What Buyers and Sellers Need to Know in the New Market

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As your real estate resource center, we’re committed to keeping you up to date on changes in the market—and what they mean to you. There’s reason to believe the real estate market is poised for strong growth in 2013. 

Here’s what’s new. Housing demand is revving up at a time when the number of homes for sale has fallen to the lowest level in decades. Home price appreciation is also accelerating in the U.S. and our market as well. In fact, prices rose 8% in January, the largest gain in six years. When the year began, many analysts expected prices to rise at a slower pace, but all these conditions have produced low inventory, a growing economy, stronger investor demand and low interest rates creating a stronger than expected market. The market is hot!    

What does this mean for you? Since there are fewer homes on the market, there’s more competition for those available homes. Here are a few tips for both buyers and sellers.
When selling your home, if you want to get top dollar for your property, you should take advantage of the low inventory. Here’s the thing: supply and demand affect what you’ll get for your home. When everyone who has been thinking about selling their home puts their home on the market is not the time to dive in—if you want to get the most out of your home. At the end of the day, you have a better chance at success if you decide to sell now, instead of waiting until all the Joneses get into the market.

If you’re in the market to buy a home, when a home that you’re interested in hits the market, plan to see it as soon as possible and make the best possible offer that’s at an appropriate price point for the seller. Go for it! Remember, inventory is low.  If you hesitate, the property could be gone because others will be making offers. 

Keep in mind that mortgage loan rates are still fantastic, which makes buying a home more affordable than ever. A 30-year fixed-rate mortgage hovered at record-low rates during 2012 and are still low into 2013, but the rates won’t last forever, so there’s not a better time to buy than now. If you wait and interest rates rise, you could get locked into spending a few hundred extra dollars a month on your payment.  

Give me a call so I can tell you where to be positioned and how to be successful in this market. Please contact me at (908) 347-7798 or gendelteam@gmail.com.