I’m torn on what to do. We live in the NYC metro area. For background, we bought our house years ago at the coveted 3.5% interest rate, but life happened and we are currently busting at the seams. At some point, we are going to have to move.
While places like Texas, Florida, Arizona, and Nevada have had Home prices slightly begin to come down, NY and NJ are the complete opposite. We have had home prices continue to rise year over year here with low inventory and average days on market of 21….which is crazy compared to places like Florida.
We’ve been looking at houses for almost a year now but the prices just make me cringe. Even though we can afford it, going from a mortgage of $4,000 a month to $8,000 a month hurts my heart.
But I’d love to hear from people smarter than me. I know no one can predict the future obviously but what is everyone’s best guess…. Can the NY/NJ market truly continue to rise in price?
If mortgage rates come down, will home prices *truly* rise again because buying power increases - or will more home finally flood the market here and the increased inventory levels will keep prices from rising further?
Send me your predictions.