Are home prices on the rise? Is the housing market in NJ improving? For many residents, the writing on the wall says YES. Some NJ towns have survived the housing bubble and for lack of a better way to expressed this: Several NJ towns have rebounded successfully. Slowly but surely NJ homeowners are gaining equity. But, these lucky few are not exactly gaining equity at the same rate as yester-year, even though there are plenty of examples of multiple offer situations like the DC residents in the video below. Find out if now is the right time to sell in your town click here.
There are a few barometers Realtors and Agents like use to determine if the housing market has recovered like:
- 1. The number of days a house sits on the market. If the house receives a written offer within the first 30-90 days, of being listed for sale that’s a good sign.
- 2. The number of buyers that attend an open house or visit the home within the first 30-60 days of the home being listed for sale.
- 3. The number of months it takes to sell of the current inventory of homes for sale.
- 4. Propensity for keeping interests rates low and the availability of mortgage dollars.