National News Means Nothing for Summit NJ Real Estate Market
December 18th, 2007 · 3 Comments
The Summit New Jerseys real estate market seems to have bottomed out now after dropping in the spring and early summer of 2007. The only real price declines we are continuing to see are from home sellers who over priced their homes when they listed them.
What does this all mean for Summit New Jersey home sellers? If you want to sell, this is a great time to get started while the home inventory levels in and around Summit are down. The real jump in new home listings will likely come in March and early April of 2008. If you can get your home listed on the market long before all the competition hits in March and at a proper price, you likely will get your house sold for a fair price in a reasonable time frame. What does this mean for Summit New Jersey area home buyers? The deals are out there for now. While the new home listings coming to market this last month or so are mostly priced properly, there are still many homes which have been on the market for a 60 or more days. Many times home buyers look to these listings thinking there must be some sort of defect with the house which is why it did not sell. The truth is the defect with the house was the owners reasoning on price, and by the time the home owner got around to bringing the price down to where it should have started, it was too late. You see, the highest price any home seller is going to receive for their home is in the first three to five weeks their home is on the market. If a home seller prices their home too high to get a offer during that time period, the home seller likely will have to take a lower price than they would have received if they had priced their home right to start with. To sum this whole paragraph up, homes that have been on the market for sale for 70 or more days equal bargain to be had, or the home will not sell. You will never know which unless you make a offer though. Remember making offers does not cost anything.Summit New Jersey home buyers and sellers, time to get going.
I James Boyer REALTOR, specialize in the Summit New Jersey Real Estate Market. If you are thinking of buying or selling in or around Summit New Jersey, give James Boyer, Summit REALTOR, a call 973.647.0253 for service & knowledge above and beyond.
James Boyer
NJ Realtor Associate
RE/MAX Properties Unlimited
One Madison Ave
Morristown, NJ 07960
Summit NJ REALTOR
973-647-0253 (Direct)
973-539-6300 (Office)
Tags: Summit NJ Real Estate
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3 responses so far ↓
1 Jersey Girl // Jan 31, 2008 at 8:25 am
You are so right. The news media knows nothing about local real estate markets like summit, all they know is florida and california.
2 New Jersey (1 comments.) // Jun 5, 2008 at 8:49 am
Whats the problem with the News media exactly? I think the NJ housing market is “bottoming out” because of the economy more than anything else.
3 James (12 comments.) // Jun 5, 2008 at 10:35 am
The news media really only wants to report negative news. It is like they have a ax to grind and then they have done their damage they move on to something else, never reporting the good things.
New Jersey is doing better than the nation as a whole. Not because the economy is better here, but because we never had the sub prime loan problems like many other states had. We are having a much lower foreclosure rate than most of the rest of the country and still we get a large influx of home buyers from New York City every year helping to support the New Jersey Real Estate markets, especially in the norther parts of the state, and along the train lines like the Midtown Direct Train Line. Because of this Summit NJ is a ideal place to own a home.
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