say the median offers a more accurate view of what’s happening in a market. In finding the average price, all prices of homes sold are added and then divided by the number of homes sold. This measure can be skewed by one low or high price.
The USA TODAY Network is publishing localized versions of this story on its news sites across the country, generated with data from Realtor.com. The story was written by Sean Lahman.
The median sales price for a single-family home in Monmouth County during July was $545,000. That’s an increase of 17.2% compared with July 2020, according to data from Realtor.com.
The number of houses sold fell by 14.1% from a year earlier. A total of 645 houses were sold county-wide during the month of July. During the same period a year earlier, 751 single-family homes were sold.
Real estate sales can take weeks or months to be recorded and collected. This is the latest data made available through Realtor.com to the USA TODAY Network.
Condominiums and town homes sold in July had a median sales price of $335,000. That figure represents a 8.8% increase year-over-year. In Monmouth County, 93 were sold, down 7.9% from a year earlier.
The median home sale price — the midway point of all the houses or units sold over a period of time — is used in this report instead of the average home sale price because experts say the median offers a more accurate view of what’s happening in a market. In finding the average price, all prices of homes sold are added and then divided by the number of homes sold. This measure can be skewed by one low or high price.
The USA TODAY Network is publishing localized versions of this story on its news sites across the country, generated with data from Realtor.com. The story was written by Sean Lahman.
Low supply and high demand continued to define the U.S. housing market in the week ending Saturday, as buyers race to make deals before interest rates rise.
The median listing price of a home rose 12.8% annually last week, according to a report Thursday from Realtor.com. Price growth fell to single-digit levels in the fall, but has been above 10% for nine consecutive weeks.
At the same time, inventory was down 26% year over year, the report said. And properties are still selling fast—the average home spent 13 days fewer on the market than the same time last year.
“From accelerating home prices to declining time on market, last week’s housing data reflect rising competition for limited available inventory,” Danielle Hale, Realtor.com’s chief economist, said in the report.
Historically low mortgage rates have spurred many buyers to buy houses during the Covid-19 pandemic, she continued. Now, with rates back to pre-pandemic levels, buyers are hoping to get ahead of future increases.
“Recent housing trends suggest some buyers are feeling like time is running out to lock in relatively affordable monthly payments,” Ms. Hale continued.
Meanwhile, new listings were down 3% year over year, the data showed. That’s an improvement compared to the beginning of the year, when new listings had fallen by 15%.
Mansion Global is owned by Dow Jones. Both Dow Jones and Realtor.com are owned by News Corp.
The median sales price for a single-family home in Camden County during January was $270,000. That’s an increase of 14.9% compared with January 2021, according to a USA TODAY Network localized analysis generated with data from Realtor.com.
On a year-over-year basis, prices have been rising for 23 consecutive months. January prices are up from $262,500 the previous month.
The number of houses sold rose by 57% from a year earlier. A total of 793 houses were sold countywide during the month of January. During the same period a year earlier, 505 single-family homes were sold.
Gloucester County’s median sales price for a single-family home was $266,000, up 9.7% from a year earlier. Prices have been rising for 19 consecutive months on a year-over-year basis. Some 414 houses were sold in January, down 15.7% from a year earlier.
Real estate sales can take weeks or months to be recorded and collected. This is the latest data made available through Realtor.com to the USA TODAY Network.
Camden County condominiums and townhomes sold in January had a median sales price of $184,500. That figure represents a 19.8% increase year over year. Some 75 were sold, up 25% from a year earlier.
How hot is Camden and Gloucester counties’ real estate market in New Jersey?
In Camden County the top 10% of the properties sold had prices of at least $430,000, up 8.9% from a year before.
In January, two properties sold for at least $1 million, consisting of two single-family homes.
In Gloucester County the top 10% of the properties sold had prices of at least $470,000, up 11.7% from a year before.
The median home sale price — the midway point of all the houses or units sold over a period of time — is used in this report instead of the average home sale price because experts say the median offers a more accurate view of what’s happening in a market. In finding the average price, all prices of homes sold are added and then divided by the number of homes sold. This measure can be skewed by one low or high price.
The USA TODAY Network is publishing localized versions of this story on its news sites across the country, generated with data from Realtor.com. Localized versions are generated for communities where the data quality and transaction volume meets Realtor.com and USA TODAY Network standards. The story was written by Sean Lahman.
