May 19, 2024
Search
Close this search box.
Search
Close this search box.
May 19, 2024
Search
Close this search box.

Linking Northern and Central NJ, Bronx, Manhattan, Westchester and CT

Real Estate in Winter Months

Knee-deep in the cold winter months, and having our early snow disaster this past fall, we can brace ourselves for more cold weather and snowfall in the near future. Busy with living life with daily chores and responsibilities, it seems that real estate is not on everyone’s top list of interest. Even curiosity seekers wane at this time and we are casually asked less in shul and around the community what is going on with the real estate market. The height of buying and selling starts in early March, yet as a real estate agent I am busy all year long for various housing needs even though it is not in the height of the busiest season.

So if you are wondering how the real estate market is, here goes! The booming U.S. economy continues to prop up home sales and new listings in much of the nation, However, the concern lingers whether housing affordability is a hovering issue and for how long. Historically, housing is considered relatively affordable. Yet it is disheartening to know that Freddie Mac reported a 30-year fixed rate at its highest average in seven years, reaching 4.94 percent even though average rates were 5.97 percent 10 years ago, 6.78 percent 20 years ago and 10.39 percent 30 years ago. In comparison of a decade or two ago and more, rates in comparison do not look as threatening. Nevertheless, since your buying power is lowered, affordability concerns are truly causing a slowdown in home price growth in some markets. Price reductions are becoming more common and prevalent to get the house moving off the market.

Since home buying and selling activity relies on gainful employment, the low national unemployment rate of 3.7 percent has helped the housing industry during the extensive period of U.S. economic prosperity. It allowed for a healthy home-buying and -selling climate. In contrast, since the housing industry also relies on demand as well, builders have become cautious for single-family home construction projects due to the concern of rising mortgage rates with the result of fewer showings overall.

Facts to consider according to the New Jersey Multiple Listing System report:

Single-family median sales price increased 4.9 percent to $430,000 while townhouse-condo median sales price increased 4.7 percent to $335,000, with a decrease of 0.5 percent to $359,000 for adult communities.

Single-family closed sales were up 2.3 percent to 915 while townhouse-condo closed sales were also up 1.8 percent to 333 in contrast to adult communities closed sales, which were down 15.0 percent to 17.

Taking all this into consideration, the winter months are typically the quietest. People are careful with their buying and selling power and are cautious in using time on their side. But be aware, spring is around the corner and, who knows? You might be right back into the grind of real estate for optimal results.

Hope these facts help with your decision landscape, but for now, just sit back and watch: Home is where the heart is; make sure you are there!

By Ruby Kaplan


Ruby Kaplan is a realtor with United Real Estate, licensed in both New Jersey and New York. Her passion is to help people meet their housing needs and goals. Having bought, sold and built homes, she has acquired an expertise to represent both sellers and buyers. She is sensitive to her clients’ needs and has a driven commitment to oversee all her transactions with honesty, integrity, knowledge and dedication. Ruby can be reached at 917-576-4177 or at [email protected].

Leave a Comment

Most Popular Articles