Attended a seminar by real estate guru Jeff Otteau of The Otteau Valuation Group yesterday. Jeff is predicting price increases of 3-6% this year. With affordability at an all time high and interest rates at an all time low he is calling today’s market a “once in a generation” opportunity to buy.Home purchase activity in New Jersey saw another double-digit increase in February with an 11% y-o-y increase in signed purchase-contracts. Although, the increase in contract-sales activity is not as robust as in the prior month, thus far 2013 has the strongest contract-sales activity since 2007, signaling the strongest Spring surge in home purchase contracts of the past six years. So if you are looking to purchase a home in Maplewood, NJ, Millburn, NJ, Short Hills, NJ or South Orange, NJ this may be your best window of opportunity. The strong sense of buyer urgency in the Maplewood/S. Orange and Millburn/Short Hills area home buying markets, which we haven’t seen in a few years, signals to me that he is correct.
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