Last year there was an indication that the new year home sales were less and homes to buy would also be fewer due to lower inventory in the market. In addition, due to the Federal Rate hikes that began in 2022, interest rates have been rising. Sure they fluctuate based upon the effect of .5% or .75% rate hikes by the fed to battle inflation, but this has challenged a segment of the home buyers able to afford mortgages reducing the number of people available to buy a home.
- In New Jersey, the government is trying to develop programs for people to purchase a home. As someone who has worked in the real estate market for decades, I hope these programs will work.
- In the next few months, we will have to watch and see if more homes come on the market. There is also the possibility that the amount of foreclosure properties may increase in the market.
- Please keep in mind if you are filing a tax appeal, the paperwork must be submitted by January 15, 2023. Some people file the paperwork themselves, and others hire a real estate appraiser.
There are so many different factors between the Fed fighting inflation, the increase in mortgage rates, property value fluctuations do the economics of 2023, and finally, the inventory that is available throughout the course of the year. We will have to wait and see.
President, Coast Appraisers LLC.