Hi all!
GOOD NEWS
Inventory levels Statewide have started to DROP!
Remember when you first heard of "supply and demand". When supply drops and demand stays constant, prices tend to rise. The activity levels in Somerset, Morris and Mercer Counties have improved. Recently Mercer County was removed from a "declining market" designation list used by many mortgage underwriters. This is ALL GOOD! Especially so for Sellers!
BAD NEWS
Mortgage rates are inching UPWARD!
This increase in rates will reduce a buyers..."buying power". With home prices relatively low after 3 years of correction a buyer can get more house for their dollar. This will change as mortgage rates increase. BAD NEWS for Buyers!
SUMMARY
With inventory levels declining and mortgage rates increasing THIS IS A BUYERS BEST TIME! I've been mentioning this for a few months now and am absolutely convinced that IF your looking for the BOTTOM in this immediate area......you've found it!
YUP, this is me.
Wayne Smith, Licensed in NJ & PA
About Me
- Wayne Smith
- East Amwell, NJ, Hunterdon, Somerset, Mercer, Burlington, Warren Counties, United States
- I have been finding DREAM HOMES for my clients in the Hunterdon, Somerset, Warren, Mercer and Burlington County area for years. My skills are used to mentor new agents as well as First, Second and Third Time Homebuyers as to the changing marketplace, policies and procedures. I LOVE to see the expression on my clients faces and hear the excitement in their voices when I take them to their, soon to be, new home for the first time. I understand the dynamics of a move touch more people than the client themselves; the parents, children, in-laws, friends and relatives, and take the extra time needed. Many of my best friends today were my clients of the past.