Monmouth Market Stagnant
The Asbury Park Press reported today that in Monmouth and other counties in New Jersey the housing market is stagnant. You can read the whole article here:
http://www.app.com/apps/pbcs.dll/article?AID=/20070816/NEWS/708160386
Some highlights:
The median sale price for an existing single-family home in Monmouth, Ocean, Middlesex and Somerset counties was $385,100, down 0.1 percent, or $200, from $385,300 in the same quarter last year, the National Association of Realtors reported Wednesday. The median means that half of the homes sold for more, the other half for less.”At best we are stagnant in the market,” said economist James Hughes, dean of the Edward J. Bloustein School of Planning and Public Policy at Rutgers University. “The market is really a weak one, and it is likely to remain weak for an extended period of time.”
Looks like we are in for the long haul. Sellers, if you need to sell you need to get an accurate comparative market analysis (CMA), your house needs to put on its Sunday Best (declutter, remove personal articles: photos, non-neutral art), paint in neutral colors, get a stager (I know a great), and then price below the competition.
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