By Marie Young
Our local towns have always been cherished for their natural beauty, gently rolling hills, recreation, nationally ranked schools, and proximity to beaches, ski resorts, NYC, and Philadelphia. Since the pandemic, the Somerset Hills has really been discovered, as the area that checks all the boxes: the option to work from home, a place to live, work, and play, outdoor space, amenities, and indoor space for alone time as well.
Enter late 2022 – 2023, mortgage rates have more than doubled, runaway inflation continues, news outlets predict a gloomier outlook, larger cities are beginning to experience a glut, and major corporations announce potential layoffs. While this has rattled the housing market overall, a hyper-local view paints quite a different picture as of this writing.
Sales are down in our area, primarily because there is a severe shortage of available homes to purchase. In January alone, most of the homes that came on the market have received multiple offers the first weekend. Today, January 17th, in the towns of Basking Ridge, Bedminster, Bernardsville, Chester, Far Hills, Mendham, and Peapack there are 114 homes of all types on the market, ranging from 245K to 12MM. Thirteen of those homes are already in attorney review, which means there are actually only 101 available homes, across all those towns, from which to choose. To give you perspective, at the end of 2019, there were 111 homes for sale (vs. 27 today) in Bernards Township (aka Basking Ridge) alone, more than all the towns combined.
Is a tale of two markets developing? A look across all these towns today shows that there are 93 homes under contract. Of those, 41, nearly half, went under contract in less than 30 days, and that includes 3-7 days of attorney review.
Buyers have become more discerning and with higher rates, they will pay the premium, but expect work will be more of a cosmetic nature than major renovation relative to the price point. We’ve been helping our sellers prepare their homes even in the best of times, as we strongly believe that you get one chance at a first impression. We have made routine, the steps involved to show our listings in their best light, and provide many of the services to help our sellers get there. There’s definitely a shift in buyer mindset, and it’s important to stay ahead of the game so that your home sells for the most the market will bear. Sometimes it’s as simple as painting or staging your furniture.
If you’re thinking of moving and would like a consultation with no strings attached, don’t hesitate to contact me.
Marie Young, Sales Associate
Coldwell Banker Realty
1 So. Finley Avenue
Basking Ridge, NJ 07920
Office 908.766.0808, Cell and preferred: 908.938.2525
Thinking of moving? Think Young!
Please visit my website at www.marieyoung.net