Did you know that in Monmouth County we’re in a buyers market?
Monmouth County Buyers Market
Commonly, when the real estate market shows that there’s less than a 6 month supply of homes, we’re in a seller’s market. Let me explain what I mean. Typically, on average, if 25 homes sell per month, there should be 150 homes for sale in any given market. If there are less than 150 homes available, it’s a sellers market, because there are more buyers looking than there are available homes. Conversely, if there are more than 150 homes available, it’s now a buyer’s market.
We’re in a Seller’s Market
That’s right, I recently checked the 3 major segments of the Monmouth County market, which are single family homes, condos and adult community homes. And in each segment, there were less than a 4 month supply of available homes. As a result, sellers are able to command top dollar for their homes, and they don’t really need to offer incentives to buyers, such as the seller paying closing costs or home warranties.
Will a Buyer’s Market Arrive?
Cheer up buyers – your turn should arrive soon. That’s because the best time for sellers is the spring. The buyers want to close over the summer to allow the kids to start in their new school at the beginning of the school year. And the sellers are aware of this.
However, if you’re a buyer, the best time is summer. Because the summer is that time of year where some sellers haven’t sold yet. As a result, they’re getting nervous. The high asking prices will be reduced, and more homes will become available.
If you don’t need to be in the house for the start of the school year, be patient. Because soon you’ll have a wider choice of available homes. And the prices for these homes will be more affordable as the summer comes to an end. When that time comes along, call us. We’ve helped hundreds of people in your situation, and we’d like to help you too.
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