Tenafly Market Thoughts

November 25, 2007

Stability is what you'll find in Tenafly this year. Despite what you see in the media, prices are not going down in 2007.

What about the mortgage mess? How can anyone get a mortgage these days? The truth is that there's plenty of mortgage money available. Banks are going back to traditional lending practices. Gone are the days when it was easy for people with bad credit to get a mortgage. That sure makes sense, doesn't it? It also explains foreclosures.

Wait, what about all those for sale signs I see everywhere? The answer is simple - over pricing. Buyers are out there but they won't bite at an over priced house.

Not only are prices stable, the number of homes sold in 2007 will be greater than in 2006. By November 15^th we reached 138 sales; this is exactly what we had last year. The facts don't lie - demand for Tenafly homes has not wavered.

Everyone focuses on interest rates (which are excellent) but without someone to buy a home, rates don't matter. Because our area is one of the largest centers of immigration in the US, we create more families. The more families, the more home buyers - it is, after all, the American Dream. It is this steady influx of new buyers that insulate us from the vagaries of the market and Tenafly is the Crown Jewel of Bergen County.

The bottom line is that we do have buyers but you have to know how to market to them. Busy (both working), educated (college graduates) and armed with information from the internet (they know when a house is over priced and what everything in your area sold for), they are very critical. There's no second chance to impress them. You must have superior marketing and adroit negotiating skills.

Tenafly has always been a great location with a strong market. There is no reason not to succeed - only inept marketing will hold you back. It really is that simple. Again, it's not the market; it's how you handle it that counts.