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Today I just wanted to provide you with a quick real estate market update for the North Jersey area. A lot of people have been wondering whether we're in a buyer's market or a seller's market, and that's only one of the things that we'll be discussing today.
Inventory is extremely low right now, in fact, this is the lowest amount we've seen in nearly 20 years. This places us squarely in a seller's market. When there aren't enough homes to purchase, the sellers will have the upper hand in the market.
How will this affect home values in North Jersey? This will have a positive effect on sales prices and that will result in you getting more money for your home if you decide to sell right now. In fact, we're seeing a lot of bidding wars taking place and sellers are walking away from deals very satisfied.
As far as interest rates go, they're still incredibly low. It's really not possible for them to drop any further, so if you plan to buy, I would do so as soon as possible. The longer you wait, the less buying power you will have. Even if rates rise to 5% at the end of 2016, that's still a phenomenal interest rate. You can save thousands of dollars over the lifetime of your loan.
If you have any questions about our local market, please don't hesitate to contact me. I look forward to speaking with you!
Inventory is extremely low right now, in fact, this is the lowest amount we've seen in nearly 20 years. This places us squarely in a seller's market. When there aren't enough homes to purchase, the sellers will have the upper hand in the market.
How will this affect home values in North Jersey? This will have a positive effect on sales prices and that will result in you getting more money for your home if you decide to sell right now. In fact, we're seeing a lot of bidding wars taking place and sellers are walking away from deals very satisfied.
As far as interest rates go, they're still incredibly low. It's really not possible for them to drop any further, so if you plan to buy, I would do so as soon as possible. The longer you wait, the less buying power you will have. Even if rates rise to 5% at the end of 2016, that's still a phenomenal interest rate. You can save thousands of dollars over the lifetime of your loan.
If you have any questions about our local market, please don't hesitate to contact me. I look forward to speaking with you!
