Those of you who are keeping track of the real estate market over the past couple of months must realize that by now we are in a shift in the marketplace.
Rising interest rates, coupled with higher housing prices and limited supply have all combined to put a serious crimp in the current real estate market. Now don't get me wrong. This is not a crash, nor is it the same in every market. Real Estate in general is very micro in its orientation. There are still certain pockets in lower priced homes in commuter friendly locations that are faring better than others. However, larger homes in outer suburbs are having a harder time attracting buyers. This makes for longer days on market and lower prices, in general.
So we have shifted from a Sellers market to more of a balanced market? Some would say we are moving towards, and indeed have entered into a Buyers market in some areas.
People are always going to need to be buying and selling homes. There are job transfers, illness, divorce, death and a myriad of other reasons for the home selling and buying process to continue. Lets see which way the wind blows and see how it all plays out in the coming months!
Author:Andy Walker Phone: 201-424-8628 Dated: November 15th 2018 Views: 914 About Andy: Having lived in New Jersey for over 20 years, I have been a top producing Realtor and member of the ...
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