This fall market is going to be huge for real estate in Hudson County. Why? Let’s take a look.
In terms of timing, our fall market is going to give both buyers and sellers some amazing opportunities this year. If you have been keeping up with my recent videos, you know that inventory has been increasing, demand has been decreasing, and that these factors don’t indicate a recession but rather a change in our market driven by tax reform, interest rates, and increases in the number of new homes being built.
It looks like our market is starting to respond to all of these factors because my email is full of price improvements and homes going under contract at an accelerated rate. Since sellers have a higher desired product, all they really need to do to overcome the market resistance is identify what price point buyers are most likely to buy rather than rent.
So here are the top three reasons why I know this is going to be a huge fall market.
“Our fall market is going to give both buyers and sellers some amazing opportunities this year.”
1. Sellers are coming to reality. They’ve come to the realization that they can exceed the price at which buyers will even walk through the door. We’ve had open houses with only a few people coming in, so now agents need to help identify what is the price point in which they can increase the value proposition to buyers and we can see bidding wars again.
2. Interest rates. The 30-year fixed mortgage rate went up again to 4.69% and rates are going to continue rising. I’m a huge proponent of striking while the iron is hot before it becomes too expensive to acquire a loan and it makes more sense to simply rent. So, lock in a good rate while you still can.
3. Inventory. There’s a lot of new construction coming to the market this year, so buyers have a pretty decent selection of both new builds and resales. This means that they don’t have to settle for a product like in the past. Also, we’re starting to see good prices again.
With all these things combined, I really do think we’re going to see a strong fall market for both buyers and sellers. If you’ve been debating with the idea of buying or selling, please feel free to reach out to me. I would be happy to help.
