The real estate market depends on timing. Similar to the stock market, NJ Real Estate is an ever evolving fluid market. Judging when to buy, when to hold and when to sell can be challenging in any market. There are some indicators which can guide you through the maze.
Days on Market- How long a particular home has sat on the market before an able and willing buyer has placed it “Under Contract.”
Housing Supply in Months- Indicates the competition in the market place. Should you price it high or go in low and look for multiple offers.
Median House Price- If shopping in a new town, look at the median house price this will give you an indication if you can afford the square footage you need in the area.
Annual Housing Trend- Ask your realtor to prepare a comparative market analysis or CMA to review the individual homes which have sold in your area, make sure you request “ALL” the homes.Choose a professional to evaluate the information. The bottom Line is whether you are selling a home or making a purchase, “Price it Right”.