A Background on The Current Housing Market (& Why You Should Sell Now)

If you have been considering putting your home on the market, we cannot stress enough that now is the time to do so. All along the east coast, especially in New Jersey, we are seeing the market value of homes increase tremendously. This means we are able to help our sellers successfully receive offers over asking price. 

Why Has Market Value Increased?

The simple answer: the demand cannot meet the supply.

Although the housing market is booming with potential buyers, there is not enough inventory to go around. With only a few options in each town, sellers are not only encouraged, but oftentimes compelled to put in an offer over listing in order to stand out. With multiple offers over listing price, sellers are seeing a pretty penny for their homes in a short period of time.

We are seeing homes in South Jersey sell for tens of thousands of dollars over asking price within days of being on the market!

Why Has Inventory Dwinded?

COVID-19

The COVID-19 pandemic caused many people to work remotely from their homes, which created a surge in housing demand. However, the pandemic also caused people to be less inclined to put their homes on the market due to social distancing and fear.

Millenials

Additionally, millenials, a group of people born between 1981 and 1996, are at the age of buying homes. Millenials make up 22% of the population in the Unitied States, so with a significant percentage of the country shopping at the same time, properties are selling left and right.

Mortage Rates

The cost of borrowing to buy a home has dropped. Mortgage rates are low, so people are incentivised to purchase now. Historically low at 2.65%, people who may not have previously considered buying are finding they can afford a mortgage due to the low interest.

Whether you are putting your house on the market due to a growing family, a job transition, or simply considering the idea solely due to the current financial incentive listed above, The Zielinski Real Estate Group is eager to answer all your questions and handle the process for you.