What Could You Do With An Extra $264,000?
Updated: Oct 4, 2022
This Summer Is The Right Time To Sell
By Susan Heckman
It’s Summer 2022 and the New Jersey real estate market, like much of the country, is continuing to experience a high-demand for homes, especially in our popular beach communities. Inventory of available listings is critically low, so when a new listing becomes available, buyers, many who have been working with their agent for a year or more and have likely lost out on several homes to higher bids, are submitting strong offers, many over asking price, and waiving inspection and appraisal contingencies in the hopes of sticking the landing.
But summer has always been the season of choice for sellers. With schools on break, families often opt to transition to a new home before the start of the next school year. For others, work schedules may be more relaxed, making it easier to focus on getting the home ready to sell. In addition, the simple truth is that curb appeal ramps up in the summer and homes just look more attractive. Landscaping is lush and colorful, pools are open and patios and decks are enticing, with outdoor furniture and potted blooms.
What are some other reasons that make this summer a great time to sell?
Your equity is growing in record amounts. Over the past two years, many homeowners experienced double digit growth in the values of their homes. In some areas of New Jersey, homes appreciated 20% or more in 2020 and 2021. As an example, if your home was worth $600,000 in 2020, the 20% appreciation means it was valued at $720,000 in 2021, and could be worth about $864,000 today. That increase of equity, $264,000 in this case, can open doors for the buyer looking to move up to a larger home or create opportunities to invest in a second property.
Also, while mortgage rates have been fluctuating, recent increases are still well below the historical average of 8%. Buyers, nervous that rates may be on the incline, are motivated to make a purchase while they have lower rates locked down.
Have you been considering a move? Although summer may be seen as the best time to sell your home, the truth is that many factors go into the timing of your sale, and there are advantages (and disadvantages) to selling in any season. In addition, there are signs pointing to a pivot in the marketplace, making it even more important to speak to a knowledgeable professional who can answer your questions and address your concerns.
We are here to help. Find out how much your home is currently worth and get the guidance you need to make informed decisions. Call The Gallery Residential Brokerage today at 732-449-4646 to start the conversation or visit us at TheGalleryNJ.com