Home Selling in 07071>Question Details

Fernando G.…, Real Estate Pro in Lyndhurst, NJ

DO you see the markets moving towards a sellers market soon?

Asked by Fernando G. Semiao, Broker, Lyndhurst, NJ Tue Feb 26, 2013

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4
Yes, I feel confident in saying we are moving in that direction. All market economies repeatedly (every several years or so) move through four stages of... (1) Expansion, (2) Peak, (3) Recession, and (4) Recovery. Historically the Real Estate Market has been one step or stage behind the US Stock Market which is currently in the Expansion stage with the Dow Jones Industrial Average breaking the 18000 mark recently. If history repeats Real Estate is very well positioned right now to enter a new stage of Expansion. Some may say we already have. The true "Seller's Market" occurs just before the Peak stage. However waiting for the Peak can be quite costly to a seller because of the inherent instability of the Peak stage whereby any negative economic occurrence can create the Recessionary period to begin, devaluing the property much more rapidly than the many years it took to peak.

Ray Ciampaglia
Better Homes and Gardens Real Estate | Coccia Realty
424 Valley Brook Ave | Lyndhurst, NJ 07071
(201)939-8900
0 votes Thank Flag Link Mon Dec 29, 2014
Yes we are already in normal or Sellers market in most towns in the area but I don't see prices going up yet mostly because of appraisals
0 votes Thank Flag Link Tue Feb 26, 2013
Yes, market conditions are moving that way. The most obvious factor is that inventory has declined in just about every town. Less inventory, even with a stable buyer population, is going to mean more competition for the properties that are for sale. Sellers who have homes that are in excellent condition and don't require a lot of work will be the ones to be in the driver's seat, so to speak.
Please feel free to contact me directly for any specific information you may need.
Best,
Wendy
0 votes Thank Flag Link Tue Feb 26, 2013
The northern NJ market started turning last year in a very aggressive way, and judging by the lower inventory and huge amount of buyers flooding most open houses this winter and early spring, we have definitely embraced an upward trend. If mortgage rates continue to stay at these lower levels, I know we will see more multiple offers, less days on the market, etc. The only factors holding up this trend are arguments over appraisals and inspections, and the continued slow pace of short sale approvals.

Barbara Ostroth
Coldwell Banker Residential RE/Oradell
201-262-6600x144
http://www.BarbaraOstroth.com
0 votes Thank Flag Link Tue Feb 26, 2013
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