Million Dollar Question! Is the real estate market getting better? I’m a New Jersey Realtor who focuses on Luxury Real Estate in Bergen County, NJ. I do not recall a single seller or buyer that has NOT asked me the million dollar question. “What do you think, are we in a good real estate market or will it be getting better?”
The “Million Dollar Question!” has always intrigued me and makes me chuckle. Here is the answer as I always answer it the exact same way… “I have no idea and if I did, I personally would be selling or buying more New Jersey real estate instead of lottery tickets!”
Of course there are many people who predict the market is on the rise. Many of these same people also believed that in 2005. Others say “no way” it will be 5-10 years before we see a strong market again. The main issue with the question is that it’s just way too vague. What is each persons definition of the Million Dollar Question!? What is a “good” real estate market? It’s all in the eye of the beholder or we can say in the eye of the “seller or buyer.”
So here’s the best advise I can give to anyone asking the Million Dollar Question! “is this a good real estate market and will it be getting better?” If you are ready to sell your home then there’s no better time than the present. It’s pretty simple if your local real estate agent has provided you with a full market analysis and the value of your home and your comfortable accepting that price than list your home with them and sell it. On the other hand if you “need” more money or “don’t want to leave money on the table” (if I had a dollar for every time I’ve heard that statement) then don’t sell your home.
Now to all you buyers out there who want to know, “Is this the best time to buy real estate?” Again, very simple… That all depends on your particular situation. Are you tired of throwing money away renting when you could be earning equity in real estate? Do you need somewhere to invest your money rather than the stock market? Is your family outgrowing that 1 or 2 bedroom apartment? Do you want to downsize from your large house and stop shoveling your driveways? These are all questions that only you can answer for yourself.
Another question we as real estate agents are commonly asked is, “are interest rates going up or going down?” Again easy answer, “interest rates are not 18% like they were when my parents bought their homes so the real question is… With the current interest today of approximately 4%, can you afford to buy the home you want and afford to pay your bills for that home? If so, then what are you waiting for? Call your real estate agent today to buy and/or sell your property. There’s no better time than the present.