What to expect in the market in 2010.
The market picked up in the second half of 2009, and consumer confidence increased. In September the luxury listings moved more quickly and with bidding situations occurring.
Although prices may remain flat in many markets, there may be a slight increase in pricing in the Monmouth county area due to low supply of well priced homes.
Buyers are absolutely value driven and are watching the very market closely. Resort areas and areas with easy access to major cities will be the first to recover, as they were the last to fall.
I believe we are cruising along the bottom, and although there are still short sales and foreclosures in all price ranges still to occuring, we have started to witness the end of the freefall and there will be more stability in housing for 2010.
Sellers should be cautious not to jump for joy too high with their asking prices. Value pricing will still be their best asset.
Is it worth putting you house on the market now or should you just wait for the Spring market to start?
Recommendation is to go ahead NOW for several reasons. We only know what the market is doing NOW, not what might be coming. We know right now that we have the best interest rates in history. We also know that buyers that are out looking NOW and are generally more motivated. Fewer inventories around this time can help with the price also.