All indications show single family home demand continuing to outpace supply in our area. From Jan 1 through May 19 , Basking Ridge had 83 single family homes enter the market, with 19 of those listed in May, a sign that sellers are increasing their pace to sell. st th Since 2020, the local market continues to be one of shorter supply and higher demand. While many buyers have been priced out of the market due to higher prices and interest rates, serious buyers are still urgently looking for homes and presenting offers on homes that are priced right. Buying a home that requires less up front remedial work has also become more attractive as down payments are increasing to buy down mortgages, leaving less to spend on maintenance. Not having to contend with deferred maintenance has also taken more of a front seat in the decision making process. As you will see from the chart above, homes priced correctly for the market are still selling fairly quickly, while overpriced homes are now much more likely to sit unsold. The gap between well-priced homes and those priced too high is widening. Also of note: the condition and updates of a home is having an increasingly significant impact not only the inherent value but on what buyers are willing to pay. Despite what you may be hearing in the national news, our area remains robust. That said, we will be keeping a watchful eye on buyer and seller trends, as interest rate and job/economy concerns unfold. Let us help you maximize your Return on Investment so you will stand out among your peers. The property information herein is derived from various sources that may include, but not be limited to, county records and the Multiple Listing Service, and it may include approximations. Although the information is believed to be accurate, it is not warranted and you should not rely upon it without personal verification. Affiliated real estate agents are independent contractor sales associates, not employees. ©2025 Coldwell Banker. All Rights Reserved. Coldwell Banker and the Coldwell Banker logo are trademarks of Coldwell Banker Real Estate LLC. The Coldwell Banker® System is comprised of company owned offices which are owned by a subsidiary of Anywhere Advisors LLC and franchised offices which are independently owned and operated. The Coldwell Banker System fully supports the principles of the Fair Housing Act and the Equal Opportunity Act. Copyright 2025 The West Oak Team How’s the Market?
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