The word minus, in terms of a seller's perspective, is NOT a favored word, however; a savvy seller will consider the facts and make adjustments accordingly to get the best return possible. Although Zillow Group is recording market inventory shortages, which typically drives prices up, we need to understand hyper-local markets. Paying mind to the broad blanket, nationwide stats will only hurt your bottom dollar.
Have you been paying attention to conversations with friends? Are you noticing many are saying things like “We are considering moving to Charleston or Atlanta”? “We will put our home on the market and rent for a year until we figure out where we want to live, the taxes are killing us.” Here is another common one “We will sell our home in North Jersey, buy a small beach house here and purchase a home in Florida” Yes! these conversations are occurring more and more lately. The ability to work remotely has opened different doors of opportunity. Did you know that NJ has been the # 1 exit state for the past three years? Now, this is not meant to paint a gloom and doom image of despair, it is simply to help determine the best plan of action if you are planning on a move. As with any product, it’s a matter of supply and demand. When there is a surplus (or many to pick from) the price goes down.
Have you been paying attention to conversations with friends? Are you noticing many are saying things like “We are considering moving to Charleston or Atlanta”? “We will put our home on the market and rent for a year until we figure out where we want to live, the taxes are killing us.” Here is another common one “We will sell our home in North Jersey, buy a small beach house here and purchase a home in Florida” Yes! these conversations are occurring more and more lately. The ability to work remotely has opened different doors of opportunity. Did you know that NJ has been the # 1 exit state for the past three years? Now, this is not meant to paint a gloom and doom image of despair, it is simply to help determine the best plan of action if you are planning on a move. As with any product, it’s a matter of supply and demand. When there is a surplus (or many to pick from) the price goes down.
Northwest Bergen County
January 1, 2017, to April 15, 2017
Median price is $ 800, 740.00 with a total average of 75 days on the market
January 1, 2018, to April 15, 2018
Median price is $ 750,293.00 with a total average of 82 days on the market
The translation: home prices are down by 6.3% and taking an extra 7 days to sell reducing the amount of “bidding wars” which typically drives the price higher. We are still however experiencing a short supply in the under $400,000 markets. This we can assume is happening as a result of what I call the collision. First-time home-buyer budgets and empty nesters right-sizing fight for the same inventory.
