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Experts predict strong fall housing market

Lantern Hill realty assistance yields better days on market stats

Created date

July 31st, 2017
Valerie and David Marr had three offers on their house just three days after listing it. They got more than $15,000 over asking price using Erickson Living-preferred real estate agent Keith Kirkwood of Weichert.

Valerie and David Marr had three offers on their house just three days after listing it. They got more than $15,000 over asking price using Erickson Living-preferred real estate agent Keith Kirkwood of Weichert.

The leaves may not be changing colors yet, but the fall market is kicking 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 market nearly as strong as 2005, before the housing bubble burst. 

In New Jersey, the number of homes entering the market has declined by nearly 8,700 (down 17%) compared to last year. 

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 house to sell in less than a month with multiple bids.

Low DOM and multiple bids

Jennifer Kohan, personal moving consultant at Lantern Hill, says the average days on market (DOM) is even lower for people moving to the Erickson Living community in New Providence, N.J. She helps people sell their homes and move to the community so can they exchange home maintenance for vibrant, active, worry-free living.

“We have had several people who moved to phase one sell their homes quickly,” Kohan says.

As a personal moving consultant, Kohan 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 DOM even more for those moving to Lantern Hill. The average DOM for those using a preferred real estate agent during phase one was 29 days. During that same timeframe, the average DOM overall in the area was approximately 38 days.

“Customers using our preferred real estate agents had fewer days on market listings compared to 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,” Kohan says.

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

Joan Seibert, who moved into phase one last August from North Edison, says her experience using a preferred real estate agent was very positive. 

“It was a very good experience. I put the house on market on Monday, and by Friday I had five offers, four above asking price.”

What’s more, she felt her agent priced the house right based on the market value at the time. 

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

George Russo felt his agent, recommended by Kohan, priced his Union house fairly and to sell, which came as a relief. “It was good to know that once I moved I didn’t have to worry about the house remaining empty and having my neighbors keep an eye on it,” he says. 

After taking the advice of his agent and making some upgrades to his house, George accepted an offer in just three days for near asking price and moved last August.

Like George, many people moving to Lantern Hill take Kohan’s recommendation of real estate agent—someone with a proven track record and experience with senior moves. 

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

Why wait? 

With a few select apartment homes available in Lantern Hill’s first neighborhood while the second neighborhood is under construction and another isolating winter only months away, now is the ideal time to reserve a home at Lantern Hill. 

Say goodbye to raking leaves, shoveling snow, salting icy sidewalks, and staying stuck inside. 

Lantern Hill has a growing list of interest groups and activities—all accessible via a short walk from residents’ apartment homes thanks to climate-controlled walkways that connect every building. 

Joan says she has made several new friends and meets with an information jigsaw puzzle group who “get together and socialize and do puzzles.”

“I like [Lantern Hill] very much. I’m very happy I made this decision and it’s meeting all expectations that I had set for the place,” she says. 

Joan started her moving process by talking with Sales Counselor Kathy Banks and Personal Moving Consultant Jennifer Kohan, and you can too. They’ll connect you with the right real estate agent for your location, and you’ll be in your new maintenance-free home before the first snowfall.