Is there a projected market change in real estate for Teaneck, Nj?

Asked by Alvy, Wantagh, NY Sat Jun 28, 2008

and the surrounding towns? I feel the prices haven't dropped enough and want a statistic or personal opinion.

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Peter J Roge…, Agent, Mahwah, NJ
Sat Jun 28, 2008
There is some evidence that prices in Bergen County have not fallen as far as in other aeas. This is due to several factors, the lack of new construction adding to the inventory, the close proximity of NYC which always creates demand for housing as people come to the city to work and the sheer attraction of the county with its schools and amenities.
Teaneck, Tenafly and Englewood have some particular attractions, not the least of which is the extreme ease of reaching NYC.
Average sale price for Bergen County in 2007 was $52,338 and so far in 2008 it is $570,992.
Teaneck average price for 2006 was $464,874 and 2007 $456,749. First quater 2007 for Teaneck $444,576 and First quater 2008 $453,459. So very little difference year on year either for the county or for Teaneck.
Hope that helps.
1 vote
Barbara Ostr…, Agent, Closter, NJ
Sat Jun 28, 2008
As one of the top realtors in the Teaneck area of Bergen County, I can tell you that things have started to pick up in the last month or two. While there is still substantial inventory, more buyers are showing up to open houses, more deals are being negotiated, etc. Are some houses still being reduced? Of course, esp. when they have been static on the market for a few months. However, with rates still very reasonable, and sellers not so insistent on pricing their houses above market value, things are picking up a bit... I have 25 years experience in the business, and have seen all sides of the marketplace. If a seller wants to sell, they will. If a buyer is tired of waiting it out and wants to buy, they will. My job is to put them together! Give me a call!
1 vote
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