November 2022 Year to Date Local Housing Market Update
Basking Ridge, Bernardsville and Bedminster
We now have ten months of housing data and whether you're a buyer or a seller there's something for everyone in these numbers! While Bedminster and Bernardsville haven't listed any homes since the election as of 11/15, twelve came on in Basking Ridge with four already in Attorney Review.
On the buy side, buyers are back in the market after taking a pause to let the dust settle, and while the frenzy of earlier this year has subsided, well-priced and desirable homes are selling with Multiple Offers. Brian Woltman, Producing Branch Manager of Embrace Home Loans, is here to update us with the latest financial outlooks specifically with regard to mortgages and the market. Welcome Brian!
We're halfway through November and the big news is that last week's inflation data was substantially lower than expected, and mortgage rates took a tumble because of it. The average 30 year fixed mortgage right now is 6.625%, while the 5, 7, and 10 year adjustable rate mortgages are all in the mid to low five percent range. There are fantastic options if you are looking to purchase a home in the near future.
Retail data was also stronger than expected, but there is a little bit of a concern that consumers are using a little too much credit to live right this second so that's something to pay attention to. Beyond that, with Thanksgiving coming next week there's not too much left on the economic calendar, but there is a bond auction happening around 1:00 this afternoon which hopefully might provide a little bit more of a lead for interest rates in the short term.
Brian's update plus the 10-month Market Report continue to support a healthy return to a more balanced, yet robust market. Our "B Towns" of Basking Ridge, Bernardsville, Bedminster, and Bridgewater, have in the aggregate, less than a three months supply of homes.
Six months is considered the balance between a sellers' and a buyers' market. Even the luxury single family market in Bedminster is inching below a four month supply of homes after a high of seven months supply this past July.
Thinking of Selling, Buying, Referring or Investing in real estate now or in the future, please "Think Young!" and give me a call.
I'm happy to help, even if your plans spill well into 2023. The bottom line is, a desirable home that is well priced can still command multiple interest and a quick sale.
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 Thanksgiving!
On the buy side, buyers are back in the market after taking a pause to let the dust settle, and while the frenzy of earlier this year has subsided, well-priced and desirable homes are selling with Multiple Offers. Brian Woltman, Producing Branch Manager of Embrace Home Loans, is here to update us with the latest financial outlooks specifically with regard to mortgages and the market. Welcome Brian!
We're halfway through November and the big news is that last week's inflation data was substantially lower than expected, and mortgage rates took a tumble because of it. The average 30 year fixed mortgage right now is 6.625%, while the 5, 7, and 10 year adjustable rate mortgages are all in the mid to low five percent range. There are fantastic options if you are looking to purchase a home in the near future.
Retail data was also stronger than expected, but there is a little bit of a concern that consumers are using a little too much credit to live right this second so that's something to pay attention to. Beyond that, with Thanksgiving coming next week there's not too much left on the economic calendar, but there is a bond auction happening around 1:00 this afternoon which hopefully might provide a little bit more of a lead for interest rates in the short term.
Brian's update plus the 10-month Market Report continue to support a healthy return to a more balanced, yet robust market. Our "B Towns" of Basking Ridge, Bernardsville, Bedminster, and Bridgewater, have in the aggregate, less than a three months supply of homes.
Six months is considered the balance between a sellers' and a buyers' market. Even the luxury single family market in Bedminster is inching below a four month supply of homes after a high of seven months supply this past July.
Thinking of Selling, Buying, Referring or Investing in real estate now or in the future, please "Think Young!" and give me a call.
I'm happy to help, even if your plans spill well into 2023. The bottom line is, a desirable home that is well priced can still command multiple interest and a quick sale.
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 Thanksgiving!
