Market Snapshot
Understanding housing trends is a valuable tool to completing a successful real estate transaction. At Tarvin, we consistently track market movements to keep you informed.
With all the recent news about the national housing crisis, how is the market faring?
The National Association of Realtors tracks the number of existing home sales, and their prices, monthly. The latest report shows that the market is improving, with the amount of sales and inventory trending in the right direction, though the sale prices of homes are still well below those of recent years.
What is housing inventory like in Northwest Bergen County?
Inventories vary quite a bit from one town to another. By checking local absorption rates, you can better understand how many homes are available and how long they are taking to sell. The higher the absorption rate in a town, the stronger the Buyers market. A lower absorption rate means houses are moving more quickly and are likely holding their value better.
In the Village of Ridgewood, how do assessed values compare with selling prices?
The Village of Ridgewood conducted a full tax reassessment in 2007. A look at sale prices versus tax values provides some insight into the latest price trends.
With houses taking two or three months to close, how do I get a real-time snapshot of what's going on in Ridgewood?
Waiting for transactions to close can give you a delayed picture of what's really happening in the market. The best real-time snapshot of the Ridgewood market is found by comparing the number of homes with pending contracts over the last five years.
As a Seller, my house has a number of features that a Buyer should find very desirable. Is there any harm in trying out a higher price for a few weeks?
Unfortunately, history tells us yes. In comparing recent sales data from houses that had the right versus wrong asking price, the homes that had to reduce their price before a buyer materialized took more than three times as long to sell, and the average sales price was more than 10 percent lower. Buyers will simply pass on a house that is not priced well, and we've found that sellers in that situation have generally taken a larger financial hit than necessary.
I have not yet selected a Realtor. What are the advantages of working with Tarvin?
Tarvin is not only the top sales office in Ridgewood, it's one of the top in all of Northwest Bergen County. We're very pleased that our performance statistics speak for themselves. Working with a Tarvin agent, you will always be benefiting from a full-time, seasoned professional who lives and works in the local community.
