Just like our clocks this weekend across the country, the Forked River housing market will soon “spring forward” too! Spring homebuyers are looking, but the pickings are getting slimmer. Even as more homes come on the market for this traditionally popular sales season, they're selling fast. Forked River sold home prices have increased by over 5% and at the entry level, where demand is highest, sellers are firmly in the driver's seat.
In the Forked River Housing Market, the absorption rate is at 4.56 months, that shows a significant drop of 28.79% from last year. The absorption rate is the rate at which available homes are sold in a specific real estate market during a given time period. Usually, anything less than 6 months is considered a “seller’s market.” With “Days on Market” dropping by 20%, Forked River home sellers need to take advantage of the lack of inventory now!
Many potential sellers believe that waiting until Spring is in their best interest, and traditionally they would have been right.
Buyer demand has seasonality to it, which usually falls off in the winter months, especially in areas of the country impacted by arctic temperatures and conditions.
That hasn’t happened this year.
Demand for housing in Forked River has remained strong as mortgage rates have continued near historic lows. Even with the recent increase in rates, buyers are still able to lock in an affordable monthly payment. Many more buyers are jumping off the fence and into the market to secure a lower rate.
The National Association of Realtors (NAR) recently reported that the top 10 dates sellers listed their homes in 2017 all fell in April, May, or June.
Those who act quickly and list now could benefit greatly from additional exposure to buyers prior to a flood of more competition coming to market in the next few months.
If you are planning on selling your Forked River home this year, let’s get together to evaluate the opportunities in our market.
Karl Hess & Keller Williams Shore Properties provides expert real estate services to residential buyers and sellers in Forked River and the surrounding communities. Contact us today for more information on Forked River Real Estate and for professional assistance navigating this complex home market.
As always, thank you for your time and feel free to get in touch if you have any questions. Karl Hess, Keller Williams Shore Properties - #1 Real Estate Office in Ocean County
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