One question that never truly has a definitive answer is “when does the spring real estate market begin?” The home buying business model has surely changed over time. In years past, there was perhaps a bigger premium on buying a house in the spring, move in during the summer, and if you had kids, get them enrolled for school for the upcoming school year. Today, with the internet at our fingertips and mortgage closings potentially in under 30 days, buyers and realtors have a more expedient process.
However, just as surely as people will run out to the store to buy bread, milk and eggs when 6 inches of snow are forecast, buyers and sellers are always talking about the spring market. There are many articles released about “national trends” but they are less meaningful than what is happening TODAY in the LOCAL market.
When asked when the best time for someone to sell their house is, Weichert’s Joe Eberle responded very definitively, “It depends! Every seller’s situation is different. Each seller has different goals, different sized/condition homes, timelines and price ranges. There are also market factors such as seasonality, mortgage rates, and supply/demand. I work individually with each seller to assess their home and unique situation to position them for success in the real estate market.”
So, when will spring market begin this year? For the buyers, spring market is already here. Weichert’s Chatham office has seen a significant spike in buyer traffic at open houses in the past two weeks. Their average groups per open house have gone from 4 (1/12), to 3 (1/19), to 9 (1/26) to 11 this past Sunday (even with the Super Bowl on the schedule). The common talking point from buyers is they wish there was more inventory.
As of Monday, February 3, there were 25 active houses on the market in New Providence. Only 4 of those had been on the market for less than 56 days! In Berkeley Heights, there were 41 houses on the market, and only 6 had been on the market for less than one month.
With unseasonably warm weather forecast for the next 15 days, the question is, are sellers going to take advantage of the weather and buyer activity to hit the market early and stand out from other inventory or are they going to wait until later in the spring to list when they may be another face in the crowd?
If you’d like more information about the local real estate market activity and trends, you can contact Joe Eberle of Weichert Realtors at 908-868-4800 or email@example.com
Joe Eberle of Weichert Realtors is a business sponsor of TAPinto New Providence and sponsors the “Pioneer Athlete of the Week”. He is a 2019 NJ REALTORS® Circle of Excellence Gold Sales Award® recipient and has been featured in Top Agent Magazine.