Pent-up demand, historically low interest rates and buyers competing for a short supply of homes all add up to what experts are calling a “seller’s market.”
For anyone considering moving to The Vista, a Continuing Care Retirement Community (CCRC), now could be a perfect time to sell your home at peak value and start planning your move to the brand new, independent living community in Wyckoff, a Bergen County town in northern New Jersey.
“There has never, in my 20 years in the business, been a better time to sell a house in or around Bergen County,” said Charlie Delman, a sales associate with Coldwell Bank Realty.
Delman offered a few explanations for why it’s a great time to sell, particularly near Bergen County:
- Incredibly low interest rates are “driving enormous buyer activity, as affordability is greatly enhanced by these rates. How long these rates will be around is anyone’s guess.”
- “Bergen County is a bedroom community for the NYC job market. A pandemic-fueled rush to the suburbs is underway, and it is not at all clear how permanent this is. City residents don’t want to be in crowded elevators or subways now or in the foreseeable future.” This means there are “plenty of buyers in the pool.”
- “Inventory is at record lows,” which is often leading to bidding wars.
“As a result of these factors, houses are selling at record prices in almost all price ranges,” Delman said. “They are selling very quickly as well; as soon as a properly priced and marketed house hits the market, buyers are swarming, and multiple bid situations are commonplace.”
Maryanne Elsaesser, a broker associate in northern New Jersey with Christie’s International Real Estate, said a larger than usual number of people are migrating during the pandemic away from “vertical living” — such as condos in urban areas — in favor of more suburban homes; this means the demand for those suburban homes near big cities are seeing risen values. She noted that there’s also a massive demand nowadays for homes valued between $500,000 and $999,000, meaning that people selling homes within that range have a great opportunity for big profits.
“If it were my family member, I would tell them to list immediately,” Elsaesser said. “Seriously, I’ve even told my family members to list and rent for a year-and-a-half.”
Jeff Rose, a financial planner, shared a similar message in a recent article published by Forbes, writing: “If you’re looking to trade-up or make a move to a new location, it may be easier to sell your current home than at any time in recent memory.”
For those considering independent living, now could be the perfect time, and The Vista could be the perfect place to call home. The Vista is set to open in early 2021. We offer 161 beautiful new apartments, along with delightful dining and entertainment options. We have state-of-the-art fitness, aquatics and health centers, as well as highly trained, caring staff, topped with a wide array of amenities, such as a library and cultural arts center. It’s all situated by the breathtaking Ramapo Mountains, which overlooks the 30-mile Ramapo River.
For those who are 62 or older, our message has been the same: Moving sooner is often better than waiting. Why not enjoy the perks of first-class living while you’re young at heart? Being able to sell your home at an even bigger profit than a year ago is just an added bonus.
While housing experts have anecdotally said that we’re in a seller’s market, the data also proves that it’s true.
- Home inventory was down 32.6% in July compared with last July, according to realtor.com. This is great news for sellers. It means that they are competing against fewer other sellers — ultimately giving them more leverage to hold firm on their sales price or even get offers above listing price.
- According to Freddie Mac, interest rates recently hit record lows for the eighth time this year. The low interest rates have sparked a growing interest in home purchases. That higher demand lets sellers ask for more money for their homes.
- The national median listing price for a home increased 8.5% in July 2020, compared with July 2019, according to data compiled by realtor.com. Some sellers are getting thousands or tens of thousands of dollars more than what they could have expected a year ago.
While we’re happy to see folks potentially have the opportunity to make more cash when they sell their homes, we know everyone’s life schedule is different. So, we’re here for you whenever you decide the timing is right. We invite you take a virtual tour.
The Vista, a new independent living community set to open in early 2021, is part of Christian Health (CH), which means we bring with us more than a century of experience in health, safety, and security. As we open The Vista, we’ll carry with us a strong reputation that we’ve built at Christian Health’s existing independent living communities in Wayne and Wyckoff. Our new residents will receive immediate and priority access to all of the award-winning health-care amenities that Christian Health offers.
If you’re considering enjoying The Vista, operated by an organization that treats its residents like family, contact us today to discuss how The Vista could be the right choice for you.Please note, The Vista is not an affordable housing community. If you are looking for affordable housing options, please call (201) 848-5200 or go to ChristianHealthNJ.org.