Morris County Real Estate Market Update

Realtors are seeing a last minute increase in activity in the market place, as buyers try to find homes before the holiday season. Our open houses were very busy this weekend and showings at our listings increased 12% over the previous ten day period.

Buyers are motivated to find a suitable home before the busy Thanksgiving to New Years time period. Buyers require the house to be appropriately priced, fit their guidelines and of course affordable. The very important new ingredient is that existing home buyers are getting more involved due to the new $6,500 tax credit.

Buyers are still nervous about the general state of the economy and the risk of losing their job. However the very attractive mix of low interest rates, sizable tax credit and lower prices are luring some to take the plunge.

The National Association of Realtors leading economist is forecasting a brighter future for 2010. Not necessarily an increase in home prices but more buyer activity.

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