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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Estefania Castaneda
Estefania Castaneda
17:24 04 Sep 21
Extremely pleasant, attentive to all my needs always. It was a pleasure renting an apartment from Ken.
Vichai Soysouvanh
Vichai Soysouvanh
14:17 03 Sep 21
Can't say enough about Ken and his team. This was the most seamless sale I made. I didn't have to deal with all the... nonsense that comes with selling your home. They bought my house as is, I didn't have to declutter and pay a broker commission. All in all great experience, will do business again.read more
Niki Keser
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I had a wonderful experience renting one of their properties for 7 months. The apartment was beautifully remodeled and... Ken and his team were always responsive to any needs. I would recommend to anyone looking to sell or rent.read more
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Alfredo Garcia
Alfredo Garcia
03:20 17 Jun 21
Selling my property too Ken was the best thing I did. Although I was skeptical at first I soon found out how... professional he was. Even though my closing contract was not standard because of the pendemic situation. He followed through on time with all the contract terms as promised. Thank you Ken for your professionalism.Alfredo Gread more
Vishrut Patel
Vishrut Patel
23:27 19 May 21
Ken was referred to us by someone who had sold their home thru Ken last year. From the first meeting to the last... transaction, Ken and his team were professional, efficient, easy to work with, and above all.... caring. Each seller's situation is different, and Ken truly understands that. We were treated with respect each time.Since we were in a time crunch situation, selling our home with a cash offer from Ken was the best decision we could have made. We were perfectly okay with getting slightly less money for our home as compared to selling it via an agent. But if you consider the money saved on agent commissions (both buyers and sellers), closing costs, repair costs, attorney fees, and most important of all... time and headache, you can't beat the option to sell your home with a guaranteed cash offer from a reputable buyer like Ken.My wife and I were very pleased with our experience with Ken. If you are in the market to sell your home fast for a cash offer, I highly recommend giving Ken a call!Best of luck!Vishread more
Christopher Martino
Christopher Martino
14:19 10 Mar 21
Ken and his team were great. They were easy to work with, professional, and responsive. If you are thinking of selling... your home they offer a super easy process.read more
Chelsea Grant
Chelsea Grant
15:36 03 Jan 21
I am a travel nurse and stayed in a town home for 3 months... It was exactly as described and any issue that came about... was handled within a few hours - I would definitely recommend and I would definitely stay again!read more
Aaron Zachko
Aaron Zachko
12:41 14 Aug 20
Amazing experience! Ken was upfront, quick and got the deal done in no time. Having done a number of real estate... transactions this was by far the easiest and smoothest. I would unconditionally recommend him to anyone looking for an easy, quick and fair transaction.read more
Joseph Tricarico
Joseph Tricarico
19:10 26 Mar 20
Ken is a very professional individual from start to finish. As promised, he gave me a fair deal on my one of my... properties that was in rough shape. He was knowledgeable and responsive to my requests and as promised we didn't need to waste time with inspections and appraisals and we closed quickly. He made it painless as possible by having his crew handle the clean up. This was truly a quick and easy process but a professional individual. Thanks Ken!read more
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