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Have Home Buyers Missed Out if They Waited?

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    Coldwell Banker Real Estate Agent Jane Devine on the outlook for the housing market.

  • Duration 3:36
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Thanks very much and it is today's big story on the Fox Business Network the real estate story for the last few years the most expensive homes.

Have been slow to sell forcing some to take their properties off the market.

Now the housing market seems to be picking up again so what does this mean for sellers while we're going to Jersey for Sinatra then Springsteen.

The fear -- Pop up.

I'm in good company Sinatra Springsteen Schapiro all take that.

Rich we've been talking about the higher -- homes but you know the entire price level -- let everybody is seeing a change in what's happened.

Several years ago people talked about the oversupply of homes and start to shrink.

And we would see buyers coming back in as well as sellers and that's what's happening to talk about that.

I'm joined now by Jane divine she is realist agent with Caldwell banker.

And here in the this area Somerset County who are you seeing most -- buyers or sellers at this point.

I think right now buyers there's been a lot of pent up demand buyers have not.

Then coming out they've been waiting for the prices to go.

So what they call you what are they saying are they feeling that they might have missed the opportunity to get and that what was the bottom of the mark because we see price has -- back.

They're there educated now they realize that the interest rates were at historic lows -- -- -- just.

-- it now and that's what I -- and to do with a great time to buy.

So the buyers are coming back what about the Seles as we spoke to an economist at Rutgers who told us that.

Some -- still hold -- -- their properties we've seen demand shrink in some of these areas and not demand rather but supply.

And he was telling us that the sellers will come -- the market until we see another five to 10% increase in prices do you think he's accurate.

-- the perception of some sellers yes however.

Our job as professionals is to educate them that the inventory is that.

And low of 2006 levels and so many buyers are looking.

Get your house on the market now it's a great time to him.

-- share with me if you can without any names the story -- potential seller you just had a conversation with over the last two weeks who wanted to hold off putting his market.

His house on the market.

Right everyone always thinks sell your house in the spring and I said January is the new spring.

The buyers are out there if you wait you might have ten more house -- -- competition so get your house on the market now price it right.

There's a good chance -- a million dollar house you get multiple offers it's happening every day.

When you -- multiple offers are we seeing bidding wars like we saw back in say 20052006.

Yes.

And we don't want coordinating -- -- -- -- -- multiple offer situations and in this area high demand area.

Multiple offers and many are so let's wrap up with -- what -- -- -- very quickly for a buyer and then what is your advice right now for a -- Sellers get your house ready.

Get in good shape getting on the market before everybody else realizes that the prices are going up.

And get their house on the market -- -- competition.

And the buyers are out there and by now because prices are going up interest rates are low very low so -- should be out there looking in -- Alright Jane -- thank you very much for joining us -- -- -- show you more this house we haven't even hit the upstairs yet but let's talk more about some of the statistics for this part of the country again.

This house will be hitting the market for about two point six million rich I know that's pocket change to you but I think -- look at in this place.

Yeah asked not to take cash -- well thanks.

They'll take -- that hassles.

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