Start of 2020: It’s a Seller’s Market for Homes in New Jersey
A New Jersey real estate expert says it's a seller's market at the moment but there is some good news for home buyers.
Angela Sicoli, president of New Jersey Realtors, says it's all about what she calls "tight inventory" — somewhat lower numbers of for-sale homes.
"We were finding that homeowners are sitting on their homes a little bit longer than normal," she said.
She says inventory this time of year is historically low. But Sicoli says on the other side of the coin, low interest rates are helping buyers afford a mortgage.
"It looks like it's going to be another great year. It's a strong market because of low interest rates. And in 2020, I think that we are going to maintain what we had previously in 2019, if not better."
She says many home buyers place a high value on locating close to work or schools.
Also, "the commute — transit into the city, trains, buses or even communities that have that close to a walking distance of their employment."
Sicoli says in the spring months, sellers will engage a "stager" because they will view the home from an unbiased point of view to make your home stand out in front of all the others.
"This is a new type of habit that people have gotten into the last few years. These are people that have a knack to know how to put your home together. You work with what you have, but make it look good so that when a prospective buyer walks in, the property looks fantastic."