How Supply And Demand Impacts The Morris And Sussex County Real Estate Market

Dated: 03/24/2017

Views: 552

We've all heard about supply and demand, but do you know how it impacts the real estate market?  Whether you're a Morris and Sussex County real estate buyer OR seller, it's important to understand the concept of supply and demand:  The best time to sell something is when the supply of that item is low, and demand high.  BUT Team Nest Builder knows other factors must be considered.  Read on for inside scoop on today's market.

Morris and Sussex County buyers and sellers need to know how supply and demand affects the market.

Sell! Buy! Sell! Buy!

When it comes to real estate, anything under a 6-month supply is a SELLER'S MARKET.  So the seller basically gets to call the shots on terms and price when inventories are short.  Right now, buyer demand continues to outpace seller supply, meaning we're experiencing a seller's market, and prices are starting to rise.  

Bad News Buyers

But, interest rates are ALSO rising. Meaning that mortgage money is getting more expensive, so it costs more to finance your purchase today than it did 6 months ago, and likely even more expensive later this year.  For most buyers, when rates go up, they qualify for LESS mortgage money which means a less expensive home with the same down payment.  So, if you are a buyer who has been sitting on the sidelines for a while, your purchasing power has likely been eroding due to higher rates AND now higher prices too.  

National Real Estate Market Snapshot

Image title

What Does it All Mean?

What it all means is that NOW is the time to BUY your Morris or Sussex County home!  Give Team Nest Builder a call and we'll get you started before you're priced out of the market.  Don't let this window close!

Latest Blog Posts

OPEN HOUSE SUNDAY Spacious 5BR Sparta Woodlands Home With HUGE Backyard

341 West Mountain Road offers a light-and-space filled respite set in the beautiful Sparta woodlands. Come see for yourself at our OPEN HOUSE Sunday, June 24th from 1pm-3pm!Quiet and private, this

Read More

5 Home Related To Dos Before Leaving On Vacation

With school out and the summer sun shining down, thoughts turn to summer vacation trips.  Team Nest Builder offers these 5 home-related tips to follow to avoid everything from minor

Read More

COMING SOON Spacious Private 5BR Sparta Home

341 West Mountain Road offers a light-and-space filled respite set in the beautiful Sparta woodlands.Quiet and private, this 5BR, 2.5 Bathroom home features a home office, a family room with a

Read More

Why Buying A Home Is Better Than Renting

People often ask if now is a good time to buy a home in New Jersey, but nobody ever asks whether or not it’s a good time to rent. Regardless, Team Nest Builder wants to make certain that everyone

Read More