The Realtors® Confidence Index Report just published inidcates;
- Pricing: Respondents noted that properties priced at or below market value tend to sell quickly
- Inventory: Numerous comments noted the lack of an adequate level of inventory
- Multiple Bidding: Many properties are reported as receiving multiple bids
- Traffic: Buyer traffic is reported as being up slightly. Buyers continue to be price conscious and concerned about the economy and uncertainties; however, there are more buyers in the market.
While the survey – conducted monthly by the National association of Realtors – reflects national trends, the findings are very relevant to the local market of Bergen county and are supported by other local sources.
At a conference of realtors held in East Hanover NJ , appraiser Jeffrey Otteau, said “The bounce in home sales [in January and February] is nothing short of astounding.” Otteau whose appraisal group tracks statewide market trends for New Jersey went on to say “We are at a turning point in the housing market and the economy” . He further added that “Homes that are overpriced will not sell” Read more on www.northjersey.com