The 2020 Northern NJ Fall Real Estate Market

By
Real Estate Agent with Keller Williams Realty, North Central New Jersey 0676519

LOOKING TO PUT YOUR HOME ON THE MARKET? 

The most important thing you can do is get professional exterior photos taken now! Contact Simon for assistance: 973-489-8885.

 

It's challenging to show curb appeal in the winter, we can take your exterior photos while landscaping is still lush!

 

 

 

 

Homes photograph best when surrounded by greenery.

 

 

It's a great time to sell. The pandemic has turned most of our region into a Seller's Market as buyers (and renters!) are flocking in from Jersey City, Hoboken, NYC and Brooklyn. A reduction in inventory and record-low mortgage rates are helping to fuel the demand for homes in our area. We see similar trends -- some strong and some less strong -- in other towns, particularly those with easier access to NYC.


This year, we have transactions closed or under contract in over 30 towns. We think that the Millburn Township market provides a great case study of how transactions are moving – more homes are receiving multiple offers and are selling for above assessed value. For example, the sold price is up over 6% in Short Hills, which translates to an average of just over $100,000 higher than last year. Active listings are down by over 30%, adding increased pressure on the buy side. And listings are selling quickly, with average days on market down almost 10% from last year.  There are definitely nuances for each town, so we encourage you to reach out to Simon or one of our team experts to learn more about specifics in your town. Also, see town specific Market Reports link below. 

We expect to see this hot market extend into the fall and winter. If you are thinking about putting your home on the market, there are some important things you can do now to set yourself up for a successful sale. 

#1 Get your exterior photos taken now! Buyers will see your home for the first time online and curb appeal is important. Homes look best when the landscaping is lush in the front and the back yards.

#2 Work on those key repairs. Look at your home with a buyer's eye and make a list of what needs to be fixed. If you are not sure if something should be repaired, or what the most important priorities are, feel free to ask us!

#3 Declutter and refresh. Every buyer expects to walk in to a home that's properly staged. But before that step you will need to remove some of your personal belongings and store your stuff. Paint may be needed to freshen up some rooms and show your home in the best light.

To gain a better understanding of the current market, our detailed market reports by town are available on our website. They include home sales (by address) with number of beds and baths, list price, sale price, days on market and more. You’ll also see helpful year over year trends. If you are interested in a deeper understanding of what your home is worth, please take advantage of our complimentary one-on-one consultations. 

We wish you good heath and happiness! 
Simon Westfall-Kwong

simon@swkrealestate.com
973-489-8885

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