Are you wondering if there will ever be any snow this winter in New Jersey... or are you curious as to when the so called "Buyer's Market" will take effect? Either way, both of these are hard to predict! If you are watching the news, or seeing articles on your computer or phones, you may already know the housing market has changed. But how so? No doubt, the increase in mortgage rates caused many buyers and sellers to halt their real estate plans in the last couple months. But what is the outlook today? Rates are still higher than they were early last summer, but surprisingly, that is not a deterrent to buyers at the moment! Buyers are still forging ahead with making offers over list price and many sellers are reaping the benefits of the high home values despite the rumor that home values are going down.
There is no better way to gage the housing market than talking to a real estate agent who is out in the field experiencing the most recent activity. We are beginning this year with the same struggle as we were last year with inventory. On paper, and in the news, some say home values may be going down, but the Market Value (what a buyer is willing to pay) continues to increase.
Sellers are still WINNING with buyers paying more than the list price sending in multiple offers. Why is this so? Supply and demand say more houses are needed for people to purchase. There simply are not enough. One can speculate that it will still be a Seller's Market until the amount of inventory at least matches, best if it exceeds, the number of preapproved buyers.
Check out today's mortgage rate! Not last year's rate, but not your 1985 rate of12.96% either!!!
Let's take a look at the most recent stats from NAR (National Association of Realtors) in which they are showing that home sales are actually up this year in December, compared to last December. It does show an overall decrease as we headed into the New Year, but that was most likely from the rate increase, the hustle around the holidays, and the uncertainty about the economy.
If you are thinking of Buying or Selling this year, it is never too soon to get some information you can use when the time comes. Contact me, Kristina via text 609-350-0096 or email kristinazingler@gmail.com .