Camille Haynes
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Buyer demand in Union & Essex County is still strong heading into the fall. ShowingTime, which tracks the average number of buyer showings on residential properties, just announced that buyer showings are up 61.9% compared to the same time last year. They went on to say: “Normally, real estate activity begins to slow down in the late summer, but this year it peaked in July, August, and into September.”
There Is One Big Challenge
Purchaser demand is so high, the Northern New Jersey real estate market is running out of available homes for sale. Just last week, realtor.com reported: “Since the beginning of the COVID pandemic in March, nearly 400,000 fewer homes have been listed compared to last year, leaving a gaping hole in the U.S. housing inventory.”
Homebuilders are increasing construction, but they cannot keep up with the high demand. Bill McBride, founder of the Calculated Risk blog, in discussing inventory of newly constructed houses, notes:
“The months of supply decreased to 3.3 months...This is the all-time record low months of supply.”
What does this mean for sellers?
Anyone thinking of putting their home on the market should not wait. A seller will always negotiate the best deal when demand is high and supply is limited. That’s exactly the situation in the real estate market today.
Next year, when the pandemic is hopefully behind us, there will be many more properties coming to the market. Don’t wait for that increase in competition in your neighborhood. Now is the time to sell.
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