All sales that closed in Clinton and Clinton Twp. from September 14 through December 1, 2008 are now posted on my specialty web site ClintonJustSold.com

Overall, it seems the local market is still moving, perhaps encouraged by the Fed’s recent action to drive mortgage rates even lower.  Last week, an NAR index of sale contracts on previously owned homes showed gains of 7.8% in the South and 0.6% here in the Northeast. 

Lawrence Yun, NAR chief economist, said that despite the “turmoil in the economy, the overall level of pending home sales has been remarkably stable over the past year, holding in a generally narrow range.”  ”We did see a spike in August when mortgage conditions temporarily improved, which underscores two things – there is a pent-up demand, and access to safe, affordable mortgages will bring more buyers into the market.”

 Click below to visit ClintonJustSold.com

 
Whether you’re thinking of buying or selling a home, I’m happy to consult with you on your best course of action based on hard data I collect on every Hunterdon town and the work of independent real estate appraiser Jeffrey Otteau.  Please click here to schedule a short no-pressure consultation on your home’s value and how to prepare for marketing it. 

Or, if you’d rather, just give me a call at (908) 303-8130 or email

Don Sherblom, Personal Service, Professional Results!
        (908) 303-8130
RE/MAX Town & Country
44 Leigh Street
Clinton, NJ 08809

In Hunterdon County, New Jersey, the next two or three months may be the best time to buy a home.  We’ll only know for sure in hindsight, after some home buyers have missed their best opportunity.  But if previous cycles are any guide the bottom ”will probably arrive when everyone is feeling the most pessimistic” (Ron Leiber, NY Times).   

If this proves to have been the best time to buy a home, it’s because a lot of ingredients for a market bottom seem to be coming together over the next few months.  What might make this a good time to buy a home? 

• A new recognition in Washington (thanks in part to lobbying by the nation’s largest industry, represented by the NAR) that recovery from this, the worst economy since the depression, begins in the housing sector. 
• Mortgage interest rates are low and further reduction is expected as the Fed changes course and, as anounced last week, buys up mortgages to force rates down to 4.5% for home buyers over the next few months.  
• Lots of inventory - a home has always proven a sound investment if you intend to stay there 7 -10 years but it is so much more.  Its home.  Life does not wait for anyone, it’s always moving forward.   Selection is high.  Finding your home is easier, and there’s less chance of multiple bids, especially if you pay no atention to the list price but look at everything likely to sell in your price range.     
• Home sellers with few buyers are increasingly open to offers, any offers, so buyers can cherry pick the best home if they have an agent able to advise the current market value and negotiate that price regardless of seller expectations.   
• The best time to buy a home is when it all comes together -for you!

Try HunterdonHomes.com for fast local MLS searches (no ads to slow you down) large pictures, photo. gallery, full info. and email alerts of all new listings!   

Whether you’re thinking of buying or selling a home, I’m happy to consult with you on your best course of action based on hard data I collect on every Hunterdon town and the work of independent real estate appraiser Jeffrey Otteau.  Please click here to schedule a short no-pressure consultation on your home’s value and how to prepare for marketing it. 

Or, if you’d rather, just give me a call at (908) 303-8130 or email

Don Sherblom, Personal Service, Professional Results!
        (908) 303-8130
RE/MAX Town & Country
44 Leigh Street
Clinton, NJ 08809

Every downturn has an upside.  For example, gas prices.  This now official year-long recession has finally put twenty bucks back in my pocket every time I fill up.   Last week mortgage rates dropped to well under 6% on news that the Federal Reserve will buy up $500 billion in mortgage backed securities in the coming months.  The Fed’s action will reduce the cost and increase the availability of mortgage money.

According to Bankrate.com “no one can predict how long the 30-year fixed will stay below 6 percent. But the Federal Reserve’s explicit goal was to push rates down and keep them there to stimulate home-buying.” 

Home sales were already up slightly last month here in Hunterdon County, New Jersey.  Sales rose from October’s anemic 57 home sales to 67 sales in November.  This, together with fewer listings, lowered the inventory of homes available for sale, as graphed above.  

Does that mean we’re headed for a local homes market recovery?  Not quite yet.  But, given the rapid decline in home prices over the past year, these next few months while rates are low may present the best opportunities for home buyers.  If you see a home you like, make an offer and see what happens.

Whether you’re thinking of buying or selling a home, I’m happy to consult with you on your best course of action based on hard data I collect on every Hunterdon town and the work of independent real estate appraiser Jeffrey Otteau.  Please click here to schedule a short no-pressure consultation on your home’s value and how to prepare for marketing it. 

Or, if you’d rather, just give me a call at (908) 303-8130 or email

Don Sherblom, Personal Service, Professional Results!
        (908) 303-8130
RE/MAX Town & Country
44 Leigh Street
Clinton, NJ 08809

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