You may be wondering if now is the right time to list your home in Ridgewood, or surrounding areas. When making this decision, be sure to examine absorption rates within the local real estate market.
Tarvin Realtors has calculated the absorption rate for Ridgewood and surrounding towns through May 31st, 2014.
Bergen County Real Estate Absorption Rates
Within the Bergen County real estate market, an absorption rate that is less than 6 indicates a seller's market. This means that homes are selling at a quicker rate, and final prices will be very similar to the original listed price. On the flip side, and absorption rate of more than 6 indicates a buyer's market. The buyer will usually be able to negotiate a price much lower than the listing price because homes are taking much longer to sell.
Ridgewood Homes Are Holding Their Value
Right now, Ridgewood is experiencing an absorption rate of 3.75. That means that houses are selling quickly and holding their value better. This may be the perfect time to list your ridgewood home. Contact Tarvin Realtors to discuss your options and take advantage of this seller's market.
What about other Bergen County homes?
Franklin Lakes and Saddle River both have an absorption rate of over 12. This means that these cities are well positioned in a buyer's market. It is taking homes longer to sell, meaning that buyers have the power to negotiate better prices. Hawthorne, Oakland and Upper Saddle River are all well above that balanced rate of 6, and are experiencing a buyer's market as well.
The average absorption rate within Northwest Bergen is currently sitting at 6.88. This is still close to a "balanced" market, and therefore you may wish to look at the absorption rate in your particular city before choosing whether or not to list your home.