Are We There Yet?

We may have turned the corner on the real estate market. HOUSES ARE SELLING IN MADISON! And, for the past 30 days, faster than they have been listed.

Statistics from the Garden State Multiple Listing Service (GSMLS), this area's primary housing data base for Realtors, show that as of July 10, there are currently 73 Madison homes listed for sale by realtors. On June 10 and 11, 13 are new listings taken; 17 listings went under contract and 15 have closed in the same time period.

Does that mean we are now in a seller’s market in which prices will start to rise and the seller’s can again rejoice? Not necessarily, but they can have some hope.

Not all areas are having the same results nor is this an anomaly.  Houses are beginning to sell quicker because sellers are more understanding of the buyer's need for value and financial institutions are becoming much more lenient on those who are upside down on their mortgages. 

Homes in Madison, which were out of reach for many buyers during the real estate “go-go” days four to five years ago, are now more affordable than days gone by.  They have probably deflated 25-32 percent from those days and will not return to those prices for another 7-10 years based on the experts predictions and as we come back to normal real estate appreciation mode of 2-4 percent increase per year. 

So what is a buyer to do? BUY, BUY, BUY! Prices are down, rates are down and before you blink an eye, neither will be where it is today.