Harness Your Selling Power As Inventory Levels Continue to Drop in Summit, NJ

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For a long time now, we have been receiving the same inquiry from homeowners that are unsure whether or not it is a good time to sell their homes. And for equally as long a time we have been cautious in our advice keeping in mind the struggling market we saw after the housing industry crashed in 2007. But today is a new day and now we have new advice.

Inventory levels have consistently dropped over the past couple years – so much so that today, we are looking at one-fifth fewer homes on the market as compared to just one year ago. That is a huge difference and the impact it has on our marketplace is also very significant.

For sellers, this means that there is less selling competition on the marketplace allowing them to expect better returns for their home. Buyers will have to get really creative as inventory levels decline further since there will be fewer and fewer good choices available to them.

Looking at statistics again, when you compare the number of homes that have gone under contract during the past year – that is when things really start to stand out. With a twenty-four percent increase year-to-date as compared to the same time frame last year, we can clearly see that there is more buyer activity despite fewer homes on the market.

This amounts to one thing for our sellers; now is a great time to list your home.

Now, many people are wary of the upcoming election and concerned that it may have some bearing on the success rate of homes that are for sale. That is simply not true. In fact, if you spend some time online and browse reputable websites you will see that much of the speculation about election-based housing marketing fluctuations, are just that – speculations. And it is important to keep in mind that even if the election outcome had an impact on the real estate market, those changes would take a considerable amount of time to show up on the ground.

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All in all, right now the signs point to a favorable market for both sellers and buyers alike. Sellers will likely be successful in their endeavor to sell their home and buyers can continue to enjoy record setting low interest rates – that seem to be here for at least a bit longer.

If you would like to sit down and discuss your real estate situation, contact us today for a no-pressure conversation about your options and how the current marketplace would translate your real estate needs. Call 973 214 0691 or email ACutAbove@ShannonAronson.com. I look forward to serving you!