I agree with John. Even though there is a supposed 12 month inventory, houses that are priced well are moving quickly. In fact, we're seeing numerous multiple offer situations, which should be unheard of in a Buyer's market. However, a lot of people are trying to take advantage of the First Time Tax Credit before it expires.

Whether we're at the bottom or not depends on a number of factors, which one should keep an eye on:

1) Will the Federal Gov't renew the tax credit?
2) The number of Foreclosures in inventory at any one time (currently, 13% of all mortgages in New Jersey are in default...)
3) Interest rates

Even if we're not at the bottom, many experts agree that we're close, and that the steep decline has certainly leveled off.

Cooper

Hi Danny,

Although we have a supposed "12 months" of inventory, that inventory is mostly the same inventory of homes that are probably priced incorrectly due to some sellers "needs" or updating issues. There are a number of homes in this catagory that will always be around. As far as good, priced to the market homes? They are moving faster pace and people are wondering what happened to the house they looked at last week, that is gone this week.

I think the bottom is here and we will see the typical slow down of the holiday season and a continued upward swing in the spring of 2010 and there after. Will we see the gains of a few years ago. Probably not for a wile to come, but we should see upward motion.

But who really knows, this is just my opinion!

Connect with a Local Realtor and keep your eye on the market.

It has stabilized........

It is not on the up-swing and won't be for quite awhile yet.
Joyce Begg
Weidel.com/Joyce.Begg

We have not hit the bottom yet in East Brunswick. We are at 12 months of inventory so the supply and demand has not balanced out yet. A completely balanced and stabilized market is at 6 months of inventory. We still have about 1/2 a year to go before we hit the bottom and should see stabilization for the next Spring market. It will then take some time before we see appreciation and when we do it will be a very slow increase in prices probably in about 1 year or two.