Finally some good news for NJ home buyers

For years, sellers have had all the leverage in New Jersey’s residential real estate market. Buyers have often been at their mercy. Young couples who don’t make enough to prevail in a bidding war get shot down time and time again. Buyers have given up the right to home inspections. It has been truly difficult.

Yet there’s a little good news amid these tough market conditions. New Jersey buyers are standing out as strong negotiators. Perhaps they’ve just had enough and are realizing there’s always another house or also another town, even if not ideal.

According to a new study by AgentAdvice.com, which surveyed 3,000 homeowners nationwide, New Jersey ranks fourth in the nation for the highest average savings through negotiation.

On average, New Jersey buyers shaved $19,634 off their final purchase price. When you think about how the state’s average home listing sits at well over $500,000, that’s impressive. That savings represents a nearly 4% discount, which significantly reduces closing costs and mortgage burdens.

The top states for average homebuyer savings were:
1 Hawaii – $37,756

2 California – $28,312

3 Colorado – $22,105

4 New Jersey – $19,634

5 Delaware – $19,461

6 Massachusetts – $18,489

7 Washington – $18,432

8 New York – $17,219

9 Oregon – $16,079

10 Montana – $15,688

Agent Advice’s study also shows that more than half of all homebuyers—54%—walked away from a deal when the seller refused to budge on price. If you’re willing to walk away, and if you discipline yourself to not get emotionally attached in looking at homes, I think it exponentially increases your chances of a positive outcome. This research proves that.

Opinions expressed in the post above are those of New Jersey 101.5 talk show host Jeff Deminski only.

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