Purchasing a house is a life-long investment, and it is natural for homeowners to consider selling their home at some point. The real estate market in New Jersey has been experiencing an upward trend for a while now. If you are a homeowner in NJ, you may be wondering whether it is the right time to sell your property or not. In this article, we will explore the current real estate market landscape in NJ, the benefits of selling your house now, and the factors you should take into account before making a decision.
What’s the current real estate market scenario in NJ?
The real estate market in New Jersey is on the rise. As per the New Jersey Association of Realtors (NJAR), the average sales price of a single-family home in the state increased by 25% year over year. Furthermore, the demand for homes in NJ is higher than the supply. This shortage of inventory has been driving up home prices throughout the state. In short, this is a seller’s market in New Jersey.
What are the advantages of selling your home now in NJ?
Increased equity: Due to the demand for homes in NJ, the market prices have surged, resulting in increased equity for homeowners.
Low mortgage rates: Buyers looking for a home now can take advantage of historically low mortgage rates, which can make the buying process more affordable. In turn, this might encourage increased competition, ultimately driving up your sale price.
Tax benefits: As per the latest tax laws, you can exclude up to $250,000 (for an individual) or $500,000 (for a married couple) of the profit made from selling your home. With home prices being high in NJ, now would be a good time to take advantage of these tax benefits before potential changes in the laws.
Quick sale: Due to the current market conditions, your house may sell quickly, saving you time and effort.
What factors should you consider before making a decision?
Real estate listing agent: A real estate agent with solid experience in selling homes in NJ can help you get the most value for your property. Consider doing your research and selecting an agent you will be comfortable working with.
Closing costs: Selling your home will also involve paying closing costs that can add up to 3-6% of your home’s sale price.
Future living arrangements: Consider your future living arrangements before selling your house. Do you have a place to move into already or will you need to be on the hunt for a new home?
Timing: Even when it’s a seller’s market, timing is everything. If you are planning on selling, you might want to consider the peak times of the year, as that can affect how quickly your house sells and how much value it can generate.
New Jersey is currently experiencing a seller’s market, resulting in homeowners experiencing high returns on their property. Take the time to weigh out the pros and cons of selling your house in NJ, and consider the above factors before making a final decision. With the assistance of a knowledgeable real estate agent and favorable market conditions, selling your house in NJ could be a great decision.
If you’re considering selling your home, whether it’s to upgrade, downsize, or simply make a change, our team of experienced real estate professionals is ready to guide you through every step of the process. From expert pricing strategies to top-notch marketing techniques, we have the tools and knowledge to ensure a successful sale.
Don’t go through the home-selling journey alone—let us be your trusted partners. Contact us today to schedule a consultation. We’ll work closely with you to understand your goals and tailor our approach to meet your unique needs.