December 2022 Year to Date Local Housing Market Update
Basking Ridge, Bernardsville and Bedminster
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Happy to report that since the interview with Brian, inflation dropped beyond expectations, and a home we put on just two weeks ago had multiple offers. This prompted me to check with a few colleagues, and they are experience the sustained brisk market with caveats.
Hi, everyone. I love spreading good news, so let's get right to it. Inflation numbers came back even lower than expected, which is great news. Loan limits in Somerset County were raised to over a million dollars and we were hoping the Fed will raise the rate no more than 50 basis points and it's starting to look good for that. |
Video Transcript:
So the big news this week is that the federal government raised county loan limits across the country. For a majority of New Jersey counties, the loan limit is now $1,089,300. That means you could buy a house with a purchase price of $1.146 million and only put down
5% and still get a fully government backed mortgage.
Of course, if you're looking to put 20% down or more, keep an eye open for your jumbo options because the pricing and the interest rate pricing there is going to be a little bit better.
Beyond that, we have inflation data coming out next week as well as the Fed meeting. And if the Fed raises rates 50 basis points, which are expected, that should be relatively quiet on the market side. It's what they say afterwards and where we'll be trending into 2023 that will be most important and will be the market mover for the day.
If you need anything at all, please feel free to reach out 908-295-4891. We're here at all times. Take care.
Thanks so much Brian.
On the home front I've noticed now that we have the eleven month numbers in (I have the reports available on my website and in this newsletter if you're reading it from there), on average through eleven months, we had 25% less homes listed than we did in 2021. So if you're seeing a drop in sales, a lot of it can be attributed to there's nothing to sell rather than no one wants these homes.
If you're thinking of selling, buying, referring a friend to anywhere in the US, please give me a call. We've got resources everywhere.
And let me just take a minute to thank you all for your support this year and the past three years, which I know have been a roller coaster. With your support, we've had amazing results and I am truly grateful.
I wish everyone a very happy holiday season, a healthy and prosperous new year, and if I can help you at all, please don't hesitate to call me. Until next year - Thank you!
Here's the link to the Monthly Market Updates by town. Choose from Basking Ridge, Bedminster, Bernardsville, and Bridgewater.
Looking for other NJ town reports, including the shore area, Just call and I will send you the link straight away!
Thanks everyone, and have a very Happy Holiday Season!
5% and still get a fully government backed mortgage.
Of course, if you're looking to put 20% down or more, keep an eye open for your jumbo options because the pricing and the interest rate pricing there is going to be a little bit better.
Beyond that, we have inflation data coming out next week as well as the Fed meeting. And if the Fed raises rates 50 basis points, which are expected, that should be relatively quiet on the market side. It's what they say afterwards and where we'll be trending into 2023 that will be most important and will be the market mover for the day.
If you need anything at all, please feel free to reach out 908-295-4891. We're here at all times. Take care.
Thanks so much Brian.
On the home front I've noticed now that we have the eleven month numbers in (I have the reports available on my website and in this newsletter if you're reading it from there), on average through eleven months, we had 25% less homes listed than we did in 2021. So if you're seeing a drop in sales, a lot of it can be attributed to there's nothing to sell rather than no one wants these homes.
If you're thinking of selling, buying, referring a friend to anywhere in the US, please give me a call. We've got resources everywhere.
And let me just take a minute to thank you all for your support this year and the past three years, which I know have been a roller coaster. With your support, we've had amazing results and I am truly grateful.
I wish everyone a very happy holiday season, a healthy and prosperous new year, and if I can help you at all, please don't hesitate to call me. Until next year - Thank you!
Here's the link to the Monthly Market Updates by town. Choose from Basking Ridge, Bedminster, Bernardsville, and Bridgewater.
Looking for other NJ town reports, including the shore area, Just call and I will send you the link straight away!
Thanks everyone, and have a very Happy Holiday Season!
