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When Will The Housing Market Crash In Nutley?

(Published on - 5/1/2021 11:47:58 AM)

When Will The Housing Market Crash In Nutley?

When will the housing market crash?

Don't be fooled by these bait click headlines and news stories the media is putting out.

There is no doubt that the housing market is hot right now in Nutley and the economy is in quick but sluggish recovery mode, especially with all the stimulus the Fed has been pumping into the system, and this is not 2008 all over again.

 

This housing market in Nutley is the result of a perfect storm, super low interest rates, with an underbuilt market since 2008 that has not kept up with population growth and then boom a pandemic where people are trying to flee to less congested areas to live.

 

So here we are in 2021 whats next? well my opinion is that we are going to be in this type of market for at least another 6-9 months and as people become more comfortable and employment stabilizes more homes will hit the market and demand will slow starting first quarter of 2022 but not as much as you will like, we will still be seeing multiple offers on homes etc. in 2022.

 

But we will also see higher interest rates as well, and while builders play catch up with the market and materials become more available, the market will go back to normal in Nutley but probably not until 2023, current home owners in Nutley have an opportunity to sell now and get the most for their home because I do think next year this time we will see a little lower pricing but still competitive.

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