JUNE 28, 2015 LAST UPDATED: SUNDAY, JUNE 28, 2015, 6:48 AM
BY KATHLEEN LYNN
STAFF WRITER |
THE RECORD
Tom Andes put his mother’s Lyndhurst house on the market in late March — and had three offers after the first open house.
Andes sees a couple of reasons for the quick action: a low supply of homes on the market and a demand for properties that are an easy commute to New York City. And, he said, “we asked the right price” — $295,000.
Andes’ experience sums up some of the major trends of the spring market — a market that continues to recover from the worst housing downturn since World War II. The number of sales is up, as a stronger economy draws more first-time buyers — a population that largely had been unwilling or unable to buy — back into the market. And inventories are tight.
But buyers are still wary about overpaying, leaving median prices unchanged for the past year.
“Buyers are very price-conscious,” said George Rosko of Better Homes and Gardens Coccia Realty in Lyndhurst, who was the listing agent on the Andes house. “If you’re overpriced, people drive by.”
The spring selling season is an important barometer of the housing market because spring is when many buyers come out, in hopes of being in their new home by the time school starts in the fall. Several North Jersey agents say the winter’s cold, snowy weather delayed the start of spring activity.
https://www.northjersey.com/news/sales-up-prices-flat-for-spring-1.1364642
