If you wanted to but weren’t able to buy Fair Haven NJ real estate in 2015, you’re very lucky. The median selling price for homes sold in Fair Haven only increased 3%. You shouldn’t have to pay a lot more than you would have a year ago. This is despite the fact that at year end, the 3 other key, objective real estate indicators are predicting higher prices for Fair Haven homes in the near future. The number of Fair Haven home sales is up, indicating higher demand, which drives prices up; the number of Fair Haven listings is down, indicating less supply, which also drives prices up; and the real estate absorption rate is shorter and within the range that indicates a “selller’s market”. Here are the actual numbers; any positive news for Fair Haven home buyers would have been highlighted in underlined italic font but as was the case last month, the 2015 year-end statistics don’t have any good news for buyers:
Fair Haven Single-Family Home Sales, January 1 – December 31
2014 2015 Comment
Sales 93 119 28% more homes were sold.
Listings/Month* 37 35 5% fewer homes on market.
Months Supply* 4.7 3.6 Stronger demand vs. supply.
Median Sale $715,000 $745,000 3% higher median sales price.
*based on the previous 12 months of listings
In 2014, Fair Haven home prices increased 7% (from a median of $667,000 to $715,000). Any increase in home prices is bad news for buyers, but this year’s 3% increase doesn’t look so bad compared to last year’s. If you’re interested in the Fair Haven real estate market I can give you the statistics for other years as well.
When should you start looking at houses? As soon as possible. You should look at as many homes in your price range as you can, so you get a sense of what’s available in your budget. That way, when you find a house you like, you’ll have a better idea of whether it’s priced at or above the market. You don’t want to pay more than you have to for any house, and your Realtor will help you determine whether a seller’s asking price is reasonable or not.
Remember that other astute real estate buyers will be looking at the same houses, so you may have to act quickly if a great house comes on the market priced at (or below) fair market value. We saw several bidding wars in 2015, and several homes closed above the sellers’ asking prices. A bidding war is great for the seller, but not necessarily good for the buyer.
A Realtor can show you all the Fair Haven real estate currently listed in your price range, and can alert you as soon as a new house comes on the market. What do you do if a great Fair Haven house comes on the market and you live out of state or aren’t able to look at houses on a work day? Sometimes the photos posted by the listing agent don’t tell the whole story, so I’d be glad to walk through the house and make you a video of what it really looks like.
Take advantage of the public Open Houses (usually held on Sunday afternoon in our Rumson-Fair Haven area). When you go, just remember that the Realtor showing the house works for and has fiduciary duties to the seller. Don’t you want to work with someone who only has your best interests in mind? If you go to an open house and they ask you whether you’re working with a Realtor, feel free to give them my name. That way they won’t pester you with emails and phone calls.
Note: I wrote this article, and the views expressed in it are mine; they do not necessarily represent the views of Diane Turton Realtors.
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