From The Allison Ziefert Real Estate Group:
Happy November and Happy Thanksgiving to SOMA! Here is one of my favorite Thanksgiving recipes– Fresh Cranberry Orange Relish. It’s so simple and refreshing. My family enjoys it every year and I hope you will too. Let me know what you think!
Here is what we are seeing in the real estate market…Some buyers are taking a pause due to increased rates, stock market volatility, uncertainty about the elections and layoffs in the tech sector. Yet, they may be missing out on a great opportunity to buy. With inventory systemically remaining very tight, I predict there will be a rush of buyers back into the market when rates adjust downward in 18-24 mos but right now buyers are encountering less competition than at the beginning of 2022. They may very well find sellers more willing to negotiate price and terms.
Rents are astronomical and paying rent is paying 100% of your housing budget towards someone else’s mortgage. We all need a place to live comfortably and enjoy.
My advice: focus on time in the market not timing the market! Historically, average home prices in NJ have increased by about 4.75% each year for the last 50 years! So even if prices in NJ go down by 10% over the next year and a half to two years, which we are hearing they will, if you are in the market with a long term horizon you will come out ahead.
In the New Jersey towns we serve, such as Maplewood, South Orange, West Orange, Montclair, Millburn/Short Hills and Morristown the trends are similars:
- Average sale prices are up from 2021
- Average list price/sale price ratios are up from 2021
- Days on market is about the same as in 2021
- The number of units sold is down significantly from last year.
- There is more supply of homes for buyers to choose from this year than in 2021
Here is our latest market report for Maplewood:
Here is our latest market report for South Orange:
Let me know if you have questions about the data.
Thinking of getting your house ready for the Spring market? It’s the perfect time to talk about our exclusive Compass Concierge service. With Concierge, we front the cost of pre-sale staging, painting, repairs, etc. and you reap the benefit of selling faster and for a higher price with NO hidden fees or interest. Let us help you optimize your biggest investment. Please email Allison at firstname.lastname@example.org to set up a time to chat.
The Allison Ziefert Real Estate Group is a top producing real estate team based at Compass in Short Hills, NJ. We are local market experts, specializing in real estate and homes in Maplewood, South Orange, Millburn/Short Hills, Montclair, West Orange, NJ and the surrounding towns. We are driven by earning great testimonials and referral business from happy clients. You can read our testimonials here.