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Bergen and Passaic Counties Real Estate Market Update: January 2025 Insights
January 2025 Real Estate Market Update for Bergen and Passaic Counties
Introduction: Real Estate Trends in Bergen and Passaic Counties
As we enter January 2025, the real estate market in Bergen and Passaic Counties is bustling with activity. Home prices are reaching new heights, creating a pivotal moment for both sellers and buyers. This blog post will break down the latest trends and statistics, providing valuable insights for anyone interested in the local real estate scene.
Bergen County Home Prices Surpass $1 Million
The average closed sales price in Bergen County has officially exceeded the million-dollar mark, approaching nearly $1.1 million. This significant milestone indicates a robust market, with demand outpacing supply. For potential sellers in Bergen County, this is an opportune moment to list your home and take advantage of record prices.
Rising Home Prices in Passaic County
Passaic County is also experiencing a surge in home prices, with properties now selling for well over $625,000. This increase is particularly noteworthy for first-time home buyers who are increasingly looking to Passaic County as an alternative to the more expensive Bergen market.
Town-by-Town Breakdown
Let’s delve deeper into key towns that are seeing noteworthy trends:
Hawthorne: Almost a 4% increase in sale-to-list price.
Wayne: Leading the pack with over a 6% increase.
Clifton: Close behind with nearly a 6% increase.
Teaneck: Also reporting a 4% increase.
These towns are showing consistent growth in sale prices, indicating strong demand amidst limited inventory.
The Importance of Acting Now
For home buyers, waiting may prove costly. The restricted supply of homes is leading to quicker sales and increasing prices. The current market conditions suggest that buyers should act promptly to secure their desired properties before prices escalate further.
Seller's Market – Now is the Time to Sell
Sellers are in a prime position to capitalize on this market. With a shrinking inventory and rising sale-to-list price ratios, now may be one of the best times to sell your home in Bergen or Passaic County. If you're considering selling, it’s essential to evaluate your options and get your home on the market.
Conclusion: Connect With an Expert
If you're interested in learning more about your specific town or would like personalized insights into your home search, don’t hesitate to reach out. Whether through a direct message, phone call, or text, I’m here to provide the information you need.
Stay tuned for next month's update, and let’s navigate this exciting market together!
Our 6 Step Buyers Process
Beginning your home search can be an overwhelming and daunting task. Because of that, our team makes sure that you, and all other potential buyers, understand each of the 8 steps that we take to make the process as easy and painless as possible. By the end of your search, with our support and guidance, you will live happily ever after in your new, dream home.
Financially Map Out Your Success
Our agents get to know you — Need to move for a job? Want a shorter commute? Getting married? Having a baby? Need to upgrade or downsize? At this stage in the process, we’ll send you notifications about the listings that you’re most likely to be excited about. Be sure to let us know if one (or more) jumps out at you so that we can skip to the next step and schedule a viewing. be there for you every step of the way.
Success for each person looks different. A growing family or new empty-nesters have different needs. Our goal is to map out your goals financially to get a good understanding of what you need in a home but also what makes the most sense for your specific situation - both from a time and money perspective.
Buyer Matching & Office Exclusives
We’ll introduce you to our mortgage partner, who can help you determine your buying price range with confidence. Be prepared to dig into paperwork during this part of the process such as pay stubs, W2’s, and tax returns. The lender will do a full review and then tell you what you will be able to borrow in order to purchase a home. This is a vital step in the home buying process!
During this process, we will be sending you some listings to evaluate and provide us with feedback. This helps us to understand, update and revise your criteria and preferences. Our agents are always super involved in the community so they can provide you with tons of information about the areas you are interested in. We will also use this information to setup notifications of listings to you and evaluate any office exclusives (homes that are not yet listed in the MLS) so you are the first to see the property.
Let the Showings Begin
Here’s where the buying process gets really fun! We’ll attend open houses together and schedule viewings of the homes that you’ve loved from our listing alerts. Many of our clients prefer us to consolidate to one day of searching or have specific times that work for them. We handle all the coordination so you just have to show up! We’ll talk about how the budget will work and make sure that we find you the perfect home.
Strategic Negotiations
When you’re ready to make an offer, your agent will present a written offer to the seller. We also present your offer using video to help make a bigger impact and showcase our commitment to the sale of the home. And while everyone loves getting their offer accepted right away, the seller could come back to us with a counteroffer, or reject your initial offer all together. We’re happy to walk you through each of these possibilities and exactly how to handle them. Once the offer is accepted, it’s time to get your financing in order and move forward to the next step!
Prep for Close
The sellers accepted your offer, and the home is going through appraisal and inspection. The appraisal guarantees that the price of the property matches the condition of the property while the inspection makes sure that everything in the home is functioning properly and there are no major issues inside. These are the last steps before the shiny keys to your home are placed in your hand... for good!
Segue to Your Next Chapter
Get excited because it’s time to close on your home! This process includes going through all of the final paperwork and signing your name (a lot!). Don't forget to bring all of the paperwork you’ve collected along the way and your down payment.
But we know it doesn't stop here. You likely have a lot to coordinate, movers, painters, handymen etc. We will help you to SEGue into your next chapter seamlessly. Even make some introductions to some neighbors! You can count on us!
Ready to find your dream home?
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