If I could tell you the first thing someone asks me when they find out that I am a real estate agent is, “How is the market?” Up until the past few months I have been able to say, it’s great. Absolutely a seller’s market. These past few months though have proven to be somewhat slower. There are a number of reasons why I think this might have been the case:
1. THE WEATHER! We all know that this spring’s weather was awful! Not only was it cold, but it was also super rainy. I think a lot of people were putting off their house hunting until it started to feel more like spring!
2. The new tax plan: I also think this has buyers concerned about how the $10,000 deduction limit is going to affect their bottom line. Living in a state which has high property taxes, this deduction hurts New Jerseyans harder than those who live in lower tax states, such as Pennsylvania.
If you look at our absorption rate chart, you will see that our market is creeping closer to a balanced market and in some cases, it has moved over to a buyer’s market.
We were hoping for so much more this spring. The beginning of the year was very busy, however we soon saw things slow down pretty drastically. What we are seeing are buyers who want it all. They want a great location, move in ready condition (fully updated) and all for a great price. If your home doesn’t fulfill all of these conditions, the only way to compensate for them is by pricing your home competitively!
Another way that we determine the pulse of the market is by looking at under contracts. In June we had less homes go under contract than we did the previous month. You would expect that June would be a stronger month than May since buyers are trying to get in before the next school year starts.
We are seeing activity starting to pick up. I’m hoping that July will begin to tell a different story. Stay tuned . . .
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