It’s a great market right now to sell property in the Garden State. But the real estate market in New Jersey hasn’t been exactly the best case scenario for first-time buyers looking to get their feet wet in investing or to buy their first home. In fact, the market is so hot right now in terms of sales that there doesn’t even seem to be any room for negotiating and potential buyers can’t sit on the fence.
It may be partly due to what is happening currently with the health situation. More people want a place of their own to hunker down and to cocoon. This leaves the market with slim pickings in terms of inventory and bids coming from left, right and center as soon as a listing goes on the market, even with rising prices.
The suburbs are more tempting
Realtors are saying the market is crazy, especially in suburbia. This is also the busy season when it comes to real estate transactions and will stay as such until the end of June. The New Jersey Association of Realtors says the number of homes on the market this past February in Bergen County was 1,260 — down from 2,650 in Feb. 2020. The median price of a single family home also jumped by more than 17% going from $485,000 to $570,000. The same can be said for other areas of the state.
With the real estate market the way it is right now in New Jersey, buyers must be prepared to act when they find an appropriate property. That means having all their ducks in a row when it comes to the important stuff like knowing about contracts and what should and should not be in them. It also means consulting with experts experienced in areas of real estate like a lawyer, an appraiser and perhaps a professional in a mortgage company.