A shift in New Jersey’s housing market

It is typical to see a decline in the number of homes on the market during the fall, but right now in New Jersey, there is a stand-off between buyers and sellers. While there is a fair number of buyers in the market, sellers are sticking to their guns and not lowering the prices of their homes.

"Buyers are very smart. They know that they have options. If you won't sell them your house at a fair market price, they'll go and buy someone else's home," said Amber Noble-Garland, Licensed Realtor and CEO/Team Leader of 'A NOBLE HOME TEAM' at Keller Williams Realty West Monmouth. "I actually have a listing right now in Middlesex County in a very desirable area with a Blue Ribbon School district. I have done everything possible to market this home, but it's about price. The sellers don't seem to understand that the buyers are waiting for them to lower their price. I have had 80 showings on this home, which is an astounding number."

Unless you have a premium, one-of-a-kind house that everyone wants that is on the market for the right price, as a seller, you do not have the leverage, according to Noble-Garland.

"It is shifting back to a buyers market for homes that are less desirable or for those sellers who are so steadfast about what they believe. Sellers have one sense of psychology and buyers have another. Buyers hold the checkbook and who is going to pay six figures or more for something they don't love? Buyers are definitely taking back their power. I don't think this paradigm shift will last forever, but right now if you're a seller, you have to play ball and you have to play nice if you're really motivated to sell your home," she said.

As for prices in New Jersey, they are stable. There have been a number of price reductions, which is typical for homes that have been sitting on the market for a length of time. There has been a slight uptick in the price of homes that are "move-in ready" because sellers know they have the leverage.

For more information, visit  www.AmberLovesRealEstate.com or go to Noble-Garland's Facebook page at Facebook.com/AmberLovesRealEstate.