Realtors Jeff and Debby Adler have seen a further decline in home sales in New Jersey towards the end of 2007.
In December, Contract-Sales activity declined 24 percent below the November pace, and was 31 percent lower than December of 2006.
This may mean a further decline, say the Adlers, especially in response to recession fears and high unsold home inventory.
The Adlers advise sellers to price ahead of the decline curve to shorten marketing time and lower prevailing market price levels.
Buyers are in a much stronger position, as home builders have already begun lowering prices to reflect current market realities.
Another bright spot, report the Adlers, is that mortgage interest rates are continuing their descent.
This should boost home buyers' purchasing power and help close the housing affordability gap in New Jersey.
And homes are selling, report the Adlers, which is good because prices are unlikely to recover to 2005 levels until Spring of 2014.
