Home Buying in Princeton>Question Details

Theresa, Home Buyer in Kingston, NJ

Have home prices in Princeton NJ bottomed out?

Asked by Theresa, Kingston, NJ Thu Jan 7, 2010

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Let the numbers speak. We are in a data driven world. Check out the Princeton market update slides and give me a call or email to discuss.

http://www.slideshare.net/pcamuto/market-update-1009

Paul Camuto - Weichert Real Estate Agent
pcamuto@optonline.net
732-309-0727
http://www.paulcamuto.com
http://www.ewing-real-estate.com
http://www.ewingnjhomes.com
http://www.ewinghomesforsale.com
Web Reference: http://www.paulcamuto.com
1 vote Thank Flag Link Fri Jan 8, 2010
This thread's reference to the National Realtors Association Chief Economist made me chuckle given that anyone who assumed the opposite of what he has predicted over the past few years would come true would have made a tremendous amount of money. If he's saying prices are on the way up, buckle your seat belts because that means we're about to go into a further freefall.
0 votes Thank Flag Link Tue Mar 2, 2010
That is such a subjective question! Buyers will make that determination over the next few weeks. Market activity in Princeton is beginning to pick up momentum, but looky loos won't make the market turn around. Agents must price their listings based on recent sales, NOT on any rosy expectations. If that happens, then buyers will take advantage of the great interest rates and tax credits to get back into the market before these incentives vanish. It will only take a few sales to get the momentum going and once that happens, buyers waiting in the wings will find that they have indeed missed the bottom! I'm optimistic. And optimism will fuel the housing recovery.
0 votes Thank Flag Link Sun Jan 10, 2010
Theresa,
According to an article posted on http://www.realtor.org (Jan 4th-see link attached), some financial sources are expecting another decrease, yet the National Realtors Association Chief Economist disagrees and is expecting an increase based on the fact that there will be more competition due to the homebuyer tax credits and increased job creation.

I went to housing market workshop in the fall given by Jeffrey Otteau of Otteau Valuation Group Inc, http://www.otteau.com/. Based on data he has collected regarding closed contracts and available inventory, he believes we bottomed out in July. If you would like to see a copy of the statistics he is referencing based on their research, please do not hesitate to reach out to me.
0 votes Thank Flag Link Sat Jan 9, 2010
In each area there are bargains to be had.
Depends on your own requirements & flexibility.

Every buyer looking for Value would determine one based on location, condition & price.
If you are a bargain hunter, I'd say...stop just looking...get serious......get preapproved, if you need financing.......if you need to sell your own home before you buy....you must have a strategy .

What the market is trending is only imp in relevant areas....to your desired price, type of home, financing etc.

If you are ready to get specific answers, a seminar may help only to provide general ones.....you would need to align with a local realtor to even consider yourself in a starting out phase.

Good Luck !
Web Reference: http://www.SoldByShalu.com
0 votes Thank Flag Link Fri Jan 8, 2010
Paul, thank you for that link. I have seen Dan add links to his posts often, but have not bothered with them until today. After taking a look at it, I thought much the same as you did. In New York, they don't even mention Long Island. The Manhattan market is dropping now, but it has lagged way behind the drops in other areas. It is no surprised that all the upstate areas mentioned could continue to drop. It seems that everything stated on that site have flaws. No one can truly predict what will happen in the future, but many thanks for showing your link, which supported my thoughts.
0 votes Thank Flag Link Fri Jan 8, 2010
Theresa,
Weichert Realtors at 350 Nassau St Princeton is having a market seminar on Saturday January 16th at 11am. Current Market conditions, and trends will be the focus. There is no obligation to do anything just come and be informed. The information is valuable is you are thinking of buying or selling a home in the Princeton area. Hope to see you there. Please call me if you need further details.
0 votes Thank Flag Link Fri Jan 8, 2010
Theresa,
I live and work in Princeton, while I believe that we are near the bottom I doubt we are there yet. Though slow to react Princeton has quite a few homes that have been on the market for a year (in some cases years) The low and mid level homes say less than 800K have been selling if in good shape and good location. Rentals though still do not justify purchase prices. That said there are always some bargains out there if you have the knowledge and experience to spot them.

Kenneth "Ken" Verbeyst CRS GRI ABR SRES GREEN
Broker-Associate
Prudential Fox&Roach
Princeton
0 votes Thank Flag Link Fri Jan 8, 2010
You might want to take housingpredictor.com with a grain of salt. Go to: http://www.trulia.com/voices/Foreclosure/Who_believes_that_w…
and scroll down to Don Tepper's answer there. He uncovered who is behind housing predictor even though the site doesn't reveal it.
0 votes Thank Flag Link Fri Jan 8, 2010
Thank you! This is very helpful. Best luck to you!
0 votes Thank Flag Link Fri Jan 8, 2010
A nationwide forecast.
http://www.housingpredictor.com/better.html
http://www.housingpredictor.com/newjersey.html (for N.J.)

I do not know for sure, no one does. I expect prices will drop more. Most of N.J. seems to be in a downward prediction. So is the country as a whole.
0 votes Thank Flag Link Thu Jan 7, 2010
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