Scott Selleck, a Keller Williams realtor, breaks down why Bergen County sellers face tougher conditions in 2025. Inventory jumped 35.6% month-over-month, mortgage rates stay above 7%, and buyers now have the upper hand. Homes need better presentation and realistic pricing to sell.
Questions this video answers
$890,000 (median price cited as hitting 890,000, up 5% year over year).
35.6% month-over-month increase in inventory.
Three-month supply for condos up 36.4% year-over-year.
Mortgage rates 'hovering over 7%'.
Welcome back to my YouTube channel, Redefining Northern New Jersey Real Estate. My name is Scott Selleck with Keller Williams City Views Realty. I'm an AI certified realtor. If you're thinking about selling your home in Bergen county, you know that market has been on a wild ride. For a long time. Sellers held all the cards. But here's the thing. The game is changing and fast. While many sellers still feel positive, the landscape the sellers in Bergen county today is quite different than it was even just 90 days ago, let alone the last 30 days days. In this video we're going to talk about what's changed and recommendations. Let's dive into what's new and what you need to know. The new rules for sellers in Bergen County. Just recently, the sellers in Bergen county were riding high. We saw medium prices hitting 890,000, up 5% year over year, with many homes selling above asking price without any issue. There was an optimistic outlook and a strong sense of lingering sellers market. But that exuberant confidence has notably shifted to a more cautious optimism. This isn't for a free for all the sellers market we saw during the pandemic peaks anymore. And why is that? You may be asking yourself what's really changed? It seems like things are happening. We have a new normal now. It's called low inventory versus a new market. Rising inventory. The biggest game changer is inventory. Not long ago, inventory was critically low, fueling bidding wars and incredibly fast sales. Now we've seen a significant shift in inventory has jumped remarkably 35.6% month over month. For condos, it's even more dramatic with a three month supply up 36.4% year over year. This is giving buyers more options and crucially more leverage. Sellers are now feeling less urgency but more pressure to compete on pricing conditions. This rise in inventory directly impacts seller sentiment. We're seeing growing frustration and anxiety that were as prominent as before. Buyers are now much more reluctant to overpay. Realtors are noting sellers are living in kind of like a Hopium state, clinging to those pandemic prices and avoiding price drops despite their homes sitting longer on the market. And here's another key difference. The conditions of your home matters more than ever. Homeowners are reporting disappointment with dirty or poorly maintained properties at open houses. The market is now impossible for those expecting easy sales without effort, leading to comments about embarrassment over poor showings and emotionally burned out unmotivated sellers. This focus on presentation and condition is a distinct shift from when buyers would overlook floors just to get the house. This is More important than ever, something I specialize in. Another significant barrier that is becoming more impactful in the changing market relates to mortgage rates. Many homeowners, as you know, locked in incredibly low rates years ago. Now, with stable but high mortgage rates hovering over 7%, there's a strong unwillingness to trade up in those high rates for sellers. Why would you, you know, if you. You get to get take a hit like that, it's very difficult. This creates an inertia, keeping potential sellers on the sidelines even if they'd like to move. It's a new kind of stuck feeling that wasn't as prevalent when the rates were lower or when the market was so hot it justified almost any move. What's really happening is the sellers are going into a market that's basically called market normalization. In essence, what we're seeing is Bergen county is a. Is a clear normalization process that hasn't been really observed in years. The market's still considered favorable for ambitious sellers who adapt. With June to August still being the strongest selling period as normal. However, the days of automatic bidding wars are shrinking and homes are taking longer to sell up about three days. This feels more challenging than the pandemic. Many sellers making a psychological pivot towards realism over hype. So if you're a Bergen county homeowner thinking about selling, please recognize that these are differences. These are real. The market still presents opportunities, but the rules have subtly changed. Adaptation, realistic pricing and meticulous presentation are now more crucial than ever. It's no longer just about high values. It's about navigating a market where buyers have kind of found their footing again. So what, what do you think about these shifts? Let me know. You know, write a note in the comments below. Don't forget to like the video. Subscribe to my real estate insights. I could really give you great advice. You want to work with a local knowledgeable real estate guide that specializes in pricing a property correctly, has local contractors who are reasonable and do quality work quickly, and one that has a strong reputation for helping sellers get top dollar for their properties. These are the solutions to the issues I brought up earlier in the video. Someone that can do that for you? A realtor that specializes in sellers that downsizing and will professionally manage the full sale process from start to finish. Protecting the price agreed to by helping the seller transition to their next home with the least amount of stress while helping with the every step along the way. This is something I'm very good at. I empathize. I moved last year. Downsize one stop shop. That's what we are. We can basically pull this whole thing together with quality people that I've worked with for over 15 to 20 years. You can leave in your house, not worry about doing any work in your house. You can leave $100bill sitting on your table. That money will not leave that table. Because these people are trusted friends of mine. They are professionals. They take pride in their work. And what we love to do is take things off, pressure off our clients, make their life easier, and have let them have a great experience.
