Are you wondering if there is a Real Estate market shift in New Jersey? Let’s talk about Depreciation and deceleration, the new phase of the current real estate market which is shifting ever so slightly… If you follow the news you may be reading headlines right now that give the impression that home prices are going to take a dive. The reality is that this isn’t completely accurate, and headlines don’t provide a full picture into what’s going on. Here is what we are seeing in my local market in Monmouth, Ocean and Middlesex Counties of New Jersey right now. Since interest rates have risen buyers budgets have now taken another hit on top of high prices and bidding wars. They have literally been priced out of the market but buyers have taken a stand and are back! We are now seeing homes staying on the market longer, under asking offers are coming in now and sellers are seeing less bidding wars and less offers on their homes . Sellers may have to counter these offers and sell for under asking but will still reap the rewards of the tremendous home equity gains we have seen across the state and the good old USA! This scenario will help stabilize home sale prices and allow buyers jump back into the market. However, lets make no mistake about it , we still have a severe lack of inventory of homes keeping homes in demand and a sellers market continues on, at least for now. If you have questions about the market and current trends, the current market shift or any Real Estate questions at all I’m here to help shed some light. Leave me a comment and let’s start the conversation!
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