Understanding the real estate market in New Jersey is important if an individual is considering buying or selling a home. The real estate environment can differ from state to state or even as local as between neighborhoods. Like many other things, real estate functions in a supply and demand system. There are different outcomes based on which way the scale is tipping, whether there is more supply or demand in the current environment.
A buyer’s market
When the real estate market is leaning towards a buyer’s market, it means that there are a lot of homes for sale but not very many prospective buyers. This is beneficial because it may allow a buyer to negotiate a lower home price with the seller. This is especially true if the seller is particularly eager and needs to move quickly.
A seller’s market
The other option is for the real estate market to be a seller’s market. This is when there are a lot of prospective buyers in the area but not very many houses for sale. Often in a seller’s market, the prospective buyers find themselves in a bidding war and the homeowner is able to sell the house for higher than the listing price.
Of course, there may be some cases where an area is not leaning heavily towards one type of market over the other and there is a pretty even supply and demand ratio.
If you need the services of an experienced New Jersey real estate attorney to represent your rights in a transaction, contact our firm today.
Our firm proudly represents clients in New Jersey who are faced with matters of family law, criminal defense, business law, real estate law, or estate planning. If you require strong and dedicated representation for any of your legal matters, contact The Law Offices of George J. Mardinly to schedule a consultation.