In a market that has seen incredible turmoil over the past couple years, many are eagerly looking forward to a turnaround, beginning with the bottom. Is that something we're going to see soon? Here's what real estate expert Jeffrey Otteau of the Otteau Valuation Group had to say:
New Jersey home sales in October recorded a 4.9% year-on-year increase as the housing market continues to show signs of stabilization. Home sales have now increased in 5 of the last 6 months, recording an average monthly increase of 5.5% over that period, as home buyers take advantage of both lower home prices and mortgage interest rates. That rate of rise will accelerate once job creation becomes more consistent.
In our local area of Middlesex County, we've seen similar signs of improvement. When taking a look at the communities of North Brunswick, East Brunswick, and South Brunswick over the past 3 months, we've seen an increase of 9.73% in the number of sales of Single Family homes compared to the previous year (according to the Middlesex Multiple Listing System). This is a positive sign, as a natural increase in home sales over an extended period often leads to market recovery. Granted, it may be slow, but if this trend continues, there certainly will be reason for optimism.