The real estate market in New Jersey Shore is more active and busy than it typically is in July, which can be a slow month due to rentals and vacations. However, the current conditions are still challenging for buyers due to fewer properties listed, while sellers are enjoying a strong and robust market that favors their interests. In this blog post, we bring to you a comprehensive analysis of the current real estate market conditions in New Jersey Shore, from interest rates to absorption rates and local housing data.
Inflation seems to have cooled off and the feds are not being as aggressive with rate increase. We maybe seeing the new “norm” for rates. Many buyers have become more comfortable with the current interest rates, resulting in more activity in the market. However, many home owners are uncomfortable selling and getting out of their low interest rate loan to get into a higher interest rate mortgage.
According to the housing data, there are fewer listings on the market, which is causing even fewer transactions. This is not something new, as it has been ongoing for the past few years.
The absorption rates are crucial in analyzing how long it would take for homes to sell. The good news for sellers is that the absorption rates are still low, indicating that it is still a strong seller’s market. This means that sellers can expect to receive strong offers right away.
Overall, the real estate market in New Jersey Shore for July of 2023 is challenging for buyers due to low supply of properties. However, it remains a strong seller’s market with a low absorption rate. Interest rates have stabilized, and buyers are more comfortable with the current rates, resulting in more activity in the market. It is essential to stay up-to-date with the market and talk to your trusted real estate professional to navigate the current market conditions.