Summer is upon us and the Spring real estate market is in full bloom
By Christina Sciarretta
There is a whole lot going on in the market right now. Let me explain: This Spring, we saw a dramatic increase in interest rates nationwide. Rates jumped from an average of 3.75% last year, to an average of 4.75% this year. Maybe it’s the climbing rates, or maybe it’s that we’ve all been stuck inside watching HGTV reruns during what was seemingly the longest Winter in East Coast history, but whatever the reason, the pool of home buyers in Atlantic County right now is robust!
They are out and searching endlessly for the perfect home. Here’s the issue: inventory is super low. (Inventory=homes currently for sale.) Inventory, county-wide, is down 20% from last year. 20%! I don’t think we have a statistic for the amount of home buyers that are currently
searching in Atlantic County, but it feels like it is up 439%. Now I am a real estate agent in the thick of it, so obviously I’m stressed, well dressed, and coffee-obsessed at this point, and not to be trusted on that stat.
The point is that there is a healthy pool of buyers and low inventory. Why it’s awesome: Prices are up 11% from last year which is an excellent increase. At the same time, the amount of time that homes are staying on the market before selling is down 10%, which means that homes are selling faster and for more money over all! Why it’s stressful: Buyers in many price ranges are having difficulty finding a suitable home that is realistically priced, without having to get into a bidding war. This is driving prices up. Word around town is that wine sales have gone up 37% in
direct correlation. I have fact checkers checking that one out, so let me get back to you on that.
(Disclaimer: I have no fact checker. Just a very active sense of sarcasm.)
I have found that the more information my buyers and sellers have going into the process, the less stressful it all is. That being said, my advice to buyers is to be prepared to look well within
your price range, instead of at the top of your price range, so that you have some negotiating
room if you have to go to list price or above. Be prepared to make strong offers. Make sure you have a market-savvy agent so that he/she can advise you on the best way to get the home you want, while making sure that you’re not over-paying.
My advice to sellers would be that homes sell or remain on the market for four reasons: price, condition, location, and marketing. It all boils down to price, so price your home at market value, based on your condition and location and you’ll have no problem selling your home. Until next time, peace, love, and good vibes!
