Perception is Realty
Every place I go someone will ask me about the State of the real estate market. I, too, watch the news and read all the media feeds out there.
I can only speak for New Jersey, but I say with confidence the market is very strong.
There are a couple reasons for the positive pulse of the market. Post Covid families still want a quality of life and can achieve it with the ability to work remote or hybrid. When a home does come on the market, lack of inventory continues to create an urgency. Part of the media’s “go to” is the reference to interest rates. When I bought my home in Chester, I believe my interest rate was 13%. Today’s rates can be under 6% depending on certain criteria. Our Mortgage Company, Guaranteed Rate Affinity, offers savvy products to keep rates down.
I have available current data on every municipality in the State. I’ve checked Morris, Somerset, Sussex, Cape May, and Camden counties, and every one shows appreciating prices.
In Mendham Borough, a 5 Bedroom 3 Bath home on less than an acre was listed 3 weeks ago. The home was built in 1969 and was updated. It has vinyl siding and is 2564 square feet. The neighborhood is desirable with like style homes. The home was listed at $960,000 (just shy of $1.M) and is already under contract. Homes continue to sell above asking.
The market is alive and well. Let’s have a conversation.
BELIEVE WHAT I WRITE: THERE IS NO BUBBLE.