How Home Buyers & Sellers Can Analyze Real Estate Market Trends in Bergen County
Bergen Realty Team is proud to provide the guidance, expertise, and top-tier marketing necessary for those looking to buy or sell a home in Bergen County, NJ. Especially if you’re a first-time buyer or seller, trying to understand the rules and trends of the real estate market can be like learning a new language for the first time. If you don’t know how to analyze the trends, you may not get the best possible value for your space – or you may buy a property that is riddled with hidden issues! Fortunately for Bergen County residents, we can provide you with expert tips and guidance on how to analyze these trends before you ever get in contact with us. Keep reading for a guide to understanding trends for property buyers and sellers!
Analyzing Market Trends For Property Buyers in Bergen County
Property buyers in Bergen County have unique desires for what they want to get out of their investments. Whether you’re looking to buy a single-family home, townhouse, or something bigger in the area, understanding the market trends early on will ensure that you have a better chance of getting what you’re looking for without having to completely break the bank. When looking at real estate listings in the area, keep an eye on the following key indicators:
- Average Days on Market: Days on Market (DoM) is a measure of how often properties in Bergen County stay on the market before they’re eventually sold. Looking at sold listings and how quickly they flew off the market can help you determine whether you need to act fast or have more time to make a decision.
- Sale-To-List Ratio: This is a measure of whether homes generally sell above their asking price or below their asking price. What we see in Bergen County is that home buyers typically need to engage in bidding wars in order to secure their dream investments. If the ratio is over 100% (Bergen County typically falls between 100-105%), expect to engage in bidding wars. If it is below, you can likely try to wager a price below asking.
- Months of Supply: Months of supply tells you how long a current home in Bergen County would last on the market if no new properties became available. What we typically look for to indicate a strong seller market is anywhere below 3 months. Right now, our county holds firm at 2.5 months.
- Type of Property: You should have a good understanding of what type of property you want to buy before you take a look at the market, as this can give you an idea of how strong of a competition that you’re dealing with. Single-family homes are much more highly coveted than townhomes, so expect to deal with some competition if you’re looking to go down this route.
Analyzing Market Trends For Property Sellers in Bergen County
If you’re selling a property in Bergen County, you can also use the indicators we listed for buyers as an indication of what kind of market you’re going into. However, you can’t solely rely on these if you want to get the highest possible value for your property. In addition to studying the raw numbers that come with real estate market trends, you should also be thinking of these factors before you finalize your listing:
- Staging: If you don’t do the necessary upkeep to fix issues within your space before you stage it, you likely aren’t going to get offers that are in line with your expectations. You can refer to our property staging guide for expert tips on getting this step correct the first time around!
- Comparative Market Analysis: Don’t price your property blindly! Our team of agents can perform a comparative market analysis on your home, which is an analytics report that showcases pricing trends for the last two to three months in your town. You can use these as a benchmark for setting your home’s asking price.
- Using Logic When Setting Asking Price: There’s a reason why a CMA is so crucial to perform before putting your property on the market! If you overprice your home or base it on trends from long ago, there’s a good chance you won’t get many offers.
Contact Bergen Realty Team For Expert Help Selling or Buying Homes in Bergen County
It doesn’t matter if we’re representing a homebuyer or a home seller; Bergen Realty Team has the tools and market knowledge necessary to give them exactly what they’re looking for! In addition to the tools and analytics we presented above, our team is made up of agents who were born and raised in Bergen County. We can use both our local knowledge and real estate expertise to ensure that you get the most out of your investment. Click here to contact us directly and let us help you buy or sell your home!