Can you believe it May is already here? Springtime in the real estate industry means spring cleaning, home improvments, and open houses. This past wekend we saw the largest weekend for open houses we will see all year as the National Association of Realtors hosted the National Open House Weekend. In Bergen County we saw 811 open houses which is simply unheard of. It turned out to be a great day to host the event as blue skies prevailed making it a great day to travel around looking at homes.
So How is the Market?
We have been very busy lately as more and more buyers and sellers are getting past the winter and looking for real estate deals. Obviously this is a good thing for anyone in the real estate industry but with more buyers and sellers you need to act more quickly to get the deal you want. If you look at homes on the market for $400,000-499,000 you will see that in April 2012 there were 47 homes on the market and they sold in 90 days which is fairly quickly for a "down" market. For those houses that are priced to sell that number will drop dramatically. On the most desireable homes we have even seen bidding wars driving prices above list. This all bodes well for a growing market that desperately needs signs of life.
Re Max agents report good news for a recovery in the market:
"The housing industry is staging a recovery with increasing sales and stabilizing prices, according to a national survey of RE/MAX agents. Four out of five agents believe U.S. home prices won’t decline further. In fact, nearly 70% predict prices will go up, led by a strong demand for homes in the low to middle price ranges."
To get more market data click here