As the devistating news reports continue to state how bad the Real Estate market is, the government is trying to turn things around. We have seen a change in interest rates over the last couple of weeks due to the Feds reducing rates by 75 then another 50 percentage points recently. This is more drastic of a reduction then we have seen in a very long while. With oil prices at unheard of rates and the stock market fluctuating constantly, what does this mean to your local housing market? Will things turn around in 2008? Will we see prices go up, stay stable or drop?
In my opinion, all the indicators this year are pointing to a better 2008 then 2007. We are off to a slow start this year, but home buyers are much more confident making decisions right now. They have sat on the fence long enough trying to wait out the instability, and are now finding confidence that market improvement is on the horizon.
If you look at the market statistics taken from the Real Estate Multiple Listing System used in Gloucester County, New Jersey, you will see that houses are selling. It's true that buyers are looking for a good deal~ but aren't they always? They are, however, purchasing homes. As a matter of fact, in January of 2008, 147 residential homes were sold and 152 were put under contract in Gloucester County, NJ. The average sold value county wide for these homes this past quarter was $221,984.
So, when reports are published or told to the public we can either put a positive spin on it, or point out the negative aspects. I prefer to see what we can do with what we have. There is so much to be taken from these statistics that prove what a great market we are in for both home buyers and sellers. Never before have sellers seen their values of their homes at these prices, the appreciation we saw in recent years has been very profitable for most homeowners. And buyers are now able to comparison shop until they feel comfortable the the price they are spending on a home is a good value, which they have not been able to do for many years.
If you are looking to sell your home, you only have one home to sell. Considering that there are well over a hundred homes sold in Gloucester County every month, how hard is it to attract just one buyer to your home? Not hard at all. You need to obviously be competitive with your price and have your home in tip top shape for what you are asking, but with this in place, and a great Realtor (R) you will be on your way to moving into your new home.
Diane Testa
Re/Max Affiliates
http://www.dianetesta.com/
Office 856-589-4848
Cell 856-229-5533
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