The median sales price for a single-family home in Bergen County during January was $590,000. That’s an increase of 4.4% compared with January 2021, according to a USA TODAY Network localized analysis generated with data from Realtor.com.
On a year-over-year basis, prices have been rising for 17 consecutive months. January prices are down from $600,000 the previous month.
The number of houses sold rose by 19.1% from a year earlier. A total of 1,004 houses were sold countywide during the month of January. During the same period a year earlier, 843 single-family homes were sold.
Passaic County‘s median sales price for a single-family home was $435,000, up 7.7% from a year earlier. Prices have been rising for 18 consecutive months on a year-over-year basis. Some 417 houses were sold in January, down 10.9% from a year earlier.
Hudson County‘s median sales price for a single-family home was $585,000, up 8.5% from a year earlier. Prices have been rising for 13 consecutive months on a year-over-year basis. Some 307 houses were sold in January, up 79.5% from a year earlier.
Essex County‘s median sales price for a single-family home was $500,000, up 6.4% from a year earlier. Prices have been rising for three consecutive months on a year-over-year basis. Some 504 houses were sold in January, down 23.1% from a year earlier.
Real estate sales can take weeks or months to be recorded and collected. This is the latest data made available through Realtor.com to the USA TODAY Network.
Bergen County condominiums and townhomes sold in January had a median sales price of $415,000. That figure represents a 12.2% increase year over year. Some 268 were sold, up 24.6% from a year earlier.
In Bergen County the top 10% of the properties sold had prices of at least $1,050,000, up 7.1% from a year before.
In January, 137 properties sold for at least $1 million, consisting of 114 single-family homes, 11 condominiums or townhomes and 12 other properties.
In Passaic County the top 10% of the properties sold had prices of at least $643,000, up 3.7% from a year before.
In Hudson County the top 10% of the properties sold had prices of at least $1,110,000, down 3.5% from a year before.
In Essex County the top 10% of the properties sold had prices of at least $969,000, up 2% from a year before.
The median home sale price — the midway point of all the houses or units sold over a period of time — is used in this report instead of the average home sale price because experts say the median offers a more accurate view of what’s happening in a market. In finding the average price, all prices of homes sold are added and then divided by the number of homes sold. This measure can be skewed by one low or high price.
The USA TODAY Network is publishing localized versions of this story on its news sites across the country, generated with data from Realtor.com. Localized versions are generated for communities where the data quality and transaction volume meets Realtor.com and USA TODAY Network standards. The story was written by Sean Lahman.
The median sales price for a single-family home in Camden County during January was $270,000. That’s an increase of 14.9% compared with January 2021, according to a USA TODAY Network localized analysis generated with data from Realtor.com.
On a year-over-year basis, prices have been rising for 23 consecutive months. January prices are up from $262,500 the previous month.
The number of houses sold rose by 57% from a year earlier. A total of 793 houses were sold countywide during the month of January. During the same period a year earlier, 505 single-family homes were sold.
Gloucester County’s median sales price for a single-family home was $266,000, up 9.7% from a year earlier. Prices have been rising for 19 consecutive months on a year-over-year basis. Some 414 houses were sold in January, down 15.7% from a year earlier.
Real estate sales can take weeks or months to be recorded and collected. This is the latest data made available through Realtor.com to the USA TODAY Network.
Camden County condominiums and townhomes sold in January had a median sales price of $184,500. That figure represents a 19.8% increase year over year. Some 75 were sold, up 25% from a year earlier.
How hot is Camden and Gloucester counties’ real estate market in New Jersey?
In Camden County the top 10% of the properties sold had prices of at least $430,000, up 8.9% from a year before.
In January, two properties sold for at least $1 million, consisting of two single-family homes.
In Gloucester County the top 10% of the properties sold had prices of at least $470,000, up 11.7% from a year before.
The median home sale price — the midway point of all the houses or units sold over a period of time — is used in this report instead of the average home sale price because experts say the median offers a more accurate view of what’s happening in a market. In finding the average price, all prices of homes sold are added and then divided by the number of homes sold. This measure can be skewed by one low or high price.
The USA TODAY Network is publishing localized versions of this story on its news sites across the country, generated with data from Realtor.com. Localized versions are generated for communities where the data quality and transaction volume meets Realtor.com and USA TODAY Network standards. The story was written by Sean Lahman.
