Supply and demand of home inventory in your neighborhood are important things to consider when selling a home.

Lots of buyers are out there looking for homes right now. Here's what you need to know as a seller.

The V shaped real estate market recovery in 2020 is continuing to be the most triumphant in our history. With interest rates the lowest in history and people moving to new areas they had not previously considered, bringing the market value of homes in many suburban and shore areas of New Jersey to historic highs.

In most markets throughout Hudson, Bergen, Morris, Essex & Monmouth Counties in New Jersey there still is low inventory of homes on the market with high  demand of buyers.

The recent National Association of Realtors (NAR), Existing Home Sales Report show total housing inventory is down 18.8% from one year ago. Inventory is well below what was available last year, and the houses that do come to the market are selling very quickly.

Sam Khater, Chief Economist at Freddie Mac notes:

“Simply put, new housing supply is not keeping up with rising demand. We estimate that the housing market is undersupplied by 3.3 million units, and the shortage is rising by about 300,000 units a year. More than half of all states have a housing shortage.”

There are many reasons why inventory is low; homeowners are staying in homes longer than in previous real estate market cycles, new construction inventory of homes cannot meet demands and more people are deciding to buy for the first time or add a second home/investment.

We have seen 2020 make purchasing homes for first time buyers a real possibility, it also created a need for homes in new areas of the country.

If you’re looking to sell your home, call me 917.268.8916. We’ll make sure your home is perfectly positioned to sell.