WEST ESSEX AREA, NJ — Although one of the most popular questions posed to a real estate professional is “How is the market?” Tezeta Roro, a licensed real estate professional specializing in Essex, Union and Morris counties, said she often answers this question with, “There is always a market."
According to Roro, the conditions for buyers and sellers may change depending on what is happening nationally and locally, such as changes in law and legislation and interest rates.
“Generally speaking, there is a shortage of inventory (particularly for first-time homebuyers), and interest rates are relatively low,” she said. “These are two great conditions for the housing market because shortage of inventory means there is demand for homes and relatively low interest rates mean buyers are able to secure mortgage loans at a reasonable rate.”
In fact, first-time homebuyers made up 31 percent of home purchases nationally in 2018, according to the National Association of Realtors (NAR).
“For towns in West Essex, for the second half of 2018, the average days on market for homes is around 52 days, meaning once homes go on the market, they are sold within 52 days and they are sold for 98 percent of the asking price,” Roro said as an example. “Though this is average for all West Essex towns, a few towns have average days between 35-45 days. Essex Fells has the least amount of days on market at 14 days and it also has the least number of homes on the market compared to the other towns.”
According to Roro, the moral of the story is that it is currently a great time to buy and sell. In explanation, Roro shared the following details:
- Since we have shorter days, sellers can capitalize on the season and declutter/organize and prep their homes. There are great nonprofits such as Dress for Success and the Salvation Army who are happy to receive donations of gently used wardrobes and other items. (Tax deductions!)
- Buyers can get their credit in order by ordering a free credit report from each credit bureau, inspect the reports for inaccuracy and negative reporting and take action to shoot for a 720 score.
- A great real estate professional can be a resource to both sellers and buyers as they are preparing to sell or buy real estate and should be leveraged early on. It is not too early to connect with a professional to chat about goals and strategize how to best position you in the market.
Roro leverages her prior corporate career to curate a value packed real estate experience for her clients, leading to a confidant and informed decision. Contact Roro at email@example.com or find her on social media.