In My Own Words - Friday Morning Real Estate InSights ~ and more!
Happy Friday Everyone!
Big Open House Weekend (last one in June and before July 4th holiday!)
Check out our list HERE!
30 acres in highly desired Basking Ridge, NJ. Plus farm assessed LOW taxes.
On to today's real estate insights ~ in My Own Words!
- I always look at my own business in the hope that it might explain what is happening in our real estate markets at large. We had 3 contracts come together this past week and we just listed 5 new properties for sale; 3 in Warren, 1 in Bridgewater and 1 in Hillsborough! Click here to see all of our listings for sale.
This increased listing activity is not just evident with our team, but more broadly...This has been surprising to see because we have had very low inventory for some time now and its not typical to see listings coming on en masse this time of year. I wonder why sellers are choosing now to list? Traditionally, our buyer demand (spring market) starts as early as March 1 and peaks around April-June and begins to slow down around now, as buyers make decisions. Many look to close before the start of school after Labor Day.
The traditional cycles didn't occur last year either. Although it looked a bit different. We didn't have a spring market last year. Buyers disappeared altogether.
It will be interesting to see how the rest of July and August unfold. I believe we will see a flurry of buyer activity...from those that have been searching and waiting for their dream home to pop on. They may revisit older inventory and decide those are good values and worth making an offer on.
A complicated market to analyze. For being June (and deep into our spring market), we aren't wildly crazy busy with buyers! I would love to know what buyers are thinking. If you are one of them...please shoot me a reply. Rates are still so low! What is keeping you from buying? Prices too high? Worried about job security? Election year?
There still seems to be a disconnect in the over $1,000,000 price points ~ many sellers are overpricing and overvaluing their own homes in conjunction with more buyers preferring to stay under a million. Yet...in certain towns (train hubs) with specific properties types and features (like ALL updated), it is a strong seller's market, with multiple bids and buyers losing the joy of the buying search process as their choices get gobbled up by someone else.
- Click HERE to see the newest listings that just hit the market in these towns?
Warren, Watchung, Green Brook, Long Hill (Stirling, Gillette and Millington), Basking Ridge, Bridgewater, Bedminster, Bernardsville, Berkeley Heights, New Providence, Summit, Millburn Westfield, Scotch Plains, Far Hills, Peapack Gladstone.
Gallery Photos below: 45 Morning Glory Rd, Warren, NJ Open House Sunday, 6/26 1-4pm
- I am also seeing a very strong rental market for all types of properties in our market area..but single family homes, especially. Record rental prices. Some are relocation folks, but some, due to circumstances, are choosing to rent.
- DO you remember in last week's Buzz...we shared this very HOT new listing in Bernardsville...we gave you a sneak peak? Well...we had 2 offers in the first 3 days and the sellers accepted one and we are now under contract...closing in a few weeks! Don't miss out next time...ACT quickly!
Don't miss this beauty. AND priced great at $665,000.
Open Sunday 1-4pm. 133 Edgewood Dr, Bridgewater
Enjoy your weekend and we are here to service your real estate needs. Just give us a call, text or email!