A Historic Rebound for the Housing MarketPending Home Sales increased by 44.3% in May, registering the highest month-over-month gain in the index since the National Association of Realtors;(
Bidding Wars Forecast For Spring Home Buyers In New Jersey
Spring traditionally rules as the busiest season for Morris and Sussex County real estate. Buyers flood the market while homeowners scurry to capitalize on the flurry of buyer activity. This year, that tradition looks to continue.
Loads of buyers searching for their dream homes currently crowd the area real estate market, and their numbers grow and grow. What makes this a challenge? The amount of homes for sale hasn’t kept pace with the demand for those homes. That translates into stiff competition amongst Morris and Sussex County home buyers for available homes.
A recent Bloomberg article explained current market conditions as thus:
“It’s the 2017 U.S. spring home-selling season, and listings are scarcer than they’ve ever been. Bidding wars common in perennially hot markets like the San Francisco Bay area, Denver and Boston are now also prevalent in the once slow-and-steady heartland, sending prices higher and sparking desperation among buyers across the country.”
Sam Khater, Deputy Chief Economist at CoreLogic explained why home buyers today are flocking to the market:
“In today’s market, many buyers think the trough in [interest] rates is over. If you don’t get in now, it’s just going to be worse later. Rates will be higher, prices will be higher, and maybe inventory selection will be lower.” In some markets, “thirty-five percent of properties are selling within the first week or two of hitting the market.”
Beat Em’ To The Punch
Don’t let this news get you down! In the end, the best strategy for success in the current Morris and Sussex County real estate market is to contact Team Nest Builder! We'll put together a smart, strong plan for securing your new home. Win the bidding wars with us!
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