The housing market is showing signs of improvement but U.S. Housing and Urban Development Secretary Shaun Donovan said Wednesday that it is too early to tell if the recovery has taken hold.
A combination of sellers pricing their homes more in line with current market conditions, low interest rates and a more optimistic outlook for the future is inducing buyers to make more offers on homes. I am also seeing a “pent up” demand to sell, buy and upgrade from families that have otherwise avoided making such a bold move in the past few years.
Inventory levels in East Hanover, Florham Park and Hanover Township have not been this high in years. The options buyers have now are tremendous. When speaking to a buyer for the first time and noting their needs I am now able to show them several houses that fit their criteria.
First time buyers are also playing a large part in purchasing inventory presently on the market. The NATIONAL ASSOCIATION OF REALTORS® says more than 50 percent of March’s home sales were tied to first-time buyers. Experts believe getting first-time buyers off the sidelines to take advantage of historically low interest rates and federal tax credits will reduce the glut of homes on the market and spark a recovery.