Look back!! Was that the bottom?
While Hoboken and Hudson County real estate prices are down about 10% from their peak in 2005, many home buyers remain on the sidelines waiting for the "bottom." Unfortunately, the only way you know you hit bottom is when you can look back and pinpoint the turning point. With a strong January & February, 2007 is showing that last fall may have been the "bottom" everyone was hoping to jump in on. 2007 has brought the return of bidding wars, busy open houses, and stressful multiple offer "highest and best" sales. While there's "cautious exuberance" about a better real estate market for sellers in 2007, the NY Times reports "for January, at least, both prices and the number of signed contracts rose in double-digit percentages compared with the same month in 2006." All this indicates that those remaining on the sidelines have missed the "bottom" and may soon see increasing housing prices.
Andres Garcia
http://www.milesquarerealty.com
Andres Garcia
http://www.milesquarerealty.com
Labels: Hoboken Real Estate
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