by Francine Lichtman, Real Estate Sales Associate
The housing market in our area continues to show signs of stability. We have seen numerous consecutive months of an overall decrease in the number of homes listed and an increase in the number of homes going under contract.
Some buyers naturally want to know when the prices will hit rock bottom. This is very difficult to determine. We do know that if we are not at this point yet, we are extremely close. A recent report from Bank of America-Merrill Lynch states that the housing market could start to see modest growth by the end of this year. This statement relies upon long term mortgage rates remaining low. We also know that the weak job market will keep the housing market from more rapid growth.
Don’t hunt for the bottom. Know what you want and what you can afford.
Remember, buying a home is all about providing you and your family with a place to live.
Here are the latest statistics from the area since July 1st:
Maplewood: 14 homes have gone under contract. In total, there are 66 homes under contract in this market.
Millburn/Short Hills: 14 homes went under contract totaling 58 properties currently under contract.
Montclair: 24 properties went under contract for a total of 78 homes under contract in this area.
South Orange: 11 homes under contract for a total of 33 homes under contract.
West Orange: 21 homes under contract for a total of 94 homes under contract here.
Tags: home buying, Home Prices, housing market, Mortgage Rates, Realtor, Realtors