Princeton Town Topics – Let’s Talk Real Estate – January 7, 2009
WHAT TO EXPECT IN 2009
The real estate market in Princeton in general has seen lower prices, longer days on market and less transactions since the 2005 peak. The lower end homes continue to be in demand and the higher end continues to struggle. Here are my thoughts for 2009:
Planting: For those who are currently renting or just sold their homes, this is the time to buy. With low interest rates and less competition, you can get a great deal on current inventory. As new inventory comes to market, remember that nothing is perfect, sellers are more realistic and that a home is a long term investment.
Growing: For sellers who are currently on the market, reduce your price ahead of the spring volume surge and get your house sold. You must be the best in your range, including best location, best condition and best price. For those preparing to sell by summer, stage your home, do a pre-selling inspection and price aggressively from the start. This is not the time to test the market if you are not serious about moving.
Blooming: Now’s a great opportunity if you are trading up. Start marketing your home soon especially if you are in the lower end. Your buyer’s flexibility will allow time to find a house at the higher price range. Although sellers are motivated, house sale contingencies will not be accepted during the spring market. For those wanting to downsize, there is plenty of inventory in surrounding areas so price your home to sell quickly and take the time to choose your next home.
