HOME & DESIGN theconnectionsnj.com PAGE 34 • Soft house washing • Patio & sidewalk cleaning • Driveway cleaning • Downspout flushing • Underground downspout drain clearing • Gutter Guard installation • Minor repairs Call now to book your service: 732 626 0685 • Exterior vent cover replacement • Dryer flex hose replacement • Airflow testing & dryer vent inspection ithout a doubt, we are seeing changes in the local real estate climate. The transition from spring to summer brought a noticeable increase in homes for sale, with longer weeks/months on the market. After years of very limited inventory, suddenly buyers have a wider choice of homes across all price ranges, and they require more time to make a decision. A defining feature of recent years has been steep competition in bidding for homes. An attractive home generated at least a dozen purchase offers. Buyers commonly bid above the asking price, and proposed appraisal waivers and inspection limitations in an effort to improve the strength of their offers. Though this can still occur today, it has become an exception rather than the rule. The buyers who were financially strongest were successful at the peak of the competitive market. They are now comfortably settled in their homes. Many of the prospective buyers still looking today were unable to win a bid in years past, for various reasons. Others are new to the buying process and begin their searches with greater financial pressure. Interest rates have increased, limiting buying power. If a buyer hasn’t saved a large down payment, their projected monthly payments can be intimidatingly high. These factors combine to produce a pool of buyers who are more sensitive to prices, and likely to want to negotiate the asking price rather than exceed it. We are seeing an increase in contracts falling through due to job loss, inspection issues, price reductions, and cold feet in general. Buyers with anxiety about their jobs or finances are less confident about the unanticipated expenses of homeownership, which can induce a fight-or-flight reaction to any perceived defects found during the process of home inspection. Anyone who is considering selling their home should be aware of the changing real estate climate and keep some important points in mind. First, the condition of your home is more important than ever. Maintaining major systems and structural features is necessary to avoid costly disputes later. In addition to good maintenance, having a stylish, cosmetically updated home will contribute to a faster sale. If a home is dated, it must be clean and clutter-free at a minimum. Second, expectations have to be adjusted. Not every home will be sold within the first week, and we may need to be more responsive to buyer feedback as the weeks go by. The real estate market goes through cycles, and we have seen all of this before. Experienced real estate agents have proven strategies and techniques to engineer successful sales. We are ready to meet the challenges of a changing market. Local Expert Johanna Wiseman of RE/MAX Preferred Professionals can be reached at 908-705-0652, or visit www.MyBridgewaterHome.com. REAL ESTATE CORNER Change is in the Air! By Johanna Wiseman, RE/MAX Preferred Professionals Anyone who is considering selling their home should be aware of the changing real estate climate and keep some important points in mind. W
RkJQdWJsaXNoZXIy NzA2NDY0