Data from TREND MLS
Number of homes that settled
There were fewer homes sold in October 2008 than any October since at least 2000. This shows that a lot of people are putting off the home purchase and a lot of sellers are putting off the sale of their home. But 351 homes did get sold in October 2008. At least on the selling side the sellers were virtually all 'motivated'. If they were not they would wait for prices to recover.
The buyers are in a different position. Some are waiting for 'the bottom'. That is a point that can only be seen by looking backward - never forward. Speculation abounds. Many brave buyers will keep looking for it till they find it. When they do they will be looking back. In the mean time they will continue to pay rent or live with relatives. If that is not acceptable they will do what 351 people did in Burlington NJ this past October - buy a home in the current buyers market. It may or may not be the "bottom" but they are now living in a home they bought from a motivated seller in a buyer's market. They realized that home prices are low, financing is cheap if they qualify and rents are going up - not down.
I wish I didn't already have a house. I'd love to buy in today's market.
If you are in the market for a home in the South Jersey area, make sure you hire an agent who will work for you on your side of the transaction. Paul Howard is the only Exclusive Buyer Agent having an office in South Jersey. Paul, owner of NJHomeBuyer.com Realty in Cherry Hill, is a member of the highly selective National Association of Exclusive Buyer Agents, representing buyers ONLY, 100% of the time. We ONLY hire agents that work exclusively for home buyers.
Do you have good credit? Looking to buy a home? If you are thinking about buying a home in the areas we serve , call Paul at (856) 488-8444 or send an email to Paul@SouthJerseyHomes.com for information.
We serve: Burlington, Camden, Gloucester, Merce, Middlesex and Ocean counties in NJ.
Cherry Hill NJ
Cherry Hill NJ 856-488-8444
Paul Howard, Broker
80 Barclay Center Suite 4A
Cherry Hill NJ 08034