New Jersey Real Estate Digest: Housing Price Rate Increases Slowly

Monday, September 18, 2006

Housing Price Rate Increases Slowly

The selling price for houses rose to a 4.7 annual rate this quarter according to the Office of Federal Housing Enterprise Oversight.

"Gains in home values have been a major contributor to U.S. economic growth in the past four years. Consumers who feel wealthier spend more and save less. The personal savings rate has been negative for 16 consecutive months. Many consumers have also been able to borrow against their home's rising value, pouring hundreds of billions of dollars into the economy." write Rex Nutting for MarketWatch

Seller can expect a much different buyer than last year. Today's buyers looks to maximize the amount of house or give-backs or inclusions they receive for their dollars. It is truly a different market out there and sellers must adjust get the sale.