Reportedly, and all across the state, New Jersey neighborhoods where homes are for sale resemble markets and parking lots more than they do life-as-usual streets and cul-de-sacs.
A recent article appearing in NJ.com underscores the urgent nature of the New Jersey residential housing market in locales spanning the state.
The above link to that site shows pictorial evidence far surpassing what words alone can do to illustrate the point. The NJ.com piece leads with a snapshot of for-sale activity at a listed residence that looks like a property under siege.
The point is clear, as stressed by the publication: “Low inventory and high demand are causing chaos at open houses, leading to long lines and multiple competing offers within days.”
A few relevant takeaways from the present housing market
Quick question: How hot is the current market?
Revealing answer: Scalding enough to incite hostile bidding wars and, at least in one case, provoke a fistfight between would-be buyers at an open house.
In fact, as noted in the above article, New Jersey’s market for prospective home buyers and sellers “is at an historic high.”
What is an amazingly happy time for most sellers receiving record offers is also causing extraordinary stress and uncertainty among buyers competing in this red hot “Seller’s Market.”
Here are some of the “please-sell-to-me” strategies that are reportedly being employed across the state:
- Full-price offers made before a property is even seen, despite the property’s age or condition
- Complete waivers of appraisals, meaning the buyers must make up the difference between a low appraisal amount and their offer price, out of pocket, without the opportunity to negotiate a price reduction or even withdraw and cancel their offer, as is standard and customary under such circumstances
- Nonrefundable deposits (termed “crazy” by one industry commentator)
- Offers starkly higher than sellers’ asking prices
- All-cash offers
- Inspection waivers
Securing proven legal help in the current real estate market
One authoritative New Jersey residential real estate legal source duly remarks that, “The purchase of a home is an exciting yet stressful time, particularly for a first-time buyer.” The current market is not only stressful, but downright perilous without proper legal advice and guidance.
Given the above-cited factors at play in the current market, that has never been truer for prospective home purchasers. Although buyers seek to fully protect themselves and make smart decisions in any home-buying scenario, today’s extraordinary housing picture dramatically increases the need for participants to ensure sound and trouble-free transactions.
An experienced legal team with a sustained record of advocacy helping diverse clients in real estate matters can play a crucial and pivotal role in driving a real estate transaction to a successful conclusion or avoiding catastrophic results in unsuccessful transactions.
We welcome the opportunity to explain how to do just that in your transaction via a FREE & CONFIDENTIAL consultation at the established, results-oriented and pro-client New Jersey real estate law firm of Mariano & Coiro, P.C. Our senior real estate partner, Joseph W. Coiro, Esq. (with over 35 years of experience and thousands of successful closings performed) can be reached by phone at 732-860-7620 or through our firm’s contact page.