According to the National Mortgage Professional, The housing market recovery we’ve been experiencing throughout 2012 should continue on its own momentum into 2013. “Tight inventory, courtesy of negative equity, is running headlong into high demand driven by historic affordability and renewed consumer and investor interest. This is helping home values rise in a majority of metro areas nationwide. Looking forward, we expect this dynamic to continue, with the welcome result being more underwater borrowers released from negative equity as home values rise,” said Zillow Chief Economist Dr. Stan Humphries.
If Following Zillow’s Real Estate Market Reports home values have risen 0.6% a month, for the past 13 months. Annually home prices have risen 5.2%, the largest yearly gain seen since 2006. Home values now stand at 2004 levels. What does this mean for home owners looking to sell their NJ Houses? Get ready because this spring will bring, a tightened inventory and pent up buyer demands. Its the perfect storm. Interest rates are down, the fed are promising to keep interest rates low well into 2014 but already we are seeing a slight spike in the current rates. Buyers who have been sitting on the fence will start to compete for a limited number of homes on the market. If selling a New Jersey Home timing is more critical than ever and this spring is show time!
If interested in receiving a home analysis and complimentary CMA please contact Gerri Leventhal at Find NJ House.