Market Update: Ask Elizabeth

The Fed announced another increase to the base target interest rate this month, and indicated they expect rates to move higher for longer than expected without signaling that they would cut rates any time in the (near) future. While these rate changes may be alarming, there will always be demand in Hudson County. Our team is adapting to the current state of the market and seeing a few important variables rise to the top:

  • Presentation is extremely important and staging has taken on greater importance in the current market.
  • Turnkey properties continue to sell quickly, especially with reduced inventory. If you have a property that needs renovation, it will take longer to sell. With renovation costs significantly higher today than pre-pandemic, buyers are more inclined to buy turnkey.
  • Interest rates are higher, yet it’s important to keep a long term view. If you find a home that suits you at a manageable price, remember you can be creative with ARM (Adjustable Rate Mortgage) options and/or refinance when rates come back down. 

Keep lines of communication open with our experienced team, regardless of which side of the deal you’re on. We are committed to working with you and finding you the right property! 

The Rakela Team
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