West Orange real estate has experienced more residential home sales with fewer homes on the market compared to last year and it appears prices have found bottom. Between January – September 318 residential homes sold. This is 44 more than this period in 2011 and the last time West Orange broke the 300 home sales mark in the first 9 months of the year was back in 2008.
The short-term and long-term rental market is in steady, strong demand, too, due to 4 key factors:
- The recent catastrophic weather in New Jersey and New York;
- The constant influx of people who want to stay in the area but are not able to purchase because of a short sale or a foreclosure they recently completed;
- The many people who are saving money for a larger down payment or strengthening their credit but are ready to have some private space after a couple of years of doubling up with friends or family;
- The many professionals who are relocating to the area but do not want to take the risk of purchasing for just a couple of years. The demand is so high we are currently calling around and posting on social media searching to find rentals and are even receiving calls from insurance representatives looking for rentals.
Many analysts have said prices would revert back to 2003 and 2002 numbers before an area would find bottom; well, we’ve done that here. With median sales prices back to 2002 prices in these first 9 months of 2012, market-value priced homes are being snatched off the market as buyers sense the bottom after years of waiting out of fear another big price drop was looming and after following the recent news of potential increase in downpayments in 2013.
As the weather cools down, the real estate demand is staying warm as can be. The only thing slowing ready, willing, and able homebuyers down at this moment is not enough new, well-priced homes on the market for sale (or for rent) to choose from.
The misconception that people do not purchase homes in the winter is allowing homeowners who do list their home for sale now take advantage of the market.
There’s less competition, serious home buyers are out in the cold looking to buy, and if you take into consideration West Orange sellers in October and November just received 97% of their list price compared to 94% in April and May, the whole stereotype of “only desperate homeowners try to sell in the winter” has already been thrown out the window.
Why aren’t you selling now?