When the market is down, people want to buy because prices are low. But they are afraid it can take them too much time to sell their house. In Morristown, like other sought-after areas of the state where the demand is significantly greater than the number of homes for sale, multiple offers are common. Right now, if a house comes on the market and it's well-priced, it's not unusual to see it sell above the asking price. Shelly Umanoff, manager of Gail Lowenstein Realtors, in Livingston, said only 63 homes were up for sale there during the week before Thanksgiving, the fewest she has ever seen.
Buyers are lined up waiting for the houses throughout Essex County.
It's becoming a very popular area because we're right in the middle of Manhattan and northern New Jersey employment centers. The strength of the economy and relatively low interest rates, however, have continued to accelerate the pace of home resales. Even with the Fed's November interest rate hike, and the increase in the prime rate that immediately followed, mortgage interest rates remain attractive, Burns said. Move-up buyers generally are looking for better school systems, larger homes and nicer property. They expect more features and open spaces, like a great room instead of a home that is broken up and compartmentalized.