Bergen County Real Estate Expected To Be The Strongest in Years

Pending Home Sales Up 9 Percent From A Year Earlier. Click To Play Video

Several sources indicate that 2012 is on the way of being a very strong real estate year for towns  such as Tenafly and other Bergen County towns .

The Realtors® Confidence Index Report  just published inidcates;

• Pricing: Respondents noted that properties priced at or below market value tend to sell quickly
• Inventory:  Numerous comments noted the lack of an adequate level of inventory
• Multiple Bidding:  Many properties are reported as receiving multiple bids
• Traffic: Buyer traffic is reported as being up slightly. Buyers continue to be price conscious and concerned about the economy and uncertainties; however, there are more buyers in the market.

While the survey – conducted monthly by the National association of Realtors – reflects national trends, the findings are very relevant to the local market of Bergen county and are supported by other local sources.

At a conference of realtors held in East Hanover NJ ,  appraiser Jeffrey Otteau, said “The bounce in home sales [in January and February] is nothing short of astounding.”  Otteau  whose appraisal group  tracks statewide market trends for New Jersey went on to say  “We are at a turning point in the housing market and the economy” . He further added  that “Homes that are overpriced will not sell” Read more on www.northjersey.com