I just put together some information for one of my clients and I would like to share it with everyone. Here is the link to the market statistics for Pleasantville, NJ 2008 to 2009.
If you open the link you can see information highlighted for 3 and 4 bedroom homes. Also there are details broken out in the worksheet for all single family homes and condominiums in Pleasantville.
The statistics for Pleasantville mirror the statistics of Atlantic County and the Atlantic City area. We see an increased number of homes sold and a decrease in price.
Here's my take on what is happening in the market. First of all our economy is not good with unemployment around 12.5% in Atlantic County. The main employer in the area is the Casino industry. Tough economic times and increasing competition from other casinos (many in Pennsylvania) have put a hurting on the casinos. Many people have lost their jobs. Things may get better or may not get any better with the casinos.
Our tough economy has led to many distressed sales, short sales and bank owned properties. This had helped put downward pressure on prices. Financing has been and will increasingly be more difficult to obtain. This shrinks the pool of potential buyers and limits what the buyers can afford to pay.
So prices are dropping but sales are up. Sales are up because it is a great time to buy. With tax credits for home buyers, grant programs for first time home buyers, very low interest rates, and dropping prices - I call this the perfect storm for home buyers.
For savvy home buyers and sellers my advice is to take advantage of the opportunity right now in the next few months. Do not delay or you will regret it.
Of course my team and I are here to guide you through this opportunistic market. You can call me with any questions at 609-484-9890 ext. 132.
Matthew Haviland, Your Trusted Real Estate Expert For Life.