Available Now – 14 Aubrey Street Montclair, NJ 07043

A Good Time to Get into the Market

The Montclair Area Home Market Has Reawoken

The numbers are in, and the average sale price of Montclair homes sold in July exceeded ask by 10%. This 10% average over asking price is significant, a level we have not seen it since June 2002.

Home Sellers – What’s the Forecast?

While we see strong demand for homes continuing well into 2021, there is a good amount of uncertainty 6 months out, in terms of interest rates that can only go up, equity markets that have largely ignored the GDP drop, as well as the uncertainty that always accompanies an election year. I keep thinking back to Alan Greenspan’s “irrational exuberance” address in terms of the sustainability of the Sellers market.

If you are considering selling your home in the next year or two, you should do what it takes to get it on the market in the next 3 months. 

Prospective Home Buyers – What’s the Plan?

If you are on the buy side, there is some good news. Sellers have heeded the call for more inventory, adding 82 new listings in July (typical of April/May in a “normal” year). This boosted active listings for the month to 154 vs 167 in July 2019. Keep in mind however, that those 154 listings include anything that was active during the month.

There are in the range of 70 homes available today, not in attorney review or under contract. If that is further narrowed down to single family homes under $2 million, the amount is down to 35 choices. To find the right house for you, submit a well priced offer and have that bid accepted over all others, is exceedingly challenging in this market. Nevertheless, for the past century we have been helping buyers get their bid accepted in all types of markets, and we can help you now.

If you or someone you know needs some real estate guidance, questions answered, etc, feel free to email or call me today.

Best,

Rich Stanton
CEO & Principal Broker