Our local real estate market continues to be incredibly robust! Buyer demand continues to exceed the supply of homes for sale. We are seeing a steady stream of relocation buyers enter our communities from other parts of the country due to strong employment opportunities and great school districts.
While mortgage interest rates have risen to almost 7%[1], home sale prices have continued to rise and homes are selling in a shorter period of time.
Here is a summary of 2023 property sales in our area, comparing first and second quarter, and summer home sales:[2]
- In the first quarter, 164 homes sold, for an average sale price of $783,000, 99% of the asking price after an average of 47 days on the market
- In the second quarter, 275 homes sold, for an average sale price of $916,000, 102% of the asking price, after an average of 26 days on the market
- In July and August, to date 157 homes sold, for an average sale price of $974,000, 102% of the asking price, after an average of 27 days on the market
Nationally, June home sale prices have reached their second highest in two decades.[3] The future continues to look bright for home sellers, as prices are forecasted to increase by 2.6% in 2024.
While buyer demand is strong, sellers must consider the features that buyers are looking for in a home:
- Turnkey, move in condition homes
- Freshly painted interiors
- New flooring, updated lighting
- Maintenance free exterior siding, doors, and decks
- New or recent heating and air conditioning systems
Many of these improvements can result in a great return on investment:[4]
- New HVAC systems can yield a 214% ROI[5]
- New hardwood floors can yield a 118% ROI
- Refinished hardwood floors can yield a 147% ROI
- New roof can yield a 100% ROI
- Garage door replacement can yield a 100% ROI
- New deck can yield a 142% ROI
- New fiber cement siding can yield an 82% ROI
- New vinyl windows can yield a 67% ROI
- New fiberglass front door can yield a 60% ROI
- Kitchen upgrade (new counters, painted cabinetry) can yield a 67% ROI
- Kitchen renovation (new cabinetry, appliances, pendant/under cabinet lighting) can yield a 75% ROI
- Bathroom renovation can yield a 71% ROI
Of course, there are low-cost home improvements that yield a great return on investment. The best least cost improvement you can make to prepare your home for sale is fresh paint.[6] Standard lawn care such as fertilizing and weed control can produce a 217% return. Fresh mulching, pruning of shrub and flower beds can result in a 104% return.[7]
For additional information please contact:
Diane Belcuore
Realtor ®
908-872-5473
dianebelcuore@optonline.net
NJ 5 STAR AWARD Winner 2014, 2015, 2016, 2017, 2018,2019,2020,2021
Accredited Staging Professional
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