Wednesday, June 29, 2022

As the weather heats up, so does our local market. The national story right now can be summed up as a waiting game. When will the rising interest rates kick in and have the requisite impact in terms of stabilizing prices, especially home prices? As of now, this highly anticipated result has not begun, as average list prices have crossed over $800,000 in the Teaneck, Bergenfield and New Milford markets. There is some relief, however minor it may seem, in that housing stock in this same area is steadily rising and is now at a six month high. We continue to watch as more and more home sellers decide that now is the time to make the move and sell their home. There are still many buyers, and the rates, while they have risen, are still at historically favorable numbers.

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