I want to buy a home in Union County but I keep hearing about something called a. What is it? What does it do to prices in Union County?
Homes that have been foreclosed that are now bank owned properties. Much of that inventory is not yet on the market, hence it’s in the shadows. We measure the amount of inventory in months, meaning that if no new houses come on the market, how long will it take to empty the shadow inventory at the current rate of sales.
New 65 month supply. If no other homes come on the market it will take 5 years and 5 months to clear out the inventory. Sounds like New Jersey will have a rough time. In truth parts of the state will, while other areas won’t be affected as badly. For example, Newark will be hit much harder than let’s say Westfield or Summit. Towns surrounding the hardest hit urban areas will more likely feel the effect of the shadow inventory more than an upscale suburb will.currently has the greatest shadow inventory - a
So what does it all mean? In Union County, the supply of homes is larger than the demand for homes, reducing prices. You may pay less by waiting, but if interest rates rise the way the experts are predicting, your monthly payments will probably be higher than if you were to buy now.
Please note that all information is reliable but not guaranteed. Please consult with your Real Estate professional before making any Real Estate decisions.