After months of the frenzied pace of home sales, it looks like the wild residential market of the last 12 months is beginning to calm down.
More homes are coming on the market and in particular in the higher price range. Owners who delayed selling during the height of the pandemic are listing their homes for sale in an attempt to still take advantage of the strong market.
Other homeowners who did not plan on selling changed their minds watching prices climb higher. Overpriced homes sit longer rather than being snapped up immediately.
While the market is still strong and demand is buoyed by low-interest rates, buyers currently have more options as the “panic” factor is fading and a sense of normalcy returns. The sense of urgency has faded as they now go on vacation, visit friends and family or just take advantage of the summertime putting home search on hold.
Very desirable properties and especially New Construction still generate bidding wars, but others sit on the market if they are overpriced or in need of renovations/updating.
26 Central Ave | Demarest
Stunning New construction | Offered at $2,250,000