Is it still a buyer’s market in New Jersey?
As an expert in the real estate market in New Jersey, we are asked if its a buyer’s market in New Jersey quite frequently. But the answer to that isn’t a simple yes or no, its a loaded question. So let’s dive into it.
To start, what kind of property is it? Where is it located?
For example, single-family residences in great neighborhoods that are priced appropriately have been flying off the shelves all year long. There’s a huge demand for houses in certain areas, …but then other areas (for instance, with higher crime rates) might tend to sit on the market for much longer.
At the end of the day, most buyers are all searching for essentially the same thing: good (safe) neighborhoods, easy access to public transportation, decent shopping, great schools, and a close enough proximity to their work. Houses that can provide on all of that are sure to be a hot commodity, and sellers with houses that would be considered highly desirable, are the ones in control on the market.
As for townhouses and condos– especially the ones that have some funky features – might be a little harder to get rid of. In certain areas of New Jersey County, prices have been down for a while but have seemed to be rebounding over the course of 2017.
Investment properties are increasing in demand. With the massive amount of foreign capital flooding into the US, it has impacted the New Jersey real estate market in more ways than one.
Overall, the ones who are able to pay cash for houses have been the ones who are picking up the best deals in the marketplace.
There are many sellers who are aware of this and in hopes of getting the most for their property as possible, try to throw out speculative prices just to see who will bite. However, most investors will walk away from a deal where the numbers don’t make sense in a buyer’s market in New Jersey.
Financing is a major roadblock for some buyers. Still picking up the pieces from the crash in 2008, a lot of banks are incredibly strict and then require a 20% down payment and will even change the terms halfway through underwriting. It isn’t unusual for buyers who have already been approved to have their loan pulled right before escrow closes – though it is better now than only a few years ago.
Overall the market in New Jersey remains especially polarized – there are a lot of sales in the very top and then again at the very bottom, the biggest challenge being in the middle of the market. So the question of if is it still a buyer’s market in New Jersey?, you will need to look at your particular case of where your house is.
Confused? It’s A Complexed Process. We Can Help, Though.
Since there is still a lot of shakeup in the US economy still taking place, and the markets are moving fast in lots of directions at once.
We invest in the greater New Jersey area. This is where we live and we love people here. We love our community here.
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