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Market Conditions in 08085 : Real Estate Advice

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Wed Mar 2, 2011
Theresa Cannizzaro answered:
Hi AK,

I'll give you those statistics but its for a broad range of homes and a number of communities as the 08085 covers a large area. Also keep in mind the market we are in consists of a number of short sales and foreclosed homes. My statistics are much different because I try very hard to educate the consumer and therefore have more realistic sellers and buyers. With that in mind, according to TReND, our local multiple listing service, there were 87 sales in the 08085 area in the past 6 months ranging in price from $36,000-$600,000. The average days on market were 131 with an overall property marketing period of 167(meaning some homes were off the market for awhile then relisted and pmp is the total days that home was listed). The average settled price to ORIGINAL list price was 90.28%. Again, please keep in mind there are a number of agents who will list homes above the actual market value hoping for the best but in the end the market value is what it is and thats the real number the buyer is going to be willing to pay. Always ask your agent to provide you with comparable sales in the neighborhood you are looking in and for the type of home you are looking at. Remember your appraisal will also give you the current market value. If you'd like to give me a more specific area I will provide you those statistics. Good luck. ... more
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