Real Estate in West Orange
Marsha Bowen Washington
973-510-0014973-510-0014

Today’s Housing Market Providing Homeowners a Fresh Start

 

It’s hard to believe how far the U.S. housing market has come since the 2009 crash. In just a few short years, the market has made a complete U-turn. Home prices have skyrocketed, returning to near peak-levels, and as prices continue increase, more and more homeowners are regaining equity in their homes.  Homeowners that needed assistance to do a short sale two years ago, are now able to purchase a home again while interest rates remain low.

 

For many homeowners, the recent spike in home prices marks an opportunity for a fresh start. Millions of homeowners who wanted to sell their homes have been sidelined because they were either underwater on their mortgages, owing more on their mortgage than their homes were worth, or they simply couldn’t get enough for their homes.

 

At the end of 2012, nearly 10.6 million homes were underwater, accounting for 22 percent of all residential properties with a mortgage. However rising prices have restored equity to more than 5.2 million underwater homeowners.[1] This year, home prices are expected to rise a total of 5 percent which will restore equity 1 million more homeowners.

 

Until this point, many of these homeowners were trapped, unable to sell until they regained equity. However, rising prices have opened the door for many to finally list their homes. And when they list, they’re finding that today’s market is a Seller’s Market.  Some markets in NJ are beginning to see upward movement.  Unfortunately, the distressed home inventory can hinder growth and NJ ranks Top 5 in distressed property inventory.

 

The current 4.6 months housing inventory means there are not enough homes for sale to satisfy the number of buyers in that market (6 month’s supply represents a normal market). For sellers, this represents a fantastic opportunity. Because there are not enough homes on the market to meet demand, sellers are finding they can sell their homes quickly. In many markets, homeowners are receiving multiple offers on their homes, and are able to get much more than the asking price for their homes.

 

Fore more information on why today’s market can be great for sellers, read my report entitled “Homeowners Finally Finding a Fresh Start”.

You can download the report from my website www.HAFAhelpforhomeonwers.com

[1] http://www.corelogic.com/about-us/news/corelogic-reports-946,000-residential-properties-regained-1-trillion-dollars-in-total-equity-in-q2-2014.aspx

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About Marsha Bowen Washington

Picture of Marsha Bowen Washington

Marsha Bowen Washington

Realtor/Sales Associate

marshabwashington@yahoo.com

973-510-0014973-510-0014 main

Coldwell Banker Residential Brokerage

2 E. Mt. Pleasant Avenue Livingston, NJ 07039

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Reviews

5ChristinaPamplin

Marsha was highly professional and knowledgeable about the real estate market. She made me feel very confident that I was in good hands. When I began to feel nervous and stressed, she stepped in and assisted with following up with my lender and attorney to... (more)

5Yetta Armstrong

Marsha Bowen Washington is the real deal! She's knowledgeable, friendly, patient, committed, and caring. My real estate venture was very challenging and Marsha stuck with me throughout the whole process even though I extended my search outside of her... (more)

5vinagda

if Marsha had anyother skills besides real estate, my husband and I would use her in those areas as well. She has such calmness that the worst clamity, seems nothing when she is dealing with things. It was the most effortless journey and a pleasure working... (more)

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