Here is more good news! Since the beginning of this year, 133 single-family homes have sold in our area. The average selling price was $1,163,612, which averaged 103% over the list price. Despite the rough winter weather, these homes sold in an average of just 36 days on the market! As of this writing, we are in the official Spring market, with only 103 single-family homes listed for sale. The average list price has climbed to $1,481,826.
Since mortgage interest rates have finally dropped and stabilized at slightly below 6%Buyer demand remains strong, exceeding the supply of homes for sale. In fact, while many regions in America are experiencing declining housing markets, the Northeast region was ranked the top housing market for price appreciation so far this year. In what continues to be a seller’s market, we are experiencing multiple purchase offers, usually resulting in ‘bidding wars’. Buyers are advised to present their strongest offers. This means their highest purchase price, current mortgage preapproval or proof of assets, and the best terms, such as large down payments, quick inspection deadlines, and closing dates based on the seller's preference.
It is important to note that this housing inventory consists of residential resales, not new homes. Since most of the homes in our area were built between 1950 and 2000, they all require updating before sale to obtain the highest price.
So what updates are buyers looking for in an older home? Due to rising costs, buyers have become more practical, seeking features such as new or recently installed roofing, windows, and HVAC systems. For home sellers, these improvements yield a substantial return on investment as well as a quicker sale. As a result of the drastic increase in utility costs in our area, buyers are also seeking energy-efficient features. Many of these investments can be made by home sellers at reasonable costs, such as SMART thermostats, ceiling fans, attic insulation, WATERSENSE showerheads, or LED light bulbs.There is more good news for sellers of older homes: the customary open floor plan is not as popular as it has been for the past 30 years. Smaller spaces and single-story height ceilings are more cost-efficient for heating and cooling. In addition, many of today’s home buyers are still working from home at least part of the workweek, so they need quieter, enclosed spaces for Zoom meetings and conference calls, which are essential to working remotely.
Of course, there are several basic, least-cost improvements that should be made to enhance older homes.For example, removing exterior awnings and shutters makes a home look bigger. A freshly painted interior makes a home look clean and inviting. Removing wall-to-wall carpeting and refinishing hardwood floors makes the interior look larger and updated. Regrouting or cleaning floor and bathroom tile provides an instant refresh to the home.
For more recommendations on home maintenance, staging and preparing your property for sale, contact me at dianebelcuore@optonline.net or 908-872-5473.
For additional information please contact:
Diane Belcuore
Realtor ®
908-872-5473
dianebelcuore@optonline.net
NJ 5 STAR AWARD Winner 2014, 2015, 2016, 2017, 2018,2019,2020,2021
Accredited Staging Professional
