For several months now, Realtors in the area have been participating in transactions with multiple offers, some over asking price and homes going under agreement within a matter of days. I sold one house in South Orange the first day it came on the market! Yes- the local housing market is improving.
So it comes as no surprise that the Wall Street Journal recently reported in the article Home Prices Reflect Strengthening that home prices in the second quarter rose from the year-ago period for the first time since 2007. Home prices rise when inventory levels drop because it signifies less competition for the home seller, and limited choice for the buyer.
Additionally, incredibly low interest rates and renewed confidence in the economy is compelling buyers to act now. With these elements in play, the competition between buyers who have their sights set on the same dream home can become fierce. Though the late summer and fall have historically been slower selling seasons when compared to spring, we predict there will be an exception this year because of the pent up demand.
The report below is a Year -to-Date market update for South Orange. Feel free to call me call or text me at (917) 327-0701 to discuss your home’s current market value. To view my real estate related blog please visit http://www.amyharrisonline.com/blog