The Market Today: May 1-15
May 16th, 2009 by Martha McDonnell
The disconnect…
Sellers who are pricing their homes 20-25% from the top of the market (second quarter of 2005) are seeing buyers line up to buy their homes.
Buyers now have the banks as their safety net. We are hearing of many transactions having to go back to the negotiating table because the property does not appraise; even in blue-chip towns like Summit, Short Hills and the like, properties are not surviving the scrutiny of underwriters.
Appraisers are having a tough time justifying purchases when there have been no comparables close since January 2009.
Martha McDonnell
Lois Schneider Realtor
