N.j. real estate is “troubled” by its slow rate of sale, with many buyers having to wait several months for their offers to be accepted.
While bidding is slow at the beginning of the season, buyers can now expect to see their properties for sale at auction at the end of the month, said Jeff Leavitt, owner of the real estate website RealtyTrac.
“We’re seeing it in some of our homes,” Leavatt said.
“We’re getting bids that are up to $1,000 or more.
We’re seeing some real estate professionals trying to get that price up.”
Some people who do get bids on their properties have found they are unable to sell because they are not in the market for a new home, he said.
The real estate market in N.
Jersey is in the midst of a boom with the median price of a single-family home jumping by about $900,000 last month, according to Realtytrac.
While prices have risen for some homeowners, they have not increased enough to put them out of the reach of buyers who are willing to pay the high price for a home.
Leavarditt said buyers can expect to be able to sell their properties in a matter of months.
“It is a good time for those people who have the ability to do it,” Leivitt said.