Otteau Fall 2019 Housing Market Workshop Updates

Allison Ziefert October 29, 2019

We are just back from the Otteau Valuation Group’s Housing Market Workshop. We love attending these seminars each year because Jeff Otteau, a noted real estate market expert, gives us great insights into national and local real estate market trends. We want to share some of his analysis and predictions with you.

  • We are experiencing the longest growth period since WWII. The NJ economy is very strong with unemployment low and wages outpacing inflation. 

  • The entry level market (under $500,000) is particularly hot due to millennials demand while the luxury end of the market has been declining and will continue to do so due to a number of factors. It’s a tale of 2 markets. 

  • Mortgage rates have dropped significantly since this time last year driving up the affordability index for buyers.

  • This is yielding continued strength in housing market at least through 2020 with price increases starting to taper off.

  • The next recession isn’t predicted until 2021. 

What does this mean to you as a potential seller or buyer? Well, it means we have a really great window of opportunity. Buyers can afford to pay more and sellers will get more for their homes.

If you’d like more information on the Otteau report or if a more in-depth conversation would be helpful, I am happy to talk.

The Allison Ziefert Real Estate Group is a top producing real estate team based at Keller Williams MidTown Direct in Maplewood, NJ. We are local market experts, specializing in real estate and homes in Maplewood, South Orange, Millburn/Short Hills and West Orange, NJ and the surrounding towns. We are driven by earning great testimonials and referral business from happy clients. You can read our testimonials at www.azhomesnj.com/testimonials.

 

Join The Conversation

This site uses Akismet to reduce spam. Learn how your comment data is processed.