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.