Right now, the real estate market is not falling! No, but there are significant barometers to consider when buying or selling.
More things than ever have to be considered.
Facts: rates are higher. Not only rates but real estate taxes are all moving higher, most of which is due to increased property valuations and inflation.
Affordability is clearly going to look a great deal different moving forward.
For the buyer, one factor to consider is seasonality. Some sellers may be willing to make adjustments later in the fourth quarter of 2023 because of their need to cover their purchase if they are moving out of state.
Since the number of home sales increases significantly in the spring, buyers may find listings in the “off-seasons.”
Typically, people don’t sell in the winter unless they have to.
Most people want to buy or sell in the summer. In an area that does not cater to families, buyers might find quick purchase options.
Buyers who are patient and flexible will have the advantage with fewer houses on the market. Some of the analysts are expecting a possible break in the upward trajectory this fall, but considering their past predictions, I wouldn’t count on it.
Demand for homes remains solid, so buyers may benefit from the surge in others looking at the same property.
If you have any questions about this information or title insurance, please contact Ralph Aponte: 732.914.1400.
Counsellors Title Agency, www.counsellorstitle.net, founded in 1996, is one of New Jersey’s most respected title agencies, serving all 21 New Jersey counties with title insurance, clearing title, escrow, tidelands searches, and closing and settlement services for commercial or industrial properties, waterfront properties and marinas, condominiums, townhouses or residential single-family homes. Counsellors Title also features its own Attorney Settlement Assistance Program™ [ASAP], which is an individual resource customized to fit the needs specifically of real estate attorneys, including, Documentation, Preparation, Disbursement of Funds, Attendance at Closing, HUD Preparation or Post-Closing Matters.
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