Tribune Print Share Text

Now is the time to sell your house

Rising interest rates causing potential buyers to act

Created date

August 20th, 2013
House with Sold sign

According to the New Jersey Association of Realtors (NJAR), home prices are rising in most markets across the state. And according to a recent report by the Otteau Valuation Group, a real estate research firm, Home purchase contracts in New Jersey soared in April, recording a 28% increase compared to one year ago. This is good news for people who want to put their house on the market now and especially for those who have been waiting for the market to improve.

Sense of urgency among buyers

We are experiencing a lack of inventory which is driving multiple offers on properties and changing it back to a seller s market, says Jarrod C. Grasso, chief executive officer of NJAR. Home affordability is greatly affected, helping to increase both the sense of urgency among buyers as well as median sales price. According to the same Otteau report, The combined effects of both higher home prices and mortgage rates in the first quarter caused home purchase affordability in New Jersey to decline in the first quarter .indicating that today s home buyers earning median income are able to afford a home that is priced 30% higher than the state s median home value. The report goes on to say that these effects demonstrate the sense of urgency among buyers, causing them to rush to take advantage of today s affordable home prices and record low interest rates. The bottom line? Don t wait, warns Ruth Phillips, sales counselor for Cedar Crest, an Erickson Living community in Pompton Plains, N.J. Now is the time to sell. With the recent announcements that the economy is improving, interest rates are likely to rise, causing buyers to act.

Time is of the essence

Phillips encourages her clients people interested in moving toCedar Crest not to put off selling and moving any longer. For someone on the priority list who has been waiting for an available apartment home, Don t pass it up, Phillips says. This is the perfect time to get a great price for your home and sell quickly so you can start enjoying the Erickson Living lifestyle. Phillips adds that since time is of the essence, some people choose to move into an available apartment home now, even if it s not the floor plan they originally wanted. Nine times out of ten they are glad they moved when they did and end up loving their apartment anyway! she says. We have more than 40 floor plans, and they are all stunning. I can t tell you how many times people tell me, My only regret is I wish I had moved sooner, she adds. Now they can, if they don t delay.

Home-team advantage

Those moving to Cedar Crest have an advantage over other home sellers: Erickson Realty and Moving Services. The program, complimentary to all priority list members includes recommendations of trusted real estate agents and other moving resources. Cedar Crest s personal moving consultant, Margaret Semezko, understands the market as well as the obstacles involved with selling a home and moving. She combines her expertise with that of her trusted vendors to take the burden off of people s shoulders. But the proof is in the pudding: Cedar Crest s new residents averaged just 20 days on market, compared to an average of 89 days in Morris County, 115 days in Passaic County, 111 in Bergen County, and 66 days in Essex County for the first half of 2013.