What’s New in the North Bergen Real Estate Market this 2020?

A new year is always a good time to reevaluate our stocks and take a good look at the market. The real estate market, in particular, is almost always changing, which is why it pays to take a step back and take a close look at the bigger picture at times. This is especially true if you’re heavily invested in the real estate market and want to know when the best times to buy and sell are. 

What’s the Current Real Estate Condition Like?

Zillow’s analysts put North Bergen as a seller’s market. Further research only serves to prove this. By the numbers, a listing typically receives 3 offers and sells relatively close to the listed price (around 3% below, give or take). At the same time, even though a listing can stay pending for as long as 85 days, “Hot Homes” can sell relatively quickly in as short as 36 days and at the listing price at that. 

 

It’s also worth mentioning that the price of homes in North Bergen has gone up by as much as 5.2% over the past year. Zillow predicts a more modest but still healthy 2.3% rise in the next year.

 

The median price of homes found on the North Bergen Township listing is set at $419,500, whereas the median price of homes that have been sold is $350,400. Meanwhile, as the inventory continues to drop and buyers continue to flock to North Bergen due to the rising rent rates and  real estate prices in New York, it’s a relatively good time to start investing in North Bergen real estate. 

 

This also means that if you’re looking for the answer to the question, “how to sell my house fast NJ?”, then your answer is to sell it right now. 

 

It’s a seller’s market out there, and with the Home Value Index expected to remain the same for the rest of 2020, it’s going to be hard to get better pricing than what most homes in North Bergen currently go for the rest of the year. 

The Rise of Mid-Sized Markets

According to the predictions made by the National Association of Realtors (NAR), the Housing Market for 2020 is looking pretty good for mid-sized markets like North Bergen. This is because of a combination of low inventory and increasing mortgage rates. Because of the expected 3.88-percent bump in mortgage rates for 2020, buyers are more likely to flock mid-sized markets for more reasonably-priced homes compared to entry-level properties. 

 

But of course, you might want to take these said predictions with a grain of salt. In particular, dire news of market shifts doesn’t seem to affect buyers much. It’s as if buyers aren’t really scared by how “dangerous” the current administration is, as depicted by the media and their most recent news reports.

What Events in 2020 is Worth Watching Out For?

2020 should be a relatively quiet year. However, it might help to pay close attention to the November Elections. 

 

As local, as well as Federal and State governments find themselves busy campaigning, their expected statements about how dire the current situation is might have an effect on the home buying situation in the area. In fact, it’s highly likely that more citizens will be willing to buy homes than in previous elections, which is a good sign if you plan on investing in real estate soon or want to sell your property in North Bergen. 

 

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