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The State of the Real Estate Market in Union New Jersey

[Updated June 7th, 2022]

Is it still a buyer’s market today in New Jersey? As experts in the Union real estate market, we get asked this question a lot.

The answer isn’t as simple as yes or no.

Should I sell my house in Union New Jersey in today’s market

First off, it really depends on the property type and location.

Single-family homes in great locations that are priced well, have a better chance of selling in today’s market. With recent news from the federal reserve looking to continue raising interest rates, this has some buyers concerned!  There’s a healthy amount of demand in the market for certain areas, while others can seem like ghost towns. Many experts are predicting a slow down as the summer approaches and may cause sellers to lower the prices.

Buyers are often looking for the same thing – good neighborhoods, access to transportation, shopping, good schools, close to work, etc. Properties that deliver all these are definitely a hot commodity. Sellers with a highly desirable property, that has been renovated, and in great locations are in control of the market

But for condos and townhouses – especially those a little off the beaten path, or with some funky features – it can be quite a different story. Prices were down in certain areas of Union.  Buyer demand is down and we are noticing that houses are lasting longer on the market.  In addition to all of this, realtors are saying that sellers are starting to decrease prices about 2-3%.

Investment properties are in demand. The massive amounts of foreign cash flooding in to invest in US real estate have impacted the Union market in unique ways.

Overall, those people in a position to pay cash for properties have been picking up the good deals in the marketplace.

Lots of sellers are trying out speculative prices just to see if anyone bites, but most investors are walking away from deals that don’t pencil out.

Financing is still a major obstacle for buyers. Banks are being incredibly strict, requiring lots of money down and even changing their terms at the last minute. It’s not uncommon for approved buyers to get their loans pulled right before closing escrow, although it’s getting better than it was just a couple of years ago.

Overall the markets remain incredibly polarized – there is a lot of action at the very top and the very bottom, with the biggest challenges in the middle.

Sound confusing? It is. But We Can Help Your Sell Your Home in NJ.

There’s a lot of shakeup in the US economy still taking place, and the markets are moving fast in lots of directions at once.

We’re investing in Union because we believe in the community and the people here.

If you need to sell a property near Union, we can help you.

We buy properties like yours from people who need to sell fast.

Give us a call anytime (201)699-3352 to Get an All Cash Offer on Your Home in NJ or fill out the form 
over here today if you’re looking to sell a Union house fast!

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