Market Conditions at the end of 2007

Hi, it's me again. The year is winding down but people are still asking me about the real estate market. Obviously, there is much concern over real estate values, and if you listen to the media it's all doom and gloom.

It's hard to believe that the boom years are over ... for now. We've enjoyed many years of unprecedented growth in real estate, to the point of basically fueling our entire economy! Now, those days are (temporarily) over. Still, people have to live somewhere and owning your own home is still the best investment there is.

I'm fortunate enough to be in the real estate business in an area that is not experiencing a major setback. Yes, it is slower right now -- our market is very seasonal and in November and December each year, people shop for holiday gifts not houses. That means it is a terrific time to buy a home or condo. There are fewer buyers to compete with and sellers who really need to sell are more realistic. This phenomenon extends into January, so there is still a little time before the "Spring Market" heats up.

And, heat up it will.

I am currently working with several buyers who are looking for homes now. More will enter the market as Winter warms into Spring. Thankfully, we should have more inventory by then as well.

In the Chathams, Madison, Summit, Short Hills and nearby communities, we have not seen major adjustments in pricing and homes in a good location, in perfect or near-perfect condition will sell quickly and at very good prices.

I have had one of my best years in a 20 year real estate career. It can't be a bad real estate market, can it? Thank you to those who helped make it possible!

My best wishes to you and yours for a Healthy, Peaceful and Happy New Year!