Does a buyer’s market still exist today in Mercer County?
To figure this out it would depend on a couple things, property type & location. For Mercer County being our area of expertise, we get this question a lot. The answer isn’t as simple as you may think. Single-family properties that are in good locations & priced well have been selling left & right. There’s a lot of demand in the market for certain areas, while others may seem like nothing happens there.
Buyers are looking for good locations & bonuses to having a house in a certain area – such as good neighborhoods, transportation access, places to shop, great schools, close to work, etc. Properties that deliver all these attributes are definitely well sought after. Sellers whose houses are highly desirable pretty much control of the market.
Condos & townhouses – In the case of these types of properties it is starting to become a little different then single families. As of recently prices were down in certain areas of Mercer County for condos & townhouses. Although it seems to be coming back as the rental market increases.
Investment properties are in demand. With so much foreign money coming into the US for real estate investment purposes, it has dramatically impacted the Trenton market in multiple different unique ways. As we are learning the people who have been able to pay all cash for houses have been really getting themselves in a profitable position with good deals. Although some situations have seen tons of sellers are occasionally throwing out sometimes unreasonable prices to see if anyone will bite. Most of the investors, after doing their homework on the area & calculating the investment are backing out when they realize its not a good deal.
For some buyers financing is still a major issue. With banks being really strict with rules asking for a large lump sum of money down when purchasing & even switching their terms at the last minute, it could get tough on buyers. Although its better then it was years ago it is not an uncommon practice for buyers that initially get approved to get their loans pulled back from under them right before closing escrow. Overall the markets remain incredibly polarized. There is a lot of action at the very top and the very bottom, with the biggest problems being in the middle.
Although It Sounds Confusing It’s Okay We Can Help.
There’s a lot of shakeup in the US economy still taking place, and the markets are moving fast in lots of directions at once. Investing in Mercer County is ideal for us because we believe in the community & the people here. We trust that this is an up & coming market & is becoming a prime real estate investment market. So if you need to sell a house near Mercer County, we can definitely help you. We buy properties like yours everyday from people who need to sell quickly.