Considering a Move in NJ This Year, Here’s What You Need to Know. If you’re contemplating a move within New Jersey this year, you’re likely keeping a close eye on two critical housing market factors: home prices and mortgage rates. You’re probably wondering what’s next for these metrics and whether it’s advantageous to move now or wait it out.
The best course of action is to make an informed decision based on the most recent data available. Here’s what experts are currently saying about both home prices and mortgage rates in New Jersey.
1. What’s Next for Home Prices in New Jersey?
A reliable source for information on home price forecasts is the Home Price Expectations Survey by Fannie Mae, which gathers insights from over a hundred economists, real estate experts, and market strategists.
According to the latest release, experts project that home prices will continue to rise at least through 2028.
While year-to-year appreciation rates may vary, the survey indicates that prices are expected to rise (not fall) for at least the next five years, albeit at a more normalized pace.
What does that mean for your move within New Jersey? If you buy now, your home is likely to appreciate in value, gaining equity in the years ahead. Conversely, waiting could result in higher home prices down the line, making it more expensive to purchase later.
2. When Will Mortgage Rates Come Down?
This is a hot topic in the industry, and while there’s no straightforward answer, various factors contribute to the current volatile mortgage rate environment. Odeta Kushi, Deputy Chief Economist at First American, explains:
“Every month brings a new set of inflation and labor data that can influence the direction of mortgage rates. Ongoing inflation deceleration, a slowing economy, and even geopolitical uncertainty can contribute to lower mortgage rates. On the other hand, data that signals upside risk to inflation may result in higher rates.”
What happens next will depend on how these factors evolve. Experts are optimistic that rates should come down later this year, but ongoing economic indicators will continue to play a role. As a CNET article mentions:
“Though mortgage rates could still go down later in the year, housing market predictions change regularly in response to economic data, geopolitical events, and more.”
So, if you’re ready, willing, and able to afford a home right now in New Jersey, reach out to me. I can help you weigh your options and decide what’s best for you under current market conditions.
Bottom Line
Reach out to ensure you have the latest information on home prices and mortgage rate expectations in New Jersey. Together, we can review what the experts are saying, helping you make an informed decision about your move. Thanks for reading Considering a Move in NJ This Year, Here’s What You Need to Know
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