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Hiya everyone. So you know that I am looking for a house in a couple of places in NJ, WF and EB and such. And I noticed that there is virtually no new inventory on the market for weeks. Is that normal for summer? I thought that summer is the key selling/buying time because of schools. When does inventory pick up during the year? Are there specific times of year that are better to look than others? Thanks to all!
Hiya everyone. So you know that I am looking for a house in a couple of places in NJ, WF and EB and such. And I noticed that there is virtually no new inventory on the market for weeks. Is that normal for summer? I thought that summer is the key selling/buying time because of schools. When does inventory pick up during the year? Are there specific times of year that are better to look than others? Thanks to all!
We saw the same thing last year. You think its bad now, wait till the fall and winter rolls around, nothing new pops up. Only the folks that absolutely have to leave.
Ideally people want to move in the summer as to get their kids in new schools for start of school year. I think what you see out there right now is what you're going to be stuck with for the most part.
What towns are you looking at? Out of habit from when I was looking for home last year, I still have Weichert send me emaled updates whenever a new property enters the market or a price gets reduced. My search was for Bergen County towns and the majority seemed to be added in March - early June. Now I see a few trickle in, but not as much as a steady stream.
I agree that those who were most in need of selling put their house on the market in the spring, but there are probably still those who want to move and have for a long time but are still waiting it out as long as they can. As those people let their expectation of higher home selling prices go, you will probably still find a few gems every so often. I'd get on with a realtor who is well connected in your number one choice town, and he/or she can feed you the elusive gems before they ever officially enter the market. At least that's what happened for us when we put a contract on a home last year in early June.
I think a lot of houses go on the market in april/may/june for the reasons already stated (starting the school year elsewhere). I have two friends who couldn't find anything in time for school so they rented for a year or so and continued house hunting already in town. This is in Westfield. I was house hunting at the same time (over the summer) and had the same experience, but eventually did find something in August and closed in October.
I find I'm pretty uninspired by almost everything I've seen - even looking above my price range out of curiosity to see if the inventory is better, but that was also pretty ho hum.
I know of lots of empty houses (foreclosures) that aren't on the market yet and don't really want to necessarily go that route due to potential headaches but it would be nice to see the inventory refreshed somewhat.
Seeing a core group of homes just sit and sit and rot for years. They should pull them off the market, lower the prices to sell or if unable then just short sell or let them go into foreclosure. It feels like the market is bottlenecked - constipated for want of a better word.
I find I'm pretty uninspired by almost everything I've seen - even looking above my price range out of curiosity to see if the inventory is better, but that was also pretty ho hum.
I know of lots of empty houses (foreclosures) that aren't on the market yet and don't really want to necessarily go that route due to potential headaches but it would be nice to see the inventory refreshed somewhat.
Seeing a core group of homes just sit and sit and rot for years. They should pull them off the market, lower the prices to sell or if unable then just short sell or let them go into foreclosure. It feels like the market is bottlenecked - constipated for want of a better word.
Ditto here. In WF that is. Same 10 homes, being reduced in small increments, and still overpriced in my humble opinions. Not nice home that is. I would not really look at them normally, if it wasn't for the town. Oh well, I still have a few months to go!
If they are undesirable you may be better off waiting. Or you may just put an offer at 80% of ask. If you wait and asking price is reduced 10% then all of a sudden buyers may make offers. If you make a low offer now while the asking price is high the worst that can happen is the seller says no.
If they are undesirable you may be better off waiting. Or you may just put an offer at 80% of ask. If you wait and asking price is reduced 10% then all of a sudden buyers may make offers. If you make a low offer now while the asking price is high the worst that can happen is the seller says no.
To be honest, undesirable is undesirable.
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