As I noted on March 7th on PascackValleyHome.com, sellers were late in getting their homes on the market in time for spring. Now there is increased competition for sellers. I am seeing listed homes that have been on the market 2 weeks, with large reductions already to make them stand out above the heated competition.

For buyers, its great time to buy. The inventory now contains more quality homes to choose from, the mortgage rates are still low, and home prices appear to still be declining in the past 6 months. Houses once thought to be out of their price range, are now being reduced and affordable for 1st time home buyers or buyers trading up from condos (if they can actually sell their condo, but thats a whole other blog article).

Having your own buyer’s agent becomes even more important right now, as a good agent will be able to research and analyze the market to find the best deals and avoid the homes that are still overpriced. It may be a buyer’s market, but homes priced correctly, will sell fast.