Inventory may be down, but that doesn’t mean you won’t be able to buy your home in Maplewood, Millburn, Short Hills or South Orange, NJ. If you have been seeking to purchase a home and have been disheartened by the lack of available properties, cheer up, more inventory may be on the way!
According to recent statistics released by Realtor.com, March 2013 saw a 2.36 percent increase in homes being listed for sale when compared to February 2013, bringing more options back into the housing market and giving you, as a home buyer more chances to find your home.
And although prices may be slightly higher (the national average reported by Realtor.com shows a .05% increase in the last month), interest rates are still low, with the 30 year fixed averaging 3.43 % with .8 points on April 11th.
Home sellers can be excited, too, knowing that their property is likely to be showcased during this time when inventory, though moving, is still low. Less home listings also make for quicker sales with eager buyers, and a key number, days on the market, has been reduced because of the above factors, as well. According to Steve Berkowitz, CEO of Move, Inc, “The newest data shows that the outlook is optimistic for the overall real estate recovery.”
Depending on where you live, the overall housing market may be experiencing dramatic change, as well. Take a look at the most recent market stats for Maplewood, NJ and surrounding towns. You’re likely to find that now is the perfect time for you to buy or sell your home!