Princeton Town Topics – Let’s Talk Real Estate – March 30, 2022
MARKET REMAINS STRONG AS SPRING ARRIVES
Real estate markets remain strong and steady in local markets throughout the NJ and NY metropolitan area as the spring season has finally arrived. Even though mortgage interest rates are expected to edge slightly higher, housing inventories remain low in most markets and buyer demand has not decreased.
In the coming weeks, economists are waiting on critical housing inventory data that can affect markets in mid-April, a time period that typically brings some of the highest buyer demand of the year. According to reports, from Realtor.com, during the week of April 10-16, 2021, homes for sale had more average views than any other time last year.
In addition, homes continue to sell much faster than they have in previous years and certainly faster than pre-pandemic levels. This is another factor that is also creating more intense market interest, especially in very desirable markets with low inventories.
Buyers must remain prepared for higher prices and competition at the spring market progresses.
