Fall 2021 Market Update

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Real Estate

Fall 2021 Market Update

Twice a year I attend Jeffrey Otteau’s seminar on the real estate market.  Below are some highlights for New Jersey overall.  Feel free to contact me for stats on your specific town where you live or would like to live.  

 

The second half of 2020 was shockingly unprecedented record highs in sales volume.  July alone was up 114%.  The was due to 3 factors:

o   Millennial market

o   Low interest rates

o   Urban flight due to the virus

 

2021 sales pace slows but remains a strong seller market. NJ annual house price change was up 17%.

 

The forecast for 2022:

o   Remains strong

o   Urban areas are accelerating

o   Home prices continue to rise but at a slower rate

o   Rise in interest rates are expected

 

So it’s a great time to sell, but it’s been hard on buyers to compete.  Move-in ready homes are at all-time premium.  Maybe consider a great location and space and take on some renovation.

 

Contact me to chat in more detail.  I’d love to hear your goals and help you make them happen!

 

All the best,

Betsy