Spring 2013 Market Update - Bergen County, NJ

Real Estate Agent with RE/MAX Integrity, Dumont, NJ 201-385-8100


Hi this is Dave Miller from Remax Integrity in Dumont NJ. Its Thursday March 28,2013. Just want to give you a brief market update. For about the past six months the inventory has been dropping. The number of home for sale has gone down about half. Lets say for example there are 80 homes for sale in a particular town there would be 40 homes for sale. So its not like there is no houses, but there are definitely less houses and usually that leads to prices improving… but in this care nothing had really happened in the past six months. Ppart of that is because we had Sandy the storm and the buyers were still concerned about the prices going down. Then about the beginning of this month, I'll say Friday March 1,2013 I started to see a change. A lot of these houses that were out there that were so well priced… so well that I was going to buy as an investment….I couldn't believe they were not selling. It seemed to be the turning point, the beginning of this month, the buyers finally realized these are great prices and the interest rates are incredibly low… what were they waiting for? Plus a little help from the media also helps. All of a sudden some articles are coming out that the prices are going back up again and I think everyone got off the fence because now, it seems if your house is well priced, the saem homes that were sitting around for awhile all of a sudden we have two to three offers. Now, I'm not saying the offers are over asking price, I'm just saying if your house is fairly priced we will have servile people interested. Now those people that were over priced are still not selling but at least the people that were sitting around even at a good price and not selling are now having a choice of several buyers. So the market seems to be even right now. It use to be a sellers market then we flipped to a buyers market. I feel this is a rare time where we are approximately even. It would be nice if we stayed this way for a wile. This is Dave Miller for Remax Integrity. If you have any questions feel free to call me, email me, or check out my website. OK Thank you.

Dave Miller, Broker
RE/MAX Integrity

75 E. Madison Avenue, Dumont, NJ 07628
201-385-8100 x14
 201-264-3980 cell

 email: Dave@DaveMillerRealEstate.com

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