How to decide if you should buy or sell in the current real estate market
When you’re thinking about buying or selling a house, there’s a lot to consider. Sometimes it’s urgent to sell your home if you need to move. Or maybe you simply need more space and decide to upsize. But is Harrison Township a buyers or sellers market right now?
This is a key question you should answer before you list or make an offer on a home.
In the last few years, real estate markets across the country have been on fire. Everything was selling, inventory was low, and buyers were everywhere. As of 2022, that’s starting to change. Currently, markets are softening.
A recent report from the National Association of Realtors showed that pending home sales around the country dropped in the last few months. But what does that mean for you?
What’s a buyers market versus a sellers market?
To help you understand your real real estate options, here’s the difference between a buyers and sellers market.
Buyers Market
A buyers market is when conditions move in favor of buyers. This can mean a lot of things, but a huge indicator is supply. When the supply for homes is greater than demand, it’s a buyers market.
Sellers Market
On the other hand, a sellers market shows conditions that favor sellers. This often means low supply and high demand. When sellers have many offers, they’re in the advantage for negotiations.
Before you make any real estate transactions, you want to know if you’ll be at an advantage. So, is Harrison Township a buyers or sellers market?
Is Harrison Township a buyers or sellers market?
Like much of the country, supply in Harrison Township will be impacted by the national trend. Inversely the South Jersey area in which Harrison Township is located has benefited from a robust market. Another factor determining demand predicates on the fact that the whole economy is currently quite volatile. Accordingly, market conditions have changed quickly in just the last few months.
Part of the national shift from a sellers market to a buyers market is the specter of rising interest rates. Rate hikes from the Fed have pushed mortgage rates as high as 7%. These changes in the larger economy are making it more difficult for buyers to afford a home. Even in a market as hot as New Jersey, national trends will have an impact.
So, even though supply was down, market conditions could potentially shift favor from sellers to buyers. For this reason, you may get different answers about whether Harrison Township, New Jersey is a buyers market or sellers market in 2022. Realtor.com shows the market is balanced, but on the cusp of favoring buyers. Rocket Mortgage shows the market is a sellers market. However, a shifting economy and rising interest rates can quickly push buyers away and trigger a decrease in demand. For this reason it is very possible that even in parts of New Jersey, the market could eventually favor buyers.
Buying or selling a house in Harrison Township
If you want to buy or sell a house, sooner is always better than later if you don’t know what the market will do. Timing the market is something people hope to do, but unless you have a crystal ball, now may be better than ever.
Plus, if you’re looking for exclusive, off-market deals you won’t find on the MLS, you have options.
Make sure to check out Your Home Sold Guaranteed Realty TX-Nancy Kowalik Group deals that are coming soon. You’ll see some of the best properties coming on the market. You can even search based on your own criteria.