|We enter 2023 in a real estate market that looks and feels different from one year ago. The Hudson County rental and sales markets remain strong with low inventory, multiple offers, and prices that are also elevated. Inventory is extremely low and the volume of transactions is lower than in recent years. |
If you are holding onto an investment in property in Hudson County, now is a good time to consider selling since buyers don’t have a lot to choose from and desirable properties will move quickly. The Hudson County market is unique, as families who want to stay are often forced to size up. As a result, there is constant demand that spans socio-economically diverse markets. There will be regions in NJ and the US that see prices decline, as they experienced unsustainable growth in a short period of time. It is not a bad time to start thinking about investment properties!
Rates and First Time Buyers:
With rates higher, we are seeing some buyer hesitancy, yet also continue to see first time buyers, investors, and cash buyers in the market which keeps the low inventory moving. First time buyers continue to be motivated to buy due to high rental prices, and when comparing rental costs vs. monthly mortgage payments, it makes sense to buy. There are several good programs for first time buyers and we are seeing that these buyers aren’t deterred by rates and understand the benefits of home ownership. Rates may feel high since they were at record lows for several years, but historically speaking, they remain low compared to levels from the past several decades when rates hovered in double digit levels.
“If you have decent credit, a stable job, and a small amount of savings, you can enter the world of homeownership. And if you’re smart about it, you can enter the world of real estate investing at the same time and start hacking your living expenses.”– Brandon Turner