Over the past 2 months, 204 homes have gone under contract after an average of just 20 days on the market. The average list price of these homes was $1.2 million. During the same period, only 61 homes sold for an average of $1.187 million after an average of just 13 days on the market. Home sales in this period are less than half the number sold during the first two and a half months of this year. The current average sales price has increased by $24,000 since the same period earlier this year.
In other words, there are fewer homes for sale and buyer demand remains strong! Logically, this has driven sale prices higher than earlier this year and last year.
Rising home prices and a shortage of homes for sale have shifted buyers’ focus. Buyers have become more flexible. They are more willing to consider older homes and traditional architectural styles. Buyers are showing a 19% increase in interest in Victorian-style homes, and the once-unpopular Tudor-style home has seen a 14% increase in buyer interest. In addition, vintage features such as arched doorways, exposed brick interior walls, and ornate molding and trim have become more popular with today’s buyers. This trend towards more traditional, older styles is aligned with warmer colors and natural materials, such as hardwood flooring and natural stone accents. After many years of upscale, industrial, and cool color finishes, the pendulum is swinging back to warmer, traditional styles.
These trends are great news for sellers of more traditional, older homes! More buyers now appreciate the features, benefits, and charm of 20th-century homes: lots of closets, hardwood floors, plaster walls, cozy nooks, built-in bookcases, real brick, and natural stone. They no longer visit homes and immediately estimate the cost to remove walls or vault ceilings before making a purchase offer. Since buyers have become more realistic about their home purchase and maintenance budgets, sellers can focus on low-cost/high-return improvements to prepare their home for sale.:
- Freshly painted interior using warm colors
- Replace outlet covers and light switch covers
- Remove carpeting, refinish hardwood floors
- Eliminate window treatments to accentuate natural light
- Install energy-efficient lighting and ceiling fans
- Replace showerheads
- Install a programmable thermostat to control utility costs
- Enhance storage with closet systems, open shelving
- Plant trees and shrubs to enhance the cooling of 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
