The spring selling season is upon us, and there are many positives driving the market in a positive direction! This article outlines some of the most important factors that Realtors & consumers alike should understand about the state of our housing market.Home prices are surging:
Price growth is only increasing, due to a lack of inventory in some markets.
Mortgage rates hold steady:
30-year fixed rate mortgages remain at 3.7 percent, but that is likely to change. "Low mortgage rates are a welcome sign for those in the market to buy a home this spring season and will help to support homebuyer affordability," says Len Kiefer, deputy chief economist at Freddie Mac.
Sellers Needed:
It continues to be a seller's market, as total housing inventory at the end of February increased just 1.6 percent. For the second month in a row, unsold inventory is at a 4.6-month supply, below what is considered normal for a healthy market.
Buyers want move-in-ready properties:
Despite the low housing inventory, buyers are picky about the condition of properties for sale and expect homes to be move-in-ready.
Foreclosures keep slipping:
Foreclosures are at an 8 1/2 year low due to both an increase & growth of our economy, along with lower mortgage rates giving consumers the ability to refinance, lowering their mortgage payments.
Going green:
Millennial clients are providing the push for home builders to downsize. The average size of a new home is 10% less than the typical home five years ago. Younger clients are leading the push for green and energy efficient homes, according to a recent study by NAR.
National award-winners and seasoned Realtors with over many years of experience in Northern & Central New Jersey, Rahul & Smitha and their team have become New Jersey’s “Go To” agents and consistent leaders with a reputation for tenaciously protecting their clients’ interests. They specialize in Morris, Somerset, Essex, Union and Passaic counties.
