The Strongest Selling Season In A Decade!!
Real estate is currently booming, and experts attest that this is the strongest market since the 2006 price peak, but with the added benefit of market stability. The latest National Association of REALTORS (NAR) Confidence Index concluded that much of the country has experienced very strong, or strong buyer traffic. This is an indicator of demand, but not necessarily supply, which has been short in many states, including New Jersey and locally, Bridgewater, across the country. The latest highlights according to NAR indicate:
· First-time homebuyers accounted for 34 percent of sales.
· Purchases for investment purposes made up 15 percent of sales, and cash sales accounted for 21 percent of sales.
· Amid tight supply, half of the properties that sold in April 2017 were on the market for 29 days or less compared to 39 days in April 2016. The April median days on market measure is a new low since 2011. More locally, in Bridgewater, half the properties that sold in April 2017 were on the market for 33 days or less compared to 37 days a year earlier.
· Lack of homes for sale was the main issue reported by REALTORS, including myself in past Market Watches and Homes Sold. Respondents reported a mixed effect from the uptick in mortgage rates since November 2016; some buyers are encouraged to act quickly while others are discouraged by diminished affordability.
First-time homebuyers contributed to a large portion of activity in recent home sales. According to NAR, buyers 34 and younger accounted for approximately 30 percent of residential buyers in April 2017, compared to 26 percent in 2013.
Summertime is notorious for seeing an influx of buyers, so if you are considering selling, it is an opportune time. The combination of near-peak real estate prices, and still-low interest rates, make it a great time to get top-dollar for your home, whether an investment property or primary residence.
To review the trends in the area that is of most interest to you, or to learn more about how you can prepare for this market, contact me today or visit my web site, www.somersethundertonnjhomefinder.com. Whether you are looking to make a purchase or sale, I can provide guidance, and advise you on what you need to know so you can make the best possible decision.