Inflation is top of mind for all New Jerseyans — everything is more expensive. But one area where prices have soared for years is the real estate market. Homebuyers are left to navigate a costly, competitive market with high prices, high-interest rates and low stock. Now, the tide may be turning. Real estate experts say inventory is rising, and those ruthless bidding wars are on the decline. What do the looming changes mean for someone entering the market?
“You’re still seeing multiple offers happening, we’re not seeing those 15-, 20-offer scenarios, but we’re still seeing multiple offers happening,” said Huascar Sime, mortgage broker at Alterra Home Loans. “Everything tells us that even if there is a correction in the market, it’s looking at somewhere between 5 to 10%; 5 to 10% isn’t enough for me to tell to wait if I’m renting right now. Renting is still expensive. You’ve got situations where there’s multiple bidding wars happening on a rental, nonetheless on a property.”
