North Jersey Real Estate Today- February 2023

Will buyers have more opportunities to buy their dream home this year?

Everything I read and hear signals a reach toward a balanced market, but we still have quite a way to go. We're still experiencing a very strong seller's market with extremely low inventory and intense buyer demand. Homes are still selling as fast as they are being listed. Buyers are getting accustomed to the current mortgage rates and still want to, have to, or need to move.

Does this sound like you?

According to the 2023 forecast from the National Association of Realtors:

"While 2022 may be remembered as a year of housing volatility, 2023 likely will become a year of long-lost normalcy returning to the market, mortgage rates are expected to stabilize while home sales and prices moderate after recent highs."

Here's an example of what we are seeing in one of our North Jersey towns:

As per the NJMLS, as of January 30th in Oakland, NJ, there were 10 active listings for sale, 20 listings under contract, and only 8 homes sold in January. Here's what's interesting...

We're seeing longer days on the market than we're accustomed to, and in Oakland, the average selling price in January was close to but slightly lower than the average listing price. This could be a good sign. We're still experiencing bidding wars, but the numbers indicate maybe not as many.

Homeowners, if you're still on the fence, you still have an opportunity to sell your home for top dollar. Buyers, it looks like things might be looking up for you too. Market activity is definitely something I watch closely, and I will be sure to keep you posted on any upcoming changes.?

Questions? I am always happy to help.