Hunterdon Market Pulse: 2010 The Year Ahead
After last year, we’re all looking forward to a new year. The reason for optimism is seen in the inventory index. Yes, the inventory of available homes is still high and this makes it harder for home sellers, but looking at two points on the graph brings the near future into focus. First, the high blue line at the end of 2008 and high white line in early 2009 shows the effect of the financial crisis and Great Recession. We came through that sometime about May and by September 2009 the inventory index was better than any year since 2005.

By October both the inventory index and the number of homes under contract improved dramatically here in Hunterdon County NJ. The anticipated expiration of the first-time home buyers’ tax credit (due to expire Nov. 30th, which meant homes had to be under contract in October) together with continued low mortgage rates and a slightly improved economic picture created a mini-surge of home sales. The Christmas season brought both indicators back to the levels of other years.
Now, with a fragile but continued economic stability, and with the FED continuing its program to buy up mortgage-backed securities to keep rates low, and with the expansion of the tax credit to include not just $8,000 for first-time buyers, but also $6,500 for move-up buyers through April 30th, this Spring looks to be an excellent time to sell your home.
To the appraiser Jeffrey Otteau, ”it appears certain that the recent surge in home sales together with it’s October crescendo will repeat itself during the 1st half of 2010 as the expanded home buyer tax credit nears expiration. And so, 2010 should bring the largest Spring surge in homes sales since the housing downturn began in 2005. As a result, homeprices should realize modest gains in the coming year.”
For a survey of recent home sales in your town, an analysis of your home’s current market value, and a dynamic marketing plan from the industry’s leader, RE/MAX, please call me, Don Sherblom at 908 797-9900 or by email.
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