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Housing Losing Sparkle - Slowdown starts to affect N.J. prices

The Record - May 16, 2006

Shallis said that in more recent negotiations, buyers have had the upper hand. Sellers - particularly those who are motivated to sell quickly - have started dropping prices. "What we're seeing is a softening market," Shallis said.

U.S. Economy: Home Sales Unexpectedly Rise, Confidence Gains

Bloomberg - April 26th, 2006

"We're going to have what they call a soft landing," said Sean Shallis, who runs the RE/MAX Villa Realtors office in Jersey City, N.J. "You're going to see that landing in the next three to six months."

"It is simple supply and demand. Flipping became an industry when housing supplies were low and buyers were plentiful. In that kind of market, flippers could buy a home and turn it around quickly for a profit," said Shallis. "Now that the inventory of housing is rising and there are fewer buyers, houses are staying on the market longer and it takes more time to find a would-be buyer."

Shallis said homes were selling in one to two months in the Hudson County area in 2004. Now, they remain on the market for an average of 5.1 months, he said.

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Latest Market Report

"I wanted to write and thank you for your efforts that led to the successful sale of my condo on Duncan Ave this fall. In the face of a difficult market, you were able to find a good prospect and keep the sale afloat. You, or one of the members of your team, were always ready to take the next step at each turn of the way. You seem to have reduced the process to a science! It's good to work with someone who delivers what he promises. I will be back in touch next time I require the services of The Shallis Group!"
Bob McEwan