November 2021 Zillow News and the Latest SOMA Market Update, from Realtor Allison Ziefert

As you may have heard, Zillow, one of the most popular real estate portals for consumer home searches, just announced it was closing the door on “Zillow Offers,” the “iBuyer” program that it launched in 2019.

“We’ve determined the unpredictability in forecasting home prices far exceeds what we anticipated,” said Zillow CEO Rich Barton.

If Zillow cannot accurately predict prices for itself how can it predict them for you? The viewpoint of an expert who has viewed comparable properties in person and understands the nuances that feed into market value are key.

In local market news, we are seeing a normal seasonal slowdown with fewer new buyers coming into the market and fewer new homes coming on the market.

Some key points of interest…The average “days on market” for homes in Maplewood is 22 days and for homes in South Orange 23 days YTD.

We are local market experts, specializing in real estate and homes in Maplewood, South Orange, Millburn/Short Hills, Montclair, West Orange, NJ and the surrounding towns.

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