Residential Real Estate Market trend in Bergen County - New Jersey.
- David Cordova
- Jul 24
- 3 min read
Certainly! Below is a blog post warning sellers about the possible changing market trends toward a buyer's market.
Attention Sellers: The Market looks like is Shifting Towards a Buyer’s Market
As we move into the next quarter of the year, it is crucial for sellers to be aware of the changing dynamics in the real estate market. Recent trends indicate a significant shift towards a buyer's market, which can have serious implications for anyone looking to sell their property is this happen.
Understanding the Buyer’s Market
A buyer's market occurs when there are more homes for sale than there are buyers looking to purchase. This shift can lead to increased competition among sellers and can impact pricing strategies, negotiation power, and overall sales timelines.
Key Indicators of a Buyer’s Market
Here are some key indicators that suggest we are moving towards a change in market.
Increased Inventory: An uptick in the number of homes for sale can saturate the market, giving buyers more options and leverage.
Longer Days on Market: Properties may remain unsold for extended periods, indicating that buyers are hesitant or waiting for better deals.
Price Reductions: Sellers may need to lower their asking prices to attract buyers, which can erode profit margins.
Decreased Buyer Demand: Economic factors, such as rising interest rates or changes in consumer confidence, can lead to a decline in buyer activity.
Month of Inventory as reference for the last 10 Years
This chart shows that the inventory at the moment is like 2019 or 2020 almost the level before covid. Also shows that 2022 and 2024 reached the lowest level in inventory, reason why the prices had been going up.
Months of Inventory for the last 12 Months
July is not over yet, but the inventory is 1 to 3 comparing August of last year. Meaning August 2024, we had 2 months of inventory and now we have almost 6 months of inventory.
Historic Active Listings for the last 12 Months
Jul is not over; this graphics represent information up to July 21st and inventory for July will be higher than June. Almost 1 to 2 compared to August 2024.
Strategies for Sellers in a Buyer’s Market
If you are planning to sell your home in the current market, consider the following strategies to enhance your chances of a successful sale:
Price Competitively: Research comparable properties in your area and price your home attractively to stand out.
Enhance Curb Appeal: Invest in minor renovations or landscaping to make your home more appealing to potential buyers.
Be Flexible with Negotiations: Be prepared to negotiate on price and terms to accommodate buyer preferences.
Work with a Real Estate Professional: A knowledgeable agent can provide valuable insights and help you navigate the changing landscape.
Historic Sale for the last 12 Months
This chart shows how the quantity of sales comparing to August last year is almost half and dropping fast, because July historically is considered high season.
Historic sale price trend for the last 12 Months
Still good news for the sellers. prices have been holding even increasing until up to June.
Conclusion
In my opinion, the market looks like is transitioning towards a buyer's landscape, inventory accumulating fast, the momentum could change rapidly, sellers staying informed and adapting your selling strategies is essential. By understanding the current trends and preparing accordingly, you can position your property for a successful sale even in a challenging market. Stay vigilant, and make sure to leverage the resources available to you to maximize your selling potential.
Real Estate Market is always local, and property value is case by case, no calculated by Virtual analysis, instead working with realtors like me, can provide you not just the closes and accurate market value to your property and also provide you the best options to maximize your profit selling your home.
If interested to see the Real Value of your house at no cost to you at all.
Contact me for FREE CMA - FREE COMPARATIVE MARKET ANALISYS of your house
Comentarios