Why It Makes Sense to Sell Your House This Holiday Season in River Edge
River Edge has historically been an attractive town for so many buyers from first time home buyers to move up and downsizers. In this busy Fall/Winter market the norms are changing and you need to be ready to take advantage.
If you’re one of the many homeowners thinking about taking your house off the market for the holidays, hang on. You definitely don’t want to miss the great selling opportunity you have right now. Here’s why this month is the optimal time to make sure your house is available for holiday buyers.
The latest Existing Home Sales Report from The National Association of Realtors (NAR) shows the inventory of houses for sale has dropped to an astonishing all-time low. It now sits at a 2.5-month supply at the current sales pace.
This number is actually much lower in River Edge where we have less than one month’s supply currently. This shows us that houses are selling much quicker here than the national and even state and county numbers.
Historically, a 6-month supply is necessary for a ‘normal’ or ‘neutral’ market, in which there are enough homes available for active buyers (See graph below):
When the supply of houses for sale is as low as it is today, it’s much harder for buyers to find homes to purchase. This means competition among purchasers rises and more bidding wars take place, making it essential for buyers to submit very attractive offers.
As this happens, prices rise and sellers are in the best position to negotiate deals that meet their ideal terms. So, if your neighbors decide to remove their listings this season, your house may quickly rise to the top of a holiday buyer’s wish list if you stay on the market.
Today, there are many buyers who are ready, willing, and able to purchase. Record-low mortgage rates and a year filled with unique changes have prompted buyers to think differently about where they live and to take action. The supply of homes for sale is not keeping up with this high demand, making now the optimal time to sell your house.
Bottom Line
Home prices are appreciating in today’s sellers’ market. IN River Edge average sale prices have risen almost 7% over the same time period in 2019. Making your home available over the next few weeks will give you the most exposure to buyers who will be actively competing against each other to purchase it.
Homes for Sale in Bergen County
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