Biker1, Home Buyer in Beech Mountain, NC

Are home prices less this summer than last summer?

Asked by Biker1, Beech Mountain, NC Wed Aug 25, 2010

Help the community by answering this question:


Are you talking about NJ?

Sure, in most cases prices are less this summer then last.


Depending where you are, inventory is steady, appraisals are lower then most people expect.

A well qualified buyer has plenty of options - including the option to rent - or try and buy.

Can it go lower - sure. Why not.
0 votes Thank Flag Link Wed Aug 25, 2010
I think it is safe to say that "yes, prices are lower this summer than last". How the pricing stacks out year on year in your particular area is something that an agent can help you with. There is a wealth of info that agents can tap in the multiple listing service that will help you. But even in the healthiest markets, prices are down year on year. Of course, there are always exceptions. What is a big positive this summer as compared to last is the continued decline in borrowing ratest - just last week a buyer I am working with locked in 4.125% fixed, 30 years, conventional - never thought I'd see the day!


Jeanne Feenick
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0 votes Thank Flag Link Wed Aug 25, 2010
Some home prices are less as owners are forced to continue to deal with the competition of foreclosures and those that have the equity in their home that they can afford to drop theirs further. There are plenty of deals, whether it is a foreclosure or a new listing. With 221 homes currently on the market, it will take awhile to get through that inventory so others want to drop the price to make it more attractive than others in the same category. At least we are liquidating most of the foreclosures....there are very few of them left at this time. However, it is most definitely a buyer's market still.
0 votes Thank Flag Link Wed Aug 25, 2010
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