First time buyers househunting in the South Jersey area — or even non-first timers who are on tight budgets — are struggling to afford a home in the areas they want to live in.
While news headlines across the rest of the country are talking of declining home values, it is the opposite in the South Jersey housing market. Here in Haddon Township, Collingswood, Haddonfield and the surrounding towns, we have an unprecedented scarcity of homes.
Let's talk about how the severe lack of inventory (homes for sale) has shaped our housing market, and also elevated South Jersey home values. (Psssst... got questions about the market, or buying or selling in South Jersey? Call South Jersey Realtor Jeremiah Kobelka on 📲 609-251-4888)
The Upside For Homeowners
This scarcity-induced surge in home values should pique your interest as it directly impacts your most significant investment: your home. Your property's worth is higher than it’s ever been, and now you have an opportunity to capitalize on the market conditions and enjoy substantial financial gains.
While it's exciting to witness the appreciation of your home's value, it's essential to remain mindful of the broader realities at play — particuarly if you're thinking of moving in the next couple of years. As you consider selling your current home to leverage its newfound value, it's crucial to prepare for the potential challenges of finding your next home in an inventory-strapped market.
📮 RELATED POST: HOW TO USE EQUITY TO BUY A BIGGER HOME
To find out more about how this lack of inventory impacts the equity you have in your home, watch Jeremiah’s 60 second video ⬇️
Collaborating with a knowledgeable real estate professional will become even more paramount in navigating this new landscape.
