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Out of the five counties in Northern NJ, all but one currently have more than 100 homes for sale. Passaic and Morris counties are nearing a low point, with only about 50 homes available each. What's interesting is that the October 2024 numbers have come out and we have had more homes for sale in NJ from May 2024 to October 2024 since last year.
Being a buyer right now is challenging, however your best strategy is to target homes that have been on the market for three weeks or longer. These properties are likely receiving fewer showings, giving you an opportunity to negotiate an accepted offer with better terms for yourself.
If you're a seller, this is one of the best times to list your home. That said, if you need to sell and buy, it might be wise to wait until the end of January, when inventory is expected to start increasing again.
If you have any questions about the market in your area, feel free to reply to this email or call me.
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