HOME PRICES CONTINUE TO SINK
Pursuant to a WSJ Article titled “HOME PRICES SINK FURTHER” dated Monday, January 31, 2011, declines in home prices in 28 major metropolitan areas have been reported as inventory levels continue to ramp up. The WSJ’s latest quarterly survey on the housing market found there has been a reduction in prices in the metropolitan areas that they track during the 4th quarter of 2010 when compared year over year with 2009.
The size of the decline year over year was greater than the previous quarter’s in most of the same markets. In the meantime, inventory levels are rising in many of the markets due to the backlog of unsold homes and the foreclosures yet to hit the marketplace.
The housing market continues to struggle with obstacles such as tough credit conditions in the mortgage arena and weak demand which can be partially attributed to unemployment rates and confidence levels.
Sellers and buyers continue to be at a stalemate as sellers’ view the offers as being “low balled” and buyers continue to hold out as they feel prices will continue to soften.
Again, it is all about pricing! If a home is priced aggressively for its location and condition, it will sell and it will normally sell quickly! If you are considering selling your home, be sure to have your Realtor do a Comparative Market Analysis for you to see what your price point should be in order to ensure quick activity.
Call Leanne @917 596 2772 or Anna 732 371 3233 for your complimentary Comparative Market Analysis today.
Excerpts from Wall Street Journal Article "Home Prices Sink Further" dated January 31, 2011
