Bergen County Home Sales NJMLS UC at 24 Month High!

Bergen County Homes sales under contract in the NJMLS have hit a 24 month high. Junes 669 contracts is the high month back to May 2007. This is encouraging, as home price declines, favorable available mortgages, pent up demand have help move some inventory. The hope is that prices stabilize and allow people who need to sell to do so. These times are an opportunity for buyers of all kinds. Many people are trying to find there way into the market. When you look around the country you see many markets which have now turned from buyer to seller's market. Not that prices are rising at any pace, but the competition for property is strong. Continued availability of reasonable mortgages will keep this market alive.

I have been waiting for the data to confirm my hopes this winter, that if there was a stable mortgage market with reasonable requirements, the market would stabilize this spring. The upper end markets still need some work. The lack of securitizing in Jumbo mortgages has posed some challenges. I am hoping that some product are employed soon to close the gap. In some cases it is working, in others it is not. Unemployment lags the markets. It will peak out far after the markets bottom here.

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Richard

REMAX Real Estate Associates-Richard Stabile- Realtor-Builder-Developer

201 573 8811 ext 331 Northern New Jersey's Number 1 new home seller !

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Data source NJMLS deemed reliable not guaranteed.