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home sales were almost nine percent higher than February
sales in 2011"
End of the Housing Market Slump
It has been a long time since
the real estate market has seen such optimistic signs indicating
a complete recovery is imminent. February home prices rose for
the first time in nearly a year and a half, with the median
price now standing at slightly over $170,000. According to RE/MAX
National Housing Report, this represents a 1.1 percent increase,
with sales of homes up nearly nine percent from 12 months ago.
Due to these positive and sustaining numbers, real estate experts
predict this year will be the first exceptionally strong season
for home purchases and sales.
A substantial reduction in foreclosure activity has also helped
perpetuate the real estate recovery. The number of homes for
sale has steadily decreased for the past two years, indicating
that people are feeling optimistic about economic conditions
and purchasing houses as a result. Investors as well as homebuyers
are attracted by extremely low mortgage rates and affordable
home prices presently dominating the market.
Moreover, they are not waiting to take advantage of this remarkable
opportunity and potentially miss this empirical growth in real
estate selling and buying.
According to the CEO of RE/MAX, LLC Margaret Kelly "Information
we are gathering indicates spring and summer of 2012 will be
a very active and productive selling season. Home prices are
turning around just as we have anticipated and sales are trending
higher than expected".
In fact, February home sales were almost nine percent higher
than February sales in 2011. For the eighth straight month,
rising sales have interested many people wanting to purchase
a home but not feeling confidant about doing so. However, that
indecisiveness has disappeared with all economic signs illustrating
a vibrant return of the housing market.
Further substantiating the existence of a progressive economy
is a recent survey showing that 50 U.S. metro areas experienced
increases in home sales, with 25 of those areas seeing jumps
as high as 40 percent. With the stabilization of the real estate
market and the economy growing at an above average pace, the
housing market in Bergen County, New Jersey is also sustaining
positive indications as well, with an significant upswing in
house sales and a reduction in prices.
With rent now higher than most mortgages and interest rates
low, more people are looking to buy a home rather than rent.
Even homebuilders are feeling confident enough to request more
permits last month for single-family homes than previously requested
in 2011. Experts predict almost 800,000 houses, apartments and
condominiums will be built this year, 200,000 more than last
Existing Bergen County homes for sale are also projected to
help promote the housing recovery due to an active market, reduced
prices and the high quality of life in the county. According
to New Jersey economic analyst Patrick O'Keefe working with
J.H. Cohn in Roseland "2012 will definitely be a year of
vast improvements in the housing industry, with the year looking
much better for New Jersey than it did in 2009 or 2010".
RE/MAX of Tenafly
Associates lead agents
competing companies in
specialized training and
They dominate the Accredited Buyer Representative (ABR), Certified Relocation
Professional (CRP), Certified Residential Specialist (CRS) and Leadership Training
Graduate (LTG) ranks. Read
About Orly Chen
Chen is a leading
Tenafly real estate agent
in Northern New Jersey
specializing in the Bergen
County area. Her
integrity make Orly
one of the most sought-
after agents in the
Northern New Jersey
real estate market