by James Stefanile, ABR, GRI, SRES, QSC, gCertified, REALTOR/Salesperson, Berkshire Hathaway Home Services New Jersey Properties, Montclair Office
As we approach the autumn market peak later in September, it’s interesting to analyze all the factors that contribute to the state of the housing market in our local Essex County, New Jersey as a whole and nationwide.
Interest rates are ticking up, albeit slowly. We may be near 5% in the not so distant future. If that occurs the disconnect between buying ability and price plus interest hikes will be all the more pronounced and inventory may begin to accumulate.
Prices are not coming down. Healthy appreciation is still occurring and 2019 is projected to be a good year for increased home equity. Appreciation and absorption rates vary from town to town, even in popular Essex County. The following article from the August 27th New York Times explores another wrinkle in the home price analysis. Click on the picture to be taken to the entire article.