Why First-time Buyers are Struggling to Find Homes in NJ
First-time home buyers in New Jersey could face a tough buying season this year because of the low inventory of available homes in their range.
New Jersey Realtors President Christian Schlueter says "there are more buyers than there is inventory."
The number of single-family homes in New Jersey was down almost 18 percent this March over last March.
Some other statistics from New Jersey Realtors:
— The median price for single family homes in New Jersey rose 4.6 percent to $285,000 during the first quarter.
— The median sales price for townhouses and condos was $244,000, a 3.4 percent increase.
— The median price for homes in New Jersey's adult communities increased 12.1 percent to $185,000.
"It is great news for those trying to sell their homes but it is a bit of a quagmire because the people who want to sell their homes appear to be a little bit hesitant right now, because they are afraid that one they sell their homes, because of the low inventory, they may not be able to find a home to purchase."
Schlueter has this advice for first-timers: "If a buyer sees a home that they like, they need to see it and make their offer on it quickly."
That means having their pre-approval and financing ducks in order before making an offer so as not to lose out to the competition.
"And I can tell you that in many cases right now, when you move quickly they still wind up with multiple offers," she said.