Medford Real Estate Market Update
Market Update is a monthly update provided by Nancy Schumacher detailing the current climate of Medford Real Estate.
After six years of a housing recession, we are now, unquestionably, in a solid recovery. Though not as robust as the national numbers, we are getting busier every day with an increase in activity for the fourth month in a row. Our local economy shows high affordability, job growth, investor demand and rising buyer confidence. Thankfully, the inventory is coming down which is the forerunner of price increases. However, home values have not yet reflected these good signs.
Prices in our area remain flat. One of the reasons is the large back-log of short sales and foreclosures. We are anticipating a mini-wave of them over the next few months due to the agreement between the Federal Reserve and the ten largest mortgage servicers. South Jersey must absorb these properties before we see significant upward price trend.
Fortunately, the economy appears to be poised for a stronger expansion. Surveys reveal that in spite of the recent housing crash, consumers still want to own their own home. With low prices and record low interest rates, they can afford a larger home than they could six years ago. Many do not want to wait the 6-8 months that it takes to close a short sale. Nor are they willing to purchase homes that have been neglected due to foreclosure. This opens the market for homes that show attractively and meet the criteria of the buyers.
What does this mean? If you are a seller, go ahead and sell because the home you purchase can be had for a lower price also. If you are a buyer, not since 2007 has there been such a great time to get more house for less than right now.
Call me for more insights about the market. My cell number is 609-519-0076