What's Shaping the Market?

Here's the Latest Trends and Takeaways

Q : Is now a bad time to sell My Haddon Township Home? I read an article that says now is the worst time ever to sell a home.

A: I assume you're referring to the recent Redfin article stating that buyers outnumber sellers by 51% in today's market. While that may be accurate on a national level, it doesn't necessarily reflect what's happening in our local market. First, if buyers make up 51% of the market, that still means sellers account for 49%, so it's hardly a one-sided environment. Here in South Jersey, low inventory continues to keep competition strong. At the same time, pricing strategy matters more than ever. The difference between multiple offers and multiple price reductions often comes down to how a home is priced from day one. Prices continue to stabilize and the days of putting a home on the market and naming any price are gone.

Buyer demand remains strong in Collingswood, Haddon Township & Haddonfield. But proceed with caution. If you'd like a better understanding of what's happening in your town, head to the Home page and click on Market Trends. There you'll find the most recent quarterly sales data for your community, based on MLS statistics, giving you a clearer picture of what buyers and sellers are doing right now.

Q: I’m approved for a $350,000 home. I would love a modest, detached home in small town like Audubon, Barrington or Oaklyn. Is the even possible?

A: Yes! Your budget sits right around Oakland’s medium home value of $351,000 What you can expect is a classic bungalow or Cape Cod possibly with a front porch and usually 3 bedrooms and 1 bath. Prices run slightly higher in Barrington where the medium value is $378,000. You can expect to get a 3 to 4-bedroom Cape Cod or Rancher style homebuilt in the 40’s and 50’. Some of these properties may need some cosmetic minor updates and are usually sold as is. Audubon is slightly pricier with the median value close to $390,000 to $430,000. At your price point, you can find well-maintained 3-bedroom properties or homes requiring a bit of sweat equity. Be aggressive in your offers; there will most likely be a bidding war.

You can’t go wrong in any of these small towns with their tree lined streets, small neighborhood schools and strong close knot communities. They never go out of style. If you’re ready to take the next step , feel free to give me a call or shoot me a text. I’ll be glad to help you with any other questions you might have.

Q: What’s going on with homeowners’ insurance? Rates have gone sky high in NJ! My premium has doubled in the last two years without any claims filed.

A: You're not alone. Many New Jersey homeowners have seen their premiums jump 50% to 100% over the last few years, even with zero claims on their record. Insurers are raising rates due to broader market conditions, not just individual risk. The biggest reasons are:

Severe weather losses: Hurricanes, coastal flooding, wind damage and heavy rain events Insurance companies spread those costs across all policyholders.
Higher rebuilding costs: Labor and material costs have risen substantially since 2020. If your home were destroyed, it would cost much more to rebuild today.
Higher home values and replacement costs: Insurers periodically increase the dwelling coverage amount on your policy, which raises premiums.

Older homes in Haddonfield, Haddon Heights, Collingswood, and parts of Haddon Township are often viewed as higher insurance risks than newer homes in Cherry Hill or Voorhees. The reason isn't usually the age itself. It's the systems and construction behind the walls. Insurers pay close attention to roof age: A 20+ year-old roof can trigger significant premium increases or even underwriting issues. Electrical systems: Knob-and-tube wiring, older fuse boxes, Federal Pacific panels, and outdated electrical systems are viewed as higher fire risks. Plumbing: Galvanized steel, cast iron, and older water supply lines can increase the likelihood of water damage claims. Heating systems: Older boilers, furnaces, and oil tanks can raise concerns. Tree exposure: Many neighborhoods in Haddonfield and Haddon Heights have mature trees that contribute to wind and storm claims.

I had the same problem, and I’ll tell you how I solved it. My mortgage lender notified me that my insurance was going to double. So, they recommended a company called Matic.com. They shopped around for me and found a new company that was half of what my current insurer had quoted me. I was so happy with the result, I had them quote my auto insurance and it was cheaper with my new homeowners’ company, so I bundled and saved even more.