Today, we went into yet another bidding war with a buyer looking to move into Bridgewater and we also received the latest edition of Jeff Otteau‘s MarketNEWS report. All we can say is it’s simply stunning how things have rebounded so quickly this spring compared to what we’ve seen in the last few years and it’s great to have the data to explain what we’re experiencing.
In many New Jersey real estate markets, in particular, communities closer to New York City, the obstacle this spring has been the gap between where buyers caught in multiple-offer scenarios are valuing homes and where appraisal reports value the homes. Appraisers rely primarily on closed sales in the last 12 months, but buyers in many areas are realizing that there’s so much demand that they are wise to pay above appraisal value — something we haven’t seen since spring of 2005.
This seller’s market has been moving westward. This is the first time in a long time that Otteau has reported such a favorable market absorption factor (i.e., supply/demand ratio) for Hunterdon County. It’s nice to have a bit of wind in our sails this year in our local real estate markets!
If you have questions about market trends in the Somerset/Hunterdon/Morris County area, would like to learn a bit more about the trends we’re seeing at the state, county, and local levels, or would like strategy tips for buyers in a sellers’ market, contact Leaf, Realtors® at 908-975-9756.