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With mortgage rates now dipping well below 6.3%, the lowest in nearly a year with the possibility that they’ll move even lower, I believe the mindset of both buyers and sellers is going to shift - if it hasn't already. Sellers who were previously wanting to sell but feared higher prices and interest rates, may begin to reconsider their next move. At the same time, buyers are feeling a bit more confident about affordability as their buying power strengthens.
Put these two path changes together, and I wouldn’t be surprised to see a new normal for the real estate market here in Northern NJ that lasts not just until early October, but all the way into November. Thanksgiving, perhaps? Moreover, I also think when more homes get listed it will motivate other homeowners to sell. If that happens, we could likely see one of the busiest real estate markets during the typically slowest season for it.
This is a snippet from my latest article... Read my full article here
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