New Jersey Real Estate Market Report - March 2024 - NJ Realtor Reaction

New Jersey Real Estate Market Report for March 2024
Have there been any changes to the New Jersey Restate Market based on March 2024 data? Two interesting numbers are consistently present in both pending and closed transactions in the Garden State MLS Market Report, but are these still lagging indicators? Also how do the Median and Average Sales Price figures look? We will get into all this and more. Specifically, we will highlight the ongoing trends in supply and demand for the northern areas of New Jersey that commute into New York City. IE the Suburbs of New York City (yes even in New Jersey!!)
Are you thinking about moving to the New Jersey Suburbs of New York City, then this is the place to be to learn about making your move and buying or selling a home in Northern New Jersey. If you are thinking about living in New Jersey and looking to learn more about the NJ Real Estate Market and enjoying our content? Check out the channel page for more.
Seller’s if you are considering selling in 2024 find out more about how we can get you more money in less time by using our strategic method of selling New Jersey Homes!
Let’s Schedule time to speak: bit.ly/3jHEe73
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🤔Thinking of moving to one of New York City's Amazing Suburbs?
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💻 Let’s Schedule time to speak: bit.ly/3jHEe73
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If you are looking for homes in the Suburbs of New York City let us be your guide through the purchase process. Get our Free Buyer Strategy Guide to help get you prepared: bit.ly/3QxUjIC
Check out our other videos on the Housing Market and How to Buy:
Hottest Towns in Northern New Jersey: • Northern New Jersey Ho...
Should I buy now or Wait until 2024? • Should we BUY a House ...
Pros and Cons of Living in NJ: • Pros and Cons of Movin...
Why we move to NJ: • Why We Moved to Northe...
Best Commuter Towns in NJ: • BEST Places to Live wi...
5 Things to know about the NJ Suburbs: • 5 CRITICAL Things to K...
Should I buy (Continued): • Get in the BIG GAME of...
Home Buying Process: • How To Buy a Home (For...
Buyer Strategy Questions: • First Time Home Buyer ...
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** All stats and data mentioned come from the following sites and are in no way based on our opinions:
School Info: www.greatschools.org/
Neighborhood / School Info: www.niche.com
Train Schedules: www.njtransit.com/train-to
All stats, data, home pricing, and other content mentioned in this video is subject to change and is only provided as an example at the time of this recording
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Jeffrey Massey NJ Realtor
New Jersey Real Estate Broker/Salesperson License 2296213
Brokered by Keller Williams Realty Premier Properties of Summit
NJ Realtor
New Jersey Consumer Information Statement (CIS) bit.ly/3vc7g0O
#NewJerseyRealEstate #SuburbsofNewYorkCity #NJRealtor #NorthernNewJersey #Jersey

[@Jeff-Suburbs-of-NYC]

🤔Thinking of moving to one of New York City's Amazing Suburbs?
💁‍♂ We would love to help!
💻 Let’s Schedule time to speak: bit.ly/3jHEe73

[@wzeng02]

Thank you for the market update, love your content.

[@Jeff-Suburbs-of-NYC]

Thank you, that means a lot. Do you live in the area or watching from afar?

[@phuntsokbill]

Thanks for the golden content. What's causing this spike in demand that's so unusual compared to the years in the recent past? Supply being lower I understand in many ways. I am not getting the sudden spike in demand we're seeing post Covid. Especially with rates and listing prices this high. Doesn't make sense.

[@Jeff-Suburbs-of-NYC]

Hi thanks for watching and commenting! I honestly wouldn't call this a spike in demand. Yes there are way fewer houses available for sale at this point in time compared to years past, but the amount of people has not decreased. If anything it has increased due to the largest buying age range (millennials) joining the home buying population. The fed has tried to cool things off with higher rates, but the reality is when inventory is this low there are still people with a lot of cash savings to purchase without a loan and there are also a lot of people with high incomes that can afford the higher monthly payments without going over an acceptable Debt to income ratio. Basically still lots of people looking buy and not enough homes to go around so supply and demand economics will lead to higher prices.
Where are you watching from? Are you local to this area of NJ or watching from afar?

[@anthonyg7706]

What are your thoughts on waiving inspections? It seems like it's the only way to get your offer accepted in NNJ

[@Jeff-Suburbs-of-NYC]

Hi there, thanks for the question. Honestly this is very tricky question and the answer really depends on each individual buyer. I would be happy to discuss with you privately. Feel free to give me a call or email and we can set up time to speak. Thanks in advance for understanding! [e-mail] or 908-376-9987

[@wzeng02]

It really depends on the individual. Make sure you go visit the house with a very experienced contractor. They can tell you issue way better than the an inspector (generally useless in my opinion except to get seller lower the price).
Personally, I brought a few houses without inspection and comfortable. I owe many rentals and self manage them for like 10 years have seem many wild stories (from FBI agent visiting my tenants in Jersey city, to section 8 tenant who go shot outside in Hoboken and house in Newark require complete new roof). A house in a nice neighborhood like generally in good shape if some use to live there. if the roof is not leaking, no structural issue, I am pretty good. Generally there no electrical (or little to no plumbing issue)issue if there’s someone living there. Look for sign of leaking under sink. Main thing is look for water damage, open the windows to see if they actually opens, look for signs of mold. Just bring a contractor - if they say it’s good.

[@alansheaffer9223]

If you think its the right time to buy you are very intoxicated. the market is way to high, we need to understand that and wait for it to come back to a manageable level. To try to buy now, is literally going to screw over every other home buyer.

[@anthonyg7706]

And if it doesn't come back to a "manageable" level? This isn't 2008

[@anthonyg7706]

It seemed as if prices were crazy in 2020/2021. I bet you'd love to go back in time and buy then. I know I would.

[@Jeff-Suburbs-of-NYC]

I wish you were right and we could wait and buy for cheaper, but the fundamental data doesn't seem to be pointing to that based on supply and demand imbalance, at least for the specific areas that the data in my video covers. Do you live in NJ?

[@alansheaffer7185]

@@Jeff-Suburbs-of-NYC please stop talking, you are a human predator out to just make money for yourself, get away from me troll

[@Galaxy24tv]

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[@Jeff-Suburbs-of-NYC]

Thanks for watching and commenting, I'll pass, but thanks!