The housing market is far from the bottom, not with the incredibly high inventory of unsold homes," said Joel Naroff, chief economist at Naroff Economic Advisors, a private forecasting firm. "Sellers will have to overcome their state of denial and start dropping prices even more to clear this market. And once that happens, we will then have to convince buyers that prices have stopped falling.
"We are a long way from that point."
Read Sam Ali's story
Still there is nothing a real estate professional likes least than having to have ahat with a seller about a price reduction. Whether the talk is at the listing appointment or after the property has been on the market for six weeks. Trying to explain to a seller that the market has changed so that what their neighbor got for their house six months ago is unlikely to be what they can expect for their house today. It is a difficult conversation for all parties but one the is necessary to help sellers understand today's market.
Read Julie Clairmont's story
Technorati: NJ Real Estate News, Real Estate, NJ Real Estate Blogs, NJ Housing, New Jersey, FSBO, For Sale by Owner, House Sales
For more information on Real Estate in New Jersey visit here.
