“Buyers today once again feel a sense of urgency. Buyers are now convinced that waiting they will pay more.” Those are the words of Jeffrey G. Otteau, founder of the Otteau Valuation Group. Otteau is widely respected in the real estate community for his insight into trends in the real estate market.
Otteau is quoted on the front page of the Greater New York section of this morning’s Wall Street Journal. The article, “Home Swell in Suburbs” states that median home prices have gone up in both of the last 2 quarters in all 4 of New York City’s suburbs (Northern NJ, Southwestern CT, Westchester County NY and Long Island NY.
Speaking about the North Jersey market, Susan Hunter of Lois Schneider Realtor in Summit, said, “If the home is well-located in great condition, there is a very good chance it will get multiple bids”.
According to the article, however, not everything is rosy. Houses that need work and many high-end suburban homes seem to be difficult to sell.
We only have a few more days left in the month of May, so next week we’ll take a look at the 5-month year-to-date numbers for Rumson and Fair Haven, and see how this year looks compared to the local market a year ago.
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