REAL ESTATE MARKET IN NORTHERN NEW JERSEY JUNE 2024

By robin June 26, 2024

The real estate market has been just a slight bit quieter the past 2 weeks. End of school, graduations and other family matters are in play as per usual at this time of the year. My further observation of the current market is that the buyers are not willing to accept the next price leap
so easily.
Some sellers have been moved to “shoot for the stars” and price their properties at levels that are just too high for the comps. Buyers are rejecting these houses. Some did not sell through in the first or even the second weekend on the market. Some others that were priced too high out of the gate are still sitting for weeks on end. This is a statement from the buyers that enough is enough in some cases. Pricing correctly is critical.
If you get it wrong and the house sits on the market, not only does the listing get stale but you are put into a position to have to lower the price. A price drop, depending on the original asking price, can be $200,000+ to make a difference for the consumer.

 

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