How is the northwestern New Jersey market looking for this spring?

Asked by Mercedes Walker, 07843 Thu Jan 26, 2012

Wondering if I should sell this year or hold onto what I have for a while.

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Kristina & Ray Erins’ answer
Kristina & R…, Agent, Sparta, NJ
Fri Jun 29, 2012
Hi Mercedes,

I'm not sure you you have already listed. But I'm going to assume you haven't and respond. The market year-to-date has improved drastically compared to last year. Sales in Sussex County are up over 40% compared to last year. Prices remain low, but at least they have stabilized, and in some cases are increasing slightly. Three of the four last listings I've gotten under contract had multiple offers. Another home I recently listed in Hopatcong had been previously listed for 7 months with another realtor. We received, and the owner accepted an offer within two weeks. The buyer got cold feet, and less then a week later my client accepted a new offer.

There is no benefit to waiting to sell, unless you live there and want to stay. Prices are unlikely to increase within the next few years, and I'm sure you know the costs associated with owning a home are high. If your still thinking of selling, please contact me at (973) 903-2862 or I would love to go into more detail and answer any additional questions that you may have.

Best Regards,

Ray Erins
Weichert Realtors
(973) 903-2862
0 votes
Judy Golland, Agent, Randolph, NJ
Thu Jan 26, 2012
Hi Mercedes,
It looks like the "spring" market is here. The pent up demand from the holiday season usually results in January activity. Buyers are realizing that the mortgage interest rates are the lowest they've seen yet and the affordability index is the best in many years. That means that home prices are in line with incomes.

For sellers, it's a good time to catch buyers as many competitive properties are not yet on the market as they are waiting for what they believe is spring.

It is, as always, a question of supply and demand. At this time, the supply still outweighs demand, but homes are selling with the right marketing strategy. I have learned this during my 24 years of marketing and selling real estate.

Judy Golland, Broker Associate
973-670-5304 cell
0 votes
Alison Callow…, Agent, Vernon, NJ
Thu Jan 26, 2012
Hello Mercedes, Real Estate in general is optimistic. With that said, Real Estate is about Supply and Demand. Supply is High. It is a great time to Buy! Low interest rates offers today's buyer the opportunity to purchase a home around the same price homes sold for in 2003 but it will cost the Less.

For you the Home Seller, it too ioptimisticic. Homes are selling everyday. Mortgage money iavailablele and according to the NationaAssociationon of Realtors 72% of buyers who purchase a home in 2011 did so with a mortgage.

Mercedes, your question is general but situationtion is personal. Give me a call, we can set up an consultation to discuss your home, your market place and your time frame for selling.
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Lisa Fischer, Agent, Flanders, NJ
Thu Jan 26, 2012
Hi Mercedes,

Thank you for your inquiry! It's still a buyer's market and still will be a buyer's market come Spring. The combination of reasonable home prices and low interest rates make it a great time to purchase. If your considering selling, I always tell my seller's what you loose on the sale you gain on the purchase, if that's what you are trying to achieve. Many homes on the market in Hopatcong at this time, but if your priced right, you will generate interest. My office is located in Flanders, NJ and I tend to do a great amount of business within the town and living close by allows me to have good knowledge of the town and surrounding areas.

Regarding the question of should you sell now or later? We will be approaching the Spring market soon, thus having more competition. Better to market the home now. Many buyers are inclined to enjoy Lake Hopatcong and parks in the area, so that means Spring and Summer months are the focal of closing time frame.

Let me know if I can assist you.
201-852-7584 cell
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Wayne Odenbr…, Agent, Mountain Lakes, NJ
Thu Jan 26, 2012
As you probably know, the price of homes in the northwest section of NJ suffered more than towns closer to NYC. From a Buyer's standpoint, it is a great time to consider homes in the area. From a Sellers standpopint, you may not yet be satisified.

There is one way to find out. Have a Realtor gather the Comps for you, so you can make the decision.
We will be happy to help!
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