The one word I can use to describe the type of market that we are dealing with currently. Why is this market so outrageous? The number one explanation is interest rates.
With rates still hovering in the low 4's we are seeing a mass migration of buyers moving from their rentals out to the suburbs. In fact, many economists note that until interest rates hit roughly 6.5% it will be cheaper to buy than rent in New Jersey.
But the question remains, how long will rates stay near historically low levels? There's really no telling. Rates were predicted to be at about 4.5-5% this summer but we obviously have not seen that just yet.
If your a buyer, there truly has never been a better time to buy, take advantage of these rates while they're around. If you're a seller planning on "moving up", make the move now. The longer you wait the higher prices and interest rates will soar.
As always, if you have any questions give me a call (201-403-1314) or shoot me an e-mail (KyleKovats@Gmail.com).
