Seller’s Market

Stacy Esser, realtor and founder of the Stacy Esser Group in Tenafly, New Jersey, says it’s a seller’s market. But, as always, the market will likely balance itself out.

She claims houses that were once taking one week to sell are now lasting three times that on the market. Part of the shift will come from sellers listing more houses on the market. In May, there were 34% more sellers than buyers in the US, Redfin reports. That is the highest rate since Redfin first started collecting data in 2013.

Why?

However, this is still considered a seller’s market since prices are rising along with inventory. This is partially because homeowners who secured lower interest rates have little incentive to sell.

In June, the median US home sale price hit a record high of $396,000, according to Redfin. New homes and ones within the entry-level price point are seeing the biggest increases.

Location, Location, Location

Location also plays a major role in the seller’s market. Austin, Texas; Phoenix, Arizona, and most Florida markets favor buyers because there’s a higher inventory. Conversely, Newark, New Jersey; Long Island, New York, and suburban Philadelphia favor sellers.

Helpful Tips

Experts suggest putting up offers on homes that have been sitting on the market to improve your chances of homeownership. The owner may be more willing to negotiate. They also say to look into programs for first-time homebuyers.

If you’re searching for your first home or taking advantage of this seller’s market, don’t hesitate to reach out to The Connolly Agency and get in touch with one of our local real estate experts! (732) 361-0800.

Information courtesy of CBS News