The phrase “record breaking” is everywhere at the moment, from major companies reporting record-breaking returns to market experts who predict a record-breaking post-pandemic economic boom.
Although the housing market took a record-breaking nosedive in 2020, there’s light on the horizon as the U.S. inches its way toward recovery.
What does that mean for the housing market in 2021? It’s a strong seller’s market right now, but will it remain that way, or will we see a shift to a buyer’s market later this year?
One year into the pandemic
A recent report that surveyed 1,000 Americans one year into the pandemic suggests not everything is necessarily rosy on the housing market homefront, particularly for buyers. The market may shift as economic recovery moves forward but slowly.
Some key findings include:
43% of homeowners had plans to sell their home in 2020 or 2021 — but 65% delayed selling or decided not to sell altogether
Only 10% of homeowners sold their home as planned
77% of these homeowners will list their home sometime in 2021, suggesting a rise in inventory and a potential shift from a seller’s market
69% of Americans believe it’s currently a good time to purchase a home
To understand what’s influencing the 2021 market, let’s examine some key factors.
Home prices have risen
At the beginning of 2021, median home prices were up 10% across most of the nation, the fastest rising pace since 2006, fueled by low mortgage rates and high demand. Home prices are expected to continue to climb throughout 2021, as much as 5-8%.
Great news for homeowners in terms of increased home equity (an average gain of $26,300 per homeowner), not great for affordability, particularly for first-time homebuyers who typically look to buy at the lower end of the market, where current inventory is the most limited.
Prices for new home construction are also up (21%) as home builders raised their prices due to demand and soaring costs of materials coupled with supply chain issues. Currently, more than 75 million households cannot afford a median-priced new home, and more than 21 million U.S. households cannot afford a $100,000 home, squeezing out a significant portion of potential homebuyers for now.
First-time homebuyers will need more money than ever to get their foot in the door of a new home. The median household income for first-time homebuyers in 2020 was $80,000, compared to about $68,000 in 2019.
Mortgage rates are low … for now
Record-low mortgage rates have hovered below 3% for a 30-year fixed-rate mortgage since October 2020, which is good for buyers. Consumer income and spending is picking up thanks in part to widespread vaccination against COVID-19 and government stimulus and recovery spending plans.
But some experts warn these low rates won’t last, and mortgage rates will rise as the economy heats up and more people get back to work. Other factors such as inflation and Federal Reserve policies will impact mortgage rates as well.
Some economists are predicting mortgage rates to stay in the low 3% during the first half of the year but think it’s possible they could rise as high as 3.4% by the end of 2021.
It’s a great time for investors with property to sell to take advantage of the favorable market and low mortgage rates, especially if they’re hoping to use the sale to purchase additional investment property. It’s a smart idea to be mindful of the ins and outs of a 1031 exchange and what your options are regarding tax on capital gains.
Inventory is at a record low
Buyers have little to choose from as the number of homes listed for sale is down 22% compared to last year, and homes are staying on the market just 21 days on average.
Fewer homes came on the market this past January and February to replenish supply, creating one of the worst housing supply shortages in recent memory. The current housing boom is a double-edged sword: Homeowners are wealthier thanks to skyrocketing home prices, but millions who were hoping to buy this year have been shut out by skyrocketing home prices. Some forecasts predict the rental market will remain hot, with families forced out of the market choosing to rent versus buy until the market cools.
Other families are opting to stay put instead of moving and are instead using their budget to renovate the home they have. Dedicated spaces for remote work and school are at the top of the list, as is creating more usable, outdoor living space.
In some parts of the country, homes are flying off the market in a matter of hours not days, often after a bidding war and for significantly over asking price. Advice for buyers? Make the strongest above-ask offer you can make, cash if possible, and free of seller concessions or other contingencies.
Of the 43% of homeowners who said they planned to sell their home in 2020 or 2021, 65% of them delayed or decided not to sell altogether. Of those sellers, 77% say they plan to sell sometime in 2021. This rise in inventory may help to alleviate the shortage, but it’s more likely to be a slow slog to the end of 2021, rather than a flood in the market.
