Sunday, October 09, 2005

10/9/05: My Open House Experiences:

Today I went to see about 10 open houses in my neck of Bergen County NJ. It was interesting to note that there was a lot more traffic than the open houses I saw about 2-3 weeks ago. I think there are a lot of people who are smelling blood, thanks to all the bubble exposure from the media. One realtor was quick to deny any weakness to the market. He said "it's not true, any house priced right still sells". Then I gues the next question really is, what is the right price. As interest rates go up from here, that price will continue to be lower and lower. I believe this is really a make or break weekend for local r/e. If they cannot clear the substantial build up of inventory, they are in for some tough times ahead.

P.S. Many homes had substantial price reductions.


Blogger David said...

same thing here in the DC market. Inventory is building, housing is not moving very well. price reductions occuring on an increasing number of properties.

7:31 PM  

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