Yep, I worked this holiday week-end and in doing so I observed a long awaited phenomena. There was a noticeably large increase of properties for sale. In my opinion there were a huge number of FSBO's out there (more than I have seen in 30years), Signs for new real estate companies I never heard of and even an increase of signs from the biggie r/e firms.
Is this finally a release of the large number of homes that have been backlogged in New Jerseys long bankruptcy process or is it a large number of homes being put up for sale by those underwater that are just trying to move on or is there another reason?
I reached out to a couple of FSBO's and they seemed to be priced high but then again are they going to come back down to reality in a couple of weeks when they find out there are very few people truly qualified to buy there homes at the price they are asking?
I think the slight up-tick in prices really was a false increase in price by hungry zealous wanna be investors over bidding the last 6 months. Most of the owners of the homes for sale indicated there homes were very dated but again the price did not reflect that. Of course I will monitor the FSBO's and investigate the reasons they are up for sale to see if I can swoop in.
How about your neck of the woods? Cities that were heated the last 12 months are there prices cooling or still rising? Cities comparable to the Suburbs of NYC and Philly that is...
Welcome to BP community @Ana Nomys! It is a great place to meet new friends and learn about various aspects of real estate and more.
I am new to BP.
Best Wishes on your continued quest for real estate education learning.
Thanks I have actually been lurking on and off for years. Just started to share recently and hopefully I can give back a little.
Be well my friend
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