Unless you were living under a rock, you know that the real estate market has been experiencing unprecedented sales figures over the past two years. However, we are beginning to see some signs of plateauing lately. Today I thought I would share what is happening locally in Ridgewood and nearby towns.
First, let’s address the “days on market.” If a home is priced right and staged well, it is still desirable and will most likely generate multiple offers above the asking price. If a home is quirky, outdated or priced too high, the home will now likely sit on the market for…gasp…at least a weekend (after all we do still have limited inventory).
Why the change? A few reasons come to mind. First and foremost, the days of multiple offers of $100k over the list price are just about over. Second, interest rates are just high enough to quell that urge for most buyers. Lastly, we have now reached the hazy, hot and humid days of summer. A lot of buyers are taking a break, going on vacation or waiting to see what might happen over the next few weeks.