The inventory crunch might see a bump in an unfortunate way, as more than a half-million homeowners are projected to face foreclosure in 2021, double the number from 2020. Once foreclosure and forbearance bans are lifted this summer, homeowners affected by job loss and lack of stable income may struggle to keep their homes. Home buyers or investors may be able to find deals on foreclosed homes but should be aware of what they’re buying.
Competition is fierce
As employees start to return to the office, many companies are adopting a hybrid home-office solution, meaning working from home, at least part of the time, is here to stay.
People desperate to get into larger homes are facing monster bidding wars. Some 64% of buyers actively looking for a home in early 2021 said they weren’t able to buy because they continually lost to buyers with better offers.
Elevated home prices and low inventory, stiff competition and slashed mortgage rates mean it’s still a seller’s market and likely to remain so for much of 2021.
But a seller’s market with a caveat. Sellers should be aware that the market may cool when mortgage rates rise and more inventory from those delayed 2020 sales makes its way into the market. Affordability will remain a problem for many who are still reeling from pandemic turmoil, shrinking the buyer pool. Until the housing supply increases, young, first-time buyers are limited in what they can afford to buy.
But Americans are optimistic about economic recovery, though most believe it won’t fully happen until 2022 or later. Job growth is on the rise, and unemployment fell to 6.0% in March 2021. Recovery may be slow, but it’s a step forward, regardless of whether you’re buying or selling.
It’s been a wild year in the real estate market. The coronavirus changed what buyers are looking for, with many of us shifting to work from home.
The demand for space supercharged North Jersey housing sales as people flocked from cramped city apartments to the (relatively) wide-open ‘burbs. Low interest rates and low inventory – who wants strangers walking through your home in a pandemic? – added to the frenzy.
While prices have shown some signs of leveling off this year, it’s still a seller’s market, with open houses mobbed and bidding wars in full force. Homeowners can count on multiple offers, with cash buyers waiting in the wings.
To keep you up to date, here’s a compilation of our recent real estate coverage. It’ll be updated periodically, as the market is ever changing.
What to know if you’re buying or selling
Where’s the most expensive place to live in pricey New Jersey? Alpine, the tony northern Bergen County town, followed by several Jersey Shore enclaves, ranked among the priciest locations in the country in a recent survey. (This story is for subscribers only.)
Where home prices are soaring: Market data shows some of the biggest increases in western areas like Morris and Sussex counties. With remote offices and hybrid work schedules more of an option, a longer commute is no longer a turnoff for some buyers.
Mary Chao 趙 慶 華 covers the Asian community and real estate for NorthJersey.com. To get unlimited access to the latest news out of North Jersey, please subscribe or activate your digital account today.
It’s been a wild year in the real estate market. The coronavirus changed what buyers are looking for, with many of us shifting to work from home.
The demand for space supercharged North Jersey housing sales as people flocked from cramped city apartments to the (relatively) wide-open ‘burbs. Low interest rates and low inventory – who wants strangers walking through your home in a pandemic? – added to the frenzy.
While prices have shown some signs of leveling off this year, it’s still a seller’s market, with open houses mobbed and bidding wars in full force. Homeowners can count on multiple offers, with cash buyers waiting in the wings.
To keep you up to date, here’s a compilation of our recent real estate coverage. It’ll be updated periodically, as the market is ever changing.
What to know if you’re buying or selling
Where’s the most expensive place to live in pricey New Jersey? Alpine, the tony northern Bergen County town, followed by several Jersey Shore enclaves, ranked among the priciest locations in the country in a recent survey. (This story is for subscribers only.)
Where home prices are soaring: Market data shows some of the biggest increases in western areas like Morris and Sussex counties. With remote offices and hybrid work schedules more of an option, a longer commute is no longer a turnoff for some buyers.
Mary Chao 趙 慶 華 covers the Asian community and real estate for NorthJersey.com. To get unlimited access to the latest news out of North Jersey, please subscribe or activate your digital account today.
On the hunt for a home last summer, Priscilla Gabela and her husband, Antonio Aluotto, gave up after a month. Bidding wars were everywhere, and the North Arlington couple decided to wait things out, taking a break from September through December.
When they reentered the market early this year, they were in for sticker shock. If prices were too lofty in 2020, this year they zoomed into the stratosphere.
“It’s been crazy,” Gabela said. “We’ve seen a lot of houses priced really high.”
