How’s the market in Toms River, Manchester and/or any other town in northern Ocean County?
That is the quintessential real estate question.
Unfortunately, there is NO perfect answer. How’s the local real estate market? Well, that depends…
Because the market is the market. It changes in accordance with the Law of Supply and Demand.
In real estate, there are 3 markets; a buyer’s market, a seller’s market and a balanced market.
A “Buyer’s Market” exists when there is 7 or more months supply of inventory (houses). The impact of the abundance of inventory results in the prices of homes depreciating.
Conversely, a “Seller’s Market” exists when there is less than 4 months supply of homes. The impact of the scarcity of inventory results in the prices of homes appreciating.
A “Balanced Market” occurs when the inventory of homes for sale averages between 5 and 6 months worth of supply. In this “normal” market, home prices generally remain stable.
So, the answer to this question, How’s the local real estate market?, really depends on your personal real estate need:
- Are you in the market to buy a home?
- Do you need to sell your home?
- Are you looking for an investment?
- Are you “just looking”?
What will Flanagan do for you?
Depending on which of the four “needs” above fit your personal situation, we’ll help you understand how the current local real estate market will affect you. We’ll show you local statistics and trends to assist you in making the necessary decisions that will benefit you.
Take a LOOK at some of our local market areas HERE!: