As we move into summer 2022, many experts are sharing housing market trends that are expected in the coming months.
Over the last months, we’ve seen historically low mortgage rates, increases in home prices, gas prices, and much more.
These factors continue to have an impact on the housing market in New Jersey and across the country.
Mortgage Rates are on the Rise
Interest rates started to increase well into the beginning of 2022.
Experts expect that to continue through the end of the year.
The increases are an attempt by the Federal Reserve to stabilize the market and reduce inflation.
The increase in the federal rate doesn’t directly impact longer term mortgages, but it does affect overall consumer spending.
The federal rate can also impact adjustable rate mortgages.
Learn about the different types of mortgages here.
If you are in the market to buy a home in New Jersey, you will be happy to hear that many experts are predicting reduced competition in the housing market in the coming year.
This decrease in competition can be attributed to increasing mortgage rates, and the general increase in home prices.
This combination will force many home buyers out of the market all together.
We can expect to see more opportunities for house hunters that are more qualified and can afford more expensive homes.
Hope for the Future
If you are in the market for a home in New Jersey, reach out to our team of New Jersey based real estate agents.
At the DV Real Estate Group we pride ourselves on helping you achieve financial success and security through real estate.
As experts in the field, we navigate through current market trends to help you achieve your goals.
If you are currently a homeowner, don’t wait to take advantage of this seller’s market.
Contact our team of top real estate agents in Jersey City and let us help you accomplish your real estate goals.