Paul Camuto - Weichert Real Estate Agent
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.
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 !
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.
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
and scroll down to Don Tepper's answer there. He uncovered who is behind housing predictor even though the site doesn't reveal it.
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.