Tales of a Seasoned Broker

With winter break behind us and Pesach more than 2 Adar’s away we can now give our full attention to the highs and lows of the Spring real estate market. Many buyers are paying special attention to the slight dip in interest rates which are currently in the mid to upper 6’s, down from their highs in the upper 7’s, hoping that these lower rates will help make purchasing a home a bit more affordable. It is unclear if that will bear out as home prices continue to move slightly higher. In fact, this past January gave us a new all time sale price number for Teaneck, Bergenfield and New Milford with the price of an average home sold in January hitting an all time high of  over $700,000. For some context, last year for the month of January the average sale price of a home was $556,000.

The relief may come from homeowners eager to move on as there  appears to be an earlier than usual  increase in inventory.  This  may hopefully signal a broader willingness of sellers who have waited  on the sidelines these past few years  to finally put their homes on the market. This past January 42 new homes came on the market in Teaneck, Bergenfield and New Milford while last January only 30 houses were listed. Anecdotally speaking, there are more calls coming in these days from current homeowners looking to take the plunge and sell.

Nechama Polak is the Broker of Record and Owner of  V&N Group LLC located at 1401 Palisade Avenue in Teaneck, New Jersey. Send your thoughts and comments to nechamapolak@gmail.com or call 201 826 8809