New Jersey Buyers Look for Winter Deals in Single Family Home Listings- By: John Cutts
There were a number of homebuyers looking at properties under single family home listings in New Jersey during the cold months of winter. According to local realtors, although spring is considered a time when homebuyers are most active, some of them did brave the cold weather and made purchases last month.
Newark foreclosure lists and even non-foreclosed homes have more interest from buyers this year than in previous periods, local realtors have reported. In Bergen County, statistics showed that more houses were listed by sellers during March and April of last year compared with the first two months of 2010, with a difference of almost 30%. However, this year, more sellers got their properties listed during the first month.
Non-foreclosed and foreclosure lists in New Jersey usually carry less residential properties during January, but more sellers got their properties listed last month than the usual. According to some who got their houses listed this past month, the smaller number of listings benefits sellers since there are fewer competitors. However, most real estate agents believe that winter months favor buyers more than sellers.
According to them, buyers can find great deals during winter since sellers that have properties in single family home listings during the cold months are highly motivated and are more likely to negotiate. They stated that buyers get better prices because not a lot of people are willing to visit properties during the winter.
In addition, houses that have been in the list of foreclosure properties and non-foreclosed homes before winter started and remained unsold when winter comes will be offered at much lower prices. Buyers also get faster services in terms of mortgage processing since lenders are less likely to be bogged down by applications. They can also get a feel of what the house they are trying to bid for will be like during colder periods.
Agents with properties in single family home listings reported that they are getting more calls from interested buyers this winter in New Jersey than the past years. They stated that buyers might be trying to make a purchase now before interest rates rise or it could be that they do not want to have much competition when they make a bid.
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John Cutts has been educated in the finer points of the foreclosure market over 5 years.