A survey completed by a well-known area realty company suggests that 2016 is the year to sell a house in New Jersey. In fact, the seller’s market is not only strong right now, but experts expect it to become even stronger as the economy strengthens in kind.
Why? Simply put: buyers are ready to invest but there aren’t enough properties to go around. Inventory is quite low at the moment. Limited inventory fuels competition, creating a true supply/demand hurdle for buyers to overcome in 2016.
This doesn’t necessarily take the power out of the buyer’s hands, however. A recent online survey, conducted by Berkshire Hathaway HomeServices Fox & Roach Realtors, revealed:
While 41 percent of realtors believe sellers and buyers will have equal power in the market this year, buyer’s power seems to have dropped to 34 percent this year, from a high of 44 percent around this same time in 2015. The survey was conducted in November 2015.
Here are some of the noteworthy statistics revealed in the survey:
- Regional market conditions are positive for both buyers and sellers
- Sellers’ positions are strengthening; in fact, more than half of the agents surveyed said they think it’s a good time to sell (53 percent gave selling the nod, up from 48 percent in 2015)
- Buyers should still be looking to make purchases this year
The report also revealed that buyers are submitting bids below asking price, hoping the seller will be willing to accept an offer rather than wait. Further, realtors said, 11 percent of buyers are willing to hit the pavement looking for other options before agreeing to pay more in a mortgage bill than they currently do at the time they bid on a property.
Once you are ready to buy or sell property, you need the assistance of an experienced real estate attorney in your corner. Joel R. Spivack, Esq. will look out for pitfalls as you proceed through the attorney review process and into contract. He will protect your rights until the deal is done. Contact Mr. Spivack today for a consultation about your real estate matter.