Charles Blumenkehl, managing partner for Blue Asset Management LLC, said his company is seeing more buyers interested in properties so far in 2011. He said his company has received more offers this January and put more properties into contract with buyers during the month than in the prior two months combined.
According to Blumenkehl, "I am particularly surprised that in spite of the hard winter we have been experiencing in New Jersey this month, with all the snow we have gotten, that buyers are actively looking and activity has picked up so much more than the last few months". Blumenkehl continued, "with home prices as low as they are, and interest rates still historically very very low, buyers seem to be focused on getting a good deal and a low interest rate mortgage while they still can. The recent increase in interest rates has still left the mortgage rates for a 30 year fixed rate mortgage below 5%, and has instilled a sense of urgency for many buyers that they get into their home now, and not risk paying more as prices and rates settle in and the real estate recovery in New Jersey becomes more apparent".
Blumenkehl said his fund has over a dozen properties currently for sale in New Jersey, and has signed contracts or is negotiating offers on about half of their available inventory from the first of the year. He anticipates a stronger spring selling market as the weather gets better and more home buyers come into the market.
Charles Blumenkehl founded Blue Asset Management LLC in 2008 to leverage the opportunities made available to real estate investors as a result of the mortgage liquidity crisis. For more information about Charles Blumenkehl or Blue Asset Management LLC, log onto the company website at www.blueassetmanagementllc.com or call the company directly at 973 835-1400