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Good News! Basking Ridge Real Estate
The economy continues to show signs of stabilization. In fact, Federal Reserve Chairman Ben Bernanke announced this week that the recession is probably over and that the economy is likely growing at this point. Famed investor Warren Buffet also said the economy appears to have leveled off.
In addition, the number of newly laid off workers applying for unemployment benefits has declined in three of the last four weeks. Consumers also seem to be more comfortable spending money. The government reported that retail sales rose 2.7 percent in August, the most in more than three years.
The positive news also extends to the real estate industry:
- Rates on 30-year fixed mortgages are at their lowest level since the end of May, making homes more affordable.
- Housing construction rose in August to the highest level in nine months, and applications for building permits — an indicator of future activity — rose 2.7 percent. Regionally, construction rose 23.8 percent in the Northeast.
- The National Association of Home Builders’ housing market index rose in September, reflecting growing optimism in the industry.
The market seems to be moving in the right direction — up.
If you are thinking of buying or selling your home, please contact me for information about today’s market. Or visit my website for more information about what is for sale in Basking Ridge, NJ and other surrounding areas. No obligation, Just information!
In July, the National Association of Realtors (NAR) Pending Home Sales Index rose to the highest level since June 2007. Not only was the number of homes pending sale up from June, the index was also 12 percent higher than the same month last year.
Pending home sales are a good indicator of the future pace of existing-home sales, since they reflect the number of contracts that were signed to purchase a home. Once under contract, most of these pending sales become actual sales within the next two to three months.
In fact, NAR Chief Economist Lawrence Yun expects existing-home sales to rise through the fourth quarter of this year due, in part, to the $8,000 first-time buyer tax credit and high housing affordability. He said, “The buyer psychology may be shifting from ‘Why buy now when I can purchase later?’ to ‘I don’t want to miss out on a recovery.’”
If you are thinking about buying or selling a home in Basking Ridge, contact me today for all of your Basking Ridge real estate needs or visit my website to search what is currently for sale in and around Basking Ridge, NJ.