We start the first post of the NJREToday.com blog with the most important question on the minds of buyers, sellers, Realtors, and agents like: The Bottom of the Market: Are we there yet? Are we there yet? Inquiring minds want to know.
According to the National Association of Realtors (NAR), there seems to be an uptrend in the market. NAR announced late last week that existing-home sales rose 7.2 percent in July. This marks the first time in five years that existing-home sales have increased for four months in a row, and is the largest monthly gain on record.
In addition to the month-over-month increase, existing-home sales were 5 percent higher than in July 2008. The last time sales were higher than a year earlier was November 2005.
Some experts believe that there is an uptrend in the market, especially in some NJ towns where sellers are experiencing a seller’s market i.e. reasonable offers within the first 30-90 days of the listing, possibly even multiple offers or over asking price offers. . .
Given the statistics, are you a believer? Are we at the bottom of the market? Take our poll below and we’ll post final results by August 31st.
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