There's been a lot of talk about real estate prices and where they're headed . The Federal Reserve has just raised rates another .25% and will most likely raise rates
another .25% in December.
I was just reading an article about mortgage rates now approaching 5% and how many first-time buyers are simply not used to seeing rates this high. These are still very low rates compared to where they have been in the past. To date, I have never had a buyer tell me that they aren't purchasing a property because mortgage rates are too high.
That being said, the markets are being affected by these rate increases.
We've seen changes, with the absorption rate creeping up over the last few months and now we've seen a slight drop in pricing in some segments.
It's interesting to note that Hoboken 3BR and 4BR and downtown JC posted positive
results for September.
Kevin G. Dowd
The Turoff Team
100 Washington Street
Hoboken, New Jersey 07030
Mobile: 201-606-5957 | Office: 201-659-8600 x408
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