Ocean County Home Sellers Have Incredible Leverage in Today's Market
With mortgage rates climbing above 3% for the first time in months, serious buyers are more motivated than ever to find a home in Ocean County before rates climb even higher. The Chief Economist for the National Association of Realtors (NAR), put's i this way:
" Housing demand remains strong as buyers likely want to secure a home before mortgage rates increase even further next year."
But the sense of urgency they feel is complicated by the lack of homes for sale in today's market. According to the latest Existing Home Sales Report from NAR: From one year ago, the inventory of unsold homes decreased 13% nationwide. And in Ocean County, inventory of homes currently on the market is down significantly:
- Manahawkin - Down 21.1%
- Barnegat - Down 25.9%
- Waretown - Down 17.4%
- Forked River - Down 12.8%
- Lanoka Harbor - Down 24.0%
- Bayville - Down 26.1%
- Toms River - Down 22.0%
- Brick Twp. - Down 14.6%
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What Does This Mean for Seller's Today?
With buyers eager to purchase a home, but with so few available, sellers who list their homes soon have a tremendous advantage - also known as leverage - when negotiating with buyers. That's because, in today's market, buyers want three things:
- To be the "winning" offer on their dream home
- To buy before rates rise further
- To buy before prices go even higher
Your Leverage Can Help You Negotiate Your Best Terms
These three buyer needs give homeowners a leg up when selling their house. You might already realize this leverage enables you to sell at a good price, but it also means you can negotiate the best terms to suit your needs.
And since buyer demand is still high, there's a good chance you'll get offers from multiple buyers who are willing to compete for your house. When you do, look closely at the terms of each offer to find out which one has the best perks for you.
If you are not sure what's best for your your situation or what "perks" are available to you, your trusted real estate advisor can help. We have the expertise and are skilled negotiators in all stages of the process.
Bottom Line
Today's buyers are motivated to purchase a home before rates rise further, and that's great news if you're thinking of selling.
Karl Hess provides expert real estate services to residential buyers and sellers in Ocean County. Contact us today for more information on Ocean County Real Estate and for professional assistance navigating this complex housing market.