The real estate headlines are very doom and gloom this week, but I see still see some sunshine.

The housing market may be headed for a cool down, but leading economists agree that it is more likely to slow than to crash.  The cool down may come due to rising interest rates that put pressure on the buyer. But because there is still such a low supply of homes - especially in our area - a crash like we saw in 2008 is unlikely.  In the first three months of 2022 there were actually fewer new listings on the market than there were in 2021, during the same period of time.  I continue to see signs that demand in our area is still high and homes that are priced right are selling.  You’ve probably seen lots of new people around town and noticed just how fast homes “For Sale” signs are changing to “Under Contract.”  

What is different about 2022 compared to 2007 is that there are guardrails around lending and banking.  Today’s homeowners typically carry less debt than they did in 2008 and its actually much harder to qualify for a mortgage.  This all means that buyers who walk in the door with a mortgage commitment in hand are in a good financial place to make the sale go through. 

If you are thinking of making a move, I would not wait. Higher interest rates mean buyers have less capital available to put towards the purchase price. If you are not quite ready to move but are curious about listing your home, there may be some options for you.  

In the meantime, I recommend making your house as move in ready as possible before listing.  Clear out the clutter, touch up the paint and spruce up the yard.  If buyers are feeling stressed about making a big purchase, let’s make it easy on them to picture living there. And of course, an experienced realtor will get the price right as well as the marketing and handling the transaction details. I’m always here to answer your general or more specific real estate questions. 

Jackie Scura - 1 High Street Court, Morristown, NJ

I’m Jacqueline Scura of Compass Realtors. I’ve always believed that if you love what you do and do what you love, then success will follow. I’ve been a Realtor for over 37 years now! W... Read More »