David Lereah of NAR Brings Us Good Tidings for NJ Real Estate

by TracyG | March 10, 2007 at 05:26 am

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After bottoming in the fourth quarter of 2006, existing-home sales are forecast to gradually rise through 2007 and into 2008, while new-home sales should turnaround by summer, according to the latest forecast by the National Association of REALTORS®.

David Lereah, NAR's chief economist, said annual totals for existing-home sales will be fairly comparable between 2006 and 2007. "We have to keep in mind that we were still in boom conditions during the first quarter of 2006 with a high sales volume and double-digit price appreciation," he said. "We are starting 2007 from a relatively low point, so even with a gradual improvement in sales it'll be pretty much of a wash in terms of annual totals. The good news is that the steady improvement in sales will support price appreciation moving forward."

Good ole David Lereah, bringing us some good news. We can be optimistic about the future, but we must be realistic about pricing. Sellers: listen to your Realtor. Price realistically. That means price low. Your agent should show you closed sales and also show you which houses are in competition with yours. You also need to get your house ready for sale. Declutter and maybe get a stager.