We are looking to relocate to the hanover area. However, the inventory in the 4 to 5 range is so low. Will more properties be coming up?

Asked by Lauramfrancisco, Whippany, NJ Sat Apr 13, 2013

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Robert and S…, Agent, Montclair, NJ
Sun Apr 14, 2013
Hi Laura:

Inventory will pick up in a few weeks as more homes come on for the spring market. Since there are more buyers than homes of value on the market right now staying on top of new inventory can be difficult. If you are not already receiving up-to-the-minute updates on new arrivals to the market, I will be happy to send them to you via an email link so you won't miss the good ones. Sometimes a delay of 24-48 hours can cost you a home that might well suit your needs. The market is fierce right now and I haven't seen it like this since 2005.

You can also stay on top of what is happening with active, under contract and sold listings by putting Hanover (or zip 07927) into my no-obligation market update at http://www.WhatsMyNJHomeWorth.com
It has a lot of useful information about the market in the area you are interested in.
Either way, you'll be the first to know when a new listing hits the market.
Sandra Bolcar
Broker Associate
1 vote
Armin Lusiny…, Agent, Short Hills, NJ
Sat Apr 13, 2013
Hi Laura,
Not only Hanover area and not only 4-5 range ... low inventory is a major issue in the real estate market right now. It seems to be prevalent in many desirable areas. Inventory levels, the amount of time it would take to sell all existing homes on the market without any new homes being added, are dropping below normal.
Buyers these days have to keep a close watch on anything new that comes out on the market. Good properties are selling in the blink of an eye! Public sites (trulia, zillow etc....) usually do not have the most current info and you could miss some great deals, if you just use those for your search.
I would be happy to help you with your house hunt ;) . Sign up for listing alerts on
and you will get an email as soon as any new property goes on the MLS. When ready to see, just give me a call.

Armin Lusinyants
1 vote
keith3196, Home Buyer, Whippany, NJ
Mon May 13, 2013
Inventory is low to many factors but the most common is that people are either underwater and cannot afford to sell and lose money on their home or they are content with that neighborhood... the only sellers these days are empty nesters looking to "cash in" on the low inventory period and those forced to move (foreclosure, short sale or business/career move)... empty nesters are your biggest hope but also a nightmare.. most have not updated their homes in decades, many are are in run down condition and they are asking and many times (depending on location) getting what they are looking for.. so be prepared to buy a home that doesn't have it all and you will need money behind your offer to pay to update and repair your purchase... we just bought in whippany and consider ourselves fortunate but we paid over 100k more than we started looking for... but we are very happy with our purchase and the neighborhood is great looking..
0 votes
Elisa Buckley, Agent, Morristown, NJ
Sun Apr 14, 2013
Hi Laura,

I live in Morris Plains and agree that Hanover inventory is low but new listings have been popping up there and in nearby areas. If you haven't already selected an agent and would like someone who lives in the area, I'm happy to help! I can be reached at elisa@morrisnjproperties.com or cell 908-246-0077. Feel free to check my website at http://www.morrisnjproperties.com for Hanover/nearby area listings and market trends information.

0 votes
Debra (Debbi…, Agent, Livingston, NJ
Sat Apr 13, 2013
Hi Laura.......I hope you're already working with an agent who can keep you in the loop as soon as new listings come along.

By the way - If you're considering Livingston as part of that "Hanover area", let me know, as I will be listing a home in the 500,000 range in the next week or 2.......

Your price range is a popular one - that, coupled with lower than usual inventory makes it challenging for buyers these days.

Please let me know if I can be of help.

I would advise you to make sure you're set and ready to go with a strong pre-approval from a reputable bank or mortgage company........make sure you understand the process so you can jump in with confidence when the next home comes along......it would also be a good idea to have an attorney lined up so that you'll be ready to start the attorney review once the contracts are signed!! Line up your home inspector, too, so you'll be ready to move forward without delay when the right house comes your way.

Best wishes.........

Debbie Rose
Prudential NJ Properties
email: Debbie.Rose@PrudentialNewJersey.com
0 votes
Melissa Silva, Agent, Watchung, NJ
Sat Apr 13, 2013
Hi Laura, I am an agent in the area you are looking for. I definitely can help you find what you are looking for. We do have more in the area. How many bedrooms and baths are you looking for? My office has exclusive listings that might be the home you are looking for. Email me and I will be more then happy to help you. Realestate.mel.s@gmail.com
0 votes
Suzanne MacD…, Agent, Morristown, NJ
Sat Apr 13, 2013
Generally there are more properties as home owners have been waiting for the spring market. However, at the moment there is a low overall inventory in Hanover and the surrounding areas so if you see something you like don't wait too long to make an offer or it will be gone.
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