Bergen County Market Update – 12/16/2023

*|MC:SUBJECT|*

Jay Costa

Agent
Investor
Builder

Mortgage Rates Plummet

This week, mortgage rates absolutely PLUMMETED down to 6.62%. These are the lowest rates have been since May of this year.

Like any other market, when there is a huge swing one way or the other, there is always a chance of a correction back the other way, but as of now rates have stabilized.

This has led to a 20% uptick in refinances. I presume these are all people who bought their house in the past 6 months at 7 or 8% interest rates. This is a bit premature, in my opinion.

This drop in rates was extremely sudden after some positive economic news on inflation. And the effects on the housing market have yet to be seen.

Many experts believe that the lower the rates drop, the more buyers will be back in the market, leading to home prices to surge, again.

That is certainly possible, but it is also very possible that more SELLERS hit the market as well. We have discussed on this email many times how many sellers are quite literally stuck in their houses with low rates. This is because they simply cannot afford to even replace their current house at today’s rates.
 

So in my estimation, if rates stay in the 6’s for a foreseeable period of time, we will see a strong surge of inventory coming up after the Christmas season.

 

If you would like to know my unique strategy to selling homes in the Spring, simply reply to this email.

 
As always, if there is anything I can ever do to help you, please call, text, or reply to this email.
 
Enjoy Your Weekend!

-Jay

Recent Market Activity

 
Jay Costa
eXp Realty
201-429-5535
view this email in your browser
Copyright © *|CURRENT_YEAR|* *|LIST:COMPANY|*, All rights reserved.
*|IFNOT:ARCHIVE_PAGE|* *|LIST:DESCRIPTION|*

Our mailing address is:
*|HTML:LIST_ADDRESS_HTML|* *|END:IF|*

Want to change how you receive these emails?
You can update your preferences or unsubscribe from this list.

*|IF:REWARDS|* *|HTML:REWARDS|* *|END:IF|*
view this email in your browser
Copyright © *|CURRENT_YEAR|* *|LIST:COMPANY|*, All rights reserved.
*|IFNOT:ARCHIVE_PAGE|* *|LIST:DESCRIPTION|*

Our mailing address is:
*|HTML:LIST_ADDRESS_HTML|* *|END:IF|*

Want to change how you receive these emails?
You can update your preferences or unsubscribe from this list.

*|IF:REWARDS|* *|HTML:REWARDS|* *|END:IF|*

Related posts