The Spring Real Estate Market Starts TODAY!

Bank of America economist Michelle Meyer wrote recently that while we are seeing an improvement in new home sales, the housing supply's are very tight and if we don't see a greater supply of homes in the housing market, it will have an upward pressure on home prices.  

Low inventory of homes on the market seems to be prevalent in many desirable areas. Inventory levels, the amount of time it would take to sell all existing homes on the market without any new homes being added, are dropping below normal.

Most people want to know why housing inventories are low and how it effects them directly.

There are a few reasons , two very specifically-The first being new home construction market has been slow for a few years and it's just beginning to pick up again.

The second reason is that many home sellers anticipating a rise in prices are holding out, waiting and possibly having to wait anticipating prices rebounding.

As a home owner if you’ve been thinking about selling in the coming spring market, it’s here and it’s now! The spring markets starts way before many people realize. Home owners who are ready NOW are seeing the rewards, often in the form of multiple offers!

What does this mean for home buyers? It's still a great time to purchase, interest rates remain low, rents have gone up and up and home prices haven't rebounded YET!

However the low inventory means it's now more important than ever to act quickly,

If you're thinking of purchasing this year, NOW is the time. Low inventory creates competition which can result in multiple offers and prices increasing, rates won't stay where they are forever and spring will only bring out more buyers which means more competion.

Have your local Realtor over for a look, have them give you current market information, local statistics and an accurate price to SELL not just list your home in todays market!. You'll want to take an honest look at your home and make a  list of things you’ll need to do in order to get your home ready to show. You’ll want to spiff the place up a bit!

Once your home is priced correctly and you have it looking it’s best you can expect to see more traffic and an increase in multiple offers.

If you’re not seeing the traffic and haven’t received the offers, now’s the time to make adjustments. In order to take advantage this very busy and very exciting time in Real estate NOW is the time to get started!

If you have any questions or would like more information on our market here in Bergen County, feel free to give me a call.

Best of Luck!

Dianna Ivanov

Keller Williams Village Square

257 East Ridgewood Ave

Ridgewood, NJ 07450

cell-201-895-1768

divanov@kw.com