WSJ BEARISH ON HOUSING MARKET or IT’S A GREAT TIME TO BUY

iT’S A MATTER OF PERSPECTIVE…

The Wall Street Journal offered a bleak outlook for the national housing market. They site several reasons for the sluggish market including expiration of the federal home-buyers tax credit, the weak job market, decline in stock prices and overall unrest in the global economy.

Despite nearly record low interest rates, many real estate markets around the nation have seen 2 months of very slow sales, increasing inventories and declining prices after 12 straight months of improvement.

According to WSJ source Patrick Newporet at HIS Global Insight, the housing downturn dragged the economy into a recession nearly three years ago, but now it is the economy that is pulling down housing.

All is not bad news, however. When asked “How’s the real estate market,” my response is “That depends – are you buying, selling, renting or investing?” For buyers, the market has never been better, with low prices, many foreclosure opportunities, super low mortgage interest rates and plenty of inventory.

If you are gainfully employed, have good credit and some cash saved up, this might be the time to buy that vacation home you’ve always wanted. First time homebuyers are in an especially good position, as they have nothing to sell in order to buy. For sellers, unless you purchased your home at the peak of the real estate market, there is also good news for you. Get your home priced right and in top showing condition and the buyers will come. With favorable buying conditions, this is also an excellent time to invest, particularly in prime commute areas.

Kim Crites-Carloto, Your Midtown Direct Realtor is committed to helping her clients make intelligent decisions when buying and selling real estate in communities along New Jersey’s Midtown Direct Train Line. She specializes in real estate in Summit, New Providence, The Chathams, Madison, Berkeley Heights, Millburn, Short Hills and Maplewood.