“I hate to say it’s the same story, but people just haven’t taken action yet,” said Lisa Comito, the company’s president. Greater Bergen Real Estate Agents and an agent Howard Hannaland Real Estate. “They’re still sitting on it. So when a house comes on the market, if the price is right, there will be a lot of offers. If the house is overpriced, it’s going to sit.
But is the market starting to shift from sellers to buyers? data flashing altos research corp. The implication is that this may be the case.
First, the county’s inventory has risen 32% since early March. Secondly, the proportion of listings with increased prices has been declining since February, when it was 1.7%. It is now 0.9%.
At the same time, the proportion of listings with reduced prices has increased from a low of 9.5% in May to 11% today. Overall, this could signal a shift in the market.
But these numbers need some context. Inventory for sale is still less than a third of what it was in the summer of 2019, so the recent gains must continue before the market can really be pushed in the other direction. Compared with the huge fluctuations since the start of the COVID-19 pandemic, the rate of price cuts and increases is also a temporary blip.
Historically low inventory conditions still give sellers the upper hand. Altos Research’s Market Action Index score for the county was 52, up from 48 in March. The index considers any value above 30 to indicate a seller’s market.
“We sound like a broken record because every year we say [inventory] will be lower than last year. redfin tuna. “In fact, that’s really the biggest problem we have because of our proximity to Manhattan. The quality of life in Manhattan has declined over the past few years, which has prompted more families to move to the suburbs, especially families with children.
Notably, a new report Douglas Elliman and Samuel Miller Shows Manhattan is transforming into a buyer’s market.
Agents are seeing a lot of cash buyers. A house on the market, if priced appropriately, may receive as many as 30 offers in a short period of time, creating a bidding war. Brokers say sellers will prefer a cash offer in almost all cases to avoid potential problems with the buyer’s mortgage that could cause the deal to fall through.
Cash buyers — some of them Manhattanites with deep pockets — soften the impact of higher interest rates on the market because they don’t need a mortgage. This has pushed the median home price in Bergen County from $700,000 when the pandemic hit to $925,000 today.
“Historically, every time rates go up, market activity slows down a little bit, but as you can see in the statistics, that’s not the case,” said Atili, a veteran Bergen County broker who joined the firm. Attilio Adamo said. servant. in June.
