The Real Estate situation in Paterson, in July I wrote about the market situation in Paterson and the market outlook. This is a follow up on my research and market update, while there seem to be some improvement from January to June of 09 and median sales price seem to improved last month things turned out a little different. If you read my post from July 21ST my report showed improvements during the first quarter on Multi-family sales in Paterson. Unfortunately July and August things took a different turn. In July the median sales price was the best in the past six months climbing to $185,000 Per GSMLS reports 37 Multi-family homes were sold during July that’s not counting nay FSBOs, Sheriff, or auction sales. In the meantime August tanked with a median sales price of $100,000 and only 19 Sales.
Zillow.com reports -13.4% one year decrease in the Value Index for Paterson. Realtytrac.com also reports value decrease for the Paterson, NJ neighborhoods. As the end of the tax credit creeps up on us we might see further decline in value in October and buyers going back to the fence. In my opinion this is the best time to strike a good deal on a property. I’ve seen a trend from January to August; a lot of buyers missed an opportunity to buy a home at a great price back in January. Don’t miss out again get off the fence and take advantage of the market right now.
Resources:
Garden State MLS
www.realtytrac.com
www.zillow.com
Pablo López, REALTOR® - Associate
Century 21 Elite Realty, LLC
337 Changebridge Rd
Pine Brook, NJ 07058
973-244-7980 Xt 215
Free Homes Evaluation In Paterson NJ, Clifton NJ, Passaic NJ
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