Although we may be well into October, I want to take this opportunity to reflect on the September 2022 market in Morris County as it was a fantastic month for all sellers and buyers.
September 2022 was a great month for Morris County, there were 438 properties in the county that went pending and there are 800 active listings. With only two months of inventory, it is still a seller’s market.
With this in mind, it is important to note that the real estate market is ever-changing depending on the various factors that impact its success.
Recently, there has been a thorough discussion about the real estate market with regard to inflation, an unstable global economy, and the current recession. These factors have gained concern from the general public, however, we are here to tell you that the local real estate market remains stable.
During the previous three out of five recessions, there were no price corrections in real estate. This means that real estate remains a safe place to protect your money from the devaluing effects high inflation causes.
In fact, we are anticipating the remainder of 2022 will begin to stabilize as the market slowly begins to balance back out.
At the moment, the market is currently in the seller’s favor, however, we are not seeing high price escalation like we previously had, as there seems to be a levelling off in pricing. It is extremely important to consult with a professional in order to come up with the correct pricing and marketing strategy. You don’t want to get caught in a shifting market with an incorrect strategy as it can have a negative impact on the final sale price.
As a buyer, it can be easy to become weary of the interest rates. However, don’t let that scare you as there are solutions! Ask me about our seller-paid 2-1 buydown or the many other mortgage products available, where you can get into your dream home with a low-interest rate.
Whether you’re thinking about buying or selling, KCS Brokers has solutions for you.
If you are interested in learning more about the current market, and what that means for you as either a homeowner or buyer, get in touch with us today! We are more than happy to do a pricing analysis of your property or a buyer’s consultation.