Real Estate Market Conditions 12/2009 Kearny/Newark Area

December 1st, 2009 5:54 PM by Manuel Couto, CRS, CRB

Hello fellow reader

    Thank you for reading and if you have time, please comment.   I have been reviewing market conditions, current listings and recent sales and under contract properties... and what I have found is....

    1.  Listings are taking longer to sell

        2.  The amount of pre-foreclosed properties, or rather, homeowners that have fallen behind on their payments has increased

        3.  Approximately 10% of the homes on the market, and on the mls are NOT really for sale because the homeowners are not motivated enough to sell and the Realtors ® have not taken the homes off the market.

    4.  Some sellers are no longer selling but would rather either wait or rent until they get what they feel they need/want/the house is worth.

        5.  Many lenders are still not in a position to lend and make their loan program offerings match with the style of homes for sale.  (Foreclosed homes and short sales cannot have as many conditions as an end user owner occupied home).  FHA buyers may be handy, but if the house needs work, many times the utilities cannot be fully functional for the appraiser. Gas and heat cannot work if their is no plumbing, or damaged plumbing.  The same goes for Conventional financing terms and conditions.

    6.  There are many a good Realtor® and mortgage lender that are about to lose their homes because of the economy.

    7.  We, the American People are trying to get out of Debt today, by borrowing Tomorrow..

        8.  This recession/depression is different from the last two that I have been through mostly because of a lack of hope and the ease of a government handout.

        9.  The buyers that are buying, still have HOPE, Still have DREAMS, still have the desire to better their own lives.

        10.  AND today's buyers are more knowledgeable, and better informed to the loan process and buying process than buyers from the 90's.

      11.  People are still selling to move up, move down, buy a second home, and buy their first homes.  How?  LOW interest rates and price roll backs to home prices from almost 10 years ago.  The gains will take LOTS of time to catch up.                


    But what dear reader, does this mean to you?  It means that Buyers are still buying, sellers are still selling and as the economy struggles to gain a footing and stop the free fall market place of 2007 and 2008, and early 2009, Life Goes On.  

Any opinions, please share them. Thank you for reading.  Mannie      








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Posted by Manuel Couto, CRS, CRB on December 1st, 2009 5:54 PM



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