Your Next Wise Move

There are a lot of mixed messages about the economy in the news today.  What is going on with the local real estate market?  I have three positive messages to share with you.

1. Buyer demands remains strong. While we may not have multiple bids on every house, or we have fewer offers, well-maintained properties still sell quickly and often at or above the asking price.
2. Sales prices have risen by 32% in 5 years. The real estate values have been on a steady increase and have risen sharply since 2020.  The pandemic awakened many young city-dwellers to the idea of having more space, a place to work from home, and a patch of grass to call their own.  The law of supply and demand is reflected in the increase in sale prices.  For example, in Clark NJ in 2017, average sale price was $461,648; in 2022, the average sale price it is $612,492.

3. Current mortgage rates are still historically low.

Below are some average 30 year fixed interest rate as per Freddie Mac.

1974 – 9.19%

1981 – 16.63%

1991 – 9.25%

2008 – 6.03%

June 2022 – 5.52%

Referenced from:  website:  https://www.freddiemac.com/pmms/pmms30

We may have become accustomed to the super low rates of the last few years.  But there are still good interest rates that make owning a home a good investment and a step up on the financial growth ladder.

While you contemplate the relevant data related to real estate I have shared, I have a few questions for you.  Where do you want to be?  Does your house suit your needs today?  If making a move is a question for you, let’s get together to go over the numbers with you.  I can sell your current house AND help you find your new one.