Welcome to the post-pandemic North Jersey real estate market, where price appreciation is the brutal reality even with vaccines spreading, interest rates climbing and more homes going on sale. With demand still high, last year’s “COVID premium” isn’t fading away.
In Bergen County, the median home sale price in Tenafly jumped 16% this May compared with a year earlier. Hackensack’s rose 19%, and Teaneck saw a whopping 33%, according to data from the state realtors’ association and individual agencies.
Some axioms of North Jersey housing held true: Towns with quaint, walkable downtowns or easy access to NJ Transit fared well — Montclair prices leaped 22%.
But some of the sharpest increases occurred farther to the west, as the trend toward hybrid and online work schedules encouraged buyers to settle farther from New York. Morris County’s median price surged by $100,000, or 23%, in April, the latest month available. Sussex County soared as well, led by Sparta’s 23% increase.
“Sellers are taking advantage of escalating prices and buyers are feverishly absorbing the inventory — it’s still very much a seller’s market,” said Max Stokes, a real estate associate at Christie’s International Real Estate Northern New Jersey in Ho-Ho-Kus.
Hunting for a home
Gabela and Alutto, both 36, have been looking for a four-bedroom, two-bath Colonial under $900,000 in northern Bergen County — Upper Saddle River, Allendale and Wyckoff have been the main hunting grounds.
They’ve stood in long lines at open houses but found that even homes that need work are commanding high prices. One dated property in Allendale was selling for $900,000. While the pandemic’s decline means more houses have hit the market this year as compared with last, there are also more buyers, real estate agents said.
Gabela knows they will pay more for the same house now after putting their search on hold. But she also expects to get more for her North Arlington home, which she plans to list at $430,000 once the couple buy a property. An agent priced the home at $350,000 last year, based on an analysis of similar homes.
Median sales prices jumped 14% in Bergen County this April, compared with a year earlier; 19% in Passaic County and 21% in Essex.
The market faces a major test in the coming months, as companies start asking employees to return to work, said Stokes, the Ho-Ho-Kus real estate agent. For now, Bergen County homes continue to sell quickly, with competition at every price point, he said.
Although the market ground to a halt when the pandemic erupted in March 2020, it recovered quickly with a momentum that has carried through into this year. Statewide, home sales were up 20% for January through April, compared with the same period in 2020. New Jersey’s median home price rose from $335,000 to $407,000, up 21.5%.
The market’s new reality is “multiple offers, shorter days on the market, more cash deals and higher prices,” said Noemi Morales Barile of Coldwell Banker Realty in Alpine and Closter. Buyers are waiving inspections; bidding wars are common.
“I’ve seen $400,000 homes sell for $75,000 over asking price; I’ve seen $3 million homes sell for almost a million over asking price,” added Greg Rice, a Coldwell Banker agent in Spring Lake, in Monmouth County.
More space for your money
The virus pushed city dwellers to seek out more space in the suburbs, and buyers have been looking for more value by heading west, said Jeff Fellers, a real estate associate at KL Sotheby’s International Realty in Mendham. Towns in Morris County offer more room for the dollar, and with remote and hybrid working models an option, an extra 15 minutes for the commute doesn’t seem so bad two to three times a week, he said.
Towns with strong downtowns and direct train access to the city have been fairing well, a result of city dwellers moving out, said Rich Stanton of Stanton Company in Montclair.
Buyers also like the small-town, walkable charm of Morris County towns like Denville, said Ilene Horowitz, a real estate agent at Coldwell Banker Mountain Lakes.
Lake communities such as White Meadow Lake in Rockaway Township are also seeing more demand from transplants like Meredith and Nick Huddy, who bought into the neighborhoodin April. They were moving from Arlington, Virginia, with a new baby in March and found that homes were selling as soon as they were listed.
So Meredith, 32, leaped into action when she saw a three-bedroom Colonial with a two-car garage that she liked online. The family droveto New Jersey the next day for a viewing and immediately made an offer. Competition was fierce: The Huddys had to bid $21,000 over the $439,000 price.
“It was the first house we saw, and we knew we had to make the move right now,” Meredith said. “We knew the market was hot. We didn’t know how crazy it was.”
Mary Chao 趙 慶 華 covers the Asian community and real estate for NorthJersey.com. To get unlimited access to the latest news out of North Jersey, please subscribe or activate your digital account today.
