From Berkshire Hathaway Fox & Roach:
Buyers and sellers in the New Jersey-Pennsylvania region will enter a highly competitive housing market in 2016 as the economy continues to get stronger, according to a survey of Berkshire Hathaway HomeServices Fox & Roach Realtors agents.
Forty-one percent of agents reported that both buyers and sellers will have equal power in 2016, an increase from 37 percent last year, while buyers’ power decreased from 44 percent to 34 percent in the survey. The online survey of 347 BHHS Fox & Roach agents was conducted from Nov. 3 to 20, 2015.
Agents feel positive about current regional market conditions for both buyers and sellers, but the sellers position is strengthening, as 53 percent of agents feel it is a good time to sell (up from 48 percent in 2015), while the percentage of agents that feel it’s a good time to buy remained the same as last year (77 percent).
Data from the BHHS HomExpert First Nine Months report shows monthly average inventory has remained relatively stagnant since 2012. Limited housing options will continue to fuel competition, with 30 percent of agents reporting that limited supply/inventory will be the biggest hurdle homebuyers will face in 2016.
In spite of the competitive atmosphere, agents are still seeing 67 percent of buyers submitting an offer below asking price, hoping the seller sees they overpriced the home, and 11 percent are willing to walk away if they need to increase their offer that will increase their mortgage from their current home.