Many folks in the Hoboken area, whether directly or indirectly, are tied to real estate. The Real Estate Gorge in the greatest little city seemingly has long since ended yet the bellyache still lingers. So, the question is, when will we be all better?
Well, nowadays, it depends on who you ask. The doctor in this scenario, the US Government and their partner, the Federal Reserve, have prescribed many different antidotes to cure what ails you. They’ve lowered interest rates, given us rebate checks, loosened Federal lending limits and loaned millions upon millions to banks in order to loosen up lending. Now, the question becomes, “Why don’t I feel better?” i.e.” why hasn’t the real estate market improved?
The answer is…hang on, help is on its way. We want it all. We want it now. We don’t want any consequences. Unfortunately, in life, as in economics, there is never a quick fix. The good news is, all the economic stimulus, like a planted seed, is starting to take root. You reap what you sow and all that. At the same time, the real estate market, buyers and sellers alike, are well caught up on the reality of the situation, and prices are adjusting accordingly.
Remember, “its always darkest before the dawn” and even though it appears that the economy, housing and the stock market are out of control, help is on the way, we simply need to be patient and let the medicine kick in. Light at the end of the tunnel? Existing home sales in May actually increased.
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