June 7, 2023
By Susan Heckman
Is the sellers' market cooling off as summer heats up? Not a chance!
The biggest takeaway in the sales data is that there were about 24% fewer listings for sale in both counties, compared to May of 2022. In fact, many reports point out that the current real estate market looks a lot like it during the pandemic years of 2020-2021, even with 30-year fixed mortgage rates hovering just under 7%. This shortage of homes continues to drive the sellers' market and is certainly a factor in the recent increase we have seen in buyer turnout and bidding wars.
YEAR-TO-DATE NEW LISTINGS
Monmouth County:
2023 —> 3799
2022 —> 4783
% CHANGE —> -20.6
Ocean County:
2023 —> 4881
2022 —> 5923
% CHANGE —> -17.6
So what is driving the seller shortage? Many sellers hesitate to put their homes on the market, worried they won't find their next home in a reasonable time frame, and are unwilling to face that possible uncertainty. However, sellers do have options, such as short-term rentals and contracting for a sale-leaseback, where the home is sold and then leased back to the sellers.
BOTTOM LINE:
If you’re considering a move, take advantage of strong market conditions and the summer season and list as soon as possible! As sellers, you have choices and it's smart to explore all available options with a Realtor.
Send us a message or call our office at 732-449-4646 for more information and to schedule a consultation with home pricing analysis.
Always here to serve you.
The Gallery Residential Brokerage
732-449-4646
TheGalleryNJ.com
Sources: FlexMLS, mortgagenewsdaily.com