NJ Homes Getting Bidding Wars!
There were bidding wars on houses in New Jersey for sale from 2000-2006. I can remember some hot listings of NJ homes for sale, getting up to 4 and 5 bids at one time, within the first two weeks they hit the market! It seems that nowadays, to even get one offer, is a miracle. However, it looks as thought that may be changing, as more and more people are lowering the asking prices of the houses for sale in NJ, to compete with teh bank owned properties and the short sales.
Does that mean that we will have that “killer” Spring market that everyone is hoping for? Probably not, but it does mean that 2009 Spring, will likely be the last one in which we see such a monstrous amount of inventory of NJ homes for sale. Not only are prices of homes in NJ for sale bottoming, but people are regining their confidence in the buying of homes in New Jersey, across the board.
For most at this point, it’s less a matter of bold confidence that cautious optimism, but data are emerging to make a reasonable case.
Three categories of home sales…new, existing and pending, all posted surprise gains in February, along with housing starts are posted surprise gains in February. So, hence, we are seeing long-awaited housing market progress. You do need to take everything that is going on, includding signs of the housing turnaround in NJ, with a grain of salt. The signs of improvement we’ve been seeing have to be recurrent. One to two months isn’t enough to establish it; it needs to be a stretch.
However, we are off to a darn good start. The median price of NJ homes is down 36% from its peak around the late 2005/early 2006 mark. Affordability has NEVER been better for potential home buyers. The areas that were hit the hardest however, like Florida, Nevada, california, will obviously recover the quickest.
To get more information about NJ mortgages, and even see lists of NJ homes for sale, please visit our website via the following link: NJ mortgage and NJ homes for sale
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