Is it still a buyer’s market in this area? The answer is “yes” and “no.” It depends. Where do you live? In which price range are you buying or selling? Frustrating, right? I think it’s frustrating only if you are trying to sell a house.
Almost anyone will tell you that “real estate is local,” but when there is so much negativity in the news and local predictions are indicating that there will be another 6% drop in real estate values it doesn’t matter much that Basking Ridge is a prime location with terrific schools, easy access to NYC and in some cases, inventory levels** that are as low as five months.
There are some price ranges that are moving very quickly. If you are lucky enough to be selling a condo in Basking Ridge chances are you won’t have any problem. But a multi-million dollar home? Not so easy. Interestingly enough, what I consider to be the middle of the range options (homes currently listed between $300,000-$600,000) is seemingly very challenged, with homes languishing on the market for quite some time.
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