Foreclosures rising, mortgage companies going out of business, home prices decreasing. Headlines like these are filling the news today and may continue for some time. While all these situations may be happening somewhere in the nation, there effects are different in nearly every local market. As Alan Greenspan anthe former chairman of the Federal Reserve was prone to say, " Real estate is a local economic issue not a national one." What does that mean to you if you are buying or selling a home in this market? It means take the attention grabbing headline with a grain of salt and go to a local realtor and ask intelligent questions about your market. How long is it taking for a home to sell? Are there more homes on the market now than this time last year? Are prices falling or rising ? Are there certain sections of the market that are selling better than other? Now the most important part. Don't just take the agents verbal answer but ask to see the facts that back it up. These are the crucial pieces of information that will make all the difference. This is the real estate market in your area. not what you read in the national newspapers. You may or may not be affected by foreclosures or defunct mortgage companies and your area prices may in fact be rising. The Somerset Hills area market has for instance been effected by the mortgage crisis and home prices are decreasing slightly.  What's that you say, you need to see the facts. Feel free to contact me to get them and I wish you well in your real estate ventures.

 

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Don Hansen

Basking Ridge, NJ

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C-21 New Beginnings Realty

Office Phone: (908) 647-2000 x 208

Cell Phone: (908) 500-0116

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Information on the Real Estate Market in and Around Basking Ridge, New Jersey


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