What a great time for all buyers or anyone
THINKING about buying. The New Jersey housing market is picking up, according to the Record:
N.J. housing market recovering, appraiser says
MONDAY MARCH 26, 2012, 4:40 PM
BY KATHLEEN LYNN
STAFF WRITER
New Jersey's housing market is recovering, and this spring's home-selling season will be the liveliest in four years, appraiser Jeffrey Otteau said Monday.
"We are at a turning point in the housing market and the economy," said Otteau, who tracks the statewide market from his office in East Brunswick and whose forecasts are widely followed. "The bounce in home sales [in January and February] is nothing short of astounding." He said sales are up about 30 percent in the first two months of the year, compared with last year.
But that doesn't mean sellers can hike their asking prices, Otteau said. With incomes flat and banks cautious about lending, buyers will be unwilling or unable to pay inflated prices, he said.
"Homes that are overpriced will not sell," he said.
Otteau predicts that home prices will be flat this year, after falling almost 5 percent statewide last year, and will not return to their 2006 peaks until 2020....
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-Daniel Barli, Esq.
http://www.barlilaw.com
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