Over the past few years, the real estate market in Bergen County has undergone significant transformations, a reflection of broader shifts in the national housing landscape. One considerable change is the impact of rising mortgage rates, which has prompted a shift in the reasons people move. During the peak of the Covid-19 pandemic, the focus was more on moving for superficial reasons, like wanting a pool; it has shifted to relocating due to major life events, such as the need for additional space for growing families.
To delve deeper into these changes, we spoke with a prominent local real estate team, Fox and Stokes, that has been closely observing and actively participating in the evolving market. Megan Fox and Max Stokes, both platinum level agents for Compass, started their partnership three years ago, and have been a top team in Bergen County over the past few years.
What sets the Fox and Stokes team apart from other local realtors is their hyper-focus on Northwest Bergen County train line towns. All seven team members live in Ho-Ho-Kus, bringing deep local roots and a unique perspective to their roles. They don't just see themselves as realtors, but as real estate advisors, offering a valuable blend of expertise in interior design, staging, real estate development, construction, property management, finance, marketing and sales. “We are not only agents but we are advisors and advocates. We assist our clients for years before the transaction and years after the transaction. We really help our clients every step of the way from the listing presentation right through to post-closing.” The team is in the top 1% of Realtors in New Jersey.
When asked about any specific trends or developments in the area, the team highlighted the persistent issue of low inventory. Many homeowners, enticed by low-interest rates, chose to refinance and stay in their homes, contributing to the scarcity of available properties in Bergen County. Looking ahead, their outlook on the local real estate market in the coming months is optimistic. The recent decrease in mortgage rates coupled with a persistently low inventory has created a bullish market. Their most recent listings have exceeded expectations in terms of pricing, with a pool of eager buyers ready to make purchases.
For first-time homebuyers in the area, their advice is to be patient, and to carefully select a realtor. “Read online reviews, ask to speak with a previous client and find out how many transactions they have done recently in that market. In this super-competitive real estate market, make sure you are working with a top local realtor that has access to listing inventory with a strong pulse of the market, but also has excellent relationships and a good reputation with the overall realtor community,” Megan and Max state.
Sellers are advised to collaborate with experienced and high-performing listing agents. The team emphasizes the importance of staging, organizing, decluttering, and making strategic recommendations to enhance a property's appeal. Even in a seller's market, standing out from the competition is key to attracting the most buyers.
The team's involvement in the local community goes beyond real estate transactions. They serve as co-presidents of the Ho-Ho-Kus Chamber of Commerce and actively participate in the Northern Highlands Community sports programs. Their commitment to community engagement extends to support for the Ho-Ho-Kus Education Foundation, and they are members of the Ho-Ho-Kus Beautification Committee.
Navigating the local real estate market requires an understanding of the current landscape. With rising mortgage rates, a competitive market, and evolving buyer and seller dynamics, having a knowledgeable and community-focused real estate team by your side becomes paramount for achieving your real estate goals, whether it’s buying or selling.
To learn more about the Fox and Stokes team and to view listings, visit their website: FoxandStokes.com.
