Increased Inventory

More good news for the homebuyers! Not only are mortgage rates lower, the number of houses on the market is higher!

“This is a win-win situation for anyone looking to buy a home right now,” says Julia Gulden Dagistanli, Sales Associate at ERA Justin Realty. “It means you’re more likely to find the house of your dreams for a monthly payment you can afford.”

According to Realtor.com there are nearly 37% more houses on the market compared to this same time last year. 

“If you gave up on your home search because there was so little to choose from,” says Jennifer Darby Metzger, Broker/Owner at ERA Justin Realty, “Now is the time to start looking again.”

One of the main reasons for this is: With more inventory comes more room for negotiation due to more choices. “Increased housing supply spells good news for consumers who want to see more properties before making purchasing decisions,” says Lawrence Yun, Chief Economist at the National Association of Realtors (NAR).

“This doesn’t mean there are too many houses on the market,” adds Dagistanli, “Which is good news for sellers. Prices are not expected to crash.” Despite so much growth in inventory, the number of homes on the market are still far below where they were in the pre-pandemic years. There are 29% fewer homes actively for sale now compared to 2017-2019.

“That’s to be expected,” says Metzger, “It is going to take a while for the country to get back to the typical number of homes for sale, but in the meantime any increase in inventory is a positive development.” While the most growth in the country is seen in the South and West, the Northeast is also rebounding with New Jersey seeing more homes added to the market month after month across the state.

“Real estate is always hyper local,” says Dagistanli, “It varies from town to town, state to state. The best way to find out if it’s the right time for you to buy or sell is by contacting a trusted local agent.”

Bottom Line

Mortgage rates are down and the number of houses for sale is up. This means homebuyers are much more likely to find exactly what they are looking for at a price they can afford. Inventory is increasing across northern New Jersey. If you’re ready to jump into house hunting, Julia Gulden Dagistanli or any of the agents at ERA Justin Realty can help. Give us a call at (201) 939-7500.