Buying a home can be one of the biggest decisions of your lifetime. The more prepared you are from the beginning, the smoother your transaction will be.

Who Determines the Market?

Conditions in the real estate market are constantly changing. These conditions can favor either the seller or the buyer, so it is very important to have a REALTOR® who diligently monitors the listings and sales in your neighborhood or the area in which you are looking to buy. At Art Duffield Realty we can tell you the number of days a property has been on the market. A typical market is one in which a home sells in three-to-six months. When ever there is more than six months worth of listed homes on the market, there is a "Glut" of homes for sale. This would create a buyers market.

In a "Buyers Market" there are too many homes on the market for the amount of buyers looking. Homes take longer to sell, and the prices fall. Sellers must work harder to sell their homes, often adding incentives such as home warranties or redecorating allowances. Buyers can also increase their demands such as asking sellers to cover a part of their closing costs.

On the other hand, in a "Sellers Market" there are fewer homes on the market than there are buyers looking. The prices then rise, and homes sell quickly with little or no bargaining. In some cases homes can sell in a matter of days, or even a few hours. The sellers often will get "Top Dollar" for their homes, at or even above the asking price. This eliminates some buyers who can't afford the higher costs. A particularly attractive home listed for sale can receive several offers, sparking a "Bidding War" between two or more buyers. In this kind of market, buyers have to be ready to compete and completely ready to buy. When the inventory is low, the competition is high.

Many factors can affect the real estate market. If you are preparing to buy a home, give us a call or send an e-mail to find out what the market conditions are, and how we can plan a successful strategy for you to find your next home.

For more information on becoming a homeowner and on the home buying process, you can follow the links at the left of this page. There are also many places on the internet where you can find reliable information about purchasing a home. Some of our favorites are the following:

Before you look for a home, be sure to check the "Wants & Needs" page

Another great source of information for potential homebuyers is a qualified and experienced REALTOR®. There is never any obligation if you call (856) 848-4446, the office of Art Duffield Realty. Don't forget to ask for Jeff or Jerri Tessing.

If you prefer, you can e-mail your Real Estate questions to Jeff & Jerri Tessing at:

To learn more about the types of Real Estate Agents, and Agency Relationships in the State of New Jersey Click Here

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  Portions of the information here is reprinted with permission from the Real Estate Buyers Agent Council publication: "The Home Buyers Handbook". Jeffrey Tessing is a member of the Real Estate Buyers Agent Council.