November's Numbers Are Out!
As wise investors know, once a trend is obvious, the greatest opportunities are already past. We certainly are hearing that we’re in the throes of a mild recovery, however many buyers are still cautious about taking the plunge.
November’s numbers from Otteau confirm that our local market is rebounding ahead of the curve.
Essex, Morris, and Union Counties all hover between 7-8 months of inventory, which is the equilibrium point between a buyer and a seller’s market. This is in sharp contract to the same time last year where it was a strong buyer’s market.
Towns like Millburn, Maplewood, South Orange, Chatham, Madison, Berkeley Heights, New Providence and Summit are already well ahead of their respective counties availability. If we take the Summit numbers, we see that 37 homes are in the $1MM plus range. If we take out those, we find the under a million dollar price are closer to the other towns.
Buyers are not rolling into these towns, offering 20% less than asking, and walking away with the bargain of their lives. Check the arrogance and preconceptions at the door; It won’t get you a house.
There is even an article in Newsweek that goes as far as calling buyers that are able to buy but don’t as stupid.
Many prospective home buyers will jump in after TALF expires, after the tax credit expires, and after interest rates are higher than they are now, and kick themselves for not having acted sooner.
November’s numbers from Otteau confirm that our local market is rebounding ahead of the curve.
Essex, Morris, and Union Counties all hover between 7-8 months of inventory, which is the equilibrium point between a buyer and a seller’s market. This is in sharp contract to the same time last year where it was a strong buyer’s market.
Towns like Millburn, Maplewood, South Orange, Chatham, Madison, Berkeley Heights, New Providence and Summit are already well ahead of their respective counties availability. If we take the Summit numbers, we see that 37 homes are in the $1MM plus range. If we take out those, we find the under a million dollar price are closer to the other towns.
Buyers are not rolling into these towns, offering 20% less than asking, and walking away with the bargain of their lives. Check the arrogance and preconceptions at the door; It won’t get you a house.
There is even an article in Newsweek that goes as far as calling buyers that are able to buy but don’t as stupid.
Many prospective home buyers will jump in after TALF expires, after the tax credit expires, and after interest rates are higher than they are now, and kick themselves for not having acted sooner.
