In the past few weeks, mortgage interest rates have dropped below 7%, approximately half a point, averaging 6.6% for conventional loans. This is good news for buyers starting their home search during the traditional spring market.
However, the buyers are still faced with exceptionally low inventory. While housing supply is exceeded by strong buyer demand, prices continue to rise in our area. In fact, a year-to-year home sale comparison shows an average sale price increase of $47,000. A year ago, we had 176 homes sold after an average of 66 days on the market. For the same period in 2025, we had 162 homes sold after an average of 58 days on the market. During the same period last year, homes sold for an average of 101% of the asking price. This year, home sales averaged 103% of the list price.
These 2025 home sales show a price increase double the national average of 2.6%. In fact, February 2025 marked the 17th consecutive month that the Northeast was in the top hottest housing markets.
This is excellent news for people ready, willing, and able to sell their current home. We are already experiencing bidding wars for homes currently on the market. When reviewing multiple purchase offers for your property, remember that the terms of the offer are just as important as the price! For example, a cash offer is strong because it does not require the property to appraise for the contract price and there is no 30-day waiting period for the buyer to obtain the mortgage. In addition, time frames allowed the buyer for inspections, appraisal, and mortgage commitment should be reasonable. Inspections can be completed in ten days. Mortgage commitments can be obtained in thirty days. These timeframes are important to you as the seller because your property is ‘under contract’ and not being shown while you wait for the buyer to have inspections and get their mortgage approval.
Another key negotiating point is the actual closing date. When you sell your home, if you already have another home to move to, you may want to accept an offer with a quick closing, such as thirty days. However, if you are building a new home, you may prefer an offer with a delayed closing, such as ninety days. If you need time to decide where you are moving to, you may want to sell your home contingent upon finding another home. Since it’s a sellers’ market, some buyers are willing to accommodate a delayed closing or wait for you to find another home. Another option is to sell your home now and move to a rental. The good news is that the rental market has softened. As a result of the recent building boom in our area, there are many more rentals to choose from.
In addition to marketing your home, the role of your REALTORâ is to negotiate on your behalf and guide you to select the best purchase offer that meets your needs. For more advice on preparing to sell your home, please contact me at dianebelcuore@optonline.net, 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
