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What Does Rising Interest Rates Mean For The Nutley Real Estate Market

(Published on - 12/15/2016 2:44:13 PM)

Now that the fed decided to raise interest raise, how will it affect the Nutley Real Estate Market?


When we hear raising interest rates it kind of gives new home buyers the need jerk reaction of holding off on their new home purchase in Nutley and in return signals to home sellers to start to panic and think they have to start worrying about their own mortgage and so on.


Well the rate hike we just saw was not a large hike, I remember back in 1998 when I bought my frist home the interest on my home loan was 17%!!!! compared to today's 4% rate that seemed like a very high rate, but homes were also lower in value as well.


I think what we are going to see is the value in which homes are rising may slow for a little bit now at lease temporarily until the Spring Market in Nutley Hits, home buyers in Nutley should take this little rate hike as a warning though do not to wait until the Spring to buy because we may see another rate hike before then and also the Spring time is when home sellers put their home on the market to sometimes just test the market which I don't agree with but it happens.


In my opinion, winter is the best time to buy a home in Nutley and the best time to sell in Nutley, serious home buyers come out to buy and serious home sellers put their home on the market also, you know what they say when they zig you zag don't follow the crowd.



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