Last year’s housing slowdown comes straight from the Federal Reserve Bank’s playbook as it attempts to reduce inflation by crushing consumer and business spending by raising interest rates. And that today’s 7%+ inflation remains more than triple the Fed’s 2% target, suggests that relief from significantly lower interest rates won’t happen anytime soon. As a result, the most likely scenario is that housing market conditions will continue to be challenged in the coming months until inflation cools and lower interest rates follow.
Jeffrey Otteau has developed this exclusive briefing covering emerging trends affecting the New Jersey housing market to prepare you for what to expect as we head into the Spring Market. Join us for this guided tour of the big changes coming in 2023 so you can counsel your clients and maximize your business model.
Here is a sampling of the essential information you’ll learn:
- Housing Report: While there are many reasons for the slower pace of home sales, the single greatest factor is today’s elevated interest rates. And the rental market has also slowed recently as inflation subtracts from household spending power and the threat of an economic recession looms large. Given that interest rates will likely remain elevated for a while, we are now heading into a correction phase for housing demand in 2023 that will bring lower price levels for housing sales and rentals. This roundup will examine how the market is performing all the way down to the local level and provide you with the latest trends for your local area.
- 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. And slower demand growth for apartments will also impact rental pricing in 2023. 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 this changing environment.
- Market Forecast – “Is the housing market heading for a correction with falling prices” and “where are interest rates heading” are the top trending topics today. We’ll provide you with a roadmap for what to expect in 2023 with our market forecast for the New Jersey housing market.