Burlington County, NJ
Our local housing market has followed the expected downward trend this year. Early predictions of recovery this year appear to be incorrect. Many experts agree that the market has reached or is near the bottom. However, there is no agreement when conditions will approve. Prices in Burlington County have dropped 4% and the number of sales have dropped 15% over the last 12 months.
Joseph Seneca, professor at Rutgers Edward J. Bloustein School of Planning and Public Policy said there were some encouraging signs in the New Jersey real estate market, including a statewide increase in home sales in recent months, a fairly constant level of unsold inventory, and a slow decrease in prices, which he said probably helps the market.
"Foreclosures will continue to rise, and a good amount of the sales we've seen, particularly of existing homes, are fire sales of foreclosed homes being conducted by banks. So the housing market remains on a downward trajectory and prices are likely to continue to erode into 2009, nationally and in New Jersey."
The current housing situation is not bad news for all. The current market is very attractive for buyers with good credit. Sellers who are interested in selling there home can also make out well if the home is priced to sell. Sellers should remember that even though they will walk away from the closing table with less money, they will be able to purchase more home than 12 months ago. Buyers & sellers interested in learning what opportunies are available to them should contact Leander McClain, Real Estate Consultant, 609-505-6578
Leander - Yes many were hoping the market would have made a drastic turn for the better, however there are still many short sales and foreclosure. It is really a great market for buyers.