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How Is The Housing Market in Nutley, New Jersey?

(Published on - 10/12/2020 8:02:53 PM)

How Is The Housing Market in Nutley, New Jersey?

We are all dealing with the "Covid-19" market right now, and we are a all a little uncertain as to where the housing market is headed, so let's take a look at the data, things look positive for the housing market in 2020, but we must move forward with caution.

 

Home Equity in Nutley

Unlike 2008 almost half of the peoplehave equity in  thier homes, that is a good thing.

 

Unemployment

People who took part in the forebearance program are tapering off as well, people are able to

pay back their mortgages.

 

If you Iook at this chart you can see that most are prediciting home prices to rise, and that is great for Nutley home owners as well, we are looking at an average of a 3% increase in appreciation next year, it may not seem like a lot but the days of double digit appreciation may be gone for a little while.

 

This bggest probelm we face is Inventory, we need more inventory and that is exactly what is driving home prices higher especially in the Nutley area, homes are not coming on the market quick enough we have an under supply of homes available.

 

Right now home sellers in Nutley are in the drivers seat, I think this will be the case at least until the 2nd quarter of 2021, Interest rates will remain low, but as more inventory comes on the market home prices will trend downward towards a more balanced market.

 

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