Uncategorized May 23, 2024

Why Now is a Great Time to Sell Your New Jersey Home

As we approach the peak of the real estate season, now is an excellent time to sell your New Jersey home. Here are key reasons why you should consider listing your home soon:

1. Optimal Selling Season
According to a recent study by realtor.com, the best time to sell a home in 2024 is approaching quickly. Listing your home in the Spring could yield higher returns, with potential increases of up to $34,000 compared to the start of the year. This period is expected to feature high buyer demand, low competition, and fewer price reductions, making it an ideal time to maximize your sale price.

2. High Buyer Demand
Spring generally brings more buyers into the market. The study highlights that the week of April 14 tends to attract 18.4% more online views per listing than the typical week. Last year, this surge was even higher at 22.8%, indicating strong buyer interest during this time.

3. Favorable Market Conditions
Inventory levels are still historically low, which means fewer homes are available for buyers to choose from. This scarcity drives competition among buyers, often leading to quicker sales and potentially higher offers. Homes listed during mid-April typically sell about nine days faster than other times of the year.

4. Rising Home Prices
According to the New Jersey Association of Realtors (NJAR), while inventory and closed sales have decreased overall, the average home sales price has continued to increase. As of March 2024, the average home sale price for single-family homes increased by a whopping 11.8%, rising from $564,227 to $631,058. The townhouse-condo sector saw an increase of 13.2%, with an average home sale price of $486,701, and adult communities also experienced an increase of 11.4%, with an average home sale price of $375,066.

5. Strong Market Performance
The NJAR reports that the percent of list price received by sellers is still above asking. Single-family home sellers are receiving 101.8% over asking price year-to-date, townhouse-condos are at 101.7%, and adult communities are at 98.9%, an increase from 2023 by 0.3%. This indicates a robust seller’s market where buyers are willing to pay more than the listed price.

6. Faster Sales
Homes are selling faster than last year. As of March 2024, the average days on market for single-family homes decreased by 12.5% to 42 days. Townhouse-condos have an average of 38 days on the market, down 9.5%, while adult communities have seen a slight increase in days on market to 46 days, up 2.2% from 2023. This means you can expect a quicker sale process if you list your home now.

Here are some key statistics from the NJAR as of March 2024:

New Listings: Single-family homes: 16,759 (down from 17,294 in 2023); Townhouses-condos: 6,530 (up from 6,231 in 2023); Adult communities: 2,077 (down from 2,172 in 2023).
Closed Sales: Single-family homes: 10,442 (down 11.2% from 2023); Townhouses-condos: 3,911 (down 2.1% from 2023); Adult communities: 1,382 (down 9.4% from 2023).
Percent of List Price Received: Single-family homes: 101.8%; Townhouses-condos: 101.7%; Adult communities: 98.9%.
Average Days on Market: Single-family homes: 42 days (down 12.5% from 2023); Townhouses-condos: 38 days (down 9.5%); Adult communities: 46 days (up 2.2%).

The combination of high buyer demand, favorable market conditions, and the seasonal increase in home prices makes now a strategic time to sell your New Jersey home. By listing soon, you can take advantage of these factors and achieve a successful sale.

If you are considering selling your home, contact me today to discuss how we can maximize your home’s value and ensure a smooth selling process.

*Statistics obtained from New Jersey Realtors as of March 2024 and National Association of Realtors