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Across New Jersey, home prices continue to climb steadily. Although there are still signs of buyer hesitation in certain neighborhoods, others continue to attract multiple offers in a short period, especially if the home is super clean and move-in ready.
Inventory remains inconsistent. Some towns may go a week with virtually no new listings, only to see 5–10 homes hit the market the following week. Overall, we do have more listings than the last few years, but that's not saying a whole lot.
Bergen County still sees the longest average time homes stay on the market, largely due to sellers overpricing their properties. The same trend applies in Hudson County.
For sellers, pricing your home slightly below market value attracts more attention. You’re likely to receive offers at or above what it’s truly worth. On the other hand, pricing at or above market value often results in your home sitting longer.
For buyers, consider raising your searches above your budget. Many homes are overpriced and could end up being affordable after negotiation. If you find one sitting for 15-21 days or more, take the time to see it. There’s a good chance you’ll be the only offer, putting you in a strong position.
If you want the break down charts or more information on this, just send me an email.
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