Take a walk through Collingswood New Jersey!
Collingswood Market Watch
Homeowners should monitor their local real estate market regardless of their timeline or intent to move. For many, residential property is their largest investment. Staying educated on the local market trends, community developments, and how it impacts their asset is important!
I study many communities in both NJ and PA. This page is to share information with my Collingswood neighbors.
Insight from Emily
When purchasing a home with a mortgage, the total monthly payment is the primary number a homebuyer is concerned with. That monthly payment typically includes the principal loan payment, interest amount, property taxes, and insurance. When mortgage interest rates dipped to historic lows, home buyers were equipped with more buying power. When the interest rate is low, it allows the buyer to increase their purchase price while remaining in a comfortable budget.
The attractive rates plus low housing inventory created a bidding war environment that pushed home prices up at a faster rate than what is considered historically normal.
For many desirable communities, a new norm in the home values was set. As the rates normalized, the supply and demand remained skewed in a sellers favor. Even with the rates back to historic average, the home values do not appear to be dropping.
The rate of value inflation is slowing. Buyers are becoming more cautious with their finances and terms compared to a few years ago. As long as there is a continued demand, properly priced and well maintained homes are still attracting qualified buyers who are capable of paying market value.
If you are curious as to what the current value of your home is, we are happy to curate a complimentary market analysis for you:
