Happy New Year to all our readers! We wanted to reach out today not only to give you our opinion on the current state of the market but to also let you know that if you are considering a sale of your property, we have a turnkey setup for helping with your efforts to get your home ready for the market. We offer staging services and have trusted service providers to help with all your needs. Call us in for a consultation now. It is never too early to begin the discussion and create the road map.
MARKET UPDATE: As the year begins, as expected, we are starting to see new listings dribble on to the market. Prices remain on the high side due to the consistent low inventory levels. Several higher end homes (over a million) hit the market in Maplewood and South Orange this week and they all received offers. Buyers are out there waiting for new inventory and with the dip in rates right before Christmas lenders saw about a 6% increase in applications. As we move along in time during 2024, the expectations are that interest rates will stabilize to hopefully in the mid 6% range. What is also predicted is that the homeowners who have stayed put in their homes because they have very low mortgage rates, will slowly begin to bite the bullet and list their homes for sale so that they can move on to what they feel is their next stage in life. Once this happens, inventory will start to free up and perhaps prices will stabilize as well.