I love interpreting the market data to best help my clients...whether sellers, buyers or homeowners wanting to stay abreast of their large asset...their home. Here is our #WeinigerReport - June 2018 Market Review for Warren NJ.
This spring market really could be renamed.
Common phrases on the street about the spring market in Warren is…
- It’s Slow
- Lack of buyer pool
The Market is Confusing, Frustrating …...Disappointing.
It has some resemblance to me of Spring 2006 when after the craziness of the price upswing, buyers just stopped coming out. Of course, so many factors play a role including location (state, town demand), price range, cul-de-sac, views, updates, condition and ease of commute to NYC, ---ALL make up the pricing.
Definition of market value => what a buyer will pay and a seller will sell it at.
We as the real estate professional can advise and share the trends we are seeing and WHAT we are hearing from the other side (buyer or seller) since our business is very balanced between helping sellers and advising buyers. We know the viewpoint of both sides.
It's tempting for us living in our small, (adorable) suburban town of Warren, NJ to compare to what we hear is going on in Orange County CA, NYC, Toronto, Denver, Seattle and San Francisco, to name a few... where there are low inventory and HUGE demand with multiples bids a norm... our ears perk up...hopeful the same will translate for us.
We can even look at some of our NJ neighbor towns along the train line... like Maplewood, Montclair Summit, and Morristown markets… the demand is much greater. The younger demographic of dual income families will pay for convenience, choose less home for their money, pay more real estate taxes, for the ease to commute and lifestyle.
Warren has a different target demographic, aka those that want peaceful, country living. I call it an oasis. 10 minutes you can be in the hustle bustle of Rt 22 for Costco, Home Depot, Bridgewater Common Mall, 20 min to Short Hills Mall. But living is on larger lots and lower real estate taxes than our Union, Essex, Morris County counterparts. Somerset County offers more bang for your buck.
Understanding and communicating these differences to you is what we are passionate here at the Weiniger Group. We live here, work here and love our local community and care to share hyper-local insights that only those of us that work this market every single day and know every single listing that has sold, can really understand intimately.
Here’s the thing... The numbers don’t look that bad.
Homes are going under contract (UC), but some homes are barely getting showings and those that are chosen and going UC, after only having 1-2 showings. So people that want to buy... are stepping up and choosing those that they identify as good values. Seriously...there are some homes that have been on the market for 1-2 years (and some 4-5 years - yes!) WHY? Sellers are either being told what they want to hear from their professional and overpricing or not listening to the advice. After 30 days, we know what the market is whispering (or shouting in some cases) and we then ned to pivot...react...from the feedback received. If no showings, the marketing is rejecting the home at its current price offering. Overpricing has proven to be a bad strategy as these sellers have chased the market down with many still going unsold.
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