So you think you are ready for a change, and you will be looking for a new home this Spring. We want to let you know about a couple of things that have come to light for us recently that may cause you to consider moving up your timeframe.
1) Last week we attended a seminar by Jeff Otteau of the Otteau Valuation Group. Otteau is often quoted in the paper and seen on TV and is a recognized expert in the NJ real estate market. Otteau provides our team with invaluable insights into NJ real estate market trends throughout the year. He is predicting that, due to a number of factors, the spring market 2018 will be “a feeding frenzy” – think multiple bids, lots of buyers, not a lot of houses available and very competitive.
In real numbers this looks like this:
- Homes that closed in July 2017 (and were listed in the Spring) were on the market for an average of 23.5 days.
- Right now average “Days on Market” for homes under contract is 57 days– more than twice as long.
What does this mean for you? It means that right now you have an opportunity to buy without multiple bids. This is especially helpful if you do not have a 20% or more down payment. We would love to get out there with you and see what is available now in the hopes of finding a home before January 2018 when the spring market kicks off.
2) School Registration: the SOMa school early registration is usually done in February (exact date not yet set) for the school year starting in September. In order to register, you need to have closed on a home and have your deed by the registration date. This past school year some families that registered after the opening of the early registration period found they were placed in a school other than their zoned school. All Kindergarten grades were full by the end of the registration period.
What does this mean for you? It means if you are buying a house in the South Mountain area, for example, your child may be sent to another school outside of the neighborhood based on space. This happened to a couple of our clients this past summer. More information here:
https://www.somsd.k12.nj.us/
Although our team is known for not being “pushy” we thought you should know that this is a great time to take advantage of the momentary calm and reduce potential stress this Spring.
So seize the day, and please contact us…
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