After two years of a pandemic-fueled binge in the housing market, will summer 2022 finally bring relief to North Jersey home buyers?
It seems possible now that the Federal Reserve has raised interest rates twice, adding helium to mortgage costs. After leaping about 30% over the previous two years, home prices showed signs of stabilizing this spring as borrowing got more expensive.
One local real estate agent saw shoppers “losing that fire” – at least at the lower and middle ends of the market. High-end real estate was as in demand as ever, though the slide in the stock market could put pressure on premium buyers as well.
Here’s a look at our recent real estate coverage, a list that we’ll keep updating as the Garden State housing market evolves:
Will Fed rate hikes cool North Jersey’s housing market? Higher mortgage rates have led to a split market, with wealthier clients unfazed but middle- and working-class buyers getting more discouraged.
Bids $ 500K over, half-hour decisions: The highly competitive North Jersey real estate market. With fewer homes on the market and buyers racing to beat Fed rate hikes, the anticipated relief to the housing crunch has been slow to materialize in 2022.
A Mahwah mansion steeped in Gilded Age grandeur was the most expensive house sold in New Jersey last year. Here’s what $ 26M bought.
New Jersey has some expensive homes. These were the priciest in 2021 for each North Jersey county.
Selling your home but want to avoid hassle or fixing it up? iBuying hits North Jersey. Opendoor, an “iBuying” firm that makes instant, online cash offers for homes, is expanding into the New Jersey market.
NJ summer rentals: Jersey Shore ‘COVID bump’ ends, but can bargains be found?
Property taxes eat up 10% of the average income for these New Jersey towns. Is yours one of them? Our annual analysis of the economic reality middle class residents face as they try to achieve the American Dream – and the sizable tax bill that comes with it.
Defer the dream, expand your search: How first-time buyers can beat New Jersey’s housing market.
Mary Chao 華 慶 華 covers the Asian community and real estate for NorthJersey.com. To get unlimited access to the latest news out of North Jersey, please subscribe or activate your digital account today.