Though the economy for the entire nation is sluggish now, many economists are expecting a rebound by the second half of next year.
Lawrence Yun, NAR chief economist, predicts that the 2008 fiscal stimulus package should provide a much needed boost to the real estate market, and the Northeast region will be the first to show signs of stabilizing, and then strengthening, housing market conditions.
That shouldn't come as a huge surprise, says Yun, as the West seems to have been more severely affect by the current housing slump.
In looking at the market reports from some individual states in the area, we see a mix of good and bad news.
Starting in Providence, Rhode Island, Steven Gillikin reports that the multi-family market is really struggling in his area.
But agents in New York and New Jersey both report that if homes are priced correctly, they are selling in a relatively short amount of time.
Robert Frey of Larchmont, New York reports that sellers who price their homes correctly are selling them in a relatively short period of time. And Roni Chasin of Short Hills, New Jersey also reports seeing situations where correctly priced homes are receiving multiple offers.
Agents in Pennsylvania are reporting similar trends.
Bethlehem Realtor Joseph Finnerty says that his market is really starting to pick up in the second quarter of this year, which reflects Yun's prediction that the fiscal package should provide a huge boost to the US economy and real estate market.
The bottom line seems to be that, though the market isn't humming along as strongly as it was a few years ago, the Northeastern states are still managing to stay active.
