All the recent news from the financial markets about the deterioration of the real estate market may not represent the local market. After all, real estate values, more than almost any investment, are determined predominately by where the house/condo/coop/lot is located. Currently some areas of the country like Las Vegas, Florida, and Southern California are seeing house values drop due to many factors; overbuilding, speculative investors, and default of sub prime loans. The Somerset Hills real estate market has not been affected nearly as much as the national market. Prices are relatively flat for the year to date. The biggest change is in the average time it takes to get properties sold. The days of multiple bids in the frist few days on the market are gone for now and replaced with a more normal 30-90 days on the market. If you are selling make sure you allow enough time to get your house sold before you have to move. Make sure your realtor keeps you up to date on the market too since this market may change.
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