If you’ve ever thought about selling your Monmouth County, NJ home, 2016 could be the perfect year to get the most money for your property. Several market forces have come together to make for a strong sellers’ market, and real estate here is booming.
What Is a Sellers’ Market, Anyway?
Simply put, a sellers’ market occurs when there are fewer houses available for sale but lots of buyers who want them. Simple supply-and-demand economics teach that when there is a high demand for a product but not enough supply to satisfy that demand, sellers can raise prices and take advantage of the natural competition among buyers. In a sellers’ market, there are many potential home buyers competing for a relatively small number of homes for sale, which means that sellers can charge more and often have their pick of offers.
3 Big Reasons Behind the Sellers’ Market in Middletown, NJ
Spring is always a big season for real estate, as families look to find their dream homes and move over the summer so that children end and start the school year with minimal interruption. There are other forces in play here as well that make it a great time to sell your home:
- Getting a Mortgage is Getting Easier. Lenders tightened their requirements during the Great Recession, and new restrictions cut a lot of buyers out of the market. That’s all changed recently, and banks have opened their doors (and their mortgages) to more home buyers again. According to the Mortgage Bankers Association, mortgage credit availability has been rising steadily in the past several years, which means a large pool of qualified buyers competing for your property.
- The Shore Is Back. Superstorm Sandy dealt a devastating blow to New Jersey property owners — especially those with waterfront homes — but, in true New Jersey style, the area has come roaring back, with new construction and renovations making the area better than ever. Buyers with strong childhood memories of summers down the shore are competing with locals to get a slice of the good life in Monmouth County, and that means sellers can name their price — and get it.
- Middletown Is Perfect for Families. Perennially at the top of all of those “Best Places to Live” lists, Middletown, NJ is a sought-after spot for families looking for homes in a great school district and classic suburban setting. Add to that its convenient ferry service to Manhattan, and you’re suddenly looking at buyers from New York, New Jersey, and even Connecticut all looking for their new home in Monmouth County.
A Sellers’ Market: The Right Time to Trade Up to Your Dream Home
Think that a sellers’ market means you can’t afford to upgrade to a more spacious home? Think again! The real estate market is, above all else, even-handed. Market trends are in place across the board, which means that it’s a sellers’ market at all price points. If you’re looking to expand your horizons and trade up to a new home, it’s true that you may pay more — but you’ll also get more for your current house, enabling you to leverage your investment and move on up into that incredible home you’ve had your eye on. There’s no real benefit to trying to time the market when you’re looking to trade up, since everything balances out.
There’s never been a better time to sell your New Jersey home than right now. When you’re ready to hit the market or explore your options, the Kubis Realty Group is here for you.