Attention Buyers: We have reached the bottom of the market and are on the uptick!

Real Estate Agent with Diane Turton Realtors

For years, clients have always asked: When will we hit the bottom. If you have asked and are working with me, you know I always said, "I won't know until we are passed the bottom and the market picks up."
Well, buyers, we are at that point in South Monmouth and Northern Ocean County.
Here is my personal experience/statistics I can share with you from the last 2 weeks of my business:
I placed 4 offers for buyers. Two of them were at or above asking price and the buyers did not get them. Why? There were multiple offers in.
Last year at this time in Monmouth County less than 300 sales were "pending." This year, it is over 1200.
Inventory in some of our towns, Sea Girt is one of them is now at almost a 6 month level. At 6 months, the market switches from a buyers market to a neutral market.
In my office, we have sold twice the number of homes from January to date in 2012 as we did in 2011.
So, what exactly does it mean for you?
The time is prime for you to buy. The media has not totally caught onto what is happening here because they monitor closed sales. This will start spreading like wildfire in the next 30-60 days. Prices will start to rise even slightly as the word spreads. So, your buying power will be diminished. Couple that with the slight rise in interest rates, and you will be looking FURTHER from the beach, or finding homes that need MORE work than you want to do to stay in your affordability range. A 1% raise in interest rates means you lose 9% of your buying power, fyi.
Call me today to discuss this information in depth. And, follow me on my facebook page where I have been posting information for the last 2 weeks about the change that's taking place in the market.
I don't want to have to say I told you so. Do not wait any longer, your time has come and will not last

Comments (1)

Elva Branson-Lee
Solid Source Realty GA - Atlanta, GA
CDPE - Atlanta Real Estate & Short Sale Agent

Diane, I hope you can get this message out to the buyers in your area. Now  is really the time to "seize the day" if they still want to snag a real estate bargain.

Apr 04, 2012 11:34 AM