It’s no secret that real estate listings are selling very quickly.
Whether you’re in New Jersey or Oregon, it doesn’t take long to sell a house right.
In 2018, most homes took just over 60 days to sell. That’s way down from the 140 days most homes were spending on the market just a few years ago.
If you’re wondering why homes are selling so quickly right now, especially right here in New Jersey, read on for a quick look at the real estate market.
Red Hot Real Estate Market
The real estate market is booming right now in many parts of the country. This is especially true in New Jersey and in other areas along the east coast.
The property values in and around Manalapan, and across New Jersey, have risen at least 10% in the past year. Some areas have gone up as much as 30%.
This is great news for the local economy and anyone looking to sell a house.
Interest Rates Help Real Estate Listings
Another reason why homes are selling so quickly in New Jersey and other areas is interest rates.
Mortgage interest rates are still very low with a national average of around 3.5% to 4%. These low rates make buying a home very appealing and are a huge financial advantage to buyers.
Even though home prices are high (and climbing), many buyers are eager to lock in a low mortgage rate before rates begin to climb again. This can help keep your mortgage payment low for many years to come.
Will the Housing Market Go Up or Down?
The big question on many home buyers and sellers minds right now is: what will the market do next?
If prices may drop soon and you’re in the market to buy a home, it may be better to wait and buy later.
And if you’re looking to sell, the opposite is true. Sell now, before your home loses value.
While it looks like the housing market could slow down a bit, it doesn’t look like the market is going to crash anytime soon.
Should I Buy a Home in Manalapan NJ Right Now?
Like we mentioned above, interest rates are near historic lows. Home values also seem poised to continue to rise.
So if you’re looking to buy, now is the time. Lock in a low interest rate and buy a home before the value rises even more over the next few months or years.
Should I Sell My Home Right Now?
With home values in New Jersey at all-time highs and continuing to rise, there’s never been a better time to sell your home. Today’s market is truly a seller’s market.
While the real estate market seems poised for more growth, better to sell now before other market fluctuations cause a shift in the housing market.
Buying or selling a home is a big decision. It can be tough to know when it’s best to start looking at real estate listings. Make sure you understand the market before deciding to buy or sell.
Whether you’re buying or selling, our team of experienced experts can help you make a deal that’s right for you. Get in touch with us today.