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Experts predict strong fall housing market

Cedar Crest realty assistance yields better days on market stats

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July 31st, 2017
Cedar Crest Personal Moving Consultant Anne Connor has helped hundreds of people move to the Pompton Plains campus.

Cedar Crest Personal Moving Consultant Anne Connor has helped hundreds of people move to the Pompton Plains campus.

The leaves may not be changing colors yet, but the fall market has already kicked into high gear. According to an Associated Press analysis, home prices in New Jersey are rising while housing inventory is at a 20-year low. Experts say we’re likely to witness a selling season nearly as strong as 2005, before the housing bubble burst. 

According to a recent survey by the National Association of Realtors (NAR), the percentage of days on market (DOM) fell by 28%, from 69 days in January 2015 to 50 days in January 2017.

The survey also predicts the DOM figure to drop even lower to less than 30 days by mid-year, as it did in 2016.

With low inventory and new-home builders failing to keep up with demand, these trends encourage buyers to make an offer quickly, meaning sellers in some markets can expect their houses to sell in less than a month with multiple bids.

Low DOM and multiple bids

In Morris County, N.J., the average DOM for April was 67, down 36% from April 2016. 

Anne Connor, personal moving consultant at Cedar Crest, says that number is even lower for people moving to the Erickson Living community in Pompton Plains from Morris, Sussex, and Bergen Counties. Connor helps people sell their homes and move to the community so they can exchange home maintenance for active, worry-free living.

“We have had several people sell their homes fast in 2017. Inventory is down 25% from [last year], making it completely a seller’s market,” Connor says. 

As a personal moving consultant, Connor provides complimentary coordination of all realty and moving needs, including downsizing, home staging, packing, and selection of a real estate professional.

Statistics show that her services, coupled with a preferred real estate agent, tend to decrease the days on market even more for those moving to Cedar Crest. 

“Customers using our preferred real estate agents had much lower days on market listings compared with customers who hired their own. They benefited from having their homes professionally staged and photographed, aggressive marketing tools, and competitive pricing to sell at the best price,” Connor says.

Inge Pelka, who sold her Florham Park townhouse in just three days using a preferred real estate agent, says “Anne was very helpful, especially since I was moving by myself and I have no children to help me.” 

On the other hand, those who did not list with a preferred agent experienced higher days on market. Connor sites such contributing factors as over-pricing, poor photography, average marketing tools, and negotiating low commissions (alienating other agents from showing the home).

Joyce Renner, who listed her house in Pine Brook with Cedar Crest’s highest-performing preferred real estate agent, Janet Juliano, received six offers in just three days. She accepted the highest bidder at over her asking price and moved to a two-bedroom apartment at Cedar Crest.

“I am thrilled to be part of the Cedar Crest community. People are content and happy here,” Joyce says. “There is always something going on.” 

Herb and Joyce Frankel also listed their house with Juliano and received two offers in one day. They sold their home for full asking price. 

Connor says receiving multiple offers isn’t unusual for people moving to Cedar Crest. “We’ve had some bidding wars due to low inventory, which has benefited sellers in getting above asking price on occasion.”

Experience counts

According to Juliano, pricing a house correctly is the key to selling quickly and near or above asking price. 

“If your home is priced correctly, there’s a bidding war. If your house is over the market, it’s going to sit. Buyers are very, very educated, and their Realtors educate them,” Juliano says. 

This fall, she expects a strong market, though with interest rates rising, prices will begin to drop. 

“Whenever the mortgage rates rise, the prices come down. It has to balance itself out. When the interest rates go up 1%, you lose $50,000 in buying power,” she explains.

That’s why so many people moving to Cedar Crest take Connor’s recommendation of real estate agent—someone with a proven track record and experience with senior moves. 

Juliano has the added benefit of having been on both sides of the fence. She helped her father-in-law move to Cedar Crest. 

“I’ve been the family, and I know the whole process. On the other side, I’m the Realtor so I can answer all your questions that maybe no one else can because they haven’t been in your shoes,” she says. 

As an added bonus, anyone using a preferred real estate agent receives a credit for up to $2,000 in their resident account for eligible moving expenses once they move to Cedar Crest. 

Why wait? 

With a fall market, interest rates on the rise, and another isolating winter looming ahead, right now is the ideal time to list your house and reserve a home at Cedar Crest. Say goodbye to raking leaves, shoveling snow, salting icy sidewalks, and staying stuck inside. 

Plus, Cedar Crest has more than 180 interest groups and activities—all accessible via a short walk from residents’ apartment homes, thanks to climate-controlled walkways that connect every building. 

This is active retirement living at its finest. And just think—you too could be in your new maintenance-free home before the first snow. Contact Cedar Crest’s sales office and find out how you can start taking advantage of the community’s realty and moving services.

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