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Much will depend on location. Here in my NJ market, I am seeing continued signs that we are turning the corner. My the Market Absorption Rate metric which measure average time to sell, the Spring Market surged and has carried further in to the Summer than is traditionally the case. Time to sell in some of your popular communities that hug the train lines and offer well respected schools is in the "normal/balanced" market level of 5-6 months or even lower. When it falls below it is considered an appreciating market - by degree, and likewise when it goes over, a depreciating market by degree.This metric which is calculated by dividing total inventory by the number of properties that have gone under contract in the last 30 days is a good way to gauge market health. When you begin to see repeated months of normal or better performance, it is a signal that the market is stabilizing.I am hopeful that the 2013 market will show further improvment and with that there will be less issues with appraisals which is good for both sellers and buyers. Also, interest rates are expected to remain deliciously low, which continues to make this a very good time to buy if you have the qualifcations to do so.
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