Snapshot of a Shifting Market
1 in 5 homes dropped their price this week. Why? What's next?
The market has shifted; 20% of homes listed adjusted prices last week. Today all eyes are on Fed Chair, Jerome Powell’s, testimony on Capitol Hill to see if he will announce any more point increases next month.
What does this mean for your home plans?
The good news for now is that advantages remain for both buyers and sellers.
Buyers Advantage
For buyers, while an increase in mortgage rates may be a concern, there are multiple programs in place that position and support buyers who are in the market for long term purchases. Some local markets may even indicate an increase in home values over the next year. Both these factors representing advantages for buyers looking to purchase now.
Practical tools for buyers
As a service to buyers, we offer automated opt-in notifications that instantly alert our clients anytime there is a price change on a property that fits within your unique buying criteria.
Request your complimentary property notifications today.
Sellers Advantage
Sellers can see continuing demand, though multiple offer scenarios are less likely than the unprecedented level of offerings seen more recently. Home values continue to remain strong, though the rate of increase is slowing.
Practical tools for sellers
As a service to sellers, we perform a CMA (Current Market Analysis) to provide an understanding of how your home is fairing at this unique time in this unique and shifting marketplace. Your home’s CMA gives you access to the most accurate indicator of home value that is specific to your neighborhood and hyper-focused on current activity and projections from NJ Economic Analyst experts directed by the Otteau Group. A CMA will give you a snapshot of today's value so you can make informed choices on what to do with your home asset in the days ahead.
Request your complimentary CMA today.
In essence,
the real estate market is just past peak but still in good condition for both
sellers looking to move and buyer demand for more inventory to choose from.