Are We There Yet? Have we reached bottom?

"How's the market"? Are we there yet? That is the question that I get asked the most. In Rumson, the price ranges that are currently selling the most are $500,000 - $600,000 and over $2M Homes and under $3million and anything over $3 million is still taking longer. The luxury market always takes longer in any market.

The Average sold price in Monmouth County is $471,501 with 105 days on the market.
for more statistical information you can go to my website www.monmouthmarketwatch.com

Rates remain low, inventory is still high, so plenty of choices, and with some very motivated sellers It is a GREAT time to buy.

For first time buyers or if you have not owned a home for the past three years the $8000 credit is good until December 1st, 2009. Use it.
The second most asked questions - "Have we hit bottom"? “When will we hit bottom?”

"I don't know', and guess what neither does anyone else!!.
I do sense the buyer confidence is on the rise and that we appear to be leveling off. This does not mean that prices will suddenly go back up, as with any cycle it takes a long time for the cycle to complete.

Therefore, my advice to the seller who is thinking of waiting- you might have to wait for several years just to get back to where we were 2 years ago.

For the buyer, I advise moving ahead at this time before mortgage rates move upward and change the affordability factor. Smart sellers have been moving with the market, pricing correctly the first time and selling quickly, freeing up equity to invest in other real estate.

Selecting a realtor is not like choosing a flavor of ice cream. Please consider the size of the transaction before deciding to place the responsibility upon a friend or acquaintance to represent you. In additon to intelligence and knowledge, look for integrity and ethics. Some agents do less transactions but with better results.

Even a good agent is only as good as their client allows them to be. In some cases the client ignores good advice and ends up selling for less later on. In some instances it may not be what the client wants to hear, but it is only when one has factual honest information the client can make informed decisions.