Guide Me Home to North Jersey

Just in case you’ve been hearing a lot of good real estate news lately, here’s what it means to you, the home seller.

Yes, the market conditions have improved over a year ago. Contract sales have increased. Buyers are buying. But there is still much inventory to sell off before we reach the supply and demand levels at which home prices begin to increase. The good news is that we are at an 8 month supply level now, compared to a 12 month supply at the start of the year.

While contract sales have steadily increased for the first 6 months of 2009—the first time in 3-4 years–so too has the inventory, as pent-up sellers move to the market. The forecast is that following a long flat period, during which inventory is sold off at “bottom” prices, we will slowly see a return to a normal balance of supply and demand and begin to see increases in home values by 2012.

Therefore, for the long haul, price remains the biggest advantage a seller can offer over the competition. All challenges and objections can be overcome with price. In other words…the best price wins.

But if you have your heart set on 2005-2006 peak home values, hang in there…we expect prices to return to peak levels by 2020.

Feel free to contact me for your real estate needs. I can be reached at 973-543-7400 ext. 19 or ampyontek@turpinrealtors.com.

Posted by: Alaina May Pyontek