After 6 months of doom and gloom stories on how the market is cooling and interest rates rising, rising and rising, we can finally rejoice after getting some very good news yesterday.
Mortgage applications are up 28% in just one week and the highest since March of 2020! This is in conjunction with 30-year fixed rates hitting the lowest level since September. Could they hit 6% soon? I’m afraid to breathe.
This couldn’t happen a better time as the Spring market has just started.
Now if we could just get some more inventory here in NW Bergen County. At this writing, new listings iare down 9.5% from where we were a year ago at this same time. Check out the low supply of homes for sale in these towns:
Ridgewood – 12 actives (down 50% vs. January 2022)
Ramsey – 5 actives (down 50% vs. January 2022)
Upper Saddle River – 19 actives (same as January 2022)
Mahwah – 21 actives (up from 17 vs. January 2022)
If you are a seller, you can take advantage of having little competition and there are many buyers in the market right now.
If you are a buyer, get your ducks in a row and have your pre-approval ready. With interest rates stabilizing, your buying power has already improved since the fall.
Contact me to discuss and we’ll put your game plan together.