Jersey Residential Market Swells
From the Jersey Journal:
Supply is giving buyers the edge
Supply is giving buyers the edge
The swelling residential market supply has taken the negotiating power out of the hands of the developers and put it into the hands of buyers for the first time in years.
"Buyers now have more negotiating power and more selection as the market gets flooded with units," said Mike Berney, regional director with Liberty Realty.
Home sales in Hudson County are down 10 percent from this time last year, while the average price of a home has shot up 21 percent from last year to $475,000, Berney said.
"The market may no longer support the price (but) homeowners are stubborn when they are selling," said James Hughes, dean of the Edward J. Bloustein School of Planning and Public Policy at Rutgers University. "Units are staying on the market for much longer."
Hughes said Hudson County's home sales statistics are typical indications of a market slowdown - which usually happens when the federal interest rate goes up.
"We have yet to invent a way to make booms last forever," Hughes said.
3 Comments:
I like all the over 55 development.
After all, with all the equity coming out of the homes they sell
they can put it right back in to
these ugly, all look-a-like,
condos.
Now the question , will they
appreciate or what?
We will have space available
in Edison after the times moves
out. That can be converted to
over 55 condo's.
Location,location,location.
Do not be fooled by prices being up. Many of the houses they are building are huge McMansions that carry much larger price tags than the abundant old junks littering the landscape.
Prices are going down and sellers who have to sell will have to take huge price concessions.
Thise that do not have to sell will watch their paper equity gain evaporate.
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