Every month the National Association of Realtors produces a 26 page research report developed from the professional’s perspective. It’s a great tool if thinking of selling your home in the next few months. This handy chart is the trick behind my crystal ball. REAL ESTATE FOOT TRAFFIC, what does it mean?
Foot Traffic is an actual real estate graph where you can visually monitor “what is really happening in the market”. It is a glimpse into the future, it corresponds directly with the number of contracts and closing which will be happening in the next 2-3 months in any market. After all, you need to be in a realtor’s car and view a home to actually buy a home.
For the month of October, the diffusion index for foot traffic rose 0.6 points to 51.2. Mortgage rates ticked upward as well but were still down from the 4.5% to 4.7% levels seen in late summer. We also had the government shutdown which did not affect consumer confidence at all! Foot traffic, or actual home buyers out searching for homes with a realtor still inched upward for two consecutive months. So what does all this mean to the New Jersey home owner looking to sell their house in 2014? It means home buyers are out in the market, shopping for homes and they are looking for more inventory. Demand is there, so take advantage of the economic forecast and jump in with both feet! The New Jersey Real Estate Market is poised for great growth in 2014.
Looking for specific statistics for your town? Find NJ House works with the National Association of Realtors and also the Otteau Valuation Group for Northern New Jersey housing statistics. Let’s touch base and schedule a personal consultation to review the real housing statistics for your town and neighborhood.