Thinking of Selling?   The Time is Right...NOW!

If you have been considering selling your home, but put your plans on hold because of Covid-19,  you may want to consider moving forward now.  According to the National Association of Realtors® (NAR), July marked the second month of record pace existing home sales with sales in the Northeast rocketing 30.6%. 

 

 “Sales in Bergen County followed this trend, with the median price for homes trending upward, and length of time on the market trending down,” says Jeannine Severino, sales associate with ERA Justin Realty, “And we expect this trend to continue into the fall.”

 

Home Buyers Are Stronger Than Ever  

“We are witnessing a true V-shaped sales recovery as home buyers continue their strong return to the housing market…Home sellers are seeing their homes go under contract in record time, with nine new contracts for every 10 new listings,”  says Lawrence Yun, Chief Economist at NAR, adding, “The housing market is well past the recovery phase and is now booming with higher home sales compared to the pre-pandemic days.  With the sizable shift in remote work, current homeowners are looking for larger homes and this will lead to a secondary level of demand even into 2021.”

 

But Inventory Remains Low

“Despite the fact that homebuyers are coming in strong, they are increasingly frustrated with a lack of available homes for purchase,” says Jeannine.  “The market needs more homes to satisfy this ongoing demand.”

 

It’s a Seller’s Market

The combination of the delayed spring selling season, low mortgage rates, and low market inventory, make now an ideal time to put your home on the market. “Also, the rise in buyer interest has translated into an increase in bidding wars resulting in the optimum time to get the most value for your home,” Jeannine notes.

 

Let a Professional Guide You

If you’ve been thinking about selling your home, now is the right time to leverage your equity and move while buyers are eager to purchase.  Above all, it's important to work with a qualified agent like Jeannine or any of the real estate professionals at ERA Justin Realty.   To find out if selling your home is right for you, reach out to us at 201-939-7500.