Market Conditions in 08012>Question Details

, Home Buyer in Turnersville, NJ

do you think housing prices are still going to go down in Turnersville nj?

Asked by , Turnersville, NJ Sun Oct 12, 2008

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I doubt prices will go down much more, if at all in the South Jersey area. If you are patient you can find some really great bargains out there now - investors certainly know this. You can even find some places with little to no physical work involved. Also, keep in mind that you may be able to find a great bargain that needs some work - and in the case you can get a renovation/rehab loan to make the place perfect for you. Especially if the location is really great. It can be a fantastic way to buy. If you have any questions just call or e-mail. Best of luck.
Web Reference: http://www.stevekappre.com
1 vote Thank Flag Link Wed Oct 15, 2008
My office is located in turnersville and I can tell you turnersville is very stable. All areas around have been hit with some decreases. But Turnersville has very desirable influences such as location and proximity, schools, tax structure, municipality services and of course homes. You have $200k homes and you have $1mil+ homes. We are experiencing housing differences not because of areas but mostly due to financial sentiment and the changes that banks have made to enable people to get mortgages. Money is still avial... But normaiity of acceptance to provide money has come back to basics. incomes and ratios have once again become important to banks. This has made fewer people eligible for larger amounts of money to buy higher priced homes. So prices fall relative to the market. Fortunately Turnersville is stable at the moment. No one can predict the market especially in these times. I do not feel we will experience further decreases in values. The people that must get out will do so at lower prices and will drive prices lower possibly for a few months but prices should hold for the most part. If you are looking to buy in Turnersville or any area, I have a way to target properties as a snapshot for their market. This will give you a very good picture of what home values are and can be priced at when looking to buy. I like my buyers informed so their negotiations are not 2nd guessed or guessed at all. I have an outlook of buyers vs sellers that may interest you too.
Call if you have any questions.
1 vote Thank Flag Link Tue Oct 14, 2008
Home prices are stable in Turnersville. I have recently done a few transactions in the area. What you should know that Turnersville covers a few townships. Washington Twp, Sewell and SIcklerville all fall under parts of Turnersville. Most find Washington Twp schools and municipal services to be top notch. Depending on your price range we do see some homes that are short sales or a distress sale being sold below the already reduced market value. It really dependings on what you are in the market for. I can show you a history of sales over the past few years depending what you are looking for. Still you should consider the interest rate. For instance I was working with two buyers who recently purchsed in the area. They both was able to secure rates of 5.875%. This is because they had all their ducks in the row. When the rate dropped they was able to act. Feel free to call me direct and we can frankly discuss current market conditions.
1 vote Thank Flag Link Mon Oct 13, 2008
It's diificult to predict any specific price movements for home prices in any market. Home prices MAY see a slight decline or a leveling off but I seriously doubt any upward movements will be seen in the near future. Are you looking to see if this is the time to buy a new home in Turnersville or are you looking to sell one there. If you are looking to buy, you need to look at other factors such as, is this home going to be your primary residence? If so, then it shouldn't matter if the home will decrease any more because ANY decrease should be minor. If you are looking to buy a new home, then you should be more concerned about the price of money then of the home. The zip code that Turnersville falls uder is one area that we conduct market analysis to keep an eye on what is going on. We publish our analysis on our blog at http://www.terryi.com/reblog.
In a nutshell, I don't see prices dropping drastically and the only properties that will impact the prices are foreclosed homes (which we will see an end to shortly) and HUD owned homes (wiht a minimum of those in the area). Any proce drops will be negligible and don't anticipate a normalized upswing for about a year or a bit more.
1 vote Thank Flag Link Sun Oct 12, 2008
My office is right in Washington Twp. I don't see prices falling any further. Home buyers have begun to realize that there are some very good values out there right now. Along with the first time buyer tax credit, it makes the market very apealing.
0 votes Thank Flag Link Sat Jun 6, 2009
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