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Monday, September 28, 2009

Fixing Our Hard Wired Mind

Its important to understand that buying low and selling high is what most primary resident buyers and investors do. However sifting through this market working with buyers and sellers on a daily basis, its amazing how almost 60% of people feel like the market isnt good so im not going to buy. WHAT?! The fact of the matter is most people just cannot help themselves but wait until we get into a bull market to buy a home.

Buyers need to understand, real estate is not stocks, gold, bonds or any other asset that fluxuates on a daily basis and is effected in a way when the economy is bad real estate is bad.

Keep in mind, real estate HAS NOT GONE DOWN FOR 60 YEARS! Despite recession and wars fought over the years. What does this mean? The fact is if a home is undervalued back to 1996-2000 levels, buy.

The facts are facts:
The Pending Home Sales Index, a forward-looking indicator based on contracts signed in July, increased 3.2 percent to 97.6 from a reading of 94.6 in June, and is 12.0 percent higher than July 2008 when it was 87.1. The index is at the highest level since June 2007 when it was 100.7.

Monday, September 21, 2009

Mortgage Rates Close to Yearly Lows

In the beginning of 2009, we saw a steep drop in sales and mortgage rates. Since then with spring and summer that rolled around afterwords, we had a surge of prices and rates. As of 9/21/09, the 30 year fixed rate with 10% down is at 5%!

What does this mean to you (buyer). Rates this low most likely wont happen again if we start to pick up. Since we have a divergence in the prices of homes sold in the hudson county area related to the mortgage rates, now should give you plenty of reason to buy (if the $8K tax credit isnt good enough already)

Monday, September 14, 2009

The Market Conditions

The Pending Home Sales Index, a forward-looking indicator based on contracts signed in July, increased 3.2 percent to 97.6 from a reading of 94.6 in June, and is 12.0 percent higher than July 2008 when it was 87.1. The index is at the highest level since June 2007 when it was 100.7.

This is a good sign and one that just may be the most optimistic we have seen in recent months. Since we are still at a stand still with investory levels at highs and demand low, we hope as realtors we can see a significant movement in the time to come. Hoboken and Jersey city statistics have reflections this increase in the existing home sale sector