Homes Sales Dip in New Jersey
Real Estate – Homes sales are Dipping In New Jersey
By Nan Wood
The Real Estate Market is slowing down. The shift is in favor of buyers. The home sales in the Philadelphia, Delaware, and Southern New Jersey area has fallen more than four percent in 2006. This is the first drop in ten years. The number of days a property is remaining on the market has increased forty-eight percent. According to the Ocean County, New Jersey, clerk’s office, the number of real estate transactions has fallen twenty-five percent from the 2004 high.
Sellers must recognize this and perform accordingly. When they receive offers below their listing price, they must decide if it is realistic to wait for a better offer. Waiting could cost them more in the long run.
Most real estate agents believe the decline will level off. They believe the sales will move slowly for a time. The current interest rate is approximately seven percent which is still one of the lowest in twenty years. This will help sales.
In Atlantic County, developments are going up all over the place. Many are townhouse and condo communities. Many of the units have been sold earlier this year when sales were going like hotcakes. The movement of real estate in this area has slowed recently as well.
In the long run, the housing market will continue to move forward, perhaps at a slower pace. The large wins of the past may remain in the past since the market is readjusting itself.
Nan is an Accountant, Real Estate Professional and Business Writer. She has an information site online for research in the
RealEstate area
By Nan Wood
The Real Estate Market is slowing down. The shift is in favor of buyers. The home sales in the Philadelphia, Delaware, and Southern New Jersey area has fallen more than four percent in 2006. This is the first drop in ten years. The number of days a property is remaining on the market has increased forty-eight percent. According to the Ocean County, New Jersey, clerk’s office, the number of real estate transactions has fallen twenty-five percent from the 2004 high.
Sellers must recognize this and perform accordingly. When they receive offers below their listing price, they must decide if it is realistic to wait for a better offer. Waiting could cost them more in the long run.
Most real estate agents believe the decline will level off. They believe the sales will move slowly for a time. The current interest rate is approximately seven percent which is still one of the lowest in twenty years. This will help sales.
In Atlantic County, developments are going up all over the place. Many are townhouse and condo communities. Many of the units have been sold earlier this year when sales were going like hotcakes. The movement of real estate in this area has slowed recently as well.
In the long run, the housing market will continue to move forward, perhaps at a slower pace. The large wins of the past may remain in the past since the market is readjusting itself.
Nan is an Accountant, Real Estate Professional and Business Writer. She has an information site online for research in the
RealEstate area
posted by Nan at 7:16 AM
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