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What’s Really Happening in Bergen County Housing That May Surprise You?
Big Surprises in Bergen County Real Estate Trends! Join me as I break down recent buyer and seller trends in Bergen County’s housing market and share how you can make smart moves in this dynamic market. #RealEstateTips #MarketUpdate #NJHomes 📊
Join Scott Selick as he examines the evolving market shifts in Bergen County, providing key insights for both seasoned investors and first-time home buyers. Discover how to navigate a potential buyer's market with the expertise of a seasoned real estate agent. Learn how to buy a house with confidence in today's dynamic environment and make informed home-buying decisions.
Welcome to Real Estate Insights with Scott Selleck on my YouTube channel, Sell Smart, Move Easy With The Selleck Group. My name is Scott Selleck. If you're navigating the housing market in Bergen County, New Jersey, this is for you. Today, we're unpacking the latest sentiments from buyers, sellers, and realtors based on data from the past 30 days. We'll compare their vibes, motivations, and trends to help you make more brilliant moves.
Whether buying, selling, or brokering, stay tuned – this could be a game-changer. Let's dive in!" "Starting with buyers: They're showing cautious optimism amid a gradual cool-down. More inventory means better potential negotiation room, sparking hope for first-timers that affordability improves as trends spread north. But not all local markets are the same. Some older homes that need renovation and are priced high are sitting. Others with open layouts, renovated, well-located, and in desirable communities are still receiving multiple bids over 100K at times.
This week, I represented clients as their buyer's agent in Leonia in a transaction where a well-maintained, centrally located property came to the market for $739,000. This house had 3 BR, two full baths, and a fully finished basement. There was a bidding war. There were 16 offers. We came in sixth on the list. Five other offers were above 800K. It is essential to understand that not all properties are equal. Some will sit if not appropriately presented, priced correctly, and have less desirable trade-offs. I wrote an offer for another client in Cedar Grove for a lovely Townhome with a 2-car garage built in 2005.. I currently have my client's house under contract in Leonia.
This townhome was a corner unit with a huge finished basement and a private setting. The home was priced at $879K and our offer was accepted under the asking price. Each property, locality, and transaction dynamics is different and requires an experienced agent to maximize the situation for their client. Now sellers: More confident in this seller's market, but realism is creeping in. Sellers are still feeling positive that homes are selling at or over the asking price on average, or 5-10% over in places like Tenafly or Ridgewood.
These areas have strong demand and 5.8% price growth year-over-year. For some sellers, there is a concern with properties that have expired and are being relisted (47% up nationally), creating fears amid worries about job insecurity and unrealized equity. 57% of the sellers see this as a sell-time, with Bergen leading."How Do Realtors Feel These Days? As Pragmatic and adaptive as I try to be, I am cautiously optimistic. Market resilience. Some markets slow down as we approach the holidays, while others remain active for properties that are in good condition, move-in ready, and located in desirable areas. It's a market where one needs to exercise patience. Inventory rises help buyers, but sellers maintain an edge with realistic pricing. Cooling signs, such as additional listings coming to the market, price cuts, and buyer hesitancy, spark extra anxiety, but overall, the market feels strong and is becoming more balanced for buyers, sellers, and realtors as well.
Overall, Sellers and realtors are more optimistic than wary buyers, but we all embrace realism. Sellers leverage gains; buyers face barriers in tight inventory and higher interest rates; realtors bridge with strategy but worry about deal fragility. Psychologically, equity drives sellers, rates hinder buyers, and commissions pressure realtors. Sellers still have an edge, even though we are shifting to balance the market with longer days (34-43) and inventory up (14% luxury). Shifts? From optimism to tempered views across groups, with buyers hopeful on increases in supply. Rate falls could align sentiments amid shared anxieties."
"That's Bergen County's market pulse! Like, subscribe, comment: Which side are you on? See you next time!" Schedule a Consultation with me today, Scott Selleck, The Selleck Group, KW CityViews Realty at 201-970-3960 or email me at [email protected]. www.SelleckSellsNJ.com
