Bergen County Real Estate Sales Statistics-July 2008
Existing-home sales rose from the first quarter in 13 states, largely from buyers responding to discounted home prices, according to the latest quarterly survey by the National Association of Realtors®. Nearly one-quarter of metropolitan areas showed rising home prices in the second quarter from a year ago, with greatly mixed conditions continuing around the country.
NAR President Richard Gaylord, a broker with RE/MAX Real Estate Specialists in Long Beach, Calif., said foreclosures are distorting the price data. “In many areas with large concentrations of foreclosure sales, homes are being purchased below replacement cost values,” Gaylord said. “Many buyers with long-term expectations are getting exceptional value in the current market. Once the inventory is drawn down, price pressure will return because the costs of construction are rising – today’s buyers are very well positioned to build wealth over time.” National Association of Realtors®
Let’s take a look at the real estate sales statistics for July 2008 to see how the market is looking locally:
As a long-term investment, Bergen County homeownership is still one of the best investments for individual households.
Many Bergen County homes buyers study the market; ask questions, hire pros, yet even so, some are headed into foreclosure before the ink is dry on the deed.
Does your Bergen County home have a façade only a homeowner could love? Selling a home can be an emotional experience, and people can lack objectivity when it comes to their own abode. Presenting a home in its best light is always important, but it’s imperative in our current competitive real estate market.
One of the biggest benefits, and probably one of the most talked about provisions in this legislation, is the $7,500 tax credit to first time home buyers. Tax breaks are all well and good, but they have to be paid for somehow. While first time hoe buyers are getting a break, second home sellers will be paying for the $15.1 million dollars in tax cuts.



