Tales of a Seasoned Broker
Even as the Federal Reserve continues to raise rates to levels not seen in over 16 years, the update vis a vis housing inventory is a somewhat brighter story. While the accepted thinking is that the majority of homeowners who refinanced their mortgages at rates ranging from the high 2’s to low 4’s feel “constrained” to their homes given the new higher rates, they surely don’t tell the whole story. While mortgage rates remain high, the curiosity that current homeowners often have as to “what else” may be out there will surely be stunted. However, let’s not ignore the reality that many current owners do face. Whether for new job opportunities, retirement, or simply overdue upgrading there are still many homeowners contemplating selling and moving on. Inventory for residential homes is looking somewhat brighter every day. For the past 2 months the number of homes coming to the market has been up in the county and inventory is certainly up in Teaneck, Bergenfield and New Milford. We are experiencing an almost 75% increase in listing activity, quite a jump from the lows of early March. Surely movement in the marketplace is tied to the rates, but current indications are that this accounts for only part of the story.
Nechama Polak is the Broker of Record and owner of V and N Group LLC located at 1401 Palisade Ave in Teaneck. email@example.com 201 826 8809.