The South Jersey real estate market is showing some signs of life, but that’s not necessarily great news for sellers. Many homeowners who have been sitting with “for sale” signs out for what they consider to be far too long are getting some bites – bids much lower than asking price.
Apparently, the large number of foreclosure properties, which many believe make South Jersey a buyer’s market, is giving homeowners in a good standing a run for their money. People clearly are looking for a bargain and if they can pick up a foreclosure for a song, they are willing to sing.
Overall, the past many months have been a mixed bag for buyers and sellers in South Jersey, according to the National Association of Realtors. On one hand, the region saw lagging prices and fewer home sales than other parts of New Jersey and the entire country at-large. On the other hand, housing sales in South Jersey are up. That’s good news for buyers but not as great for sellers.
New Jersey foreclosure filings were up 44 percent in 2013 (compared to 26 percent nationwide in the same period). Sales of those houses are now making it to the closing tables. However, while sales of distressed properties (short sales, pre-foreclosure or foreclosure)mean good deals for buyers, they are forcing sellers to drop prices (or accept lower bids) to compete with the glut of bank-owned housing up for sale.
This doesn’t mean sellers in the Cherry Hill area should give up hope of making a profit on a house sale; instead, sellers should be realistic with pricing, be aware of the competition (in terms of distressed properties) and market their homes to people who are looking for houses that need less work (financial investment).
Real estate lawyer Joel R. Spivack Esq. has been representing buyers and sellers in Camden County for more than 20 years. Remember, realtors know about housing, experienced real estate lawyers know the law. Call him today for a free consultation about your situation.
