buyers market or sellers market

3 Replies

hi, am new to real estate, am thinking about buying my first home. Prices in my area are up the roof!  I live in the East Coast,  state of New Jersey.  was wondering are we in a sellers market or buyers market,  when is the best time to buy a home??  I feel sellers are being greedy and trying to get the most for their home.  I am new to the real estate market I need all the help i can get, thanks in advance

welcome to BP @Ed Mato !

Sellers aren't being greedy, their just trying to get the most money for their house. You or I would want the same thing when we are selling.

It really depends on where in NJ your buying.

Hoboken is a sellers market, where you can expect to get multiple offers bidding up your asking price.

Fair Lawn, where I live, is a buyers market where houses stay on the market longer and homeowners know they'll lower the price as part of the negotiation.

What are you trying to buy? Where? For how much?

well am looking in the Bloomfield or Belleville area.  yes if i was the seller i would want to get the most for my house , but i see small homes in bloomfielld and belleville that are not worth the over 250k thier asking for. there was this one house in the belleville, newark area near a gold course.  the house was located in a cul de sac (which i like)  but if u saw the house you would think no way that house is 320,000!!  Its a small house that has a dull yellow color. 

The real question is, what are the houses selling for, not what is being asked for them.

Color is one of things easily solved with paint.

Free eBook from BiggerPockets!

Ultimate Beginner's Guide Book Cover

Join BiggerPockets and get The Ultimate Beginner's Guide to Real Estate Investing for FREE - read by more than 100,000 people - AND get exclusive real estate investing tips, tricks and techniques delivered straight to your inbox twice weekly!

  • Actionable advice for getting started,
  • Discover the 10 Most Lucrative Real Estate Niches,
  • Learn how to get started with or without money,
  • Explore Real-Life Strategies for Building Wealth,
  • And a LOT more.

Lock We hate spam just as much as you

Join the Largest Real Estate Investing Community

Basic membership is free, forever.

By signing up, you indicate that you agree to the BiggerPockets Terms & Conditions.