Have you been considering selling your home in Bayonne or Jersey City? Maybe you’ve been dragging your feet because you’re not sure the time is right or you know there’s a lot that goes into selling a home. Well, it’s time to stop procrastinating because there’s never been a better time to sell!
Here’s why now is a great time to sell a home in Bayonne.
It’s Definitely a Sellers Market
What makes a “sellers market”? In short, it’s when market conditions favor sellers over buyers. In more detail, this usually means that inventory (number of homes for sale) is pretty low and prices are high. For you, that typically translates to not a lot of competition and high selling prices.
… But the Market is Cooling Off
The market has been HOT throughout most of 2016 through early 2019… but it’s expected to cool off a bit. So buyer demand won’t be as strong and prices will drop. For you, that means selling now is definitely going to yield better results than waiting until later in the year or next year.
Mortgage Rates are Still Low
Mortgage interest rates reached a historic low in 2016 and since then, they’ve been on the rise. Late 2018 saw some higher rates, but fortunately, they’ve actually dropped a bit in early 2019.
As a seller, that might not seem to relate to you too much, but it actually matters a lot. Lower interest rates mean more buyers—and with rates fluctuating, buyers are pretty eager to lock in their rates and find a home while the getting’s good.
New Construction is on the Rise
You might’ve noticed some new developments popping up in the Bayonne and Jersey City areas. There are new businesses, new transit hubs, and new housing developments, too. For you as a seller, this is both good and bad.
New businesses and happening hotspots attract buyers and new residents. Residential construction, however, provides competition. That’s why it’s important to get your home listed now… before there are too many brand-new options drawing buyers’ attention.
Unemployment is Low, Low, Low!
Unemployment rates are way down and wages are up, which means lots of eager (and capable) buyers on the market. The Gold Coast area is especially hot, with the millennial market finding jobs in Manhattan and searching out more affordable housing options across the Hudson. For you, that means plenty of interest in your home from a wide range of buyers.
2019 is the Time to Sell Your Bayonne Home!
If you’ve been considering selling a home in Bayonne, the time is now! Contact Century 21 Viewpoint Realty today to learn more about how we can help you price your home, get it ready, and list it with ease.