Description

Recent news that inflation is rising suggests that today’s elevated mortgage interest rates will drift higher. This means that the pace of home sales will slow even further after declining for the past 27 consecutive months. Home prices have, however, remained high despite the slower sales pace because of a 33% decline in the number of homes on the market as existing homeowners are deferring the ‘trade-up’ to their next home due to a reluctance to give up their current low interest rate mortgages. This raises the question as to whether home price declines are coming soon.

Jeffrey Otteau has prepared this essential briefing to explain the latest trends affecting the New Jersey housing market and what to expect as we head into the slower winter selling season and turn the corner into 2024. Join us for this guided tour as he provides his forecast of where the market is heading so you can enhance the effectiveness of counseling your clients and maximize your success!

Here is a sampling of the essential information you’ll learn about:

• Housing Report: While the pace of home sales has slowed steadily over the past 2 years, homes that are well priced continue to sell quickly for higher prices. Join us for a review of the latest market trends all the way down to the submarket level.  This comprehensive roundup will examine how the housing market is performing all the way down to the submarket level and provide you with the latest trends for your local area.
• Higher Interest Rates: The Federal Reserve Bank’s attempts to cool the economy by raising interest rates is not having its intended effect as inflation increased in July despite the Fed Funds rate being pushed to its highest level in 22 years.  As a result, rates on home mortgages have risen from 2.7% to nearly 7% which is reducing listing inventory and the pace of home sales.  This segment will explore the relationship between interest rates and the economy and provide a roadmap of what to expect next.
• Housing Prices: ‘How much is my home worth’ is the most asked question in real estate, which is why understanding where prices are today, and where they will be in the future, is something you absolutely need to know. Find out the latest home price trends down to the submarket-level with our exclusive town-by-town ‘Report Cards’.
• Forward CMA Guidance: Understanding how to prepare an accurate CMA is the single most important tool for Realtors® to achieve marketing success. This segment will provide you with updated guidance on CMA preparation so you can sharpen your pencil and prepare a more accurate marketing plan in a challenging environment.
• Market Forecast: Have mortgage rates peaked or will they go even higher? Will the number of homes on the market remain low or increase?  Will home prices continue to rise or is a correction phase with falling prices looming?  We’ll provide you with answers to these trending topics as well as what to expect in the coming months and next year for the New Jersey housing market.