The April 2013 issue of Money Magazine is entirely themed around the fact that the housing market is back. The cover page bold headline simply reads “Housing is Back.” Since it is a nationa publication their viewpoint takes in 100 different metroplitan areas around the country.
However, in our local markets here in Essex, Union and Morris Counties, NJ we are experiencing a significant increase in the numbers of buyers in the market.
That’s why it wasn’t really a suprise that 30 seperate groups visited the Public Open House I co-hosted with a colleague on Hobart Avenue in Short Hills, NJ yesterday. Thirty groups in just 3 hours. Each group had at least 2 people and most had 4. We could hardly keep up with our guests and were thankful there were 2 of us there to answer questions.
I guess it is also no suprise that two seperate buyers I currently represent lost out in multiple bids on 2 seperate homes in South Orange last week. Both felt so discouraged when they heard the news. And it isn’t much of a consolation for them to know it’s happening all aorund us.
It is just so hard to comprehend the quick change from last year to this year and from 2-3 years ago until now. But a word to the wise- if you like it- go in at list price and do not hesitate!
According to Money magazine there are 4 key barometers that show “the Housing market is Back,”
- In the last year, home prices increased in 92 of the country’s 100 largest metropolitan areas
- Homes are more affordable than they’ve been in 40 years
- The number of houses for sale is at the lowest level in a decade
- Price increases are projected for most of the country this year
** For more information you can visit Money.com