Fran’s Update

By maryellen January 9, 2023

THE REAL ESTATE MARKET IN NORTHERN JERSEY
by Fran Lichtman

Happy New Year to all of our readers!

The spring market of 2023 is ready to start and I believe it will be an incredibly active one. Typically, potential sellers feel that the “spring” market begins in late March or April at the earliest. I want to remind all that the market begins by the latter part of January.  I realize that the last couple of years have been different in that there was no seasonality due to the pandemic. The market went crazy in May of 2020 and did not begin to let up until about May of 2022.

About two weeks before Thanksgiving, the weekly new listings were starting to dramatically decrease and that continued through the rest of the year. Buyers were still out there searching for homes but with little success due to the very low inventory. Now, listings are slowly dribbling on to the market and we will soon see them gobbled up. Of course, the same rules apply now as they always have. Listings must be priced correctly and be presented in their best possible light, which includes staging.

This brings me to what I want to highlight today. If you are considering a sale in the spring market, please call us immediately to begin the strategy session. Preparing your home wisely is your most important job. We can help you do that by highlighting the repairs/upgrades/refreshes that you should undertake that will yield the most benefit when it comes to marketing your property.

One of our first steps will be to bring in our stager who can give you the road map that will clearly outline what you should be spending your time and money on. She may suggest a new paint color in a particular room, choosing a different light fixture, removing an extraneous piece of furniture in a living room where she will bring in a more appropriate cocktail table, chair or lamp.  We offer full service! Our stager can even have her movers help you to put things into your garage as storage during the sale process.

We know this process can seem overwhelming.  Don’t let that stop you!  We have the expertise to guide you every step of the way right to the closing table.  CALL US TODAY!

LOCAL MARKET STATISTICS -For Single Family Homes. 

 Active Now
(as of 12/11)
Under Contract
since 12/15
MAPLEWOOD16 (12)5
SOUTH ORANGE11 (19)2
WEST ORANGE41 (45)14
MONTCLAIR11 (20)9
BLOOMFIELD22 (30)6
MILLBURN/SHORT HILLS15 (23)3
ORANGE20 (26)6
UNION45 (45)24
SUMMIT15 (16)4