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General Area in Cresskill : Real Estate Advice

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Activity 1
Fri May 8, 2009
Teresa Morrison answered:
Deborah,

We are all aware of how much the market has changed over the past year and a half and we have seen prices drop significantly, but over the last few months housing prices in Cresskill have leveled off.

At this point we have a fair amount of comparables to review to get a clearer picture of what the correct price should be. It is important to look at these comparables and truly understand what price got that house sold and the condition of the home while it was on the market. Propeties that are expiriencing price adjustments may have been priced higher than the comparable indicated due to financial limitaions, such as mortgage balance owed or perhaps based on emotion.

With that said, Cresskill is and has always been one of the top four sought after communities, for its top rated schools, its sence of community and for its easy access to the city for both work and entertainment. However, Buyers today want a super clean home with little or no work, so they can move right in.
more listings acheive the status, " Under Contract."

In the lower price bracket the stimulous package has helped. In the first draft of the package the Buyer would have had to pay back the credit amount over a period of years, now that is off the table and it is simply a credit when you file yourreturn with no repayment /payback. This in conjunctiion with the lower interest rates, they had been talkingabout for months has energized those who feel there jobs are secure.

In reviwing the daily and weekly hot sheets it is easy to see the change in the market in general, with more houses receiveing and accepting offers than months prior. It is exciting to begin to see fewer price reductions
Homes that are priced aggressively are moving and in some cases with bidding wars. This enables the Seller to choose the best qualified buyer and possibly get more than asking price.

Teresa Morrison
Friedberg Properties & Associates
105 Union Avenue
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