When we think of Spring in New Jersey, we envision warmer weather, melting snow, and a flurry of real estate activity.... well, at least us realtors see it that way. It seems 2014 will be no exception. In fact, with mortgage rates still low and many home sellers and buyers waiting to jump into the market, most experts are expecting this coming 'Spring' to rival the pre-recession 2005/2006 market.
But, how exactly do we define the Spring season of real estate? If sellers wait until the traditional first day of Spring (March 20, 2014), they may get left out in the cold. In highly desirable towns like Westfield and Summit, the Spring real estate market begins to heat up by the second week of January.
And, with this in mind, home sellers are being advised to start preparing now. Consult with your realtor to discuss tips for readying yourself and your home for the upcoming excitement!
And for those looking to buy, whether it be your first purchase, an upgrade, or a downsize, you need to be prepared as well. Getting pre-approved by a lender is the first step in helping you stand out amongst other buyers. And be forewarned, new lending requirements will take effect on January 10, 2014. These changes will undoubtedly lead to some delays in the lending process. So, the earlier you get started, the more likely you will be prepared for the 'Spring' market.
If you have any questions about this article or any other real-estate related matter, feel free to call me at (917) 374-7447 or email me at edobrien@kw.com. And, for my Westfield neighbors, I am happy to provide a complimentary market analysis if you are considering selling your home.
